BECTON DICKINSON & (BDX) Company Report

Q4 revenue of $5.9 B (+7% reported, +3.9% organic); FY 2025 revenue $21.8 B (+7.7% reported, +2.9% organic); Q4 adj. EPS $3.96, FY 2025 adj. EPS $14.40; returned $2.2 B to shareholders in FY 2025.
Received FTC clearance for combining BD’s biosciences and diagnostic systems with Waters; on track to close by end of Q1 CY 2026, unlocking $4 B in cash proceeds.
Fiscal 2026 guidance: low single-digit revenue growth; adj. EPS $14.75–$15.05; Q1 adj. EPS $2.75–$2.85; adj. operating margin ~25%; tax rate 14–15%.
FY 2026 assumptions include headwinds from Alaris remediation (>100 bps), China VBP (~100 bps), and vaccines (~50 bps), impacting ~10% of revenue; remaining 90% expected to grow mid-single digits.

Nov 6, 2025, 1:00 PM

Transcript

BD announces Q4 and full-year fiscal 2025 results

BDX

Earnings

Guidance Update

M&A

Q4 revenue of $5.9 billion (+7% total, +3.9% organic) and FY25 revenue of $21.8 billion (+7.7% total, +2.9% organic); new BD organic growth was 4.9% in Q4 and 3.9% for the full year.
Q4 adjusted diluted EPS of $3.96 and FY25 EPS of $14.40 (+9.6%), with record 25% adjusted operating margin; returned $2.2 billion to shareholders (including a $1 billion share buyback) and announced the 54th consecutive dividend increase.
Portfolio drivers included double-digit growth in BD Interventional (PureWick, advanced tissue regeneration), high-single-digit biologics in Pharma Systems and record Alaris pump installations, offset by a rapid vaccine demand decline (~20% of Pharma Systems) and subdued biosciences funding.
Fiscal 2026 guidance: low single-digit revenue growth; adjusted EPS $14.75–$15.05 and Q1 EPS $2.75–$2.85; assumes ~80 bps tariff headwind and 14–15% tax rate; Waters transaction on track for end-Q1 CY26 and a $250 million incremental share repurchase initiated.

Nov 6, 2025, 1:00 PM

Transcript

BDX reports Q4 FY2025 results and FY2026 guidance

BDX

Earnings

Guidance Update

M&A

Q4 revenue of $5.9 billion (+7% reported, +3.9% organic) and adjusted EPS of $3.96; FY 2025 revenue of $21.8 billion (+7.7%, +2.9% organic) with record adjusted EPS of $14.40; returned $2.2 billion to shareholders (including $1 billion in buybacks) and announced the 54th consecutive dividend increase.
Organic growth led by 4.9% in new BD, driven by BD Interventional, pharma systems biologics (GLP-1s), and a record quarter of Alaris pump installations, offset by rapid vaccine demand pull-forward (~20% of pharma systems) and subdued biosciences research funding.
FY 2026 guidance: low single-digit revenue growth, incorporating headwinds from Alaris remediation (~100 bp), vaccines, and China; expects Q2/Q3 to be the strongest quarters without relying on back-half recovery.
Strategic initiatives for “new BD”: re-architect commercial model with a Chief Revenue Officer, invest an incremental $30 million in high-growth markets and expand PI/APM sales forces by 15%; reallocate $50 million of corporate costs to R&D; launch a two-year $200 million cost-out program; execute a $250 million share repurchase now and use ≥50% of the $4 billion Waters spin-off proceeds for buybacks; Waters transaction on track to close around Q1 CY2026.

Nov 6, 2025, 1:00 PM

Transcript

BDX reports Q4 FY25 results and FY26 guidance

BDX

Earnings

Guidance Update

Share Buyback

BDX reported Q4 FY25 revenues of $5.89 B, up 8.3% year-over-year on an adjusted basis, driving full-year FY25 revenues of $21.84 B, +7.9% YoY.
Full-year adjusted diluted EPS of $14.40 was up 9.6%, with Q4 EPS at $3.96, +3.9% YoY; FY25 adjusted operating margin expanded to 25.0%, +80 bps YoY.
Returned $2.2 B to shareholders in FY25, including completion of a $1 B share repurchase, and generated $3.4 B in operating cash flow.
FY26 guidance anticipates low single-digit revenue growth, ~25.0% adjusted operating margin, and adjusted EPS of $14.75 to $15.05 (+2.4% to +4.5% YoY).

