Subtext

Baxter International Inc. BAX

SectorHealth Care
Transcripts71
Date range2007-07-19 – 2025-05-01
Calls charted71

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182007 Q22009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q2 · Overall: +6.92007 Q3 · Overall: +14.12007 Q4 · Overall: +13.12008 Q1 · Overall: +3.22008 Q2 · Overall: +10.32008 Q3 · Overall: +3.32008 Q4 · Overall: +10.12009 Q2 · Overall: +5.42009 Q3 · Overall: +1.92009 Q4 · Overall: +6.62010 Q1 · Overall: -2.32010 Q2 · Overall: +7.12010 Q3 · Overall: +6.82010 Q4 · Overall: +1.32011 Q1 · Overall: +6.02011 Q2 · Overall: +4.22011 Q3 · Overall: +2.82011 Q4 · Overall: +8.32012 Q1 · Overall: +3.62012 Q2 · Overall: +7.32012 Q3 · Overall: +11.02012 Q4 · Overall: +9.32013 Q1 · Overall: +6.82013 Q2 · Overall: +5.82013 Q3 · Overall: +4.62013 Q4 · Overall: +9.02014 Q1 · Overall: +8.72014 Q2 · Overall: +11.62014 Q3 · Overall: +9.32014 Q4 · Overall: +13.52015 Q1 · Overall: +6.02015 Q2 · Overall: +10.72015 Q3 · Overall: +9.92015 Q4 · Overall: +14.42016 Q1 · Overall: +15.72016 Q2 · Overall: +12.92016 Q3 · Overall: +12.72016 Q4 · Overall: +10.72017 Q1 · Overall: +13.62017 Q2 · Overall: +13.42017 Q3 · Overall: +10.72017 Q4 · Overall: +9.72018 Q1 · Overall: +11.12018 Q2 · Overall: +8.02018 Q3 · Overall: +5.22018 Q4 · Overall: +9.72019 Q1 · Overall: +9.82019 Q2 · Overall: +13.12019 Q3 · Overall: +3.12019 Q4 · Overall: +4.32020 Q1 · Overall: -1.22020 Q2 · Overall: +0.12020 Q3 · Overall: +4.12020 Q4 · Overall: +5.42021 Q1 · Overall: +12.62021 Q2 · Overall: +11.72021 Q3 · Overall: +13.42021 Q4 · Overall: +5.02022 Q1 · Overall: +3.92022 Q2 · Overall: -3.72022 Q3 · Overall: +1.82022 Q4 · Overall: +6.82023 Q1 · Overall: +12.62023 Q2 · Overall: +7.42023 Q3 · Overall: +12.12023 Q4 · Overall: +13.02024 Q1 · Overall: +0.42024 Q2 · Overall: +9.52024 Q3 · Overall: +0.62024 Q4 · Overall: +13.62025 Q1 · Overall: +10.0
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-31-15+0+15+312007 Q22009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q2 · CEO: +4.32007 Q3 · CEO: +17.72008 Q1 · CEO: +1.42008 Q2 · CEO: +14.72008 Q3 · CEO: +2.42008 Q4 · CEO: +13.62009 Q2 · CEO: +7.62009 Q3 · CEO: +9.82009 Q4 · CEO: +11.12010 Q1 · CEO: -0.52010 Q2 · CEO: +9.12010 Q3 · CEO: +9.52010 Q4 · CEO: +7.12011 Q1 · CEO: +8.32011 Q2 · CEO: +14.22011 Q3 · CEO: +7.52011 Q4 · CEO: +23.22012 Q1 · CEO: +8.22012 Q2 · CEO: +12.12012 Q3 · CEO: +16.72012 Q4 · CEO: +21.72013 Q1 · CEO: +9.12013 Q2 · CEO: +9.42013 Q3 · CEO: +8.52013 Q4 · CEO: +15.82014 Q1 · CEO: +18.82014 Q2 · CEO: +17.32014 Q3 · CEO: +19.02014 Q4 · CEO: +26.72015 Q1 · CEO: +12.32015 Q4 · CEO: +26.32016 Q1 · CEO: +24.62016 Q2 · CEO: +21.92016 Q3 · CEO: +17.22016 Q4 · CEO: +18.02017 Q1 · CEO: +21.22017 Q2 · CEO: +19.42017 Q3 · CEO: +11.12017 Q4 · CEO: +15.02018 Q1 · CEO: +16.62018 Q2 · CEO: +10.82018 Q3 · CEO: +7.42018 Q4 · CEO: +15.62019 Q1 · CEO: +15.12019 Q2 · CEO: +13.92019 Q3 · CEO: +5.82019 Q4 · CEO: +4.62020 Q1 · CEO: +2.72020 Q2 · CEO: +6.12020 Q3 · CEO: +8.32020 Q4 · CEO: +8.52021 Q1 · CEO: +18.82021 Q2 · CEO: +18.42021 Q3 · CEO: +20.22021 Q4 · CEO: +11.72022 Q1 · CEO: +2.22022 Q2 · CEO: +1.72022 Q3 · CEO: +12.42023 Q1 · CEO: +21.22023 Q2 · CEO: +20.42023 Q3 · CEO: +21.12023 Q4 · CEO: +14.12024 Q1 · CEO: +10.02024 Q2 · CEO: +24.02024 Q3 · CEO: +6.92024 Q4 · CEO: +23.72025 Q1 · CEO: +21.02007 Q2 · CFO: +12.92007 Q3 · CFO: +15.52007 Q4 · CFO: +17.12008 Q1 · CFO: +11.32008 Q2 · CFO: +12.52008 Q3 · CFO: +9.22008 Q4 · CFO: +15.32009 Q2 · CFO: +0.02009 Q3 · CFO: -1.62009 Q4 · CFO: +9.22010 Q1 · CFO: -0.82010 Q2 · CFO: +0.42010 Q3 · CFO: +6.82010 Q4 · CFO: -1.12011 Q1 · CFO: +12.02011 Q2 · CFO: +5.72011 Q3 · CFO: +3.62011 Q4 · CFO: +2.42012 Q1 · CFO: +9.52012 Q2 · CFO: +6.52012 Q3 · CFO: +14.12012 Q4 · CFO: +8.62013 Q1 · CFO: +12.12013 Q2 · CFO: +8.92013 Q3 · CFO: +11.12013 Q4 · CFO: +11.52014 Q1 · CFO: +9.32014 Q2 · CFO: +10.32014 Q3 · CFO: +6.72014 Q4 · CFO: +7.42015 Q1 · CFO: +7.42015 Q2 · CFO: +5.12015 Q3 · CFO: +8.42015 Q4 · CFO: +9.42016 Q1 · CFO: +15.42016 Q2 · CFO: +13.82016 Q3 · CFO: +15.22016 Q4 · CFO: +13.62017 Q1 · CFO: +15.82017 Q2 · CFO: +16.02017 Q3 · CFO: +18.32017 Q4 · CFO: +10.32018 Q1 · CFO: +10.02018 Q2 · CFO: +11.32018 Q3 · CFO: +9.12018 Q4 · CFO: +9.32019 Q1 · CFO: +10.62019 Q2 · CFO: +16.82019 Q3 · CFO: +11.02019 Q4 · CFO: +15.12020 Q1 · CFO: -4.52020 Q2 · CFO: -2.72020 Q3 · CFO: +3.22020 Q4 · CFO: +6.32021 Q1 · CFO: +11.22021 Q2 · CFO: +12.02021 Q3 · CFO: +8.12021 Q4 · CFO: +7.52022 Q1 · CFO: +8.32022 Q2 · CFO: -4.62022 Q3 · CFO: -4.22022 Q4 · CFO: +5.22023 Q1 · CFO: +12.82023 Q2 · CFO: +0.92023 Q3 · CFO: +14.02023 Q4 · CFO: +21.42024 Q1 · CFO: +12.42024 Q2 · CFO: +8.62024 Q3 · CFO: -1.42024 Q4 · CFO: +12.82025 Q1 · CFO: +10.4
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-383-192+0+192+3832007 Q22009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q2 · Prepared remarks: +12.12007 Q3 · Prepared remarks: +16.02007 Q4 · Prepared remarks: +17.42008 Q1 · Prepared remarks: +11.82008 Q2 · Prepared remarks: +14.32008 Q3 · Prepared remarks: +11.72008 Q4 · Prepared remarks: +18.22009 Q2 · Prepared remarks: +4.42009 Q3 · Prepared remarks: +6.42009 Q4 · Prepared remarks: +16.22010 Q1 · Prepared remarks: +0.62010 Q2 · Prepared remarks: +6.62010 Q3 · Prepared remarks: +12.02010 Q4 · Prepared remarks: +2.72011 Q1 · Prepared remarks: +14.52011 Q2 · Prepared remarks: +12.52011 Q3 · Prepared remarks: +3.52011 Q4 · Prepared remarks: +16.02012 Q1 · Prepared remarks: +10.52012 Q2 · Prepared remarks: +12.02012 Q3 · Prepared remarks: +17.32012 Q4 · Prepared remarks: +16.32013 Q1 · Prepared remarks: +11.52013 Q2 · Prepared remarks: +14.22013 Q3 · Prepared remarks: +17.22013 Q4 · Prepared remarks: +15.12014 Q1 · Prepared remarks: +17.02014 Q2 · Prepared remarks: +17.42014 Q3 · Prepared remarks: +12.72014 Q4 · Prepared remarks: +20.62015 Q1 · Prepared remarks: +10.02015 Q2 · Prepared remarks: +20.82015 Q3 · Prepared remarks: +18.92015 Q4 · Prepared