Investors: Shawn Bevec, SVP, Investor Relations - investor.relations@bd.com
Media: Matt Marcus, VP, Public Relations - matt.marcus@bd.com BD Reports Fourth Quarter and Full Year Fiscal 2026 Financial Results • Q4 revenue of $5.3 billion increased 5.4% as reported, 5.6% FXN
• FY26 cash from continuing operations increased 30.0% to $3.6 billion and free cash flow increased 42.5% to $2.9 billion
- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for its fiscal 2026 fourth quarter and full year, which ended September 30, 2026.
"We delivered a strong fourth quarter, with 5.6% revenue growth and broad-based performance led by our key growth platforms," said Tom Polen, chairman, CEO and president of BD. "Fiscal 2026 was a defining year as we completed BD's transformation to a more focused MedTech company with separation of our Life Sciences business. We strengthened our core growth and expanded BD Excellence to elevate our commercial capabilities, accelerate innovation and drive greater productivity. We enter fiscal 2027 from a position of strength, with a portfolio built for durable performance and confidence in the long-term growth, earnings and cash-flow potential of New BD."
• BD announced a landmark partnership with the U.S. Government to expand domestic manufacturing and strengthen the resilience of supply chains for America's essential medical consumables.
• Through this partnership, BD intends to invest $19 billion in the U.S. over several years, including capital, operational and supply chain investments, with $3 billion directed toward manufacturing expansion.
• The agreement also provides relief from future tariffs imposed under Section 232 on covered BD products and inputs, subject to the final scope and implementation of any future Section 232 actions and BD's achievement of agreed milestones.
• Announced that Fairview Health Services is the first health system in the U.S.
, a next-generation solution that expands beyond traditional dispensing to manage specialty therapies and refrigerated medications in high-volume, centralized outpatient pharmacy operations. Page 1 • Interventional:
U.S. launch, advancing portal hypertension care with a next‑generation interventional solution for patients with advanced liver disease, building on established clinical and physician experience in Europe and supported by six- month interim results from the ARCH clinical study.
• Announced positive nine-month results from the iliac cohort of the AGILITY clinical trial of the
, with data demonstrating high vessel patency, low reintervention rates and meaningful improvements in mobility and symptoms, providing evidence supporting the treatment of complex iliac artery disease.
• Announced significant milestones in its advanced tissue regeneration strategy and expansion efforts:
• Surpassed the first enrollment milestone in the STANCE clinical trial evaluating
in breast revision surgery for capsular contracture and malposition , the most frequent complication of implant-based breast surgery.
• Completed enrollment in the landmark PREVENT clinical trial, the first large- scale randomized study evaluating
for incisional hernia prevention, a significant unmet need following abdominal surgery.
The company will hold its 2026 Investor Day on December 10th at the New York Stock Exchange. Additional information will be forthcoming.
On February 9, 2026, the company completed the spin-off of BD's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters Corporation ("Waters"). The historical results of the former Biosciences and Diagnostic Solutions business, which was previously the Life Sciences segment, are reflected as discontinued operations for all periods presented. Financial information presented in this release reflects BD's results on a continuing operations basis. Prior periods have been recast to conform to this presentation.
1 Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables.
1 Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables. Page 2
1 Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables.
2 Effective October 1, 2025, the company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the company's product and service offerings. Subsequent to the spin-off of the company's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.
New BD Guidance as of November 5, 2026 ──────────────────────────────────────────────── GAAP Revenue Growth Low single-digit Revenue Growth (FXN) Low single-digit Adjusted Diluted EPS $13.10 to $13.30
BD's guidance for full year fiscal 2027 reflects numerous assumptions that could affect its business, based on the information management has reviewed as of this date. Management will discuss its guidance and several of its assumptions on its fourth fiscal quarter earnings call.
The company's expected adjusted diluted EPS for fiscal 2027 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition- related charges, separation-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD’s financial performance. We also present our revenue growth for our 2027 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD’s anticipated underlying revenue performance for our 2027 fiscal year in relation to our underlying 2026 fiscal year performance.
BD will host an audio webcast today for the public, investors, analysts and news media to discuss its fourth quarter results. The audio webcast will be broadcast live on BD’s website, www.bd.com/investors, at 8 a.m. (ET) Thursday, November 5, 2026. Accompanying slides will be available on BD’s website, www.bd.com/investors at approximately 6:30 a.m. (ET). The conference call will be available for replay on BD’s website, www.bd.com/investors. Alternatively, you can dial into the replay at 800-677-7085 (domestic) and 402-220-0665 (international) through the close of business on Thursday, November 12, 2026. A confirmation number is not needed to access the replay. Page 3
This press release contains certain non-GAAP financial measures. These include revenue growth rates on a currency-neutral basis (FXN), adjusted diluted earnings per share, growth rates in reported diluted and adjusted
diluted earnings per share on a currency-neutral basis, and free cash flow. These non-GAAP financial measures are not in accordance with generally accepted accounting principles (GAAP) in the United States. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD’s underlying operational results or that affect period-to-period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results or liquidity, and to understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the company’s performance, especially when comparing such results to previous periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison to other companies within the medical technology industry. Although BD’s management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD’s net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.
We present adjusted diluted earnings per share for the fourth quarter and fiscal year 2026, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. Adjusted diluted earnings per share includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, transaction costs, separation-related costs, certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, certain pension settlement costs, and the impact of the extinguishment of debt.
We present revenue growth rates for the fourth quarter and fiscal year 2026 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share compared to the prior year periods after eliminating the impact of foreign currency translation to further enable investors to evaluate BD’s underlying earnings performance compared to the prior period. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current- period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to the prior periods.
We present free cash flow for fiscal year 2026 over the corresponding prior period, which is net cash provided by continuing operating activities less capital expenditures, to help improve investors's ability to understand the Company's ability to generate cash for use in acquisitions and other investing and financing activities. Free cash flow is not a measure of cash available for discretionary expenditures given that we have certain non-discretionary obligations such as debt service that are not deducted from the measure.
New BD refers to BD post the separation of the Biosciences and Diagnostic Solutions business from BD.
Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts. Page 4
BD is one of the world’s largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or Instagram @becton_dickinson. *** This press release and accompanying audio webcast on November 5, 2026 contain certain estimates and other forward-looking statements (as defined under federal securities laws) regarding BD’s future prospects and performance, including, but not limited to, statements relating to future revenues, margins, growth, earnings per share, leverage targets and capital deployment. All such statements are based upon current expectations and assumptions of BD and involve a number of business risks, uncertainties and other important factors. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to such forward-looking statements, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to macroeconomic conditions and their impact on our operations and healthcare spending generally, including volatility resulting from the imposition of (and changing policies around) tariffs enacted by the U.S. government (and related countermeasures by non-U.S. governments) or our ability to mitigate the impact of such tariffs; import or export licensing requirements and other governmental restrictions; disruptions in global transportation networks or other aspects of our supply chain on our ability to source raw materials, components and energy sources needed to produce our products; inflationary pressures, currency and interest rate fluctuations, global oil prices and increased borrowing costs; conditions in international markets, including geopolitical developments such as the continuation and/or escalation of evolving situations in the Middle East region (which could result in continued disruption of transportation routes and global energy supplies, as well as increases in global oil prices and adversely affect our supply chain costs, ability to source raw materials and components and our ability to deliver product to customers), Ukraine and Asia; competitive factors, including changing customer and patient preferences and requirements, such as decreased demand for our products as a result of changes to U.S. federal and state policies (such as for pharmaceutical products and vaccines), and increased demand for products utilizing evolving technologies (including emerging technologies utilizing artificial intelligence (“AI”)), as well as new products or novel medical therapies introduced by competitors; changes in research and development efforts, investment or suspension by pharmaceuticals companies with regard to vaccine development; changes in reimbursement practices and coverage policies and third-party payer cost containment measures and health insurance coverage levels and costs; decreases or delays in purchases of our products due to reduced research and development spending and reductions in U.S. government funding for healthcare; product efficacy or safety concerns and related regulatory actions, changes to the labeled indications or permitted uses of our products, non-compliance with applicable regulatory requirements regarding our products, including marketing authorization, registration, quality system and manufacturing requirements (including as a result of product modifications), or other factors that could result in product recalls, field actions, lost revenue, restrictions on our ability to continue selling existing products or commercialize new products (including limitations on future product clearances or approvals and the imposition of civil penalties); increased exposure to product liability or other claims and damage to our reputation (including products we acquire through acquisitions); changes to legislation or regulations that may impact U.S. or foreign healthcare systems, changes in medical or clinical practices or in customer and patient preferences, efforts to improve compliance of healthcare practitioners, potential cuts or freezes in healthcare spending and/or governmental or private measures to contain healthcare costs, such as China’s volume-based procurement tender process or changes in pricing and reimbursement policies, which could result in reduced demand for our products or downward pricing pressure; policy and regulatory changes that may be implemented by the U.S. government, including the further elimination, downsizing and/or reduced funding of certain government agencies and programs, as well as further changes in the policy positions of such agencies (including those related to pharmaceutical products and vaccines); other new or changing laws and regulations impacting our business, including changes in tax laws, new and changing environmental laws and regulations (such as those related to sustainability, climate change or materials of concern) and new and changing cybersecurity, AI or privacy laws; other changes in laws impacting international trade or anti-corruption and bribery, or changes in reporting requirements or enforcement practices with respect to such laws; the adverse impact on our business or products of past, current or future information and technology system upgrades, disruptions, breaches or breakdowns, including through Page 5 cyberattacks, ransom attacks or cyber-intrusion, and any investigations, legal proceedings, liability, expense or reputational damage arising in connection with any such events; any adverse impact related to the development, deployment and use of AI in our products and business operations; labor disruptions; our suppliers’ ability to provide products needed for our operations and BD’s ability to maintain favorable supplier arrangements and relationships; increases in raw material, component, labor, duties, freight, energy and other production costs and their effect on, among other things, the cost of producing BD’s products; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations; risks relating to our overall indebtedness; the possible impact of natural disasters and public health crises on our business and the global healthcare system, which could decrease demand for our products, disrupt our operations or the operations of our customers and companies within our supply chain, or increase transportation costs; interruptions in our manufacturing or sterilization processes or those of our third-party providers, including any restrictions placed on the use of ethylene oxide for sterilization; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; our ability to achieve our projected level or mix of product sales; our ability to achieve or maintain growth of our portfolio; our ability to successfully integrate any businesses we acquire; uncertainties of litigation, investigations, regulatory actions, subpoenas, settlements, fines, penalties and/or other sanctions (as described in BD’s filings with the Securities and Exchange Commission (the "SEC")); the issuance of new or revised accounting standards; our ability to execute our New BD strategy, Excellence Unleashed, as expected; and other factors discussed in BD’s filings with the SEC. Tariff commentary is based on tariff policies in effect as of November 4, 2026. International trade policies, trade restrictions and tariffs (and related countermeasures and developments regarding refunds of certain tariffs) are rapidly evolving and there can be no assurance as to how the landscape may change and what the ultimate impact on our guidance and results of operations will be. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations. Page 6 BECTON DICKINSON AND COMPANY
Three Months Ended September 30, 2026 2025 % Change ────────────────────────────────────────────────────────────────────────────── Revenues $ 5,274 $ 5,005 5.4 Cost of products 2,581 2,639 -2.2 sold Selling and 1,262 1,208 4.4 administr… expense Research and 246 264 -6.8 developme… expense Integrati… restructu… and 77 125 -38.7 transacti… expense Other operating 76 232 -67.0 expense, net Total Operating 4,242 4,469 -5.1 Costs and Expenses Operating 1,032 536 92.5 Income Interest -130 -155 -16.1 expense Interest 10 4 147.7 income Other expense, -11 -33 65.6 net Income from Continuing Operations 901 352 155.8 Before Income Taxes Income tax 209 7 3,049.1 provision Net Income from 692 345 100.2 Continuing Operations Income from Discontin… 5 148 -96.7 Operation… Net of Tax Net Income $ 696 $ 493 41.2 Basic Earnings Per Share Income from $ 2.53 $ 1.21 109.1 Continuing Operations Income from 0.02 0.52 -96.2 Discontin… Operations Basic Earnings $ 2.55 $ 1.72 48.3 per Share Diluted Earnings Per Share Income from $ 2.52 $ 1.20 110.0 Continuing Operations Income from 0.02 0.51 -96.1 Discontin… Operations Diluted Earnings $ 2.54 $ 1.72 47.7 per Share Average Shares Outstandi… (in thousands) Basic 272,944 286,612 Diluted 274,051 287,118
