Becton, Dickinson and Company
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Becton, Dickinson and Company (BDX) investor relations material

Becton, Dickinson and Company Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary9 Feb, 2026

Executive summary

  • Q1 FY26 revenue reached $5.3 billion, up 1.6% as reported and 0.4% FXN year-over-year, with strong operational execution and broad-based growth in key platforms and end markets.

  • Adjusted diluted EPS was $2.91, down 15.2% year-over-year, but ahead of expectations; GAAP diluted EPS was $1.34, with net income of $382 million, up 26.1% year-over-year.

  • The combination/spin-off of the Biosciences and Diagnostic Solutions business with Waters closed ahead of schedule, resulting in a $4 billion cash distribution for share repurchases and debt paydown.

  • The company is now positioned as a pure-play MedTech firm, focusing on high-growth end markets and innovation, with over 90% of revenues from recurring consumables.

  • $550 million was returned to shareholders in Q1 through dividends and share repurchases.

Financial highlights

  • Gross margin was 53.4% (down 140 bps YoY), and adjusted operating margin was 21.2% (down 240 bps YoY), both impacted by tariffs but partially offset by productivity gains.

  • Free cash flow was $548 million, with conversion improving to 66% from 59% last year.

  • Net leverage at quarter-end was 2.9x, with a long-term target of 2.5x.

  • Cash and equivalents at quarter-end were $740 million, with total debt at $19.54 billion and a weighted average cost of 3.4%.

  • $250 million in share repurchases and $299 million in dividends paid during the quarter.

Outlook and guidance

  • FY26 guidance projects low single-digit revenue growth FXN and adjusted EPS of $12.35–$12.65, up 4.7% to 7.2% YoY, with a 16%-17% tax rate.

  • Q2 revenue growth expected at ~2% FXN, with Q2 adjusted EPS in the range of $2.72–$2.82.

  • $4 billion from the Waters transaction will be split equally between share repurchases and debt paydown.

  • No significant ramp expected between quarters; performance is expected to be steady throughout the year.

  • Guidance reflects the separation of Biosciences and Diagnostic Solutions, with the disposed business accounted for as discontinued operations.

New BD Q1 FXN revenue growth
BioPharma $110M investment impact
New BD FY26 Adj EPS growth outlook
Impact of $4B cash deployment on leverage?
BD Excellence impact on R&D launch timelines?
GLP-1 strategy for continued growth?
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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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