BAX Baxter International margins

Relative Growth: Rel. Growth: 24

Relative Strength: Rel. Strength: 76

Relative Valuation: Rel. Valuation: 30

Relative Profitability: Rel. Profitability: 17

Gross margin

30.1%

Operating margin

-2.4%

EBITDA margin

5.4%

Net margin

-9.3%

Currently, Baxter International has a gross margin of 30.1%, an operating margin of -2.4%, an EBITDA margin of 5.4%, and a net margin of -9.3%; its operating margin is negative at -2.4%, and its net margin is negative at -9.3%. Each available margin declined from the same period last year. Net margin recorded the strongest contraction, decreasing by 7.9 percentage points.

BAX margin history

Gross, operating, EBITDA and net margin trends

Baxter International's margins averaged 35.4% gross, 1.47% operating, 17.92% EBITDA, and 4.86% net during the last 3 years. Currently, all four current margins are below their three-year averages.

BAX margin expansion

Year-over-year margin changes in percentage points

Compared with last year, gross, operating, EBITDA, and net margins all declined, with net margin showing the largest decrease at 7.9 percentage points.

Gross margin expansion

-5.2pp

Operating margin expansion

-2.1pp

EBITDA margin expansion

-4.4pp

Net margin expansion

-7.9pp

BAX Gross margin

Baxter International's gross margin averaged 35.4% over the last 3 years. Compared with its three-year average, Baxter International's current gross margin is 30.1% and is 5.3 percentage points below its three-year average. Over the last 3 years, Baxter International's gross margin peaked at 40.1% in Dec 2023 and reached a low of 30.1% in Dec 2025.

BAX Operating margin

Over the last 3 years, Baxter International's operating margin averaged 1.47%. The current operating margin of -2.4% is 3.9 percentage points below its three-year average. During this period, operating margin reached a high of 7.4% in Jun 2024 and a low of -2.7% in Dec 2025.

BAX EBITDA margin

Across the last 3 years, Baxter International had an average EBITDA margin of 17.92%. Against its three-year average, Baxter International's EBITDA margin is currently 5.4%, 12.5 percentage points below its three-year average. Looking back over the last 3 years, Baxter International's EBITDA margin reached 41.1% at its highest point in Sep 2023 and 5.2% at its lowest in Mar 2026.

BAX Net margin

Across the last 3 years, Baxter International's net margin stood at 4.86%. The current net margin stands at -9.3%, 14.2 percentage points below its three-year average. Net margin was highest at 28.4% in Sep 2023 and lowest at -9.7% in Mar 2026.

BAX margin group comparison

Margins compared with peer-group, industry and sector averages

Baxter International's gross margin of 30.1% is below the Healthcare sector, the industry and its peers average. Looking at its Healthcare sector average of 68.5%, Baxter International's gross margin is 56% lower.

BAX margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Baxter International's gross margin?

The current gross margin for BAX is 30.1% as of Jun 30, 2026.

What is Baxter International's operating margin?

As of Jun 30, 2026, BAX has an operating margin of -2.4%.

What is Baxter International's EBITDA margin?

As of Jun 30, 2026, BAX has an EBITDA margin of 5.4%.

What is Baxter International's net margin?

For the period ending Jun 30, 2026, BAX recorded a net margin of -9.3%.

What are the average margins of BAX?

The three-year average margins for BAX were 35.4% gross, 1.5% operating, 17.9% EBITDA, and 4.9% net.

What are the highest historical margins of BAX?

Looking back across 5 years, BAX reached 40.1% gross in Dec 2023, 13.9% operating in Sep 2021, 41.1% EBITDA in Sep 2023, and 28.4% net in Sep 2023.

What are the lowest historical margins of BAX?

Over this 5-year history, Baxter International's margins fell as low as 30.1% gross in Dec 2025, -30.4% operating in Jun 2023, -15.5% EBITDA in Jun 2023, and -28.2% net in Jun 2023.