Twelve Months Ended September 30, 2026 2025 % Change ────────────────────────────────────────────────────────────────────────────── Revenues $ 19,457 $ 18,544 4.9 Cost of products 10,243 10,285 -0.4 sold Selling and 4,965 4,643 6.9 administ… expense Research and 988 970 1.9 developm… expense Integrat… restruct… and 806 403 100.2 transact… expense Other operating 199 302 -34.2 expense, net Total Operating 17,201 16,603 3.6 Costs and Expenses Operating 2,257 1,941 16.3 Income Interest -564 -613 -7.9 expense Interest 27 35 -24.2 income Other income 86 -106 181.2 (expense… net Income from Continui… Operatio… 1,805 1,258 43.5 Before Income Taxes Income tax 388 158 146.3 provision Net Income from 1,417 1,101 28.7 Continui… Operatio… (Loss) Income from Disconti… -271 577 -147.0 Operatio… Net of Tax Net $ 1,145 $ 1,678 -31.7 Income Basic Earnings Per Share Income from $ 5.09 $ 3.83 32.9 Continui… Operatio… (Loss) Income from -0.97 2.01 -148.3 Disconti… Operatio… Basic Earnings $ 4.11 $ 5.83 -29.5 per Share Diluted Earnings Per Share Income from $ 5.06 $ 3.81 32.8 Continui… Operatio… (Loss) Income from -0.97 2.00 -148.5 Disconti… Operatio… Diluted Earnings $ 4.09 $ 5.82 -29.7 per Share Average Shares Outstand… (in thousand… Basic 278,486 287,648 Diluted 279,939 288,509
September 30, 2026 September 30, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Cash and equivalents $ 725 $ 567 Restricted cash 284 210 Short-term investments 8 8 Trade receivables, net 2,771 2,396 Inventories 3,191 3,149 Prepaid expenses and other 1,337 1,379 Current assets of discontinued — 1,545 operations Total Current Assets 8,317 9,255 Property, plant and 6,191 6,383 equipment, net Goodwill and other 33,624 35,190 intangibles, net Other assets 2,659 2,383 Noncurrent assets of discontinued — 2,114 operations Total Assets $ 50,791 $ 55,325 Liabilities and Shareholders' Equity Current debt obligations $ 2,923 $ 1,559 Other current liabilities 6,620 6,106 Current liabilities of discontinued — 648 operations Long-term debt 13,422 17,620 Long-term employee benefit 944 1,027 obligations Deferred income taxes and other 2,200 2,632 liabilities Noncurrent liabilities of discontinued — 342 operations Shareholders’ equity 24,682 25,390 Total Liabilities and Shareholders' $ 50,791 $ 55,325 Equity
Twelve Months Ended September 30, Operating Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,145 $ 1,678 Less: (Loss) income from -271 577 discontinued operations, net of tax Income from continuing operations, net 1,417 1,101 of tax Depreciation and 2,238 2,289 amortization Change in operating assets and -50 -616 liabilities and other, net Net Cash Provided by Continuing 3,605 2,773 Operating Activities Investing Activities Capital expenditures -672 -715 Maturities and sales of 20 422 investments Acquisitions, net of cash acquired and -22 13 adjustments Other, net -335 -393 Net Cash Used for Continuing Investing -1,010 -673 Activities Financing Activities Change in short-term -422 455 debt Proceeds from long-term 704 — debt Distribution from 3,916 — spin-off entity, net Payments of debt -2,696 -1,788 Repurchases of common -2,433 -1,000 stock Dividends paid -1,161 -1,196 Other, net -72 -87 Net Cash Used for Continuing Financing -2,164 -3,616 Activities Discontinued Operations Net cash (used for) provided by -239 657 operating activities Net cash used for -38 -145 investing activities Net cash used for -3 -1 financing activities Net Cash (Used for) Provided by -280 511 Discontinued Operations Net change in cash and equivalents and restricted cash, including cash 152 -1,005 classified within current assets of discontinued operations Net change in cash and equivalents classified within 74 -10 current assets of discontinued operations Effect of exchange rate changes on cash 7 — and equivalents and restricted cash Net increase (decrease) in cash and 233 -1,015 equivalents and restricted cash Opening Cash and Equivalents and 777 1,792 Restricted Cash Closing Cash and Equivalents and $ 1,010 $ 777 Restricted Cash
(1) Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the Company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.
(2) The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit. Page 11 BECTON DICKINSON AND COMPANY
(1) Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the Company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.
(2) The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit. Page 12 BECTON DICKINSON AND COMPANY
(1) Includes amortization and other adjustments related to the purchase accounting for acquisitions.
(3) Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.
(4) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the three months ended September 30, 2026 reflects a benefit of $66 million primarily to Cost of products sold , related to refunds received of tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), and net charges of $45 million to Other operating expense, net , related to product liability and certain other legal matters. The amount for the three months ended September 30, 2025 reflects net charges of $232 million to Other operating expense, net , related to product liability and certain other legal matters. Page 13 BECTON DICKINSON AND COMPANY
(1) Includes amortization and other adjustments related to the purchase accounting for acquisitions.
(2) Represents costs associated with integration and restructuring activities. Restructuring costs for the twelve months ended September 30, 2026 reflect non- cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company’s operations and aligning resources behind its most value-creating platforms. The impairment charges are primarily reflected as decreases of $238 million within Property, plant and equipment, net, and $134 million within Goodwill and o ther intangibles, net, on the Company’s September 30, 2026 condensed consolidated balance sheet.
(3) Represents transaction costs recorded to Integration, restructuring and transaction expense incurred in connection with the Advanced Patient Monitoring acquisition.
(4) Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.
(5) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the twelve months ended September 30, 2026 reflects charges of $68 million to Cost of products sold to adjust the estimate of future product remediation costs, a benefit of $66 million primarily to Cost of products sold , related to refunds received of tariffs imposed under IEEPA, net charges of $120 million to Other operating expense , net, related to product liability and certain other legal matters, and charges of $54 million to Other income (expense), net , related to pension settlement costs. The amount for the twelve months ended September 30, 2025 reflects charges of $98 million to Cost of products sold to adjust the estimate of future product remediation costs, net charges of $297 million to Other operating expense, net , related to product liability and certain other legal matters, and charges of $38 million to Other income (expense), net , related to pension settlement costs. Page 14 BECTON DICKINSON AND COMPANY
RECONCILIATION FROM NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES TO FREE CASH FLO W
Full Year FY2027 Full Year FY2026 Guidance ($ in millions) % Change ────────────────────────────────────────────────────────────────────────────── BDX Reported Revenues from Continuing $ 19,457 Operations FY2027 Reported Low single-digit Revenue Growth Illustrative Foreign Currency (FX) ~(70) basis points Impact FY2027 Revenue Growth Low single-digit (FXN)
Full Year FY 2027 Guidance Full Year FY2026 Total Company ────────────────────────────────────────────────────────────────────────────── Reported Diluted Earnings per Share from $ 5.06 Continuing Operations Purchase accounting adjustments ($1.460 5.21 billion pre-tax)(1) Integration costs ($165 million 0.59 pre-tax)(2) Restructuring costs ($642 million 2.29 pre-tax)(2) Separation-related items ($105 million 0.38 pre-tax)(3) Product, litigation, and other items 0.73 ($204 million pre-tax)(4) Impacts of debt extinguishment -0.43 (($122) million pre-tax) Tax impact of specified items and other -1.12 tax related (($314) million) Adjusted Diluted Earnings per Share from $ 12.70 $13.10 to $13.30 Continuing Operations Reported % Change +3.1% to +4.7%
(1) Includes amortization and other adjustments related to the purchase accounting for acquisitions.
(2) Represents costs associated with integration and restructuring activities. Restructuring costs in 2026 reflect non-cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company’s operations and aligning resources behind its most value-creating platforms. The impairment charges are primarily reflected as decreases of $238 million within Property, plant and equipment, net, and $134 million within Goodwill and o ther intangibles, net, on the Company’s September 30, 2026 condensed consolidated balance sheet.
(3) Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.
