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BAXTER INTERNATIONAL INC.
Net Sales by Segment
Revised Basis (Non-GAAP measure)
(unaudited)

The following tables present our U.S. and international disaggregated net sales.
For the Years Ended December 31,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$3,007 $3,638 $6,645 $3,093 $3,488 $6,581 (3)%4 %1 %1 %
Advanced Surgery648 550 1,198 603 501 1,104 7 %10 %9 %8 %
Medical Products & Therapies3,655 4,188 7,843 3,696 3,989 7,685 (1)%5 %2 %2 %
Care & Connectivity Solutions1,372 539 1,911 1,311 503 1,814 5 %7 %5 %4 %
Front Line Care871 289 1,160 843 294 1,137 3 %(2)%2 %2 %
Healthcare Systems & Technologies2,243 828 3,071 2,154 797 2,951 4 %4 %4 %3 %
Other224 106 330 — — — NMNMNMNM
Total Baxter$6,122 $5,122 $11,244 $5,850 $4,786 $10,636 5 %7 %6 %3 %
For the Quarters Ended December 31,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$728 $1,007 $1,735 $779 $898 $1,677 (7)%12 %3 %1 %
Advanced Surgery177 151 328 157 135 292 13 %12 %12 %11 %
Medical Products & Therapies905 1,158 2,063 936 1,033 1,969 (3)%12 %5 %3 %
Care & Connectivity Solutions367 170 537 366 138 504 0 %23 %7 %4 %
Front Line Care219 71 290 208 72 280 5 %(1)%4 %3 %
Healthcare Systems & Technologies586 241 827 574 210 784 2 %15 %5 %4 %
Other61 23 84 — — — NMNMNMNM
Total Baxter$1,552 $1,422 $2,974 $1,510 $1,243 $2,753 3 %14 %8 %3 %
For the Quarters Ended September 30,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$740 $931 $1,671 $794 $881 $1,675 (7)%6 %(0)%(0)%
Advanced Surgery168 138 306 149 123 272 13 %12 %13 %11 %
Medical Products & Therapies908 1,069 1,977 943 1,004 1,947 (4)%6 %2 %2 %
Care & Connectivity Solutions348 125 473 335 121 456 4 %3 %4 %3 %
Front Line Care229 71 300 222 74 296 3 %(4)%1 %1 %
Healthcare Systems & Technologies577 196 773 557 195 752 4 %1 %3 %2 %
Other59 26 85 — — — NMNMNMNM
Total Baxter$1,544 $1,291 $2,835 $1,500 $1,199 $2,699 3 %8 %5 %2 %
For the Quarter Ended June 30,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$753 $896 $1,649 $792 $877 $1,669 (5)%2 %(1)%(1)%
Advanced Surgery158 138 296 150 127 277 5 %9 %7 %5 %
Medical Products & Therapies911 1,034 1,945 942 1,004 1,946 (3)%3 %(0)%0 %
Care & Connectivity Solutions341 133 474 332 120 452 3 %11 %5 %4 %
Front Line Care221 72 293 218 78 296 1 %(8)%(1)%(1)%
Healthcare Systems & Technologies562 205 767 550 198 748 2 %4 %3 %2 %
Other63 35 98 — — — NMNMNMNM
Total Baxter$1,536 $1,274 $2,810 $1,492 $1,202 $2,694 3 %6 %4 %1 %
For the Quarters Ended March 31,
Reported Growth
Organic Sales Growth2
Operational Sales Growth1
2026202520242026202520262025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotalTotal
Infusion Therapies & Platforms$711 $905 $1,616 $786 $804 $1,590 $728 $832 $1,560 (10)%13 %2 %8 %(3)%2 %(3)%5 %
Advanced Surgery165 139 304 145 123 268 147 116 263 14 %13 %13 %(1)%6 %2 %10 %4 %
Medical Products & Therapies876 1,044 1,920 931 927 1,858 875 948 1,823 (6)%13 %3 %6 %(2)%2 %(1)%5 %
Care & Connectivity Solutions315 120 435 316 111 427 278 124 402 (0)%8 %2 %14 %(10)%6 %(0)%7 %
Front Line Care198 72 270 202 75 277 195 70 265 (2)%(4)%(3)%4 %7 %5 %(4)%5 %
Healthcare Systems & Technologies513 192 705 518 186 704 473 194 667 (1)%3 %0 %10 %(4)%6 %(2)%6 %
Other46 30 76 41 22 63 — — — 12 %36 %21 %NMNMNMNMNM
Total Baxter$1,435 $1,266 $2,701 $1,490 $1,135 $2,625 $1,348 $1,142 $2,490 (4)%12 %3 %11 %(1)%5 %(1)%5 %
NM: Not Meaningful
1 Operational sales growth excludes the impact of the Kidney Care manufacturing and supply agreement not reflected in reportable segments, reflects the previously announced exit of IV solutions in China in the Medical Products & Therapies reportable segment, and is calculated at constant currency rates.
2 Organic sales growth excludes the impact of the Kidney Care manufacturing and supply agreement not reflected in reportable segments, impacts associated with business acquisitions or divestitures, and is calculated at constant currency rates.


