Earnings

BD (BDX) · Fourth-quarter fiscal 2026 results

BD Lifts Fourth-Quarter Growth After Life Sciences Spin

Fourth-quarter revenue reached $5.27 billion, up 5.4% as reported and 5.6% foreign-currency neutral, with adjusted diluted EPS of $4.15.

The Tip Desk · November 5, 2026 · 3 min read

Revenue

$5.3bn

▲ from $5.0bn in Q4 FY25 (+5.4% y/y)

5.4% y/y · FXN revenue growth: 5.6%

Operating income

$1.0bn

▲ from $536m in Q4 FY25 (+92.5% y/y)

92.5% y/y

Adjusted diluted EPS

$4.15

▲ from $3.26 in Q4 FY25 (+27.3% y/y)

27.3% y/y · Reported diluted EPS: $2.52

Adjusted EPS outlook

$13.10–$13.30

FY27 outlook · Adjusted Diluted EPS · as of 2026-11-05

BD reported fourth-quarter revenue of $5.27 billion, up 5.4% as reported. Operating income rose to $1.03 billion and adjusted diluted EPS grew to $4.15. These continuing-operations results follow the Life Sciences separation, and the company issued a fiscal 2027 adjusted EPS outlook of $13.10 to $13.30.

Quarterly results

FXN revenue growth accelerates as BD recasts results

Revenue grew 5.6% on a foreign-currency-neutral basis, which was faster than the 4.4% FXN growth in the third quarter. Adjusted diluted EPS from continuing operations was $4.15 and reported diluted EPS was $2.52. Tom Polen attributed the performance to key growth platforms. The Life Sciences separation required a recast of prior periods for continuing-operations comparisons.

“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.”
Tom Polen, Chairman, CEO and president

Diluted EPS from continuing operations

Q4 FY25Q4 FY26

Adjusted diluted EPS▲ +$0.89

$3.26

$4.15

Reported diluted EPS▲ +$1.32

$1.20

$2.52

Revenue growth, FXN

4.4%

Q3 FY26

5.6%

Q4 FY26

Operating earnings

Operating income rises as expenses decline

Operating income rose to $1.03 billion. Cost of products sold fell 2.2%. Integration, restructuring and transaction expenses and other operating expenses also declined.

Operating income and expenses

Q4 FY25Q4 FY26

Operating income▲ +93%

$536m

$1.0bn

Cost of products sold▼ −2.2% y/y

$2.6bn

Integration, restructuring and transaction expense▼ −38.7% y/y

$125m

$77m

Other operating expense, net▼ −67.0% y/y

$232m

$76m

Adjusted EPS reconciliation items

	Q4 FY26
Purchase accounting adjustments, pre-tax	$346m
Integration costs, pre-tax	$42m
Restructuring costs, pre-tax	$35m
Separation-related items, pre-tax	$32m
Product, litigation, and other items, pre-tax	$12m
Tax impact of specified items and other tax related	−$22m

Geography

International growth accelerated as U.S. revenue growth slowed

The United States remained the larger revenue base. Reported growth in the U.S. slowed to 4.3% from 6.9% in the third quarter. International reported growth accelerated to 7.0% from 3.2%.

Revenue by geography

$3.2bn United States

$2.1bn International

Geographic revenue growth

Q3 FY26Q4 FY26

United States reported revenue growth▼ −2.6 pts

6.9%

4.3%

United States FXN revenue growth▼ −2.6 pts

6.9%

4.3%

International reported revenue growth▲ +3.8 pts

3.2%

7.0%

International FXN revenue growth▲ +7 pts

0.6%

7.6%

Segments

Medical Essentials leads revenue as Interventional grows fastest

Medical Essentials was the largest segment by revenue. Interventional grew at the fastest reported pace among the four segments. That growth included contributions from Peripheral Intervention, Urology and Critical Care, and Surgery.

Segment revenue and reported growth

Medical Essentials

$1.8bn

▲ 5.9% y/y

Interventional

$1.5bn

▲ 7.6% y/y

Connected Care

$1.3bn

▲ 1.6% y/y

BioPharma Systems

$748m

▲ 6.5% y/y

Interventional revenue and reported growth

$577m Peripheral Intervention

▲ 8.8% y/y

$473m Urology and Critical Care

▲ 8.2% y/y

$422m Surgery

▲ 5.5% y/y

Connected Care

Patient monitoring growth offset medication management declines

Medication Management Solutions revenue fell 2.3%. Advanced Patient Monitoring revenue grew 15.0%. Constant currency growth slowed to 2.1% from 4.4% in the third quarter.