(4) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2026 reflects charges of $68 million to Cost of products sold to adjust the estimate of future product remediation costs, a benefit of $66 million primarily to Cost of products sold , related to refunds received of tariffs imposed under IEEPA, net charges of $120 million to Other operating expense, net , related to product liability and certain other legal matters, and charges of $54 million to Other income (expense), net , related to pension settlement costs. Page 17
Full text with the tables
*Exhibit 99.1
1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com
Contacts:
Investors: Shawn Bevec, SVP, Investor Relations - investor.relations@bd.com
Media: Matt Marcus, VP, Public Relations - matt.marcus@bd.com
BD Reports Fourth Quarter and Full Year Fiscal 2026 Financial Results
• Q4 revenue of $5.3 billion increased 5.4% as reported, 5.6% FXN
• Q4 GAAP and adjusted diluted EPS of $2.52 and $4.15, respectively
• FY26 revenue of $19.5 billion increased 4.9% as reported, 3.9% FXN
• FY26 GAAP and adjusted diluted EPS of $5.06 and $12.70, respectively
• FY26 cash from continuing operations increased 30.0% to $3.6 billion and free
cash flow increased 42.5% to $2.9 billion
• Company issues FY27 guidance
FRANKLIN LAKES, NJ (November 5, 2026)
- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical
technology company, today announced results for its fiscal 2026 fourth quarter
and full year, which ended September 30, 2026.
"We delivered a strong fourth quarter, with 5.6% revenue growth and broad-based
performance led by our key growth platforms," said Tom Polen, chairman, CEO and
president of BD. "Fiscal 2026 was a defining year as we completed BD's
transformation to a more focused MedTech company with separation of our Life
Sciences business. We strengthened our core growth and expanded BD Excellence to
elevate our commercial capabilities, accelerate innovation and drive greater
productivity. We enter fiscal 2027 from a position of strength, with a portfolio
built for durable performance and confidence in the long-term growth, earnings
and cash-flow potential of New BD."
Recent Business Highlights
• BD announced a landmark partnership with the U.S. Government to expand
domestic manufacturing and strengthen the resilience of supply chains for
America's essential medical consumables.
• Through this partnership, BD intends to invest $19 billion in the U.S. over
several years, including capital, operational and supply chain investments, with
$3 billion directed toward manufacturing expansion.
• The agreement also provides relief from future tariffs imposed under Section
232 on covered BD products and inputs, subject to the final scope and
implementation of any future Section 232 actions and BD's achievement of agreed
milestones.
• Connected Care:
• Announced that Fairview Health Services is the first health system in the U.S.
to deploy the
BD® Vmax™ 160 Pharmacy Automation Robot
, a next-generation solution that expands beyond traditional dispensing to
manage specialty therapies and refrigerated medications in high-volume,
centralized outpatient pharmacy operations.
Page 1
• Interventional:
• Strengthened its leadership in peripheral vascular innovation:
• Announced the
BD® Liverty™ TIPS Stent Graft
U.S. launch, advancing portal hypertension care with a next‑generation
interventional solution for patients with advanced liver disease, building on
established clinical and physician experience in Europe and supported by six-
month interim results from the ARCH clinical study.
• Announced positive nine-month results from the iliac cohort of the AGILITY
clinical trial of the
BD® Revello™ Vascular Covered Stent
, with data demonstrating high vessel patency, low reintervention rates and
meaningful improvements in mobility and symptoms, providing evidence supporting
the treatment of complex iliac artery disease.
• Announced significant milestones in its advanced tissue regeneration strategy
and expansion efforts:
• Surpassed the first enrollment milestone in the STANCE clinical trial
evaluating
BD® GalaFLEX LITE™ Scaffold
in breast revision surgery for capsular contracture and malposition , the most
frequent complication of implant-based breast surgery.
• Completed enrollment in the landmark PREVENT clinical trial, the first large-
scale randomized study evaluating
BD® Phasix™ Mesh
for incisional hernia prevention, a significant unmet need following abdominal
surgery.
The company will hold its 2026 Investor Day on December 10th at the New York
Stock Exchange. Additional information will be forthcoming.
Basis of Presentation— Continuing Operations
On February 9, 2026, the company completed the spin-off of BD's former
Biosciences and Diagnostic Solutions business and the combination of the
business with Waters Corporation ("Waters"). The historical results of the
former Biosciences and Diagnostic Solutions business, which was previously the
Life Sciences segment, are reflected as discontinued operations for all periods
presented. Financial information presented in this release reflects BD's results
on a continuing operations basis. Prior periods have been recast to conform to
this presentation.
Fourth Quarter Fiscal 2026 Operating Results
(M…
of
do… Thr…
ex… Mon… For…
per End… Cur…
sh… Sep… Rep… Neu…
am… 2026 30, 2025 Cha… Cha…
──────────────────────────────────────────────────────────────────────────────
Re… $ 5,… $ 5,… 5.4 % 5.6 %
Re…
Di…
Ea… $ 2.… $ 1.… 11… % 10… %
per
Sh…
Ad…
Di…
Ea… $ 4.… $ 3.… 27… % 27… %
per
Sh…
1 Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP
financial measures in the attached financial tables.
Geographic Results
Thr…
Mon… For…
Re… End… Cur…
of Sep… Rep… Neu…
do… 2026 30, 2025 Cha… Cha…
──────────────────────────────────────────────────────────────────────────────
Un… $ 3,2… $ 3,0… 4.3 % 4.3 %
St…
In… $ 2,0… $ 1,9… 7.0 % 7.6 %
To… $ 5,2… $ 5,0… 5.4 % 5.6 %
Re…
1 Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP
financial measures in the attached financial tables.
Page 2
Segment Results
Thr…
Mon… For…
Re… End… Cur…
of Sep… Rep… Neu…
do… 2026 30, 2025 Cha… Cha…
──────────────────────────────────────────────────────────────────────────────
Me… $ 1,7… $ 1,6… 5.9 % 5.9 %
Es…
Co… $ 1,2… $ 1,2… 1.6 % 2.1 %
Ca…
Bi… $ 748 $ 702 6.5 % 7.0 %
Sy…
In… $ 1,4… $ 1,3… 7.6 % 7.6 %
To… $ 5,2… $ 5,0… 5.4 % 5.6 %
Re…
1 Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP
financial measures in the attached financial tables.
2 Effective October 1, 2025, the company reorganized its organizational units
into five distinct, separately-managed segments, which were based on the nature
of the company's product and service offerings. Subsequent to the spin-off of
the company's former Biosciences and Diagnostic Solutions business and the
combination of the business with Waters, the Life Sciences segment was
eliminated, leaving the Company with four distinct, separately-managed segments.
Prior period amounts have been recast to reflect the reorganization on a
continuing operations basis.
Full Year Fiscal 2027 Guidance
The company provides the following guidance with respect to fiscal 2027.
