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AI核心结论
BAX posted Q1 FY2026 revenue of $2.70B (+2.9% YoY) with improving operating income, but swung to a net loss of -$15M versus net income of $126M a year ago, driven by below-the-line charges that masked otherwise steady operational progress.
营业收入
$2.7B
同比 ++2.90%
每股收益（基本）
$-0.03
同比 -112.00%
毛利率
33.0%
同比 ++0.19%
营业利润
$66M
同比 ++13.79%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Baxter International (BAX) Q1 FY2026 营收 $2.7B，同比增长 2.9%。 净亏损 $15M，稀释每股收益 -$0.03。 毛利率 33.0%。
Total revenue rose 2.9% YoY to $2.70B in Q1 FY2026 from $2.63B in Q1 FY2025, indicating continued top-line momentum despite a challenging macro environment. Gross profit grew 3.5% to $891M, slightly outpacing revenue growth.
来源: Source: 10-Q Income Statement
Operating income increased 13.8% YoY to $66M from $58M, with operating margin expanding modestly to 2.44% from 2.21%. This suggests the company is making incremental progress on cost discipline even as SG&A rose 3.6% to $728M.
来源: Source: 10-Q Income Statement
Despite positive operating income, BAX reported a net loss of -$15M in Q1 FY2026 compared to net income of $126M in Q1 FY2025, a swing of approximately $141M. This sharp reversal implies significant non-operating charges such as interest expense, restructuring, or tax items that are not captured in operating income.
来源: Source: 10-Q Income Statement
Operating cash flow improved dramatically to $213M from -$193M in the prior-year period, a $406M swing, suggesting better working capital management and cash generation from core operations in Q1 FY2026.
来源: Source: 10-Q Cash Flow Statement
Total assets fell 6.8% YoY to $19.85B and stockholders' equity declined 14.7% to $6.04B, reflecting the accumulated impact of net losses and potential asset disposals. Cash & equivalents decreased 12.1% YoY to $2.02B.
来源: Source: 10-Q Balance Sheet
BAX reported a net loss of -$15M in Q1 FY2026 despite positive operating income, indicating material non-operating charges. Stockholders' equity has declined 14.7% YoY to $6.04B, and continued losses could further weaken the balance sheet and limit financial flexibility.
来源: Source: 10-Q Income Statement & Balance Sheet
The debt-to-equity ratio stands at approximately 2.29x, indicating that BAX carries significantly more debt than equity. With total liabilities of $13.83B against equity of $6.04B, rising interest rates or refinancing needs could pressure earnings and cash flow.
来源: Source: 10-Q Balance Sheet, Key Ratios
SG&A expenses grew 3.6% YoY to $728M, slightly faster than revenue growth of 2.9%, which could compress margins if this trend continues. At 26.9% of revenue, SG&A remains a significant cost burden relative to the company's thin operating margin of 2.44%.
来源: Source: 10-Q Income Statement
Cash & equivalents fell 12.1% YoY to $2.02B, and total assets declined 6.8% to $19.85B, which may reflect divestitures, debt repayment, or operational cash consumption. A continued decline in liquidity could constrain investment in growth initiatives.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Return on equity stands at approximately -24.8% and return on assets at approximately -7.6%, both deeply negative, signaling that the company is currently destroying value on its asset and equity base. Sustained negative returns could affect investor confidence and access to capital markets.
来源: Source: 10-Q Key Ratios
Q1 FY2026 实际 EPS $0.36，分析师一致预期 $0.31，超预期 +15.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.7B | $2.63B | +2.90% |
营业成本 | $1.81B | $1.76B | +2.61% |
毛利润 | $891M | $861M | +3.48% |
营业利润 | $66M | $58M | +13.79% |
净利润 | $-15M | $126M | -111.90% |
每股收益（基本） | $-0.03 | $0.25 | -112.00% |
每股收益（稀释） | $-0.03 | $0.25 | -112.00% |
研发费用 | $139M | $140M | -0.71% |
销售及管理费用 | $728M | $703M | +3.56% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $19.85B | $21.3B | -6.84% |
流动资产 | $6.85B | $7.04B | -2.67% |
总负债 | $13.83B | $14.25B | -2.95% |
流动负债 | $3.69B | $3.48B | +6.09% |
股东权益 | $6.04B | $7.08B | -14.66% |
现金及等价物 | $2.02B | $2.29B | -12.07% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $213M | $-193M | +210.36% |
投资活动现金流 | $-133M | $3.27B | -104.07% |
筹资活动现金流 | $-11M | $-3.23B | +99.66% |
折旧及摊销 | $237M | $247M | -4.05% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 33.0% | 32.8% | +0.19% |
营业利润率 | 2.4% | 2.2% | +0.23% |
净利率 | -0.6% | — | — |
净资产收益率 | -0.2% | — | — |
总资产收益率 | -0.1% | — | — |
流动比率 | $1.854 | — | — |
资产负债率 | $2.289 | — | — |
BAX reported a net loss of -$15M and EPS of -$0.03 in Q1 FY2026, a sharp reversal from net income of $126M and EPS of $0.25 in Q1 FY2025. Whether this beat or missed analyst consensus estimates would depend on Wall Street forecasts, which are not included in the filing data.
Revenue grew 2.9% YoY to $2.70B and operating income improved 13.8% to $66M, but BAX swung to a net loss of -$15M due to non-operating charges. On the positive side, operating cash flow turned strongly positive at $213M versus -$193M a year ago.
Despite positive operating income of $66M, BAX reported a net loss of -$15M, implying approximately $81M or more in non-operating charges such as interest expense, restructuring costs, or tax provisions that offset operating profits. The exact composition of these below-the-line items is not detailed in the available filing data.
BAX maintains adequate short-term liquidity with a current ratio of 1.85x and $2.02B in cash, but carries a high debt-to-equity ratio of 2.29x and has seen stockholders' equity decline 14.7% YoY to $6.04B. The improvement in operating cash flow to $213M is a positive sign, though persistent net losses remain a concern.
BAX's revenue grew 2.9% YoY to $2.70B in Q1 FY2026, up from $2.63B in Q1 FY2025, with gross profit growing slightly faster at 3.5% to $891M. This indicates modest top-line momentum with a slight improvement in gross margin to approximately 33.0%.