v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summary of Financial Information for Our Segments
The following table presents our U.S. and international disaggregated net sales.
Three Months Ended June 30,
20262025
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies & Platforms
$769 $976 $1,745 $753 $896 $1,649 
Advanced Surgery
182 149 331 158 138 296 
Medical Products & Therapies951 1,125 2,076 911 1,034 1,945 
Care & Connectivity Solutions
361 141 502 341 133 474 
Front Line Care
226 73 299 221 72 293 
Healthcare Systems & Technologies
587 214 801 562 205 767 
Other57 26 83 63 35 98 
Total Baxter$1,595 $1,365 $2,960 $1,536 $1,274 $2,810 
Six Months Ended June 30,
20262025
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies & Platforms
$1,480 $1,881 $3,361 $1,539 $1,700 $3,239 
Advanced Surgery
347 288 635 303 261 564 
Medical Products & Therapies1,827 2,169 3,996 1,842 1,961 3,803 
Care & Connectivity Solutions
676 261 937 657 244 901 
Front Line Care
424 145 569 423 147 570 
Healthcare Systems & Technologies
1,100 406 1,506 1,080 391 1,471 
Other103 56 159 104 57 161 
Total Baxter$3,030 $2,631 $5,661 $3,026 $2,409 $5,435 
The following table presents our segment information of net sales, significant expenses and operating income during the periods presented.
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$2,076 $801 $1,945 $767 
Cost of sales1,331 402 1,157 375 
Selling, general and administrative expenses310 202 299 195 
Research and development expenses74 44 83 49 
Other segment items(39)(10)(38)(8)
Segment operating income$400 $163 $444 $156 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$3,996 $1,506 $3,803 $1,471 
Cost of sales2,568 787 2,256 729 
Selling, general and administrative expenses605 384 601 385 
Research and development expenses145 92 166 95 
Other segment items(72)(19)(67)(16)
Segment operating income$750 $262 $847 $278 
Operating Income to Income Before Income Taxes Reconciliation
The following table presents our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Medical Products & Therapies$400 $444 $750 $847 
Healthcare Systems & Technologies163 156 262 278 
Total reportable segment operating income563 600 1,012 1,125 
Other6 6 13 12 
Unallocated corporate costs(148)(183)(307)(322)
Intangible asset amortization expense(145)(151)(291)(306)
Legal matters— — — (11)
Business optimization items(7)(17)(75)(62)
Acquisition and integration items— (5)— (6)
Separation-related costs(22)(14)(33)(27)
European Medical Devices Regulation(4)(5)(8)(10)
Business transformation(23)— (34)— 
Hurricane Helene costs(3)(17)(6)(115)
Product-related items— (23)12 (29)
Total operating income 217 191 283 249 
Interest expense, net64 58 130 122 
Other (income) expense, net(5)— 1 (3)
Income (loss) from continuing operations before income taxes$158 $133 $152 $130 
Additional financial information for our segments is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Depreciation Expense
Medical Products & Therapies$72 $80 $143 $149 
Healthcare Systems & Technologies15 19 30 35 
Total segment depreciation expense 87 99 173 184 
  Unallocated corporate depreciation expense7 7 12 14 
Total depreciation expense$94 $106 $185 $198