BAX Baxter International margins

Relative Growth: Rel. Growth: 28

Relative Strength: Rel. Strength: 80

Relative Valuation: Rel. Valuation: 32

Relative Profitability: Rel. Profitability: 21

Gross margin

30.1%

Operating margin

-1.9%

EBITDA margin

7.9%

Net margin

-6.2%

Currently, Baxter International has a gross margin of 30.1%, an operating margin of -1.9%, an EBITDA margin of 7.9%, and a net margin of -6.2%; its operating margin is negative at -1.9%, and its net margin is negative at -6.2%. Each available margin declined from the same period last year. Gross margin recorded the strongest contraction, decreasing by 4 percentage points.

BAX margin history

Gross, operating, EBITDA and net margin trends

Baxter International's margins averaged 34.88% gross, 1.33% operating, 15.15% EBITDA, and 1.98% 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 gross margin showing the largest decrease at 4 percentage points.

Gross margin expansion

-4pp

Operating margin expansion

-1.8pp

EBITDA margin expansion

-1.2pp

Net margin expansion

-3.1pp

BAX Gross margin

Baxter International's gross margin averaged 34.88% over the last 3 years. Compared with its three-year average, Baxter International's current gross margin is 30.1% and is 4.8 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 1.33%. The current operating margin of -1.9% is 3.2 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 15.15%. Against its three-year average, Baxter International's EBITDA margin is currently 7.9%, 7.3 percentage points below its three-year average. Looking back over the last 3 years, Baxter International's EBITDA margin reached 40% at its highest point in Dec 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 1.98%. The current net margin stands at -6.2%, 8.2 percentage points below its three-year average. Net margin was highest at 25.6% in Dec 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 68.3%, 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 Sep 30, 2026.

What is Baxter International's operating margin?

As of Sep 30, 2026, BAX has an operating margin of -1.9%.

What is Baxter International's EBITDA margin?

As of Sep 30, 2026, BAX has an EBITDA margin of 7.9%.

What is Baxter International's net margin?

For the period ending Sep 30, 2026, BAX recorded a net margin of -6.2%.

What are the average margins of BAX?

The three-year average margins for BAX were 34.9% gross, 1.3% operating, 15.2% EBITDA, and 2.0% net.

What are the highest historical margins of BAX?

Looking back across 5 years, BAX reached 40.1% gross in Dec 2023, 11.1% operating in Dec 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.