New BD Guidance
as of November 5, 2026
────────────────────────────────────────────────
GAAP Revenue Growth Low single-digit
Revenue Growth (FXN) Low single-digit
Adjusted Diluted EPS $13.10 to $13.30
BD's guidance for full year fiscal 2027 reflects numerous assumptions that could
affect its business, based on the information management has reviewed as of this
date. Management will discuss its guidance and several of its assumptions on its
fourth fiscal quarter earnings call.
The company's expected adjusted diluted EPS for fiscal 2027 excludes potential
charges or gains that may be recorded during the fiscal year, such as, among
other things, the non-cash amortization of intangible assets, acquisition-
related charges, separation-related costs, and certain tax matters. BD does not
attempt to provide reconciliations of forward-looking adjusted diluted EPS
guidance to the comparable GAAP measure because the impact and timing of these
potential charges or gains are inherently uncertain and difficult to predict and
are unavailable without unreasonable efforts. In addition, the company believes
such reconciliations would imply a degree of precision and certainty that could
be confusing to investors. Such items could have a material impact on GAAP
measures of BD’s financial performance. We also present our revenue growth for
our 2027 fiscal year after adjusting for the illustrative impact of foreign
currency translation. BD believes that this adjustment allows investors to
better evaluate BD’s anticipated underlying revenue performance for our 2027
fiscal year in relation to our underlying 2026 fiscal year performance.
Conference Call and Presentation Materials
BD will host an audio webcast today for the public, investors, analysts and news
media to discuss its fourth quarter results. The audio webcast will be broadcast
live on BD’s website, www.bd.com/investors, at 8 a.m. (ET) Thursday, November 5,
2026. Accompanying slides will be available on BD’s website,
www.bd.com/investors at approximately 6:30 a.m. (ET). The conference call will
be available for replay on BD’s website, www.bd.com/investors. Alternatively,
you can dial into the replay at 800-677-7085 (domestic) and 402-220-0665
(international) through the close of business on Thursday, November 12, 2026. A
confirmation number is not needed to access the replay.
Page 3
Non-GAAP Financial Measures/Financial Tables
This press release contains certain non-GAAP financial measures. These include
revenue growth rates on a currency-neutral basis (FXN), adjusted diluted
earnings per share, growth rates in reported diluted and adjusted
diluted earnings per share on a currency-neutral basis, and free cash flow.
These non-GAAP financial measures are not in accordance with generally accepted
accounting principles (GAAP) in the United States. BD management believes that
the use of non-GAAP measures to adjust for items that are considered by
management to be outside of BD’s underlying operational results or that affect
period-to-period comparability helps investors to gain a better understanding of
our performance year-over-year, to analyze underlying trends in our businesses,
to analyze our operating results or liquidity, and to understand future
prospects. Management uses these non-GAAP financial measures to measure and
forecast the company’s performance, especially when comparing such results to
previous periods or forecasts. We believe presenting such adjusted metrics
provides investors with greater transparency to the information used by BD
management for its operational decision-making and for comparison to other
companies within the medical technology industry. Although BD’s management
believes non-GAAP results are useful in evaluating the performance of its
business, its reliance on these measures is limited since items excluded from
such measures may have a material impact on BD’s net income, earnings per share
or cash flows calculated in accordance with GAAP. Therefore, management
typically uses non-GAAP results in conjunction with GAAP results to address
these limitations. BD strongly encourages investors to review its consolidated
financial statements and publicly filed reports in their entirety and cautions
investors that the non-GAAP measures used by BD may differ from similar measures
used by other companies, even when similar terms are used to identify such
measures. Non-GAAP measures should not be considered replacements for, and
should be read together with, the most comparable GAAP financial measures.
We present adjusted diluted earnings per share for the fourth quarter and fiscal
year 2026, and the corresponding prior periods, after eliminating items we
believe are not part of our ordinary operations and affect the comparability of
the periods presented. Adjusted diluted earnings per share includes adjustments
for the impact of purchase accounting adjustments, integration and restructuring
costs, transaction costs, separation-related costs, certain product remediation
costs, certain legal matters, certain investment gains and losses, certain asset
impairment charges, certain pension settlement costs, and the impact of the
extinguishment of debt.
We present revenue growth rates for the fourth quarter and fiscal year 2026 over
the corresponding prior periods on a currency-neutral basis after eliminating
the effect of foreign currency translation, where applicable. We also show the
growth in adjusted diluted earnings per share compared to the prior year periods
after eliminating the impact of foreign currency translation to further enable
investors to evaluate BD’s underlying earnings performance compared to the prior
period. We calculate foreign currency-neutral percentages by converting our
current-period local currency financial results using the prior period foreign
currency exchange rates and comparing these adjusted amounts to our current-
period results. As exchange rates are an important factor in understanding
period-to-period comparisons, we believe the presentation of results on a
foreign currency-neutral basis in addition to reported results helps improve
investors’ ability to understand our operating results and evaluate our
performance in comparison to the prior periods.
We present free cash flow for fiscal year 2026 over the corresponding prior
period, which is net cash provided by continuing operating activities less
capital expenditures, to help improve investors's ability to understand the
Company's ability to generate cash for use in acquisitions and other investing
and financing activities. Free cash flow is not a measure of cash available for
discretionary expenditures given that we have certain non-discretionary
obligations such as debt service that are not deducted from the measure.
New BD refers to BD post the separation of the Biosciences and Diagnostic
Solutions business from BD.
Reconciliations of these and other non-GAAP measures to the comparable GAAP
measures are included in the attached financial tables. Within the attached
financial tables presented, certain columns and rows may not add due to the use
of rounded numbers. Percentages and earnings per share amounts presented are
calculated from the underlying amounts.
Page 4
About BD
BD is one of the world’s largest pure-play medical technology companies with a
Purpose of advancing the world of health™ by driving innovation across medical
essentials, connected care, biopharma systems and interventional. The company
supports those on the frontlines of healthcare by developing transformative
technologies, services and solutions that optimize clinical operations and
improve care for patients. Operating across the globe, with more than 60,000
employees, BD delivers billions of products annually that have a positive impact
on global healthcare. By working in close collaboration with customers, BD can
help enhance outcomes, lower costs, increase clinical efficiency, improve safety
and expand access to healthcare. For more information on BD, please visit bd.com
or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or
Instagram @becton_dickinson.
***
This press release and accompanying audio webcast on November 5, 2026 contain
certain estimates and other forward-looking statements (as defined under federal
securities laws) regarding BD’s future prospects and performance, including, but
not limited to, statements relating to future revenues, margins, growth,
earnings per share, leverage targets and capital deployment. All such statements
are based upon current expectations and assumptions of BD and involve a number
of business risks, uncertainties and other important factors. Actual results
could vary materially from anticipated results described, implied or projected
in any forward-looking statement. With respect to such forward-looking
statements, a number of factors could cause actual results to vary materially.
