Becton, Dickinson and Company (BDX) investor relations material

Executive summary

• Q4 revenue was $5.274B, up 5.4% reported and 5.6% FXN; adjusted diluted EPS was $4.15, up 27.3%.

• FY26 revenue was $19.457B, up 4.9% reported and 3.9% FXN; adjusted diluted EPS was $12.70, up 6.7%.

• FY26 completed the Biosciences and Diagnostic Solutions separation and shift to a focused MedTech portfolio; growth platforms and productivity supported momentum.

Financial highlights

• Q4 adjusted gross margin was 56.8%, up 180 bps, and adjusted operating margin was 28.6%, up 280 bps; adjusted operating income rose 16.8% to $1.509B.

• FY26 adjusted operating margin was 25.0%, down 20 bps; adjusted operating income rose 4.3% to $4.867B.

• FY26 continuing-operations net income was $1.417B and diluted EPS was $5.06; total net income was $1.145B, including a $271M discontinued-operations loss.

• FY26 cash from continuing operations was $3.605B, up 30.0%; free cash flow was $2.933B, up 42.5%.

• Q4 adjusted net income was $1.136B, up 21.3%; FY26 adjusted net income was $3.555B, up 3.6%.

Outlook and guidance

• FY27 revenue growth is guided to low single digits reported and FXN; guidance includes ~70 bps FX headwind and ~200 bps Alaris capital headwind, with mid-single-digit growth expected excluding Alaris.

• FY27 adjusted diluted EPS guidance is $13.10–$13.30, up 3.1%–4.7% from FY26; adjusted operating margin is expected roughly flat YoY.

• Q1 revenue growth is expected at the low end of the FY range, with H1 near the midpoint; Q1 adjusted EPS guidance is $2.32–$2.37.

• FY27 adjusted tax rate is guided at 16%–17%, with weighted average shares of ~273M; guidance excludes uncertain potential charges or gains.