remarks: +13.42016 Q1 · Prepared remarks: +15.62016 Q2 · Prepared remarks: +19.42016 Q3 · Prepared remarks: +18.62016 Q4 · Prepared remarks: +22.62017 Q1 · Prepared remarks: +20.32017 Q2 · Prepared remarks: +19.32017 Q3 · Prepared remarks: +10.92017 Q4 · Prepared remarks: +13.92018 Q1 · Prepared remarks: +12.52018 Q2 · Prepared remarks: +13.72018 Q3 · Prepared remarks: +10.42018 Q4 · Prepared remarks: +23.02019 Q1 · Prepared remarks: +14.82019 Q2 · Prepared remarks: +10.92019 Q3 · Prepared remarks: +9.62019 Q4 · Prepared remarks: +2.12020 Q1 · Prepared remarks: +3.52020 Q2 · Prepared remarks: -1.42020 Q3 · Prepared remarks: +14.72020 Q4 · Prepared remarks: +10.12021 Q1 · Prepared remarks: +18.82021 Q2 · Prepared remarks: +19.82021 Q3 · Prepared remarks: +20.02021 Q4 · Prepared remarks: +5.82022 Q1 · Prepared remarks: +2.92022 Q2 · Prepared remarks: +0.02022 Q3 · Prepared remarks: +4.82022 Q4 · Prepared remarks: +7.42023 Q1 · Prepared remarks: +14.72023 Q2 · Prepared remarks: +2.22023 Q3 · Prepared remarks: +11.92023 Q4 · Prepared remarks: +20.12024 Q1 · Prepared remarks: +4.42024 Q2 · Prepared remarks: +19.02024 Q3 · Prepared remarks: -1.32024 Q4 · Prepared remarks: +13.82025 Q1 · Prepared remarks: +14.82007 Q2 · Q&A responses: +6.42007 Q3 · Q&A responses: -333.32007 Q4 · Q&A responses: +10.82008 Q1 · Q&A responses: -1.42008 Q2 · Q&A responses: +10.72008 Q3 · Q&A responses: -1.22008 Q4 · Q&A responses: +6.42009 Q2 · Q&A responses: +5.42009 Q3 · Q&A responses: +0.02009 Q4 · Q&A responses: +3.12010 Q1 · Q&A responses: -1.22010 Q2 · Q&A responses: +18.72010 Q3 · Q&A responses: +7.02010 Q4 · Q&A responses: +1.62011 Q1 · Q&A responses: +3.72011 Q2 · Q&A responses: +2.12011 Q3 · Q&A responses: +4.72011 Q4 · Q&A responses: +5.82012 Q1 · Q&A responses: +2.12012 Q2 · Q&A responses: +6.72012 Q3 · Q&A responses: +11.42012 Q4 · Q&A responses: +7.52013 Q1 · Q&A responses: +7.42013 Q2 · Q&A responses: +3.92013 Q3 · Q&A responses: +1.72013 Q4 · Q&A responses: +9.82014 Q1 · Q&A responses: +5.22014 Q2 · Q&A responses: +10.52014 Q3 · Q&A responses: +9.62014 Q4 · Q&A responses: +8.52015 Q1 · Q&A responses: +7.82015 Q2 · Q&A responses: +4.42015 Q3 · Q&A responses: +6.52015 Q4 · Q&A responses: +18.92016 Q1 · Q&A responses: +20.62016 Q2 · Q&A responses: +15.42016 Q3 · Q&A responses: +13.72016 Q4 · Q&A responses: +11.32017 Q1 · Q&A responses: +17.32017 Q2 · Q&A responses: +16.22017 Q3 · Q&A responses: +14.72017 Q4 · Q&A responses: +11.82018 Q1 · Q&A responses: +13.82018 Q2 · Q&A responses: +8.82018 Q3 · Q&A responses: +6.62018 Q4 · Q&A responses: +7.42019 Q1 · Q&A responses: +11.12019 Q2 · Q&A responses: +17.62019 Q3 · Q&A responses: +3.72019 Q4 · Q&A responses: +7.22020 Q1 · Q&A responses: -1.22020 Q2 · Q&A responses: +3.72020 Q3 · Q&A responses: +1.32020 Q4 · Q&A responses: +3.32021 Q1 · Q&A responses: +12.82021 Q2 · Q&A responses: +10.82021 Q3 · Q&A responses: +12.92021 Q4 · Q&A responses: +8.42022 Q1 · Q&A responses: +6.32022 Q2 · Q&A responses: -4.62022 Q3 · Q&A responses: +3.02022 Q4 · Q&A responses: +6.92023 Q1 · Q&A responses: +16.52023 Q2 · Q&A responses: +14.52023 Q3 · Q&A responses: +17.82023 Q4 · Q&A responses: +13.72024 Q1 · Q&A responses: +0.02024 Q2 · Q&A responses: +8.02024 Q3 · Q&A responses: +5.02024 Q4 · Q&A responses: +19.22025 Q1 · Q&A responses: +11.