These factors include, but are not limited to, risks relating to macroeconomic
conditions and their impact on our operations and healthcare spending generally,
including volatility resulting from the imposition of (and changing policies
around) tariffs enacted by the U.S. government (and related countermeasures by
non-U.S. governments) or our ability to mitigate the impact of such tariffs;
import or export licensing requirements and other governmental restrictions;
disruptions in global transportation networks or other aspects of our supply
chain on our ability to source raw materials, components and energy sources
needed to produce our products; inflationary pressures, currency and interest
rate fluctuations, global oil prices and increased borrowing costs; conditions
in international markets, including geopolitical developments such as the
continuation and/or escalation of evolving situations in the Middle East region
(which could result in continued disruption of transportation routes and global
energy supplies, as well as increases in global oil prices and adversely affect
our supply chain costs, ability to source raw materials and components and our
ability to deliver product to customers), Ukraine and Asia; competitive factors,
including changing customer and patient preferences and requirements, such as
decreased demand for our products as a result of changes to U.S. federal and
state policies (such as for pharmaceutical products and vaccines), and increased
demand for products utilizing evolving technologies (including emerging
technologies utilizing artificial intelligence (“AI”)), as well as new products
or novel medical therapies introduced by competitors; changes in research and
development efforts, investment or suspension by pharmaceuticals companies with
regard to vaccine development; changes in reimbursement practices and coverage
policies and third-party payer cost containment measures and health insurance
coverage levels and costs; decreases or delays in purchases of our products due
to reduced research and development spending and reductions in U.S. government
funding for healthcare; product efficacy or safety concerns and related
regulatory actions, changes to the labeled indications or permitted uses of our
products, non-compliance with applicable regulatory requirements regarding our
products, including marketing authorization, registration, quality system and
manufacturing requirements (including as a result of product modifications), or
other factors that could result in product recalls, field actions, lost revenue,
restrictions on our ability to continue selling existing products or
commercialize new products (including limitations on future product clearances
or approvals and the imposition of civil penalties); increased exposure to
product liability or other claims and damage to our reputation (including
products we acquire through acquisitions); changes to legislation or regulations
that may impact U.S. or foreign healthcare systems, changes in medical or
clinical practices or in customer and patient preferences, efforts to improve
compliance of healthcare practitioners, potential cuts or freezes in healthcare
spending and/or governmental or private measures to contain healthcare costs,
such as China’s volume-based procurement tender process or changes in pricing
and reimbursement policies, which could result in reduced demand for our
products or downward pricing pressure; policy and regulatory changes that may be
implemented by the U.S. government, including the further elimination,
downsizing and/or reduced funding of certain government agencies and programs,
as well as further changes in the policy positions of such agencies (including
those related to pharmaceutical products and vaccines); other new or changing
laws and regulations impacting our business, including changes in tax laws, new
and changing environmental laws and regulations (such as those related to
sustainability, climate change or materials of concern) and new and changing
cybersecurity, AI or privacy laws; other changes in laws impacting international
trade or anti-corruption and bribery, or changes in reporting requirements or
enforcement practices with respect to such laws; the adverse impact on our
business or products of past, current or future information and technology
system upgrades, disruptions, breaches or breakdowns, including through
Page 5
cyberattacks, ransom attacks or cyber-intrusion, and any investigations, legal
proceedings, liability, expense or reputational damage arising in connection
with any such events; any adverse impact related to the development, deployment
and use of AI in our products and business operations; labor disruptions; our
suppliers’ ability to provide products needed for our operations and BD’s
ability to maintain favorable supplier arrangements and relationships; increases
in raw material, component, labor, duties, freight, energy and other production
costs and their effect on, among other things, the cost of producing BD’s
products; adverse changes in regional, national or foreign economic conditions,
including any impact on our ability to access credit markets and finance our
operations; risks relating to our overall indebtedness; the possible impact of
natural disasters and public health crises on our business and the global
healthcare system, which could decrease demand for our products, disrupt our
operations or the operations of our customers and companies within our supply
chain, or increase transportation costs; interruptions in our manufacturing or
sterilization processes or those of our third-party providers, including any
restrictions placed on the use of ethylene oxide for sterilization; pricing and
market pressures; difficulties inherent in product development, delays in
product introductions and uncertainty of market acceptance of new products; our
ability to achieve our projected level or mix of product sales; our ability to
achieve or maintain growth of our portfolio; our ability to successfully
integrate any businesses we acquire; uncertainties of litigation,
investigations, regulatory actions, subpoenas, settlements, fines, penalties
and/or other sanctions (as described in BD’s filings with the Securities and
Exchange Commission (the "SEC")); the issuance of new or revised accounting
standards; our ability to execute our New BD strategy, Excellence Unleashed, as
expected; and other factors discussed in BD’s filings with the SEC. Tariff
commentary is based on tariff policies in effect as of November 4, 2026.
International trade policies, trade restrictions and tariffs (and related
countermeasures and developments regarding refunds of certain tariffs) are
rapidly evolving and there can be no assurance as to how the landscape may
change and what the ultimate impact on our guidance and results of operations
will be. We do not intend to update any forward-looking statements to reflect
events or circumstances after the date hereof except as required by applicable
laws or regulations.
