BECTON DICKINSON & CO (BDX): Results of Operations and Financial Condition
BECTON DICKINSON & CO (BDX) filed an SEC Form 8-K — Results of Operations and Financial Condition. *Exhibit 99.1 1 Becton Drive Franklin Lakes, NJ 07417 www.bd.com Contacts: Investors: Shawn Bevec, SVP, Investor Relations - investor.relations@bd.com Media: Matt Marcus, VP, Public Relations - matt.marcus@bd.com BD Reports Third Quarter Fiscal 2026 Financial Results • Revenue of
How this was made
The 30-second read
Why it matters
The key tradable items are Q3 outperformance versus expectations and the updated FY2026 guidance, including a higher adjusted diluted EPS midpoint and revenue growth toward the high end of the range.
Market read
This is a primary earnings-and-guidance disclosure with specific numbers and a guidance raise, which can drive same-day repricing and near-term positioning.
What to watch
The release emphasizes adjusted metrics; traders should scrutinize GAAP vs adjusted drivers, segment margin trends, and any assumptions embedded in the guidance range.
BD Reports Third Quarter Fiscal 2026 Financial Results
Revenue increased 5.4% as reported and 4.4% FXN, while GAAP and adjusted diluted EPS from continuing operations increased 4.5% and 4.9%, respectively. All four reported operating segments grew, year-to-date cash from continuing operations and free cash flow increased, and the company raised the midpoint of adjusted diluted EPS guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $4,983 million | – | 5.4% |
| Revenues foreign currency neutral changenon-GAAP | 4.4% | – | 4.4% |
| Reported Diluted Earnings per ShareGAAP | $1.64 | – | 4.5% |
| Reported Diluted Earnings per Share foreign currency neutral changenon-GAAP | 3.8% | – | 3.8% |
| Adjusted Diluted Earnings per Sharenon-GAAP | $3.23 | – | 4.9% |
| Adjusted Diluted Earnings per Share foreign currency neutral changenon-GAAP | 3.9% | – | 3.9% |
| United States revenuesGAAP | $3,081 million | – | 6.9% |
| International revenuesGAAP | $1,902 million | – | 3.2% |
| International revenues foreign currency neutral changenon-GAAP | 0.6% | – | 0.6% |
| Year-to-date cash from continuing operationsGAAP | $2.1 billion | – | 33.3% |
| Year-to-date free cash flownon-GAAP | $1.7 billion | – | 44.6% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Medical EssentialsNo segment-specific financial driver was disclosed. | $1,675 million | – | 4.5% |
| Connected CareNo segment-specific financial driver was disclosed. | $1,224 million | – | 4.9% |
| BioPharma SystemsBD announced a collaboration with EMS to expand access to GLP-1 therapies through a semaglutide launch utilizing BD's Vystra™ Injection Pen platform. | $670 million | – | 6.6% |
| InterventionalBD launched the Elyra™ Thulium Fiber Laser System, expanding its kidney stone care portfolio. | $1,414 million | – | 6.4% |
Full Year Fiscal 2026 outlook
- RevenueGAAP Revenue Growth: Low single-digit plus; Revenue Growth (FXN): Low single-digit
- NoteAdjusted Diluted EPS: $12.62 to $12.72
What drove it
- United States revenues increased 6.9%, compared with International revenue growth of 3.2% as reported and 0.6% on a foreign currency-neutral basis.
- All four reported operating segments recorded revenue growth, led by BioPharma Systems at 6.6% and Interventional at 6.4%.
- The company cited strong momentum across key growth platforms, continued innovation, and further progress through BD Excellence.
- BD completed the spin-off of its former Biosciences and Diagnostic Solutions business and the combination of that business with Waters on February 9, 2026. Results of the former business are reflected as discontinued operations and prior periods were recast on a continuing operations basis.
Concerns
- International revenue increased 0.6% on a foreign currency-neutral basis, below United States revenue growth of 6.9%.
- Full-year adjusted diluted EPS guidance excludes potential charges or gains including non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters.
- The company stated that the impact and timing of potential excluded charges or gains are inherently uncertain and difficult to predict.
What to watch
- Whether revenue growth reaches the high end of the company's full-year GAAP Revenue Growth range of Low single-digit plus.
- Execution against full-year Revenue Growth (FXN) guidance of Low single-digit.
- Delivery within the updated full-year Adjusted Diluted EPS range of $12.62 to $12.72.
- The pace of International revenue growth on a foreign currency-neutral basis.
- Continued cash generation from continuing operations and free cash flow following the February 9, 2026 transaction.
Balance sheet and cash flow
- Year-to-date cash from continuing operations increased 33.3% to $2.1 billion.
- Year-to-date free cash flow increased 44.6% to $1.7 billion.
