Becton, Dickinson and Company (BD; NYSE: BDX) develops and manufactures medical supplies, devices and pharmaceutical delivery systems. Following its February 2026 Biosciences and Diagnostic Solutions separation, its continuing businesses are Medical Essentials, Connected Care, BioPharma Systems and Interventional.
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A snapshot of what BECTON DICKINSON & CO owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Sep 30, 20230000010795-23-000098 | Nov 21, 2023 | 10-K | Open 10-Ksec.gov |
| Sep 30, 20240000010795-24-000084 | Nov 27, 2024 | 10-K | Open 10-Ksec.gov |
| Sep 30, 20250000010795-25-000099 | Nov 25, 2025 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
BD combines widely used medical consumables with equipment, monitoring and pharmaceutical-delivery businesses, but acquisition accounting, regulatory remediation and portfolio changes complicate its earnings story. Fiscal 2025 revenue reached $21.840 billion, with Advanced Patient Monitoring contributing more growth than the reported volume/other category; net income and operating cash flow nevertheless declined. After that annual filing, BD completed the Waters separation, received a $4 billion distribution and executed substantial debt repayments and repurchases. On the recast continuing-business basis, June 2026 quarterly revenue grew 5.4%, but operating income fell and continuing net income was unchanged; fewer shares lifted EPS. Cash conversion improved, partly through working-capital timing and comparison with a prior SEC payment. FDA remediation, litigation, tariffs and continuing separation obligations remain material uncertainties rather than resolved costs.
Sources: 10-K · 2025-09-30 · 8-K · 2026-02-09 · 10-Q · 2026-06-30
BD sells disposable medical products through distributors and capital equipment largely through direct relationships. Installed equipment supports subsequent consumable, maintenance and software demand, while pharmaceutical customers buy delivery components such as prefillable systems. Revenue recognition depends on delivery, customer acceptance for complex installations, or service provision over time. No customer represented at least 10% of revenue in the fiscal 2025 annual comparisons. That diversification does not eliminate dependence on healthcare budgets, customer installation readiness, pharmaceutical demand and reliable regulated manufacturing.
After the Waters transaction, Medical Essentials includes medication delivery and retained Specimen Management; Connected Care combines medication management with Advanced Patient Monitoring; BioPharma Systems supplies pharmaceutical delivery products; and Interventional covers surgical, vascular, oncology and urology products. The October 2025 reorganization itself did not change principal product lines. The subsequent disposal did change the business perimeter: historical annual results below retain their original scope, while current quarterly comparisons exclude the separated business.
Sources: 10-K · 2025-09-30 · 10-K · 2024-09-30 · 8-K · 2026-02-05 · 10-Q · 2026-06-30
Fiscal 2025 revenue increased 8.2% to $21.840 billion. BD attributed 4.8 percentage points to Advanced Patient Monitoring, 3.2 to volume/other, negative 0.3 to pricing, positive 0.1 to currency and positive 0.4 to prior-year legal and legislative revenue adjustments. Volume/other includes services and licensing, not just product units. GAAP operating income rose to $2.579 billion, but net income fell to $1.678 billion as higher financing costs and other expense outweighed part of the operating improvement. A lower tax rate cushioned the decline.
The quarter ended June 30, 2026 showed a similar divergence on the recast continuing-business basis: revenue increased 5.4% to $4.983 billion, while operating income fell to $663 million from $739 million. Continuing net income remained $451 million, supported by lower net interest expense, transition-related income and a lower tax rate. Diluted continuing EPS rose to $1.64 from $1.57 because the share denominator declined. Nine-month continuing income fell to $725 million from $755 million despite higher revenue, with a $450 million noncash restructuring impairment among the burdens.
Sources: 10-K · 2025-09-30 · 10-Q · 2026-06-30
Continuing operating cash flow was $2.990 billion in fiscal 2023, $3.844 billion in 2024 and $3.430 billion in 2025. The 2025 decline reflected inventory and prepaid-asset investment, lower accruals and payment of the previously expensed $175 million SEC settlement. For the nine months ended June 2026, continuing operating cash flow improved to $2.104 billion from $1.578 billion. Working-capital cash use was smaller, and the prior-year SEC payment did not recur. Noncash impairment and depreciation were added back; the debt-extinguishment gain was removed. These cash flows are not profit, and the Waters distribution is financing cash.
Sources: 10-K · 2025-09-30 · 10-Q · 2026-06-30
BD received $4 billion from SpinCo on February 6, 2026, before the February 9 transaction closing. The June quarterly subsequently reported a $3.857 billion net distribution inflow within financing activities after conveyed cash and working-capital adjustments, debt repayments using separation proceeds, and completion of the $2 billion accelerated repurchase. At June 30, cash and equivalents were $708 million, separate from $155 million restricted cash and $1 million investments. Debt was $16.808 billion, including $3.297 billion current debt. The $2.750 billion revolver remained undrawn; it is borrowing capacity, not cash. BD reported covenant compliance without disclosing actual leverage or quantified headroom.
Sources: 8-K · 2026-02-09 · 10-Q · 2026-06-30
Alaris remained under its FDA consent decree, with remediation expected to be substantially complete during calendar 2026. Completed audits and Pyxis corrective commitments did not establish FDA acceptance. The April 2026 El Paso warning introduced additional manufacturing, testing and recall exposure. ChloraPrep shipments had resumed by May 29, but PurPrep shipment status and normalized supply were not established. Product-liability and certain other legal accruals were approximately $1.6 billion at June 30, not maximum losses. Tariffs, China procurement, sterilization constraints and unresolved separation tax and working-capital matters also limit certainty about future margins and cash requirements.
Sources: 8-K · 2026-05-29 · 10-Q · 2026-06-30
USD 21.84 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: 2025_annual_before_Waters_discontinued_operations_recast
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 21.84 bn | 8.2% |
| 2024 | USD 20.178 bn | 4.2% |
| 2023 | USD 19.372 bn | — |
Consolidated revenue from continuing operations, including corporate-level revenue adjustments.
Sources: 10-K · 2025-09-30
USD 1.678 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.678 bn | -1.6% |
| 2024 | USD 1.705 bn | 14.9% |
| 2023 | USD 1.484 bn | — |
Consolidated net income including discontinued operations, before preferred dividends.
Sources: 10-K · 2025-09-30
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