Page 6
BECTON DICKINSON AND COMPANY
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Three
Months
Ended
September
30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
Revenues $ 5,274 $ 5,005 5.4
Cost of
products 2,581 2,639 -2.2
sold
Selling
and 1,262 1,208 4.4
administr…
expense
Research
and 246 264 -6.8
developme…
expense
Integrati…
restructu…
and 77 125 -38.7
transacti…
expense
Other
operating 76 232 -67.0
expense,
net
Total
Operating 4,242 4,469 -5.1
Costs and
Expenses
Operating 1,032 536 92.5
Income
Interest -130 -155 -16.1
expense
Interest 10 4 147.7
income
Other
expense, -11 -33 65.6
net
Income
from
Continuing
Operations 901 352 155.8
Before
Income
Taxes
Income tax 209 7 3,049.1
provision
Net Income
from 692 345 100.2
Continuing
Operations
Income
from
Discontin… 5 148 -96.7
Operation…
Net
of Tax
Net Income $ 696 $ 493 41.2
Basic
Earnings
Per Share
Income
from $ 2.53 $ 1.21 109.1
Continuing
Operations
Income
from 0.02 0.52 -96.2
Discontin…
Operations
Basic
Earnings $ 2.55 $ 1.72 48.3
per Share
Diluted
Earnings
Per Share
Income
from $ 2.52 $ 1.20 110.0
Continuing
Operations
Income
from 0.02 0.51 -96.1
Discontin…
Operations
Diluted
Earnings $ 2.54 $ 1.72 47.7
per Share
Average
Shares
Outstandi…
(in
thousands)
Basic 272,944 286,612
Diluted 274,051 287,118
Page 7
BECTON DICKINSON AND COMPANY
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Twelve
Months
Ended
September
30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
Revenues $ 19,457 $ 18,544 4.9
Cost of
products 10,243 10,285 -0.4
sold
Selling
and 4,965 4,643 6.9
administ…
expense
Research
and 988 970 1.9
developm…
expense
Integrat…
restruct…
and 806 403 100.2
transact…
expense
Other
operating 199 302 -34.2
expense,
net
Total
Operating 17,201 16,603 3.6
Costs and
Expenses
Operating 2,257 1,941 16.3
Income
Interest -564 -613 -7.9
expense
Interest 27 35 -24.2
income
Other
income 86 -106 181.2
(expense…
net
Income
from
Continui…
Operatio… 1,805 1,258 43.5
Before
Income
Taxes
Income
tax 388 158 146.3
provision
Net
Income
from 1,417 1,101 28.7
Continui…
Operatio…
(Loss)
Income
from
Disconti… -271 577 -147.0
Operatio…
Net of
Tax
Net $ 1,145 $ 1,678 -31.7
Income
Basic
Earnings
Per Share
Income
from $ 5.09 $ 3.83 32.9
Continui…
Operatio…
(Loss)
Income
from -0.97 2.01 -148.3
Disconti…
Operatio…
Basic
Earnings $ 4.11 $ 5.83 -29.5
per Share
Diluted
Earnings
Per Share
Income
from $ 5.06 $ 3.81 32.8
Continui…
Operatio…
(Loss)
Income
from -0.97 2.00 -148.5
Disconti…
Operatio…
Diluted
Earnings $ 4.09 $ 5.82 -29.7
per Share
Average
Shares
Outstand…
(in
thousand…
Basic 278,486 287,648
Diluted 279,939 288,509
Page 8
BECTON DICKINSON AND COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Amounts in millions)
September 30, 2026 September 30, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Cash and equivalents $ 725 $ 567
Restricted cash 284 210
Short-term investments 8 8
Trade receivables, net 2,771 2,396
Inventories 3,191 3,149
Prepaid expenses and other 1,337 1,379
Current assets of
discontinued — 1,545
operations
Total Current Assets 8,317 9,255
Property, plant and 6,191 6,383
equipment, net
Goodwill and other 33,624 35,190
intangibles, net
Other assets 2,659 2,383
Noncurrent assets of
discontinued — 2,114
operations
Total Assets $ 50,791 $ 55,325
Liabilities and
Shareholders' Equity
Current debt obligations $ 2,923 $ 1,559
Other current liabilities 6,620 6,106
Current liabilities of
discontinued — 648
operations
Long-term debt 13,422 17,620
Long-term employee benefit 944 1,027
obligations
Deferred income taxes and
other 2,200 2,632
liabilities
Noncurrent liabilities of
discontinued — 342
operations
Shareholders’ equity 24,682 25,390
Total Liabilities and
Shareholders' $ 50,791 $ 55,325
Equity
Page 9
BECTON DICKINSON AND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Amounts in millions)
Twelve Months Ended
September 30,
Operating Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,145 $ 1,678
Less:
(Loss) income from -271 577
discontinued
operations, net of tax
Income from continuing
operations, net 1,417 1,101
of tax
Depreciation and 2,238 2,289
amortization
Change in operating
assets and -50 -616
liabilities and other,
net
Net Cash Provided by
Continuing 3,605 2,773
Operating Activities
Investing Activities
Capital expenditures -672 -715
Maturities and sales of 20 422
investments
Acquisitions, net of
cash acquired and -22 13
adjustments
Other, net -335 -393
Net Cash Used for
Continuing Investing -1,010 -673
Activities
Financing Activities
Change in short-term -422 455
debt
Proceeds from long-term 704 —
debt
Distribution from 3,916 —
spin-off entity, net
Payments of debt -2,696 -1,788
Repurchases of common -2,433 -1,000
stock
Dividends paid -1,161 -1,196
Other, net -72 -87
Net Cash Used for
Continuing Financing -2,164 -3,616
Activities
Discontinued Operations
Net cash (used for)
provided by -239 657
operating activities
Net cash used for -38 -145
investing activities
Net cash used for -3 -1
financing activities
Net Cash (Used for)
Provided by -280 511
Discontinued Operations
Net change in cash and
equivalents and
restricted cash,
including cash 152 -1,005
classified within
current assets of
discontinued operations
Net change in cash and
equivalents
classified within 74 -10
current assets of
discontinued operations
Effect of exchange rate
changes on cash 7 —
and equivalents and
restricted cash
Net increase (decrease)
in cash and 233 -1,015
equivalents and
restricted cash
Opening Cash and
Equivalents and 777 1,792
Restricted Cash
Closing Cash and
Equivalents and $ 1,010 $ 777
Restricted Cash
Page 10
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended September 30,
(Unaudited; Amounts in millions)
──────────────────────────────────────────────────────────────────────────────
(1) Effective October 1, 2025, the Company reorganized its organizational units
into five distinct, separately-managed segments, which were based on the nature
of the Company's product and service offerings. Subsequent to the spin-off of
the Company's former Biosciences and Diagnostic Solutions business (which was
previously the Life Sciences segment) and the combination of the business with
Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving
the Company with four distinct, separately-managed segments. Prior period
amounts have been recast to reflect the reorganization on a continuing
operations basis.
(2) The BioPharma Systems segment is comprised of the Company's former
Pharmaceutical Systems organizational unit.
Page 11
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Twelve Months Ended September 30,
(Unaudited; Amounts in millions)
──────────────────────────────────────────────────────────────────────────────
(1) Effective October 1, 2025, the Company reorganized its organizational units
into five distinct, separately-managed segments, which were based on the nature
of the Company's product and service offerings. Subsequent to the spin-off of
the Company's former Biosciences and Diagnostic Solutions business (which was
previously the Life Sciences segment) and the combination of the business with
Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving
the Company with four distinct, separately-managed segments. Prior period
amounts have been recast to reflect the reorganization on a continuing
operations basis.
(2) The BioPharma Systems segment is comprised of the Company's former
Pharmaceutical Systems organizational unit.
Page 12
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
Three Months Ended September 30,
(Unaudited)
Th…
Mo…
En… F…
Se… Tr… F… Ch… C…
30, 20… 20… Ch… FX C… % %
──────────────────────────────────────────────────────────────────────────────
R…
D…
E…
p… $ 2.… $ 1.… $ 1.… $ 0.… $ 1… 11… % 1… %
S…
f…
C…
O…
P…
a…
a…
(…
m… 1.… 1.… —
a…
$…
m…
p…
r…
I…
c…
(…
m…
a… 0.… 0.… —
$…
m…
p…
r…
R…
c…
(…
m…
a… 0.… 0.… —
$…
m…
p…
r…
S…
i…
(…
m…
a… 0.… 0.… —
$3
m…
p…
r…
P…
l…
a…
o…
i…
(… 0.… 0.… —
m…
a…
$…
m…
p…
r…
T…
i…
of
s…
i…
a…
o…
t… -0… -0… —
r…
(…
m…
a…
(…
m…
r…
A…
D…
E…
p… $ 4.… $ 3.… $ 0.… $ — $ 0… 27… % 2… %
S…
f…
C…
O…
(1) Includes amortization and other adjustments related to the purchase
accounting for acquisitions.