- Free cash flow is defined as net cash provided by continuing operating activities less capital expenditures.
Analysis
BD reported third-quarter continuing-operations revenue of $4,983 million, up 5.4% as reported and 4.4% on a foreign currency-neutral basis. GAAP diluted earnings per share rose 4.5% to $1.64, while adjusted diluted earnings per share increased 4.9% to $3.23. The release states that revenue, adjusted operating margin and adjusted EPS were ahead of management's expectations, although it does not disclose the adjusted operating margin figure.
Growth was broad across the four continuing-operations segments. BioPharma Systems produced the highest reported growth at 6.6%, followed by Interventional at 6.4%, Connected Care at 4.9%, and Medical Essentials at 4.5%. Geographic performance was led by the United States, where revenue rose 6.9%. International revenue increased 3.2% as reported but only 0.6% on a foreign currency-neutral basis, making underlying international growth an important point of attention.
Cash generation strengthened in the first nine months of fiscal 2026. Year-to-date cash from continuing operations increased 33.3% to $2.1 billion, and free cash flow increased 44.6% to $1.7 billion. The filing does not provide capital-return activity, cash balances, debt balances, capital expenditures, or a reconciliation of the reported free-cash-flow amount in the provided text.
The results are presented on a continuing-operations basis after the February 9, 2026 spin-off of BD's former Biosciences and Diagnostic Solutions business and its combination with Waters. Prior-period amounts have been recast, which is essential context for interpreting the reported comparisons. BD characterized the quarter as its first full quarter as New BD and highlighted growth-platform momentum, innovation, BD Excellence, and strategic capital allocation.
For full-year fiscal 2026, BD maintained GAAP Revenue Growth guidance at Low single-digit plus and Revenue Growth (FXN) guidance at Low single-digit. It updated adjusted diluted EPS guidance to $12.62 to $12.72 from $12.52 to $12.72, raising the midpoint while retaining the upper end. The company said the outlook reflects assumptions reviewed as of August 6, 2026, and noted that adjusted diluted EPS excludes several potentially material and uncertain items.
Management, verbatim
We delivered a strong third quarter, with revenue, adjusted operating margin and adjusted EPS all ahead of our expectations.
Tom Polen, chairman, CEO and president of BD
Our first full quarter as New BD demonstrates the early benefits of a more focused MedTech company, with strong momentum across our key growth platforms, continued innovation and further progress through BD Excellence.
Tom Polen, chairman, CEO and president of BD
Not in the filing
stated, not guessed- Gross profit and gross margin for the third quarter
- Operating income, adjusted operating income, and operating margin figures for the third quarter
- GAAP net income from continuing operations for the third quarter
- Adjusted net income for the third quarter
- Prior-quarter revenue, EPS, segment revenue, geographic revenue, and cash-flow comparisons
- Segment foreign currency-neutral revenue-growth rates
- Third-quarter operating cash flow and free cash flow amounts
- Capital expenditures
- Cash and cash equivalents balance
- Debt balance
- Share repurchases, dividends, and other capital-return activity
- Full-year fiscal 2026 GAAP EPS guidance
- Full-year fiscal 2026 gross-margin, operating-expense, and tax-rate guidance
- Actual full-year fiscal 2026 results needed to assess prior full-year guidance versus actual performance
- Complete financial tables and non-GAAP reconciliations, which were not included in the provided filing text
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BD completed the Feb 9, 2026 spin-off of Biosciences and Diagnostic Solutions and combined that business with Waters, and this 8-K reports results on a continuing-operations basis with recast prior periods.
Ticker impact
BDX reported fiscal Q3 results and updated full-year guidance, raising the midpoint of adjusted diluted EPS and expecting revenue growth toward the high end.
Near-term bias to the upside as traders reprice FY EPS and revenue growth expectations; follow-through depends on call commentary and segment margin details.
The filing includes specific Q3 EPS/revenue figures and a concrete guidance update (higher adjusted diluted EPS midpoint, revenue growth toward high end), which are direct inputs to valuation and positioning.
Market effects
Signals strength in medical technology demand and execution, potentially supportive for MedTech peers watching for similar margin and growth momentum.
International revenue growth remained positive, suggesting resilience beyond the US.
No direct global macro linkage beyond FX-neutral growth framing.
Counterpoint
Raised guidance could still be sensitive to execution risk, FX, and the ongoing integration effects of the Waters combination and spin-off restructuring.
Key entities
- companyBecton, Dickinson and Company
Medical technology company filing an 8-K with Q3 fiscal 2026 results and updated full-year guidance.
- executiveTom Polen
CEO and chairman quoted describing strong Q3 performance and early benefits of the more focused MedTech company.
- companyWaters Corporation
Referenced as the combination partner for the spun-off business, shaping the continuing-operations presentation.
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