BECTON DICKINSON & COBDX
BECTON DICKINSON & CO Financial Overview 2021–2025
Updated Jul 10, 2026Becton, Dickinson and Company offset steep COVID-era testing declines with targeted acquisitions, capping off FY2025 with 8.2% revenue growth to hit $21.84 billion. 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 billion 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 billion, 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 billion 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.
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, 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.
BECTON 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.
BECTON 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.
BECTON DICKINSON & CO 8-K Report, Financial Results (May 7, 2026)
Becton, Dickinson and Company (BDX) filed an 8-K on May 7, 2026, to report its financial results for the second fiscal quarter ending March 31, 2026. The core of the filing is a press release (Exhibit 99.1) that provides the company's operational and financial performance for the period. Investors should note that the press release includes non-GAAP financial measures alongside GAAP figures, and details on these adjustments are available within the furnished exhibit.
BECTON DICKINSON & CO 8-K/A Report, Executive Changes (May 7, 2026)
Becton Dickinson & Co. (BDX) has officially appointed Vitor Roque as its Executive Vice President and Chief Financial Officer (CFO), effective May 7, 2026. This formalizes his role following his interim appointment as CFO in December 2025. The company has also outlined Mr. Roque's compensation package, which includes a base salary of $770,000, an annual target bonus of 95% of his base salary, and an annual target equity compensation value of $3,000,000. These figures are pro-rated for the current fiscal year. Additionally, Mr. Roque will receive a one-time cash payment of $250,000 and a $250,000 time-vested equity award in recognition of his service as interim CFO. This appointment and compensation structure provide clarity on the leadership of BDX's financial operations moving forward. Investors can note that Mr. Roque's terms are aligned with those of other senior executives, including a two-year severance agreement following a change of control. There are no disclosed related-party transactions or unusual arrangements regarding his appointment. The company also furnished a press release announcing this development.
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