Nov 6, 2025, 1:00 PM

Presentation

BDX reports Q3 FY25 results

BDX

Earnings

Guidance Update

Share Buyback

Delivered $5.5 B in Q3 FY25 revenue, up 8.5% FXN and 3.0% organic growth
Achieved $3.68 adjusted EPS, a 5.1% YoY increase
Raised full-year FY25 adjusted EPS guidance to $14.30–$14.45, reflecting 9.4% YoY growth at the midpoint
Generated $2.1 B YTD operating cash flow and plans to complete a $1 B share repurchase in Q4, with net leverage at 2.8x

Nov 6, 2025, 1:00 PM

Presentation

Becton Dickinson reports Q4 2025 results and FY26 outlook

BDX

Earnings

Guidance Update

Share Buyback

Q4 revenue of $5.9 billion (+8.3% reported, +3.9% organic) and GAAP diluted EPS of $1.72; adjusted diluted EPS of $3.96.
Full-year FY25 revenue of $21.8 billion (+8.2%) with GAAP EPS of $5.82 and adjusted EPS of $14.40.
Returned $2.2 billion to shareholders in FY25 via dividends and share repurchases.
On track to complete the combination of BD’s Biosciences and Diagnostic Solutions businesses with Waters Corporation by end of Q1 CY2026.
Issued FY26 guidance calling for low single-digit plus revenue growth (FXN low single-digit) and adjusted diluted EPS of $14.75–$15.05.

Nov 6, 2025, 11:32 AM

8-K

BD reports Q4 and fiscal 2025 results

BDX

Earnings

Guidance Update

Share Buyback

In Q4 FY25, revenue was $5.9 billion, up 8.3% reported and 3.9% organic; GAAP EPS was $1.72, adjusted EPS $3.96.
Full-year FY25 revenue was $21.8 billion, up 8.2% reported and 2.9% organic; GAAP EPS $5.82, adjusted diluted EPS $14.40 (+9.6%).
FY25 adjusted operating margin expanded by 80 basis points to 25.0%, and the company returned $2.2 billion to shareholders via dividends and share repurchases.
For FY26, BD expects low single-digit FXN revenue growth and adjusted diluted EPS of $14.75–$15.05.

Nov 6, 2025, 11:30 AM

Press Release

BD increases dividend for 54th consecutive year

BDX

Dividends

M&A

The Board declared a $1.05 quarterly dividend per common share, a 1.0% increase from the prior quarter, payable December 31, 2025 to holders of record December 8, 2025; the indicated annual rate for fiscal 2026 is $4.20.
This marks BD’s 54th consecutive fiscal year of dividend increases, maintaining its membership in the S&P 500 Dividend Aristocrats Index.
The increase coincides with the Waters RMT transaction, reflecting management’s confidence in BD’s long-term outlook and commitment to returning capital to shareholders.

Nov 6, 2025, 11:25 AM

Press Release

BD receives FDA 510(k) clearance and CE-IVDR certification for enteric bacterial panels

BDX

Product Launch

BD received FDA 510(k) clearance and CE marking for its Enteric Bacterial Panel (EBP) and EBP plus on the BD COR™ System, enabling high-throughput GI pathogen testing.
The panels leverage advanced PCR to detect a broad range of enteric bacterial pathogens from a single stool swab, streamlining workflows and supporting targeted treatment.
EBP plus uniquely identifies Enterotoxigenic E. coli (ETEC), Plesiomonas shigelloides, Vibrio spp., and Yersinia enterocolitica, expanding diagnostic coverage.
The BD COR™ System automates molecular workflows with capacity for up to 1,650 tests and delivers 1,000 results in 24 hours, reducing manual intervention.

Nov 3, 2025, 11:50 AM

Press Release

Becton Dickinson announces CFO transition and preliminary Q4/FY 2025 revenue

BDX

CFO Change

Guidance Update

Earnings

Chris DelOrefice will resign as CFO effective Dec. 5, 2025, and Vitor Roque will serve as interim CFO while the company searches for a permanent successor.
Fourth-quarter preliminary unaudited revenue of $5.9 billion, up 8.3% reported, 7.0% currency-neutral and 3.9% organic year-over-year.
Full-year preliminary unaudited revenue of $21.8 billion, up 8.2% reported, 7.7% adjusted currency-neutral and 2.9% organic year-over-year.
Expects full-year fiscal 2025 adjusted diluted EPS at or above the midpoint of prior guidance.

Oct 15, 2025, 8:18 PM

8-K

Earnings Transcripts

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