Becton Dickinson &
BDX · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Sep 30
Becton Dickinson & reported revenue of $21.8B in the fiscal year ended Sep 2025, up 8.2% from the year before. Operating income was $2.6B, an operating margin of 11.8%, and net income was $1.7B. Operating cash flow of $3.4B less capital expenditure of $760M left free cash flow of $2.7B. Net debt was $18.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $19.1B | $18.9B | $19.4B | $20.2B | $21.8B |
| Cost of revenue | $10.5B | $10.4B | $11.2B | $11.1B | $11.9B |
| Gross profit | $8.6B | $8.5B | $8.2B | $9.1B | $9.9B |
| Research & development | $1.3B | $1.3B | $1.2B | $1.2B | $1.3B |
| Selling, general & admin | $4.7B | $4.7B | $4.7B | $4.9B | $5.3B |
| Operating income | $2.3B | $2.3B | $2.1B | $2.4B | $2.6B |
| Interest expense | $469M | $398M | $452M | $528M | $613M |
| Pre-tax income | $1.7B | $1.8B | $1.7B | $2B | $1.9B |
| Income tax | $88M | $148M | $132M | $300M | $203M |
| Net income | $2.1B | $1.8B | $1.5B | $1.7B | $1.7B |
| Diluted EPS | 6.85 | 5.88 | 4.94 | 5.86 | 5.82 |
| Diluted shares | 292M | 287M | 288M | 291M | 289M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.3B | $1B | $1.4B | $1.7B | $567M |
| Receivables | $2.4B | $2.2B | $2.5B | $3B | $2.4B |
| Inventory | $2.7B | $3.2B | $3.3B | $3.8B | $3.1B |
| Current assets | $8.8B | $8.1B | $8.7B | $10.5B | $9.3B |
| Net PP&E | $6B | $6B | $6.6B | $6.8B | $6.4B |
| Goodwill | $23.9B | $24.6B | $24.5B | $26.5B | $26B |
| Total assets | $53.9B | $52.9B | $52.8B | $57.3B | $55.3B |
| Payables | $1.7B | $1.7B | $1.6B | $1.9B | $2B |
| Deferred revenue | – | – | $412M | $482M | $336M |
| Current liabilities | $6.6B | $7.8B | $6.6B | $9B | $8.3B |
| Short-term debt | $500M | $2.2B | $1.1B | $2.2B | $1.6B |
| Long-term debt | $17.1B | $13.9B | $14.7B | $17.9B | $17.6B |
| Shareholders' equity | $23.7B | $25.3B | $25.8B | $25.9B | $25.4B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.6B | $2.5B | $3B | $3.8B | $3.4B |
| Capital expenditure | $1.2B | $973M | $874M | $725M | $760M |
| Free cash flow | $3.5B | $1.5B | $2.1B | $3.1B | $2.7B |
| Depreciation & amortisation | $2.2B | $2.2B | $2.3B | $2.3B | $2.5B |
| Stock-based compensation | $229M | $233M | $259M | $247M | $258M |
| Acquisitions | $508M | $2.1B | $0 | $3.9B | $0 |
| Share buybacks | $1.8B | $500M | $0 | $500M | $1B |
| Dividends paid | $1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Dividend per share | 3.32 | 3.48 | 3.64 | 3.80 | 4.16 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.4% | 2.7% | 4.2% | 8.2% |
| Operating income growth (YoY) | – | 1.4% | −7.5% | 13.5% | 7.6% |
| EPS growth (YoY) | – | −14.2% | −16.0% | 18.6% | −0.7% |
| Gross margin | 45.1% | 44.9% | 42.2% | 45.2% | 45.4% |
| Operating margin | 11.8% | 12.1% | 10.9% | 11.9% | 11.8% |
| Net margin | 10.9% | 9.4% | 7.7% | 8.4% | 7.7% |
| Return on equityBlank when equity is negative | 8.8% | 7.0% | 5.8% | 6.6% | 6.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.8% | 5.1% | 4.6% | 5.0% | 5.5% |
| Free cash flow margin | 18.0% | 7.9% | 10.9% | 15.5% | 12.2% |
| Cash conversion (CFO ÷ net income) | 2.22x | 1.39x | 2.01x | 2.25x | 2.04x |
| Receivable days | 45 | 42 | 48 | 55 | 40 |
| Inventory days | 95 | 113 | 107 | 127 | 96 |
| Payable days | 60 | 60 | 53 | 63 | 60 |
| Interest cover | 4.80x | 5.73x | 4.67x | 4.54x | 4.21x |
| Debt ÷ equity | 0.74x | 0.64x | 0.62x | 0.78x | 0.76x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $15.3B | $15.1B | $14.5B | $18.4B | $18.6B |
| Current ratio | 1.33x | 1.04x | 1.31x | 1.17x | 1.11x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.