(2) Represents costs associated with integration and restructuring activities.
(3) Represents costs recorded to Other operating expense, net, incurred in
connection with the separation of our former Biosciences and Diagnostic
Solutions business and the combination of the business with Waters.
(4) Includes certain (income) expense items which are not part of ordinary
operations and affect the comparability of the periods presented. Such items may
include certain product remediation costs, certain legal matters, certain
investment gains and losses, certain asset impairment charges, and certain
pension settlement costs. The amount for the three months ended September 30,
2026 reflects a benefit of $66 million primarily to Cost of products sold ,
related to refunds received of tariffs imposed under the International Emergency
Economic Powers Act ("IEEPA"), and net charges of $45 million to Other operating
expense, net , related to product liability and certain other legal matters. The
amount for the three months ended September 30, 2025 reflects net charges of
$232 million to Other operating expense, net , related to product liability and
certain other legal matters.
Page 13
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
Twelve Months Ended September 30,
(Unaudited)
Tw…
Mo…
En… F…
Se… Tr… F… Ch… C…
30, 20… 20… Ch… FX C… % %
──────────────────────────────────────────────────────────────────────────────
R…
D…
E…
p… $ 5.… $ 3.… $ 1.… $ 0.… $ 1… 32… % 3… %
S…
f…
C…
O…
P…
a…
a…
(…
b… 5.… 6.… 0.…
a…
$…
b…
p…
r…
I…
c…
(…
m…
a… 0.… 0.… —
$…
m…
p…
r…
R…
c…
(…
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(1) Includes amortization and other adjustments related to the purchase
accounting for acquisitions.
(2) Represents costs associated with integration and restructuring activities.
Restructuring costs for the twelve months ended September 30, 2026 reflect non-
cash asset impairment charges of $450 million across all reportable segments
based upon the Company's commitment to exit certain operational activities and
projects which no longer align with and facilitate its current operational
strategy, Excellence Unleashed. These exit actions are aimed at simplifying the
Company’s operations and aligning resources behind its most value-creating
platforms. The impairment charges are primarily reflected as decreases of $238
million within Property, plant and equipment, net, and $134 million within
Goodwill and o ther intangibles, net, on the Company’s September 30, 2026
condensed consolidated balance sheet.
(3) Represents transaction costs recorded to Integration, restructuring and
transaction expense incurred in connection with the Advanced Patient Monitoring
acquisition.
(4) Represents costs recorded to Other operating expense, net, incurred in
connection with the separation of our former Biosciences and Diagnostic
Solutions business and the combination of the business with Waters.
(5) Includes certain (income) expense items which are not part of ordinary
operations and affect the comparability of the periods presented. Such items may
include certain product remediation costs, certain legal matters, certain
investment gains and losses, certain asset impairment charges, and certain
pension settlement costs. The amount for the twelve months ended September 30,
2026 reflects charges of $68 million to Cost of products sold to adjust the
estimate of future product remediation costs, a benefit of $66 million primarily
to Cost of products sold , related to refunds received of tariffs imposed under
IEEPA, net charges of $120 million to Other operating expense , net, related to
product liability and certain other legal matters, and charges of $54 million to
Other income (expense), net , related to pension settlement costs. The amount
for the twelve months ended September 30, 2025 reflects charges of $98 million
to Cost of products sold to adjust the estimate of future product remediation
costs, net charges of $297 million to Other operating expense, net , related to
product liability and certain other legal matters, and charges of $38 million to
Other income (expense), net , related to pension settlement costs.
Page 14
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION FROM NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES TO FREE
CASH FLO W
Twelve Months Ended September 30,
(Unaudited)
A 2026 B 2025 C=A-B Change D=C/B % Change
──────────────────────────────────────────────────────────────────────────────
Net Cash
Provided by
Continuing $ 3,605 $ 2,773 $ 832 30.0 %
Operating
Activities
Capital -672 -715 43 -6.0 %
Expenditures
Free Cash $ 2,933 $ 2,058 $ 875 42.5 %
Flow
Page 15
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY 2027 GUIDANCE
Full Year FY2027
Full Year FY2026 Guidance
($ in millions) % Change
──────────────────────────────────────────────────────────────────────────────
BDX Reported Revenues
from Continuing $ 19,457
Operations
FY2027 Reported Low single-digit
Revenue Growth
Illustrative Foreign
Currency (FX) ~(70) basis points
Impact
FY2027 Revenue Growth Low single-digit
(FXN)
Page 16
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY 2027 GUIDANCE CONTINUED
Full Year FY 2027
Guidance
Full Year FY2026 Total Company
──────────────────────────────────────────────────────────────────────────────
Reported Diluted
Earnings per Share
from $ 5.06
Continuing
Operations
Purchase accounting
adjustments ($1.460 5.21
billion pre-tax)(1)
Integration costs
($165 million 0.59
pre-tax)(2)
Restructuring costs
($642 million 2.29
pre-tax)(2)
Separation-related
items ($105 million 0.38
pre-tax)(3)
Product,
litigation, and
other items 0.73
($204 million
pre-tax)(4)
Impacts of debt
extinguishment -0.43
(($122)
million pre-tax)
Tax impact of
specified items and
other -1.12
tax related (($314)
million)
Adjusted Diluted
Earnings per Share
from $ 12.70 $13.10 to $13.30
Continuing
Operations
Reported % Change +3.1% to +4.7%
(1) Includes amortization and other adjustments related to the purchase
accounting for acquisitions.
(2) Represents costs associated with integration and restructuring activities.
Restructuring costs in 2026 reflect non-cash asset impairment charges of $450
million across all reportable segments based upon the Company's commitment to
exit certain operational activities and projects which no longer align with and
facilitate its current operational strategy, Excellence Unleashed. These exit
actions are aimed at simplifying the Company’s operations and aligning resources
behind its most value-creating platforms. The impairment charges are primarily
reflected as decreases of $238 million within Property, plant and equipment,
net, and $134 million within Goodwill and o ther intangibles, net, on the
Company’s September 30, 2026 condensed consolidated balance sheet.
(3) Represents costs recorded to Other operating expense, net, incurred in
connection with the separation of our former Biosciences and Diagnostic
Solutions business and the combination of the business with Waters.
(4) Includes certain (income) expense items which are not part of ordinary
operations and affect the comparability of the periods presented. Such items may
include certain product remediation costs, certain legal matters, certain
investment gains and losses, certain asset impairment charges, and certain
pension settlement costs. The amount in 2026 reflects charges of $68 million to
Cost of products sold to adjust the estimate of future product remediation
costs, a benefit of $66 million primarily to Cost of products sold , related to
refunds received of tariffs imposed under IEEPA, net charges of $120 million to
Other operating expense, net , related to product liability and certain other
legal matters, and charges of $54 million to Other income (expense), net ,
related to pension settlement costs.
Page 17