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BECTON DICKINSON & COBDX

Sector
Healthcare
Industry
Surgical & Medical Instruments & Apparatus
Exchange
NYSE

Stock Price $BDX

Latest filings

You are here#27 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1010-Q338-K175

BDX filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 175 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Material agreement8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $21.84B
YoY changeLargest recent move+32.2%in FY18Latest +8.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All BDX Financial Metrics60 metrics

Income Statement16

Balance Sheet24

Cash Flow15

Per Share5

02—Overview

BECTON DICKINSON & CO Financial Overview 2021–2025

Updated Jul 10, 2026

Becton, Dickinson and Company offset steep COVID-era testing declines with targeted acquisitions, capping off FY2025 with 8.2% revenue growth to hit $21.84 billiona. The medical technology operator is executing a fundamental structural transformation—trading slower-growth diagnostic units for advanced patient monitoring—which is aggressively reshaping its capital allocation and margin profile.

Despite heavy top-line fluctuations from the boom and bust of pandemic diagnostics, total revenue grew from $20.25 billion in FY2021 to $21.84 billionb in FY2025. This expansion relied heavily on inorganic bets, most notably the $3.911 billion acquisition of the Critical Care group from Edwards Lifesciences in FY2024, which alone contributed 4.8% to top-line growth in FY2025. Simultaneously, the company actively divested non-core assets, executing a Reverse Morris Trust transaction to spin off its Biosciences and Diagnostics segment in exchange for a $4 billion cash distribution. This strategic portfolio churn yielded tangible operational improvements, lifting gross profit margins from 42.2% in FY2023 to 45.2% in FY2024. At the close of FY2025, the market valued this ongoing reorganization by pricing the stock at $147.15, trading at a 25.3x earnings multiple.

Recent Developments (Q1 and Q2 2026)

The completion of the Biosciences and Diagnostic Solutions spin-off drove capital deployment and restructuring throughout the first half of the year. While Q1 2026 revenue rose 1.6% to $5.252 billionc, Q2 2026 yielded a net loss of $311 million. This decline was fueled by a $274 million loss from discontinued operations and $533 million in restructuring costs, though continuing operations demonstrated strength as Q2 2026 revenue climbed 5.2% to $4.714 billion.

Management deployed divestiture proceeds by executing a $2 billiond accelerated share repurchase and a $2 billion debt tender offer. Executive leadership also shifted with Vitor Roque's appointment as CFO. Bulls argue these share buybacks and debt reduction will enhance future per-share earnings. Conversely, bears warn elevated restructuring costs and manufacturing hiccups—such as a recent ChloraPrep ship hold linked to an FDA warning letter—threaten near-term stability. At 26.3x earnings as of May 7, 2026, the stock appears richly valued given recent unprofitability.

What to watch: FDA follow-up actions at the El Paso facility; normalization of integration expenses.

