Becton, Dickinson and Company (BDX) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $5.0 billion, up 5.4% as reported and 4.4% on a currency-neutral basis, with adjusted diluted EPS of $3.23, up 4.9% year-over-year; this marked the first full quarter post-spin-off as a focused med tech company.

• Over 90% of the portfolio delivered high-single-digit growth, driven by commercial momentum, operational execution, and investments in key platforms.

• Completed spin-off of Biosciences and Diagnostic Solutions business, now reflected as discontinued operations; reorganized into four segments effective October 1, 2025.

• Year-to-date free cash flow increased 44.6% to $1.7 billion, reflecting improved working capital and lower non-operational cash items.

• Recent product launches include Liverty TIPS Stent Graft, Elyra Thulium Fiber Laser System, Acumen IQ Plus Finger Cuff, CentroVena One Insertion System, and Vystra Injection Pen platform for GLP-1 therapies.

Financial highlights

• Q3 revenue was $4.983 billion, up 5.4% year-over-year as reported and 4.4% FXN; nine-month revenue was $14.2 billion, up 4.8%.

• Adjusted operating margin was 24.9%; adjusted gross margin was 54.3%, down 100 basis points year-over-year due to tariffs.

• Net income from continuing operations was $451 million, flat year-over-year; adjusted diluted EPS was $3.23, up 4.9%.

• Year-to-date free cash flow reached $1.73 billion, up 44.6%; operating cash flow for nine months was $2.1 billion.

• Returned $3.1 billion to shareholders YTD ($2.3B in share repurchases, $0.9B in dividends); net leverage at 2.9x.

Outlook and guidance

• FY26 revenue growth expected toward the high end of the low-single-digit range, with a ~100 basis point FX tailwind.

• Adjusted diluted EPS guidance midpoint raised to $12.67 (range: $12.62–$12.72), representing 6.1%–6.9% growth year-over-year.

• Adjusted operating margin guidance maintained at ~25%, with effective tax rate between 16% and 17%.

• FY27 revenue growth expected to remain low-single-digit due to a 200 basis point Alaris headwind; modest EPS leverage anticipated.

• Guidance excludes potential charges/gains from non-cash amortization, acquisitions, separation costs, and certain tax matters.