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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Becton, Dickinson and Company (BDX) investor relations material
Becton, Dickinson and Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Nov, 2025
Executive summary
FY25 revenue reached $21.8B, up 7.7% FXN and 2.9% organic, with Q4 revenue at $5.9B, up 8.3% year-over-year; adjusted diluted EPS grew 9.6% to $14.40.
Over 25 new products launched in FY25, with a robust innovation pipeline and significant progress in high-growth end-markets.
$2.2B returned to shareholders, including a $1B share buyback and 54th consecutive year of dividend increases.
Announced the combination of Biosciences and Diagnostic Solutions with Waters Corporation, expected to close by end of Q1 2026.
Implemented a new segment structure and began executing a strategy to accelerate growth and optimize costs.
Financial highlights
FY25 adjusted gross margin was 54.7% (up 140 bps), and adjusted operating margin was 25% (up 80 bps); Q4 adjusted gross margin was 54.2%.
FY25 net income was $4.16B, up 8.7% year-over-year; Q4 operating income rose 11.9% to $697M.
Free cash flow for FY25 was $2.67B, with a 64% conversion rate; cash flow from operations was $3.43B.
Net leverage ended at 2.8x, progressing toward a 2.5x target.
FY25 capital expenditures totaled $760M; ended FY25 with $641M in cash and equivalents.
Outlook and guidance
FY26 revenue growth expected in the low single digits FXN, with mid-single digit growth for 90% of the portfolio; Q1 FY26 revenue expected to be down low single digits.
Adjusted operating margin for FY26 projected at ~25%, absorbing an 80 bps tariff headwind.
Adjusted diluted EPS guidance for FY26 is $14.75–$15.05, up 2.4% to 4.5%, with a -370 bps tariff impact.
Guidance incorporates headwinds from Alaris remediation, China VBP, and vaccine demand, impacting about 10% of revenue.
At least half of $4B Waters transaction proceeds to be used for share repurchases, with the remainder for debt repayment.
How will the Waters RMT cash be allocated?
Detail FY26 revenue headwinds by category.
Quantify FY26 tariff impact on margin and EPS.
Which segments drove New BD's organic growth?
What specific headwinds impacted segment growth?
Key assumptions for FY26 guidance, post-separation
Alaris headwind impact on FY26 growth
New BD EPS growth post-Waters transaction
When will new commercial investments impact growth?
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Next Becton, Dickinson and Company earnings date
Q1 20265 Feb, 2026
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Q1 20265 Feb, 2026
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Frequently asked questions
Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. The company's principal businesses are based upon its expertise in the areas of vascular access devices (VADs), hemostasis systems and technologies, bioscience research tools for cell culture reagents and assays, transfusion technologies through a majority ownership interest in C.R. Bard Incorporated; Point-of-care testing instruments covering blood collection with red cell alloimmunization detection capability; transcutaneous immunoglobulin (Ig) replacement therapy; nutritionals.
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