BECTON DICKINSON & CO BDX
Becton, Dickinson and Company (also referred to herein as "BD") was incorporated under the laws of the State of New Jersey in November 1906, as successor to a New York business started in 1897. BD's executive offices are located at 1 Becton Drive, Franklin Lakes, New Jersey 07417-1880, and its telephone number is (201) 847-6800. All references in this Form 10-K to "BD", "the Company", "we", "our" or "us" refer to Becton, Dickinson and Company and its domestic and foreign subsidiaries, unless otherwise indicated by the context.
BD is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. We provide customer solutions that are focused on improving medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology care; enhancing the diagnosis of infectious diseases and cancers; and advancing cellular research and applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.84B | $20.18B | $19.37B | $18.87B | $19.13B | $16.07B | $17.29B | $15.98B | $12.09B | $12.48B |
| Cost of revenue | $11.91B | $11.05B | $11.20B | $10.39B | $10.50B | $9.28B | $9.00B | $8.71B | $6.13B | $6.49B |
| Gross profit | $9.93B | $9.12B | $8.17B | $8.48B | $8.63B | $7.58B | $8.29B | $7.27B | $5.94B | $5.99B |
| R&D | $1.26B | $1.19B | $1.24B | $1.26B | $1.28B | $1.04B | $1.06B | $1.00B | $770.0M | $828.0M |
| SG&A | $5.28B | $4.86B | $4.72B | $4.71B | $4.72B | $4.18B | $4.33B | $4.02B | $2.91B | $3.00B |
| Total operating expenses | $19.26B | $17.78B | $17.26B | $16.59B | $16.88B | $15.16B | $15.53B | $14.47B | $10.57B | $11.05B |
| Operating income | $2.58B | $2.40B | $2.11B | $2.28B | $2.25B | $912.0M | $1.76B | $1.51B | $1.52B | $1.43B |
| Interest expense | $613.0M | $528.0M | $452.0M | $398.0M | $469.0M | $528.0M | $639.0M | $706.0M | $521.0M | $388.0M |
| Pre-tax income | $1.88B | $2.00B | $1.66B | $1.78B | $1.69B | $414.0M | $1.18B | $1.17B | $976.0M | $1.07B |
| Income tax | $203.0M | $300.0M | $132.0M | $148.0M | $88.0M | $62.0M | $57.0M | $862.0M | $124.0M | $97.0M |
| Net income | $1.68B | $1.71B | $1.48B | $1.78B | $2.09B | $874.0M | $1.23B | $311.0M | $1.10B | $976.0M |
| EPS, basic | 5.83 | 5.88 | 4.97 | 5.93 | 6.92 | 2.75 | 4.01 | 0.62 | 4.70 | 4.59 |
| EPS, diluted | 5.82 | 5.86 | 4.94 | 5.88 | 6.85 | 2.71 | 3.94 | 0.60 | 4.60 | 4.49 |
| Shares, diluted (wtd. avg.) | $288.5M | $291.0M | $288.4M | $287.4M | $292.1M | $282.4M | $274.8M | $264.6M | $223.6M | $217.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $641.0M | $1.72B | $1.48B | $1.16B | $2.39B | $2.92B | $590.0M | $1.24B | $14.18B | $1.54B |
| Receivables | $2.99B | $3.03B | $2.53B | $2.19B | $2.35B | $2.40B | $2.35B | $2.32B | $1.74B | $1.62B |
| Inventory | $3.89B | $3.84B | $3.27B | $3.22B | $2.74B | $2.74B | $2.58B | $2.45B | $1.82B | $1.72B |
| Total current assets | $9.26B | $10.47B | $8.68B | $8.14B | $8.84B | $8.97B | $6.66B | $7.41B | $18.63B | $6.37B |
| Property, plant and equipment | $7.00B | $6.82B | $6.56B | $6.01B | $6.00B | $5.92B | $5.66B | $5.38B | $4.64B | $3.90B |
| Goodwill | $26.61B | $26.46B | $24.52B | $24.62B | $23.89B | $23.60B | $23.38B | $23.60B | $7.56B | $7.42B |
| Other intangibles | $9.39B | $10.87B | $10.90B | $12.26B | $12.73B | $13.77B | — | — | — | — |
| Total assets | $55.33B | $57.29B | $52.78B | $52.93B | $53.87B | $54.01B | $51.77B | $53.90B | $37.73B | $25.59B |
| Accounts payable | $1.97B | $1.90B | $1.64B | $1.70B | $1.74B | $1.35B | $1.09B | $1.11B | $797.0M | $665.0M |
| Short-term debt | $1.56B | $2.17B | $1.14B | $2.18B | $500.0M | $707.0M | $1.31B | $2.60B | $203.0M | $1.00B |
| Total current liabilities | $8.31B | $8.96B | $6.64B | $7.81B | $6.63B | $5.84B | $5.66B | $7.22B | $3.34B | $4.40B |
| Long-term debt | $17.62B | $17.94B | $14.74B | $13.89B | $17.11B | $17.22B | $18.08B | $18.89B | $18.67B | $10.55B |
| Retained earnings | $16.62B | $16.14B | $15.54B | $15.16B | $13.83B | $12.79B | $12.91B | $12.60B | $13.11B | $12.73B |
| Total equity | $25.39B | $25.89B | $25.80B | $25.28B | $23.68B | $23.77B | $21.08B | $20.99B | $12.95B | $7.63B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.43B | $3.84B | $2.99B | $2.47B | $4.13B | $2.94B | $3.33B | $2.87B | $2.55B | $2.56B |
| Depreciation and amortisation | $2.46B | $2.29B | $2.29B | $2.23B | $2.23B | $2.12B | $2.25B | $1.98B | $1.09B | $1.11B |
| Stock-based compensation | $258.0M | $247.0M | $259.0M | $233.0M | $229.0M | $236.0M | $261.0M | $322.0M | $174.0M | $196.0M |
| Capital expenditure | $760.0M | $725.0M | $874.0M | $973.0M | $1.19B | $769.0M | $957.0M | $895.0M | $727.0M | $693.0M |
| Investing cash flow | -$818.0M | -$5.51B | -$716.0M | -$3.22B | -$1.84B | -$1.19B | -$741.0M | -$15.73B | -$883.0M | -$669.0M |
| Financing cash flow | -$3.62B | $2.09B | -$1.96B | -$736.0M | -$3.31B | $22.0M | -$3.22B | -$58.0M | $10.98B | -$1.76B |
| Dividends paid | $1.20B | $1.10B | $1.11B | $1.08B | $1.05B | $1.03B | $984.0M | $927.0M | $677.0M | $562.0M |
| Buybacks | $1.00B | $500.0M | $0 | $500.0M | $1.75B | $0 | $0 | $0 | $220.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000010795-25-000099.
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