BECTON DICKINSON & CO (BDX): BD Reports Fourth Quarter and Full Year Fiscal 2026 Financial Results
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 Fourth Quarter and Full Year Fiscal 2026 Financial Resul
How this was made
The 30-second read
Why it matters
The earnings beat and guidance suggest continued revenue growth, likely supporting the stock price in the short term.
Market read
Strong earnings and forward guidance may attract buying interest from healthcare and growth investors.
What to watch
Potential tariff relief and $19B U.S. investment may be offset by execution risk on the manufacturing expansion
BD reported Q4 revenue of $5,274 million, up 5.4%, and FY2026 revenue of $19,457 million, up 4.9%, while issuing FY2027 adjusted diluted EPS guidance of $13.10 to $13.30.
Fourth-quarter revenue grew 5.4% as reported across all four continuing-operation segments, adjusted diluted EPS rose 27.3%, and FY2026 free cash flow increased 42.5%. FY2027 guidance calls for low single-digit reported and FXN revenue growth and adjusted diluted EPS of $13.10 to $13.30.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q4 FY2026 total revenuesGAAP | $5.27B | – | 5.4 % |
| Q4 FY2026 total revenues foreign currency neutral changenon-GAAP | 5.6 % | – | 5.6 % |
| Q4 FY2026 cost of products soldGAAP | 2.58B | – | (2.2) % |
| Q4 FY2026 selling and administrative expenseGAAP | 1.26B | – | 4.4 % |
| Q4 FY2026 research and development expenseGAAP | 246M | – | (6.8) % |
| Q4 FY2026 integration, restructuring and transaction expenseGAAP | 77M | – | (38.7) % |
| Q4 FY2026 other operating expense, netGAAP | 76M | – | (67.0) % |
| Q4 FY2026 total operating costs and expensesGAAP | 4.24B | – | (5.1) % |
| Q4 FY2026 operating incomeGAAP | 1.03B | – | 92.5 % |
| Q4 FY2026 income from continuing operations before income taxesGAAP | 901M | – | 155.8 % |
| Q4 FY2026 income tax provisionGAAP | 209M | – | 3,049.1 % |
| Q4 FY2026 net income from continuing operationsGAAP | 692M | – | 100.2 % |
| Q4 FY2026 net incomeGAAP | $696M | – | 41.2 % |
| Q4 FY2026 diluted earnings per share from continuing operationsGAAP | $ 2.52 | – | 110.0 % |
| Q4 FY2026 diluted earnings per shareGAAP | $ 2.54 | – | 47.7 % |
| Q4 FY2026 adjusted diluted earnings per share from continuing operationsnon-GAAP | $ 4.15 | – | 27.3 % |
| FY2026 total revenuesGAAP | $19.46B | – | 4.9 % |
| FY2026 total revenues foreign currency neutral changenon-GAAP | 3.9 % | – | 3.9 % |
| FY2026 cost of products soldGAAP | 10.24B | – | (0.4) % |
| FY2026 total operating costs and expensesGAAP | 17.20B | – | 3.6 % |
| FY2026 operating incomeGAAP | 2.26B | – | 16.3 % |
| FY2026 net income from continuing operationsGAAP | 1.42B | – | 28.7 % |
| FY2026 net incomeGAAP | $1.15B | – | (31.7) % |
| FY2026 diluted earnings per share from continuing operationsGAAP | $ 5.06 | – | 32.8 % |
| FY2026 diluted earnings per shareGAAP | $ 4.09 | – | (29.7) % |
| FY2026 adjusted diluted earnings per share from continuing operationsnon-GAAP | $ 12.70 | – | 6.7 % |
| FY2026 net cash provided by continuing operating activitiesGAAP | $3.60B | – | 30.0 % |
| FY2026 capital expendituresGAAP | −672M | – | (6.0) % |
| FY2026 free cash flownon-GAAP | $2.93B | – | 42.5 % |
| September 30, 2026 cash and equivalentsGAAP | $725M | – | – |
| September 30, 2026 current debt obligationsGAAP | $2.92B | – | – |
| September 30, 2026 long-term debtGAAP | $13.42B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q4 FY2026 Medical EssentialsMedication Delivery Solutions revenue was $ 1,256 million, up 4.5 %, and Specimen Management revenue was 529 million, up 9.5 %. | $1.79B | – | 5.9 % |
| Q4 FY2026 Connected CareMedication Management Solutions revenue was $ 952 million, down (2.3) %, while Advanced Patient Monitoring revenue was 317 million, up 15.0 %. | $1.27B | – | 1.6 % |
| Q4 FY2026 BioPharma SystemsReported growth was 6.5 % and foreign currency neutral growth was 7.0 %. | $748M | – | 6.5 % |
| Q4 FY2026 InterventionalPeripheral Intervention revenue was $ 577 million, up 8.8 %; Urology and Critical Care revenue was 473 million, up 8.2 %; and Surgery revenue was 422 million, up 5.5 %. | $1.47B | – | 7.6 % |