03—Filings

Recent SEC Filings

  1. 8-KBECTON DICKINSON & CO 8-K Report, Financial Results (Aug 6, 2026)BD (BDX) reported fiscal Q3 2026 results (quarter ended June 30, 2026), its first full quarter as 'New BD' following the February 9, 2026 spin-off and combination of its Biosciences and Diagnostic Solutions business with Waters. Revenue from continuing operations rose 5.4% to $4.98 billion (4.4% on a foreign-currency-neutral basis), with U.S. revenue up 6.9% and International up 3.2% reported (0.6% FXN). Adjusted diluted EPS from continuing operations was $3.23, up 4.9% reported (3.9% FXN), while GAAP diluted EPS from continuing operations was $1.64. Operating income fell 10.3% to $663 million, reflecting higher selling, R&D and other operating expenses, and total GAAP diluted EPS was $1.37 after a $0.27 loss from discontinued operations. Management raised the midpoint of its FY2026 adjusted EPS guidance to $12.62–$12.72 (from $12.52–$12.72) and said revenue growth should land toward the high end of its low-single-digit range. Cash generation was a clear bright spot: nine-month cash from continuing operations rose 33.3% to $2.1 billion and free cash flow rose 44.6% to $1.7 billion. Balance sheet deleveraging continued, with long-term debt down to $13.5 billion from $17.6 billion at fiscal year-end 2025, and the company repurchased $2.25 billion of stock year-to-date versus $750 million a year earlier. The quarter also carries caveats. Nine-month restructuring charges reached $605 million, including $450 million of non-cash asset impairments tied to the 'Excellence Unleashed' simplification program. The risk factors reference the timing of the BD Alaris Infusion System remediation and return to the U.S. market, ongoing tariff and refund uncertainty, Middle East and supply-chain disruption, and China volume-based procurement pressure. Investors should weigh the strong cash flow and modest guidance raise against the sizable GAAP-to-adjusted gap, which is driven largely by purchase accounting amortization.
  2. 8-KBECTON DICKINSON & CO 8-K Report, Executive Changes (Jul 22, 2026)Becton, Dickinson and Company (BDX) disclosed in an 8-K filed July 22, 2026 that Michael D. Garrison, Executive Vice President and President of the Medical Essentials and BioPharma Systems segments, will retire effective October 2, 2026. Garrison will remain in his role through the end of the fiscal year to support a smooth transition, and BD has launched a comprehensive search for his successor as President of Medical Essentials. The filing reflects a management change rather than a financial event; no financial results, guidance, or dollar figures were disclosed. As part of the leadership change, BD is streamlining its operating model: the BioPharma Systems segment will now report directly to Chairman, CEO and President Thomas E. Polen, rather than through Garrison. BD framed this as reflecting the segment's strategic importance as a growth driver, suggesting management views BioPharma Systems as a priority area that warrants closer CEO oversight. For investors, the key items to monitor are the identity and profile of the next Medical Essentials president, whether the Medical Essentials segment's execution is affected during the transition, and whether the direct reporting line signals greater near-term investment or strategic focus on BioPharma Systems. Garrison's 20-plus year tenure, including prior roles leading BD's Medical, Medication Management Solutions, and Surgery businesses, means his departure removes significant institutional experience from the segment leadership team.
  3. 8-KBECTON DICKINSON & CO 8-K Report, Regulation FD Disclosure (May 29, 2026)Becton, Dickinson and Company (BD) announced the resumption of shipments for its ChloraPrep™ product in the U.S. This follows a voluntary ship hold initiated on May 6, 2026, for ChloraPrep™ and PurPrep™ while the company conducted additional final release testing. The company has stated that all subsequent testing has been acceptable and, importantly, there have been no reported patient safety signals associated with these products. This action is a direct response to a Warning Letter received from the FDA concerning the El Paso manufacturing facility. While the immediate concern regarding product shipment has been addressed with acceptable testing results, investors should note that the underlying issues related to the El Paso Warning Letter remain. BD directs stakeholders to their Form 10-Q for the quarter ended March 31, 2026, for a detailed description of the Warning Letter and associated risks, as well as their latest 10-K and other SEC filings for forward-looking statement disclaimers.
  4. 8-KBECTON DICKINSON & CO 8-K Report, Material Agreement (May 20, 2026)Becton, Dickinson and Company (BDX) has announced through its indirect wholly-owned subsidiary, Becton Dickinson Euro Finance S.à r.l., the issuance of €600 million in aggregate principal amount of 3.855% Notes due 2033. These notes are senior unsecured and fully guaranteed by BDX, providing investors with a direct credit commitment from the parent company. The primary use of proceeds from this offering is to refinance existing debt, specifically Becton Finance's 1.208% Notes due June 4, 2026. This strategic move aims to extend the company's debt maturity profile and potentially reduce interest expenses. The offering introduces several provisions for noteholders, including options for early redemption by Becton Finance under specific conditions related to interest rates and the ability to redeem at par after February 20, 2033. Importantly, the notes include provisions for additional payments in case of withholding taxes imposed by Luxembourg or the United States, and a repurchase obligation at 101% of principal if a Change of Control Triggering Event occurs. The indenture also outlines events of default and restrictive covenants typical for such debt issuances.
  5. 8-KBECTON DICKINSON & CO 8-K Report, Corporate Update (May 12, 2026)Becton, Dickinson and Company (BDX) has announced a significant debt offering through its indirect wholly-owned subsidiary, Becton Dickinson Euro Finance S.à r.l. The company entered into an underwriting agreement to issue €600 million in aggregate principal amount of 3.855% Notes due 2033. These Euro Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Becton Dickinson & Co. This offering is primarily intended to refinance existing debt, specifically the entire outstanding principal amount of the 1.208% Euro Notes due June 4, 2026. The net proceeds, combined with cash on hand, will be used to repay this maturing debt, along with accrued interest and associated fees. This move indicates proactive financial management by BDX to address upcoming maturities and potentially optimize its debt structure.
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04—See also

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