How did BD perform in fiscal Q1 2026 on an underlying basis?

Reported revenue rose 1.6% to $5.25 billion, but FXN growth was only 0.4%, held back by the Life Sciences segment, which fell 10.5% FXN. Excluding Life Sciences, New BD revenue grew 2.5% FXN, led by Interventional and Connected Care. Adjusted EPS declined 15.2% to $2.91, but GAAP EPS rose 28.8% to $1.34.

What does the Waters transaction mean for BD's business and guidance?

The combination of BD's Biosciences and Diagnostic Solutions business with Waters Corporation was expected to close on February 9, 2026. Those businesses will be accounted for as discontinued operations, so all FY26 guidance reflects only New BD. Management said the company is now fully pivoting to New BD and will focus on commercial capabilities, innovation, and productivity and gross margin expansion.

What is BD's FY26 outlook?

Management affirmed low single-digit FXN revenue growth for New BD and provided adjusted diluted EPS guidance of $12.35 to $12.65. Guidance is unchanged from the November 2025 framework, adjusted only for corporate overhead migrating to Waters, TSA income, and the expected benefit from use of proceeds. Adjusted EPS guidance excludes items such as acquisition amortization, separation costs, and certain tax matters.

Why did adjusted EPS fall while GAAP EPS rose sharply?

GAAP EPS benefited from a large decline in purchase accounting adjustments, which were $391M pre-tax versus $570M a year earlier, and from lower interest expense and other items. Adjusted EPS excludes those items, and it also reflects the loss of the higher-margin Life Sciences earnings and a weaker tax and interest-income profile, which pulled the adjusted figure down 15.2%.

What are the key risks investors should monitor?

Key risks include the completion and execution of the Waters transaction, weak international demand (down 2.8% FXN), tariffs and trade policy, reimbursement and pricing pressure, and the timing of the Alaris infusion system's return to the U.S. market. The filing also cites product safety and regulatory actions and macroeconomic and currency exposure as ongoing risk factors.

BDX 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 9, 2026. Cited figures are marked; the original filing is the authoritative source.

BD (Becton, Dickinson and Company) reported fiscal Q1 2026 results (quarter ended December 31, 2025) with revenue of $5.25 billion^a, up 1.6% as reported and 0.4% on a foreign-currency-neutral (FXN) basis.

The top line was weighed down by Life Sciences, which fell 10.5%^b FXN as its Biosciences and Diagnostic Solutions businesses are being carved out. Excluding Life Sciences, 'New BD' revenue grew 2.5% FXN, with Interventional (+5.1% FXN) and Connected Care (+4.7% FXN) the strongest segments, while Medical Essentials was roughly flat (-0.6% FXN) and BioPharma Systems rose 1.0% FXN. U.S. revenue grew 2.6%, while international revenue was down 2.8% FXN.

GAAP diluted EPS was $1.34^c, up 28.8%, though this is driven largely by lower purchase accounting charges and reduced amortization. Adjusted diluted EPS fell 15.2% to $2.91 from $3.43, reflecting the adjusted EPS basis and the removal of the Life Sciences contribution. The company said the combination of its Biosciences and Diagnostic Solutions business with Waters Corporation was expected to close the same day as the release, and management said it is now fully pivoting to New BD.

Management affirmed its FY26 revenue growth guidance, which is low single-digit on an FXN basis (low single-digit plus on a reported basis, including about 120 basis points of illustrative FX benefit). It set New BD FY26 adjusted diluted EPS guidance at $12.35 to $12.65^d, versus an estimated ~$11.80 FY25 base excluding the divested business, which implies roughly 5% to 7% growth. The guidance excludes the impact of corporate overhead migrating to Waters, TSA income, and expected benefits from use of proceeds.

Key watch items for investors include the closing and financial effects of the Waters transaction, the pace of growth in International markets, the timing of the Alaris infusion system's return to the U.S. market, and whether the New BD margin and productivity initiatives deliver. The filing also contains forward-looking statements that carry material risks, including tariffs, reimbursement pressure, and regulatory actions.

02—Key points

Key Highlights

Q1 FY26 revenue of $5,252M, up 1.6% reported and 0.4% FXN; New BD revenue (ex-Life Sciences) grew 2.5% FXN.
Adjusted diluted EPS fell 15.2% to $2.91 (from $3.43); GAAP diluted EPS rose 28.8% to $1.34, aided by lower purchase accounting charges.
Interventional (+5.1% FXN) and Connected Care (+4.7% FXN) led growth; Life Sciences declined 10.5% FXN and Medical Essentials was roughly flat.
U.S. revenue grew 2.6%; international revenue was flat reported but declined 2.8% FXN.
Waters Corporation combination of Biosciences and Diagnostic Solutions was expected to close on February 9, 2026, making BD a pure-play 'New BD'.
FY26 New BD guidance: low single-digit FXN revenue growth (reaffirmed) and adjusted diluted EPS of $12.35 to $12.65, implying about 5% to 7% growth versus the ~$11.80 FY25 base.
Notable business wins included a $110M investment in Columbus, Nebraska for BD Neopak prefillable syringes supporting biologics and GLP-1 supply, and FDA clearance for the EnCor EnCompass breast biopsy system.

03—Questions

Frequently Asked Questions

How did BD perform in fiscal Q1 2026 on an underlying basis?
Reported revenue rose 1.6% to $5.25 billion, but FXN growth was only 0.4%, held back by the Life Sciences segment, which fell 10.5% FXN. Excluding Life Sciences, New BD revenue grew 2.5% FXN, led by Interventional and Connected Care. Adjusted EPS declined 15.2% to $2.91, but GAAP EPS rose 28.8% to $1.34.
What does the Waters transaction mean for BD's business and guidance?
The combination of BD's Biosciences and Diagnostic Solutions business with Waters Corporation was expected to close on February 9, 2026. Those businesses will be accounted for as discontinued operations, so all FY26 guidance reflects only New BD. Management said the company is now fully pivoting to New BD and will focus on commercial capabilities, innovation, and productivity and gross margin expansion.
What is BD's FY26 outlook?
Management affirmed low single-digit FXN revenue growth for New BD and provided adjusted diluted EPS guidance of $12.35 to $12.65. Guidance is unchanged from the November 2025 framework, adjusted only for corporate overhead migrating to Waters, TSA income, and the expected benefit from use of proceeds. Adjusted EPS guidance excludes items such as acquisition amortization, separation costs, and certain tax matters.
Why did adjusted EPS fall while GAAP EPS rose sharply?
GAAP EPS benefited from a large decline in purchase accounting adjustments, which were $391M pre-tax versus $570M a year earlier, and from lower interest expense and other items. Adjusted EPS excludes those items, and it also reflects the loss of the higher-margin Life Sciences earnings and a weaker tax and interest-income profile, which pulled the adjusted figure down 15.2%.
What are the key risks investors should monitor?
Key risks include the completion and execution of the Waters transaction, weak international demand (down 2.8% FXN), tariffs and trade policy, reimbursement and pricing pressure, and the timing of the Alaris infusion system's return to the U.S. market. The filing also cites product safety and regulatory actions and macroeconomic and currency exposure as ongoing risk factors.

04—Continue

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