BAXTER INTERNATIONAL INC.
Segment Operating Income
Revised Basis (Non-GAAP measure)
(unaudited)

For the Years Ended December 31,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$7,843 $3,071 $7,685 $2,951 
Cost of sales4,850 1,599 4,506 1,468 
Selling, general and administrative expenses1,153 749 1,233 727 
Research and development expenses293 191 304 189 
Other segment items(134)(33)— — 
Segment operating income$1,681 $565 $1,642 $567 
For the Quarters Ended December 31,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$2,063 $827 $1,969 $784 
Cost of sales1,368 456 1,153 371 
Selling, general and administrative expenses243 167 316 192 
Research and development expenses65 48 82 47 
Other segment items(36)(9)— — 
Segment operating income$423 $165 $418 $174 
For the Quarters Ended September 30,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$1,977 $773 $1,947 $752 
Cost of sales1,226 414 1,153 369 
Selling, general and administrative expenses309 197 306 178 
Research and development expenses62 48 77 47 
Other segment items(31)(8)(4)(1)
Segment operating income$411 $122 $415 $159 
For the Quarters Ended June 30,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$1,945 $767 $1,946 $748 
Cost of sales1,157 375 1,149 382 
Selling, general and administrative expenses299 195 330 184 
Research and development expenses83 49 76 48 
Other segment items(38)(8)3 — 
Segment operating income$444 $156 $388 $134 



For the Quarters Ended March 31,
202620252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$1,920 $705 $1,858 $704 $1,823 $667 
Cost of sales1,237 385 1,099 354 1,051 346 
Selling, general and administrative expenses295 182 302 190 281 173 
Research and development expenses71 48 83 46 69 47 
Other segment items(33)(9)(29)(8)1 1 
Segment operating income$350 $99 $403 $122 $421 $100 
The following tables present our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.
For the Years Ended December 31,
(in millions)20252024
Medical Products & Therapies$1,681 $1,642 
Healthcare Systems & Technologies565 567 
Total reportable segment operating income2,246 2,209 
Other22 (12)
Unallocated corporate costs(678)(723)
Intangible asset amortization expense(598)(625)
Business optimization items(178)(162)
European Medical Devices Regulation(21)(33)
Indefinite-lived asset impairments(290)(50)
Separation-related costs(58)— 
Legal matters(11)(17)
Acquisition and integration items(27)(23)
Product-related items(113)(15)
Hurricane Helene costs(133)(110)
Goodwill impairments(485)(425)
Gain on sale of long-lived asset16 — 
Total operating income (loss)(308)14 
Interest expense, net238 341 
Other (income) expense, net(41)(38)
Income (loss) from continuing operations before income taxes$(505)$(289)



For The Quarters Ended December 31,
(in millions)20252024
Medical Products & Therapies$423 $418 
Healthcare Systems & Technologies165 174 
Total reportable segment operating income588 592 
Other5 (12)
Unallocated corporate costs(241)(161)
Intangible asset amortization expense(145)(154)
Business optimization items(78)(113)
European Medical Devices Regulation(6)(8)
Indefinite-lived asset impairments(290)(50)
Separation-related costs(18)— 
Acquisition and integration items(13)(7)
Product-related items(52)(12)
Hurricane Helene costs(10)(85)
Goodwill impairments(485)(425)
Gain on sale of long-lived asset16 — 
Total operating income (loss)(729)(435)
Interest expense, net58 90 
Other (income) expense, net(31)(4)
Income (loss) from continuing operations before income taxes$(756)$(521)
For the Quarters Ended September 30,
(in millions)20252024
Medical Products & Therapies$411 $415 
Healthcare Systems & Technologies122 159 
Total reportable segment operating income533 574 
Other5 (1)
Unallocated corporate costs(115)(182)
Intangible asset amortization expense(147)(159)
Business optimization items(38)(18)
Legal matters— (17)
European Medical Devices Regulation(5)(9)
Separation-related costs(13)— 
Acquisition and integration items(8)(5)
Product-related items(32)(3)
Hurricane Helene costs(8)(25)
Total operating income (loss)172 155 
Interest expense, net58 87 
Other (income) expense, net(7)(1)
Income (loss) from continuing operations before income taxes$121 $69 