| FY2026 Medical EssentialsMedication Delivery Solutions revenue was $ 4,711 million, up 3.0 %, and Specimen Management revenue was 1,992 million, up 6.5 %. | $6.70B | – | 4.0 % |
| FY2026 Connected CareMedication Management Solutions revenue was $ 3,530 million, up 1.6 %, while Advanced Patient Monitoring revenue was 1,215 million, up 12.2 %. | $4.75B | – | 4.1 % |
| FY2026 BioPharma SystemsReported growth was 4.8 % and foreign currency neutral growth was 3.3 %. | $2.44B | – | 4.8 % |
| FY2026 InterventionalPeripheral Intervention revenue was $ 2,129 million, up 6.7 %; Urology and Critical Care revenue was 1,770 million, up 7.4 %; and Surgery revenue was 1,673 million, up 6.4 %. | $5.57B | – | 6.8 % |
Full Year FY2027 outlook
- RevenueReported Revenue Growth: Low single-digit; Revenue Growth (FXN): Low single-digit
- NoteAdjusted Diluted EPS: $13.10 to $13.30
- NoteReported % Change in adjusted diluted EPS: +3.1% to +4.7%
- NoteIllustrative Foreign Currency (FX) Impact: ~(70) basis points
Capital returns
- Repurchases of common stock: (2,433) million in FY2026, compared with (1,000) million in FY2025.
- Dividends paid: (1,161) million in FY2026, compared with (1,196) million in FY2025.
- Distribution from spin-off entity, net: 3,916 million in FY2026.
What drove it
- Q4 revenue increased 5.4 % as reported and 5.6 % FXN, with United States revenue of $ 3,204 million, up 4.3 %, and International revenue of $ 2,070 million, up 7.0 %.
- All four Q4 continuing-operation segments posted reported revenue growth, led by Interventional at 7.6 % and BioPharma Systems at 6.5 %.
- Q4 operating income increased 92.5 % to 1,032 million as total operating costs and expenses declined 5.1 % to 4,242 million.
- FY2026 net cash provided by continuing operating activities increased 30.0 % to $ 3,605 million and free cash flow increased 42.5 % to $ 2,933 million.
- The company completed the spin-off of its former Biosciences and Diagnostic Solutions business and its combination with Waters on February 9, 2026. Historical Life Sciences results are presented as discontinued operations and prior periods were recast.
Concerns
- Q4 Connected Care grew 1.6 %, with Medication Management Solutions revenue declining (2.3) % to $ 952 million.
- FY2026 GAAP net income declined (31.7) % to $ 1,145 million and GAAP diluted earnings per share declined (29.7) % to $ 4.09, reflecting a (Loss) from discontinued operations, net of tax of (271) million.
- FY2026 integration, restructuring and transaction expense increased 100.2 % to 806 million. Restructuring costs included non-cash asset impairment charges of $450 million.
- FY2027 reported and FXN revenue growth guidance is Low single-digit.
- Management stated that tariffs, international trade policies and related countermeasures are rapidly evolving and that there can be no assurance of the ultimate impact on guidance and results of operations.
What to watch
- FY2027 reported revenue growth guidance of Low single-digit and illustrative FX impact of ~(70) basis points.
- FY2027 adjusted diluted EPS guidance of $13.10 to $13.30.
- Connected Care performance, particularly Medication Management Solutions after its Q4 revenue decline of (2.3) %.
- Execution of the U.S. Government partnership, under which BD intends to invest $19 billion in the U.S. over several years, including $3 billion toward manufacturing expansion.
- The company’s 2026 Investor Day on December 10th at the New York Stock Exchange.
Balance sheet and cash flow
- Cash and equivalents were $ 725 million at September 30, 2026, versus $ 567 million at September 30, 2025.
- Restricted cash was 284 million at September 30, 2026, versus 210 million at September 30, 2025.
- Current debt obligations were $ 2,923 million at September 30, 2026, versus $ 1,559 million at September 30, 2025.
- Long-term debt was 13,422 million at September 30, 2026, versus 17,620 million at September 30, 2025.
- FY2026 payments of debt were (2,696) million; proceeds from long-term debt were 704 million.
- FY2026 net cash used for continuing investing activities was (1,010) million, compared with (673) million in FY2025.
- Closing cash and equivalents and restricted cash were $ 1,010 million, compared with $ 777 million.
