01—Abstract
Summary
Summary of the 10-K filed November 25, 2025. Cited figures are marked; the original filing is the authoritative source.
Becton, Dickinson and Company (BDX) reported revenues of $21.84 billiona for the fiscal year ending September 30, 2025, an increase of 8.2% year-over-year.
This growth was primarily driven by the acquisition of Edwards Lifesciences' Critical Care product group, now known as BD Advanced Patient Monitoring, which contributed 4.8%b to the revenue increase. The company continues to navigate a dynamic market, focusing on its strategic objectives of growth, simplification, and empowerment. BD also announced its definitive agreement to combine its Biosciences and Diagnostic Solutions business with Waters Corporation in a Reverse Morris Trust transaction, expected to close by the end of the first quarter of calendar year 2026, which will result in BD shareholders owning approximately 39.2% of the combined entity.
Key operational highlights include continued growth across its Medical and Interventional segments, although the Life Sciences segment experienced a slight revenue decline. The company faces ongoing challenges related to supply chain disruptions, inflation, and regulatory complexities, particularly concerning the FDA's consent decree for its Alaris infusion pump business and a recent warning letter for its dispensing quality management system. BD is actively managing these challenges and investing in innovation and operational efficiency to drive future growth and shareholder value.
02—Key points
Key Highlights
- BDX reported FY2025 revenues of $21.84 billion, an 8.2% increase year-over-year, largely boosted by the acquisition of BD Advanced Patient Monitoring.
- The company entered into a definitive agreement to combine its Biosciences and Diagnostic Solutions business with Waters Corporation via a Reverse Morris Trust transaction, expected to close by Q1 2026.
- The Medical segment saw robust revenue growth of 13.7%, driven by strong performance in Medication Delivery Solutions and the addition of Advanced Patient Monitoring.
- The Interventional segment also delivered solid growth of 4.8%, with key contributions from Surgery, Peripheral Intervention, and Urology & Critical Care units.
- The Life Sciences segment experienced a slight 0.5% decrease in revenue, primarily due to declines in Diagnostic Solutions and Biosciences, partially offset by growth in Specimen Management.
- BD continues to manage significant regulatory matters, including an ongoing consent decree for its Alaris infusion pump business and a recent FDA warning letter related to its dispensing quality management system.
- The company repurchased approximately $1 billion of its common stock and paid $1.196 billion in dividends to shareholders in FY2025, demonstrating a commitment to returning value to shareholders.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Becton Dickinson & Co kept $0.08.
- Revenue$21.84B100.0%
- Cost of revenue−$11.91B54.6%
- Gross profit$9.93B45.4%
- Operating costs−$7.35B33.6%
- Operating income$2.58B11.8%
- Interest, other & tax−$901.0M4.1%
- Net income$1.68B7.7%
Where FY2025 revenue went
$21.84B- Cost of revenue: $11.91B, 55% of revenue
- SG&A: $5.28B, 24% of revenue
- Net income: $1.68B, 7.7% of revenue
- R&D: $1.26B, 5.8% of revenue
- Other operating costs: $803.0M, 3.7% of revenue
- Interest, other & tax: $901.0M, 4.1% of revenue
Kept 7.7% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 25, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $21.84B$20.18B | +8.2% |
| Cost of Revenue | $11.91B$11.05B | +7.8% |
| Gross Profit | $9.93B$9.13B | +8.8% |
| R&D Expenses | $1.26B$1.19B | +6.3% |
| SG&A Expenses | $5.28B$4.86B | +8.7% |
| Operating Expenses | $19.26B$17.78B | +8.3% |
| Operating Income | $2.58B$2.40B | +7.6% |
| Interest Expense | $613.00M$528.00M | +16.1% |
| Net Income | $1.68B$1.71B | −1.6% |
| EPS (Basic) | $5.83$5.88 | −0.9% |
| EPS (Diluted) | $5.82$5.86 | −0.7% |
| Shares Outstanding (Basic) | 287.65M289.76M | −0.7% |
| Shares Outstanding (Diluted) | 288.51M291.01M | −0.9% |
05—Questions
Frequently Asked Questions
What are the key strategic initiatives BD is pursuing?
BD's strategy is anchored in three key pillars: Grow, Simplify, and Empower. This involves accelerating innovation in areas like smart devices and AI, focusing on core product leadership, investing in R&D, leveraging global scale for equitable access, pursuing strategic acquisitions, optimizing operations for effectiveness and margin expansion, reducing complexity, fostering a culture of quality, enhancing customer experiences through digitalization, and investing in sustainability initiatives and talent development.
What is the significance of the proposed combination with Waters Corporation?
BD has agreed to combine its Biosciences and Diagnostic Solutions business with Waters Corporation in a Reverse Morris Trust transaction. This strategic move is expected to create a leading life science and diagnostics entity. BD shareholders are anticipated to own approximately 39.2% of the combined company, and BD expects to receive a cash distribution of approximately $4 billion prior to completion, subject to adjustments. The transaction is targeted for completion around the end of Q1 2026.
What are the main challenges and risks BD is currently facing?
BD faces several challenges including ongoing supply chain disruptions, inflationary pressures, and foreign currency exchange rate volatility. It is also navigating significant regulatory matters, such as the FDA consent decree related to its Alaris infusion pumps and a warning letter for its dispensing quality management system. Competition in the medical technology industry remains intense, and the company is also exposed to risks associated with global economic conditions, cybersecurity threats, and potential changes in healthcare reimbursement policies.
How did the acquisition of Edwards Lifesciences' Critical Care product group impact BD's financial performance?
The acquisition of Edwards Lifesciences' Critical Care product group, renamed BD Advanced Patient Monitoring, was completed in September 2024 for $3.914 billion. This acquisition significantly contributed to BD's revenue growth in fiscal year 2025, adding approximately 4.8% to the overall revenue increase. The integration of this business is expected to expand BD's portfolio in smart connected care solutions for operating rooms and intensive care units.
06—Continue