BECTON DICKINSON & COBDX
BECTON DICKINSON & CO Financial Overview 2021–2025
Becton, Dickinson and Company secured a $4 billion cash distribution in early FY2026 by spinning off its Biosciences and Diagnostic Solutions unit, signaling a dramatic portfolio overhaul. The central thesis for investors is clear: BDX is aggressively trading legacy diagnostic lines for higher-growth, tech-enabled medical solutions. This structural shift is highlighted by its $4.2 billion acquisition of Edwards Lifesciences' Critical Care group, which single-handedly drove 4.8% of the company's top-line expansion in FY2025.
By shedding slower-growth segments and integrating advanced monitoring capabilities, total revenue grew from $20.25 billion in FY2021 to $21.84 billion in FY2025. The underlying core business demonstrated tangible pricing power and efficiency along this journey, as gross profit margins expanded from 42.2% in FY2023 to 45.2% in FY2024. The revamped Medical segment emerged as the primary growth engine, delivering a 13.7% revenue surge in FY2025.
Management has consistently redirected operating cash flows toward capital returns, executing $1 billion in share repurchases and distributing $1.196 billion in dividends during FY2025. Armed with the $4 billion spin-off windfall, the company immediately targeted another $2 billion for stock buybacks and $2 billion for debt reduction. At the close of FY2025, the market priced this strategic pivot by valuing BDX shares at $147.15, reflecting a 25.3x price-to-earnings multiple.
Recent Developments (Q4 2025 and Q1 2026)
BDX executed a $1.6 billion debt tender offer in early Q2 2026 while restructuring into five core business segments. During Q1 2026, total revenue reached $5.252 billion, up 1.6% year-over-year. Net income surged to $382 million. This lifted diluted earnings per share to $1.34 compared to $1.04 in the prior period. Top-line gains were driven by the newly formed Connected Care and Interventional segments, which expanded 5.5% and 5.8%, respectively. Operations are currently overseen by an interim finance chief following the sudden resignation of CFO Christopher J. DelOrefice in Q1 2026.
Bulls highlight the sharp earnings per share expansion despite minimal revenue growth as proof of excellent cost control and margin resilience. Bears argue that persisting pricing headwinds and executive turnover elevate near-term execution risks. Shares traded at $163.04, reflecting a premium 28.0x price-to-earnings ratio as of the February 8, 2026 reporting date.
What to watch: appointment of a permanent Chief Financial Officer; pricing stability across the Medical Essentials portfolio
Rev
$21.84B
FY2025
NI
$1.68B
FY2025
EPS
$5.83
FY2025
OCF
$3.43B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
BECTON DICKINSON & CO 8-K Report, Corporate Update (Feb 10, 2026)
Becton, Dickinson and Company (BDX) has announced the commencement of a significant tender offer program, seeking to repurchase up to $1.6 billion in aggregate principal amount of its outstanding senior notes and debentures. This action indicates a strategic move by the company to manage its debt obligations and potentially optimize its capital structure. Investors should note the broad range of maturities and coupon rates for the notes being tendered, suggesting a comprehensive approach to debt refinancing or deleveraging. The company's willingness to offer cash for these debt instruments, up to a substantial aggregate amount, may signal confidence in its current liquidity position and future cash flow generation. This tender offer is a key event for bondholders and could influence the company's future financing costs and overall financial flexibility.
BECTON DICKINSON & CO 8-K Report, Material Agreement (Feb 9, 2026)
Becton Dickinson & Co. (BDX) has filed an 8-K report announcing the completion of significant "Transactions" with Waters Corporation and Augusta SpinCo Corporation. This filing details the entry into material definitive agreements, including a Tax Matters Agreement, an Employee Matters Agreement, an Intellectual Property Matters Agreement, and a Transition Services Agreement. These agreements govern the post-transaction relationship and operational aspects between BDX, Waters, and SpinCo. Additionally, the report confirms a cash distribution of $4 billion received from SpinCo, which BDX plans to utilize for $2 billion in share repurchases via an accelerated share repurchase program and $2 billion for debt repayment, aiming to enhance shareholder value and strengthen its balance sheet. The report also notes the resignation of a director who has joined the Waters board, a common occurrence in such spin-off or merger scenarios.
BECTON DICKINSON & CO 8-K Report, Financial Results (Feb 9, 2026)
Becton, Dickinson and Company (BD) has filed an 8-K report on February 9, 2026, to announce its financial results for the first fiscal quarter ending December 31, 2025. The filing primarily serves to furnish a press release, included as Exhibit 99.1, which details these quarterly results. Investors should note that this press release contains non-GAAP financial measures alongside GAAP measures. A reconciliation of these non-GAAP measures and further details on the adjustments made are available within the furnished press release itself.
BECTON DICKINSON & CO 8-K Report, Unregistered Securities Sale (Feb 5, 2026)
Becton, Dickinson and Company (BDX) filed an 8-K report detailing the issuance of Series D Junior Participating Redeemable Preferred Stock to certain employee benefit trusts. This issuance, occurring on February 2, 2026, was conducted in reliance on the Section 4(a)(2) exemption from registration requirements. The primary purpose of this transaction is to ensure these trusts do not receive shares of Augusta SpinCo Corporation common stock in the upcoming distribution, which is a component of the previously announced Reverse Morris Trust transaction with Waters Corporation. The Series D Preferred Stock is redeemable by the Company, at its option, for shares of BDX common stock. Importantly, if the distribution of SpinCo common stock proceeds as planned, the Series D Preferred Stock will automatically be redeemed for BDX common stock. This action is a strategic maneuver related to the RMT transaction, aiming to manage the distribution of assets and to comply with the terms of the pending combination with Waters Corporation. Investors should note this is an internal restructuring measure rather than a new equity offering to the public.
BECTON DICKINSON & CO 8-K Report, Regulation FD Disclosure (Feb 5, 2026)
Becton Dickinson and Company (BDX) has announced a significant organizational restructuring, effective October 1, 2025, consolidating its operations into five distinct worldwide business segments: Medical Essentials, Connected Care, BioPharma Systems, Interventional, and Life Sciences. This move aims to better align strategic business units that develop, manufacture, and market unique products and services. While the core product lines remain unchanged, this realignment is designed to enhance operational focus and potentially improve reporting clarity for investors moving forward. Of particular note for investors is the planned combination of BD's Biosciences and Diagnostic Solutions business with Waters Corporation, which is expected to result in the elimination of the Life Sciences segment from future reporting. This divestiture/combination will leave BD with four primary reportable segments. The company has furnished recast historical segment revenues for fiscal year 2025 and prior periods, presented under the new segment structure, to aid investors in understanding the historical performance in light of these changes. Investors should pay close attention to the details of the Life Sciences divestiture and the performance of the remaining four segments.
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