Key Highlights

  • Fourth quarter Revenue was USD 5.3 billion, up 5.4% as reported and 5.6% on a foreign exchange neutral basis.
  • Fourth quarter GAAP diluted EPS was USD 2.52 and adjusted diluted EPS was USD 4.15.
  • Fiscal 2026 revenue was USD 19.5 billion, adjusted EPS was USD 12.70 and free Cash Flow was USD 2.9 billion.
  • Fiscal 2027 adjusted diluted EPS guidance is USD 13.10 to USD 13.30, with low single-digit revenue growth.

BD (Becton, Dickinson and Company) (NYSE:BDX) reported fiscal fourth quarter 2026 results for the period ended September 30, 2026. Revenue was USD 5.3 billion, up 5.4% as reported and 5.6% on a foreign exchange neutral basis.

Chairman, CEO and President Tom Polen said fiscal 2026 completed the company's transition to a more focused medical technology Business with the separation of its Life Sciences business. Full year revenue was USD 19.5 billion, up 4.9% as reported, with GAAP and adjusted diluted EPS of USD 5.06 and USD 12.70.

Margins, Cash Flow and Capital Returns

Management said fourth quarter adjusted gross Margin was 56.8% and adjusted Operating Margin was 28.6%, up 180 and 280 basis points from the prior year. Connected Care revenue grew 2.1%, with double-digit growth in Advanced Patient Monitoring.

Cash from continuing operations increased 30.0% to USD 3.6 billion, and free cash flow increased 42.5% to USD 2.9 billion. Capital returns included approximately USD 2.4 billion in share repurchases, of which USD 183 million came in the fourth quarter using Tariff refund proceeds, and USD 1.2 billion in dividends. The company announced its 55th consecutive year of Dividend increases.

BD also announced a Partnership with the U.S. government under which it intends to invest USD 19 billion in the United States over several years, with USD 3 billion directed toward Manufacturing expansion. The agreement provides relief from future Section 232 tariffs on covered products, subject to final scope and agreed milestones.

Fiscal 2027 Guidance

The company guided to low single-digit GAAP and foreign exchange neutral revenue growth for fiscal 2027, and adjusted diluted EPS of USD 13.10 to USD 13.30. Management said the guidance reflects an approximate 200 basis point impact from the Alaris capital comparison. The adjusted tax rate is projected at 16% to 17%, on approximately 273 million weighted average shares.

For the first quarter, management projects revenue growth at the low end of the full year range and adjusted EPS of USD 2.32 to USD 2.37, citing revenue seasonality, the annualization of last year's commercial investments and inflationary impacts.

Signposts for Fiscal 2027

BD scheduled its 2026 Investor Day for December 10 at the New York Stock Exchange. Management said Earnings growth accelerates in the second quarter and the second half, and that it could see some Rebalancing between the first and second quarters.

Disclosed items also include the next advanced tissue regeneration product launch in the first half of fiscal 2027 and the implementation of the U.S. government partnership.