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.08$3.35$5.622007 Q22009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: $5.222014 Q2: $5.292014 Q3: $5.302014 Q4: $4.742015 Q1: $4.212015 Q2: $4.002015 Q3: $1.392015 Q4: $1.422016 Q1: $1.582016 Q2: $1.772016 Q3: $1.912016 Q4: $2.142017 Q1: $2.242017 Q2: $2.422017 Q3: $2.602017 Q4: $2.712018 Q1: $2.872018 Q2: $3.072018 Q3: $3.222018 Q4: $3.272019 Q1: $3.392019 Q2: $3.532019 Q3: $3.672019 Q4: $3.742020 Q1: $3.672020 Q2: $3.562020 Q3: $3.522020 Q4: $3.522021 Q1: $3.542021 Q2: $3.772021 Q3: $3.872021 Q4: $3.902022 Q1: $4.452022 Q2: $4.422022 Q3: $3.812022 Q4: $3.622023 Q1: $2.962023 Q2: $3.132023 Q3: $2.942023 Q4: $2.992024 Q1: $2.982024 Q2: $3.072024 Q3: $3.10

Forward P/E

9.7418.8127.892007 Q22009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: 12.922014 Q2: 13.952014 Q3: 13.702014 Q4: 15.252015 Q1: 16.302015 Q2: 17.042015 Q3: 26.002015 Q4: 26.642016 Q1: 25.382016 Q2: 24.912016 Q3: 23.822016 Q4: 21.052017 Q1: 23.292017 Q2: 24.012017 Q3: 24.852017 Q4: 23.882018 Q1: 23.442018 Q2: 24.292018 Q3: 24.112018 Q4: 19.592019 Q1: 22.532019 Q2: 23.032019 Q3: 23.812019 Q4: 22.372020 Q1: 23.032020 Q2: 23.872020 Q3: 23.172020 Q4: 22.732021 Q1: 22.482021 Q2: 21.722021 Q3: 21.622021 Q4: 21.212022 Q1: 17.732022 Q2: 15.332022 Q3: 15.512022 Q4: 14.452023 Q1: 12.922023 Q2: 13.882023 Q3: 13.282023 Q4: 12.592024 Q1: 14.322024 Q2: 10.992024 Q3: 12.71

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↑ +4.1 fwd EPS ↓ -0.56 Tone rose while the forward EPS estimate was cut.
  • 2015 Q2 tone ↑ +4.7 fwd EPS ↓ -0.21 Tone rose while the forward EPS estimate was cut.
  • 2016 Q2 tone ↓ -2.8 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.7 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -3.1 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.8 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -10.0 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q3 tone ↑ +4.0 fwd EPS ↓ -0.04 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↑ +5.4 fwd EPS ↓ -0.61 Tone rose while the forward EPS estimate was cut.
  • 2022 Q4 tone ↑ +5.1 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.
  • 2023 Q1 tone ↑ +5.8 fwd EPS ↓ -0.66 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↓ -5.2 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↑ +4.7 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+10.0——View →
2024 Q42025-02-20+13.6——View →
2024 Q32024-11-08+0.6$3.1012.7View →
2024 Q22024-08-06+9.5$3.0711.0View →
2024 Q12024-05-02+0.4$2.9814.3View →
2023 Q42024-02-08+13.0$2.9912.6View →
2023 Q32023-11-02+12.1$2.9413.3View →
2023 Q22023-07-27+7.4$3.1313.9View →