For the Quarters Ended June 30,
(in millions)20252024
Medical Products & Therapies$444 $388 
Healthcare Systems & Technologies156 134 
Total reportable segment operating income600 522 
Other6 5 
Unallocated corporate costs(183)(170)
Intangible asset amortization expense(151)(154)
Business optimization items(17)(9)
European Medical Devices Regulation(5)(9)
Separation-related costs(14)— 
Acquisition and integration items(5)(6)
Product-related items(23)— 
Hurricane Helene costs(17)— 
Total operating income (loss)191 179 
Interest expense, net58 86 
Other (income) expense, net— (24)
Income (loss) from continuing operations before income taxes$133 $117 
For the Quarters Ended March 31,
(in millions)202620252024
Medical Products & Therapies$350 $403 $421 
Healthcare Systems & Technologies99 122 100 
Total reportable segment operating income449 525 521 
Other7 6 (4)
Unallocated corporate costs(159)(139)(210)
Intangible asset amortization expense(146)(155)(158)
Business optimization items(68)(45)(22)
Legal matters— (11)— 
European Medical Devices Regulation(4)(5)(7)
Separation-related costs(11)(13)— 
Acquisition and integration items— (1)(5)
Product-related items12 (6)— 
Hurricane Helene costs(3)(98)— 
Business transformation(11)— — 
Total operating income (loss)66 58 115 
Interest expense, net66 64 78 
Other (income) expense, net6 (3)(9)
Income (loss) from continuing operations before income taxes$(6)$(3)$46 



BAXTER INTERNATIONAL INC.
Reconciliation of Non-GAAP Financial Measure
Change in Net Sales Growth As Reported to Operational Sales Growth
(unaudited)

From the Year Ended December 31, 2024 to the
Year Ended December 31, 2025
(in millions)Net Sales Growth As ReportedKidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms1 %0 %1 %(1)%1 %
Advanced Surgery9 %0 %0 %(1)%8 %
Medical Products & Therapies2 %0 %1 %(1)%2 %
Care & Connectivity Solutions5 %0 %0 %(1)%4 %
Front Line Care2 %0 %0 %(0)%2 %
Healthcare Systems & Technologies4 %0 %0 %(1)%3 %
OtherNMNMNMNMNM
Total Baxter6 %(3)%0 %(0)%3 %

From the Three Months Ended December 31, 2024 to the
Three Months Ended December 31, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms3 %0 %0 %(2)%1 %
Advanced Surgery12 %0 %0 %(1)%11 %
Medical Products & Therapies5 %0 %0 %(2)%3 %
Care & Connectivity Solutions7 %0 %0 %(3)%4 %
Front Line Care4 %0 %0 %(1)%3 %
Healthcare Systems & Technologies5 %0 %0 %(1)%4 %
OtherNMNMNMNMNM
Total Baxter8 %(3)%0 %(2)%3 %

From the Three Months Ended September 30, 2024 to the
Three Months Ended September 30, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms(0)%0 %1 %(1)%(0)%
Advanced Surgery13 %0 %0 %(2)%11 %
Medical Products & Therapies2 %0 %1 %(1)%2 %
Care & Connectivity Solutions4 %0 %0 %(1)%3 %
Front Line Care1 %0 %0 %0 %1 %
Healthcare Systems & Technologies3 %0 %0 %(1)%2 %
OtherNMNMNMNMNM
Total Baxter5 %(3)%1 %(1)%2 %




From the Three Months Ended June 30, 2024 to the
Three Months Ended June 30, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms(1)%0 %1 %(1)%(1)%
Advanced Surgery7 %0 %0 %(2)%5 %
Medical Products & Therapies(0)%0 %1 %(1)%0 %
Care & Connectivity Solutions5 %0 %0 %(1)%4 %
Front Line Care(1)%0 %0 %0 %(1)%
Healthcare Systems & Technologies3 %0 %0 %(1)%2 %
OtherNMNMNMNMNM
Total Baxter4 %(4)%1 %(0)%1 %

From the Three Months Ended March 31, 2024 to the
Three Months Ended March 31, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms2 %0 %1 %2 %5 %
Advanced Surgery2 %0 %0 %2 %4 %
Medical Products & Therapies2 %0 %1 %2 %5 %
Care & Connectivity Solutions6 %0 %0 %1 %7 %
Front Line Care5 %0 %0 %0 %5 %
Healthcare Systems & Technologies6 %0 %0 %0 %6 %
OtherNMNMNMNMNM
Total Baxter5 %(3)%1 %2 %5 %
NM: Not Meaningful
*Totals may not add across due to rounding

BAXTER INTERNATIONAL INC.
Reconciliation of Non-GAAP Financial Measure
Change in Net Sales Growth As Reported to Organic Sales Growth
(unaudited)

From the Three Months Ended March 31, 2025 to the
Three Months Ended March 31, 2026
(in millions)Net Sales Growth
As Reported		Kidney Care MSAFXOrganic Sales Growth*
Infusion Therapies & Platforms2 %0 %(5)%(3)%
Advanced Surgery13 %0 %(3)%10 %
Medical Products & Therapies3 %0 %(4)%(1)%
Care & Connectivity Solutions2 %0 %(2)%(0)%
Front Line Care(3)%0 %(1)%(4)%
Healthcare Systems & Technologies0 %0 %(2)%(2)%
Other21 %(16)%(5)%0 %
Total Baxter3 %(1)%(3)%(1)%
*Totals may not add across due to rounding