10-QPeriod: Q1 FY2026

BECTON DICKINSON & CO Quarterly Report for Q1 Ended Dec 31, 2025

Filed February 9, 2026For Securities:BDX

Summary

Becton, Dickinson and Company (BDX) reported a modest increase in revenues for the fiscal first quarter ending December 31, 2025, with total revenues reaching $5.252 billion, up 1.6% from the prior year. This growth was primarily driven by favorable foreign currency impacts and moderate volume increases, despite some pricing headwinds. Net income rose to $382 million, resulting in diluted earnings per share of $1.34, a significant increase from $1.04 in the prior year, reflecting improved operational performance and the favorable impact of foreign currency. The company also announced the completion of a major transaction: the spin-off of its Biosciences and Diagnostic Solutions business, combined with Waters Corporation, which resulted in a significant cash distribution of $4 billion to BD. This strategic move is expected to reshape the company's future focus and financial structure. Operationally, the company saw varied performance across its segments. While Connected Care and Interventional segments showed strong revenue growth, driven by specific product lines like Advanced Patient Monitoring and Peripheral Intervention respectively, the Medical Essentials segment experienced slight declines. The Life Sciences segment, which is being divested, saw a notable decrease in revenues. Looking ahead, BD is prioritizing innovation, commercial excellence, and operational efficiency under its 'Excellence Unleashed' strategy. The significant cash influx from the Waters transaction provides ample opportunity for strategic deployment, including accelerated share repurchases and debt reduction, aiming to enhance shareholder value.

Financial Highlights

53 data points
Beta

Revenue

$5.25B

45.9% Gross Margin

Net Income

$382.00M

7.3% Net Margin

EPS (Diluted)

$1.34

Total Assets

$54.84B

Cash & Equivalents

$1.02B

Free Cash Flow

$549.00M

Financial Statements
Beta
Revenue$5.25B
Cost of Revenue$2.84B
Gross Profit$2.41B
R&D Expenses$306.00M
SG&A Expenses$1.39B
Operating Expenses$4.70B
Operating Income$552.00M
Net Income$382.00M
EPS (Basic)$1.34
EPS (Diluted)$1.34
Shares Outstanding (Basic)285.58M
Shares Outstanding (Diluted)285.85M

Key Highlights

  • 1Total revenues increased by 1.6% to $5.252 billion for the quarter ended December 31, 2025, driven by foreign currency effects and volume.
  • 2Net income grew to $382 million, with diluted EPS reported at $1.34, up from $1.04 in the prior year.
  • 3The company completed a significant transaction on February 9, 2026, spinning off its Biosciences and Diagnostic Solutions business and combining it with Waters Corporation, receiving a $4 billion cash distribution.
  • 4The Connected Care segment demonstrated robust revenue growth of 5.5%, while the Interventional segment saw a 5.8% increase.
  • 5Life Sciences segment revenues declined by 8.3%, reflecting ongoing divestiture activities.
  • 6BD returned $299 million to shareholders through dividends and repurchased $250 million of its common stock during the quarter.
  • 7The company expects to utilize approximately $2 billion of the cash received from the Waters transaction for share repurchases in Q2 FY2026.

Frequently Asked Questions

For the quarter ended December 31, 2025, BDX reported revenues of $5.252 billion, a 1.6% increase year-over-year. Net income was $382 million, resulting in diluted EPS of $1.34, compared to $1.04 in the prior year. The company saw varied performance across its segments, with Connected Care and Interventional segments showing growth, while Medical Essentials and Life Sciences experienced declines.

On February 9, 2026, BDX completed a Reverse Morris Trust transaction, spinning off its Biosciences and Diagnostic Solutions business and combining it with Waters Corporation. BDX shareholders received shares representing 39.2% of the combined company, and BDX received a $4 billion cash distribution from the spin-off entity. This strategic move is expected to allow BDX to focus on its core medical technology businesses and utilize the cash for strategic purposes such as debt repayment and share repurchases.

BDX paid $299 million in dividends and repurchased $250 million of its common stock during the quarter. The company plans to use approximately $2 billion of the cash received from the Waters transaction for accelerated share repurchases in the second quarter of fiscal year 2026. The remainder of the distribution is intended for debt repayment. The company maintained its credit ratings and has access to significant financing facilities.

BDX faces ongoing legal proceedings, including product liability claims related to hernia repair, pelvic mesh, and IVC filter products, as well as litigation concerning ethylene oxide emissions. The company also continues to address regulatory matters, including an FDA consent decree and warning letters related to its infusion pump and dispensing systems. These matters, while being vigorously defended, pose potential financial and operational risks.