Baxter International said net loss attributable to Baxter stockholders for Q3 2025 was $(46) million, or $(0.09) per diluted share, compared to net income of $140 million for Q3 2024. Special items adversely impacted net income (loss) attributable to Baxter stockholders by $401 million for Q3 2025.

1. 01

   Baxter International said net loss attributable to Baxter stockholders for Q3 2025 was $(46) million, or $(0.09) per diluted share, compared to net income of $140 million for Q3 2024. Special items adversely impacted net income (loss) attributable to Baxter stockholders by $401 million for Q3 2025.

2. 02

   The company said voluntary corrections for the Novum LVP were classified as Class I recalls by the FDA, and it elected to temporarily stop distributing and installing the Novum LVP in the U.S. and Canada in July 2025, except in the case of medical necessity. Baxter said it currently expects this hold to remain in place beyond 2025.

3. 03

   Baxter said it completed the sale of its Kidney Care business to Carlyle on January 31, 2025 for $3.80 billion in cash, before giving effect to certain closing adjustments. As of September 30, 2025, the company repaid $3.81 billion of short- and long-term indebtedness primarily with the net after-tax cash proceeds from the sale.

4. 04

   Baxter said operating cash flows from continuing operations for the 9 months ended 2025 were $355 million, and capital expenditures were $373 million. As of September 30, 2025, cash and cash equivalents were $1.73 billion, and there were no borrowings outstanding under the multicurrency revolving credit facility.

Key figures

Quarter ended September 30, 2025

Revenue

$2.8B

Operating income

$172M

Net income

−$46M

EPS

−$0.09

Gross profit

$950M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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