Analysis
BD closed FY2026 with Q4 continuing-operations revenue of $5,274 million, up 5.4 % as reported and 5.6 % FXN. Revenue growth was broad across the four operating segments: Medical Essentials grew 5.9 %, Connected Care grew 1.6 %, BioPharma Systems grew 6.5 %, and Interventional grew 7.6 %. Interventional was the largest Q4 growth contributor among the reported segments, while Connected Care was held back by a (2.3) % decline in Medication Management Solutions despite 15.0 % growth in Advanced Patient Monitoring.
Q4 profitability rose sharply on a GAAP basis. Operating income was 1,032 million, up 92.5 %, as cost of products sold declined (2.2) %, integration, restructuring and transaction expense declined (38.7) %, and other operating expense, net declined (67.0) %. Diluted EPS from continuing operations was $ 2.52, up 110.0 %, while adjusted diluted EPS from continuing operations was $ 4.15, up 27.3 %. The reconciliation identifies a $66 million benefit, primarily in cost of products sold, related to refunds of tariffs imposed under IEEPA, alongside net charges of $45 million in other operating expense, net related to product liability and certain other legal matters.
For the full year, revenue increased 4.9 % to $19,457 million, or 3.9 % FXN, and operating income increased 16.3 % to 2,257 million. Net income from continuing operations rose 28.7 % to 1,417 million and FY2026 adjusted diluted EPS rose 6.7 % to $12.70. Reported net income and total diluted EPS declined because discontinued operations produced a (271) million loss, net of tax, after the February 9, 2026 spin-off and combination of the former Biosciences and Diagnostic Solutions business with Waters. The year also included 806 million of integration, restructuring and transaction expense, including $450 million of non-cash asset impairment charges.
Cash generation strengthened materially. Net cash provided by continuing operating activities increased 30.0 % to $3,605 million, and free cash flow increased 42.5 % to $2,933 million. BD used (2,433) million for common-stock repurchases and paid (1,161) million in dividends, while also making (2,696) million of debt payments. At September 30, 2026, long-term debt was 13,422 million, down from 17,620 million, while current debt obligations were 2,923 million, up from 1,559 million.
FY2027 guidance calls for Low single-digit reported revenue growth, Low single-digit FXN revenue growth, and adjusted diluted EPS of $13.10 to $13.30. The company disclosed an illustrative foreign-currency impact of ~(70) basis points and stated that its adjusted EPS outlook excludes potential charges or gains, including non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters. Management also highlighted a planned $19 billion U.S. investment over several years, including $3 billion toward manufacturing expansion, under a partnership with the U.S. Government.
Management, verbatim
We delivered a strong fourth quarter, with 5.6% revenue growth and broad-based performance led by our key growth platforms.
Tom Polen, chairman, CEO and president of BD
Fiscal 2026 was a defining year as we completed BD's transformation to a more focused MedTech company with separation of our Life Sciences business.
Tom Polen, chairman, CEO and president of BD
We enter fiscal 2027 from a position of strength, with a portfolio built for durable performance and confidence in the long-term growth, earnings and cash-flow potential of New BD.
Tom Polen, chairman, CEO and president of BD
Not in the filing
stated, not guessed- Prior-period outlook was not provided, so no comparison of actual results with prior guidance is available.
- Q4 and FY2026 gross margin were not reported.
- Quarterly operating cash flow and quarterly free cash flow were not reported.
- FY2027 gross margin, operating-expense, tax-rate, operating-cash-flow, free-cash-flow, capital-expenditure, dividend, and repurchase guidance were not reported.
- FY2027 GAAP diluted EPS guidance was not reported; the company did not provide a reconciliation of adjusted diluted EPS guidance to the comparable GAAP measure.
- Sequential quarter comparisons were not reported.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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 announced FY26 results, a $19 B U.S. manufacturing partnership, and FY27 guidance in an SEC 8‑K filing.
Ticker impact
SEC 8‑K reports FY26 revenue of $19.5B and FY27 guidance of $13.10‑$13.30 EPS, a fresh earnings disclosure.
likely upward pressure as investors price in strong earnings and guidance
first‑report earnings and guidance for a large cap; beat prior EPS and provide growth outlook, prompting potential buying
Market effects
reinforces strength of the medical‑technology sector with a major U.S. contract and domestic manufacturing investment
U.S. med‑tech stocks may see modest gains on the news
limited to healthcare investors; no broad macro effect
Counterpoint
If guidance falls short of analyst expectations, the stock could face disappointment despite revenue growth
Key entities
- companyBecton, Dickinson and Company
Medical‑technology firm reporting FY26 results and FY27 guidance
- executiveTom Polen
CEO of BD who commented on the results