Connected Care business revenue

Q4 FY25Q4 FY26

Medication Management Solutions▼ −2.3% y/y

$974m

$952m

Advanced Patient Monitoring▲ +15.0% y/y

$276m

$317m

Connected Care revenue growth, FXN

4.4%

Q3 FY26

2.1%

Q4 FY26

Full year

Annual revenue and cash generation rose for fiscal 2026

Revenue reached $19.5 billion for the fiscal year. Cash from continuing operations rose 30.0% to $3.6 billion. Non-GAAP adjusted diluted EPS was $12.70 and non-GAAP free cash flow grew to $2.9 billion.

Fiscal 2026 results

Revenue

$19.5bn

▲ 4.9% y/y

FXN revenue growth: 3.9%

Adjusted diluted EPS

$12.70

GAAP diluted EPS: $5.06

Cash from continuing operations

$3.6bn

▲ 30.0% y/y

Free cash flow

$2.9bn

▲ 42.5% y/y

Outlook

BD sets fiscal 2027 guidance and U.S. investment plans

BD issued fiscal 2027 guidance of low single-digit GAAP and FXN revenue growth. The company intends to invest $19 billion in the U.S. over several years, including $3 billion for manufacturing expansion. Relief from future Section 232 tariffs remains subject to final scope and milestones. An Investor Day is scheduled for December 10.

Guidance and investment intentions

	Latest
Adjusted diluted EPS outlook	$13.10–$13.30 (FY27 outlook · Adjusted Diluted EPS · as of 2026-11-05)
U.S. investment intention	$19bn (Over several years)
Manufacturing expansion investment intention	$3bn (Over several years)

Figures from the company's earnings release and related filings. Changes are computed from the reported figures.

Becton, Dickinson and Company (BDX), a global medical technology company, reported fourth-quarter fiscal 2026 revenue of $5.27 billion, up 5.4% as reported and 5.6% on a foreign-currency-neutral basis from a year earlier. That currency-neutral pace was faster than the 4.4% FXN growth recorded in the third quarter. Adjusted diluted earnings from continuing operations were $4.15 a share, up 27.3% as reported and FXN. Reported diluted EPS from continuing operations was $2.52.

Chairman, CEO and president Tom Polen said the company delivered a strong fourth quarter with broad-based performance led by key growth platforms, and that fiscal 2026 was a defining year as BD completed its transformation to a more focused MedTech company with the separation of its Life Sciences business. On February 9, 2026, BD completed the spin-off of its former Biosciences and Diagnostic Solutions business and its combination with Waters Corporation; historical results of that unit are shown as discontinued operations, and prior periods have been recast.

Operating income from continuing operations was $1.032 billion, up 92.5% from $536 million a year earlier. Cost of products sold fell 2.2% to $2.581 billion. Integration, restructuring and transaction expense was $77 million, down 38.7% from $125 million. Other operating expense, net, was $76 million, down 67.0% from $232 million. The adjusted-EPS bridge added back $346 million of pre-tax purchase-accounting adjustments, $42 million of integration costs, $35 million of restructuring costs, $32 million of separation-related items and $12 million of product, litigation and other items, with a $22 million tax impact of specified items.

United States revenue was $3.204 billion, up 4.3% as reported and FXN, after 6.9% growth in the third quarter. International revenue was $2.070 billion, up 7.0% as reported and 7.6% FXN, after 3.2% reported and 0.6% FXN growth.

Medical Essentials was the largest segment at $1.786 billion, up 5.9% as reported and FXN. Interventional revenue was $1.472 billion, up 7.6% as reported and FXN. BioPharma Systems revenue was $748 million, up 6.5% as reported and 7.0% FXN. Connected Care revenue was $1.269 billion, up 1.6% as reported and 2.1% FXN, after 4.9% reported and 4.4% FXN growth in the third quarter.

Inside Connected Care, Medication Management Solutions revenue was $952 million, down 2.3% as reported and 2.2% FXN. Advanced Patient Monitoring was $317 million, up 15.0% as reported and 17.3% FXN. Inside Interventional, Peripheral Intervention was $577 million, up 8.8% as reported and 8.3% FXN; Urology and Critical Care was $473 million, up 8.2% as reported and 8.7% FXN; Surgery was $422 million, up 5.5% as reported and FXN.

For the full fiscal year ended September 30, 2026, revenue was $19.5 billion, up 4.9% as reported and 3.9% FXN. GAAP diluted EPS from continuing operations was $5.06; adjusted diluted EPS was $12.70. Cash from continuing operations increased 30.0% to $3.6 billion, and free cash flow increased 42.5% to $2.9 billion.

BD announced a partnership with the U.S. government to expand domestic manufacturing and strengthen supply chains for medical consumables. Through the partnership, the company 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 Section 232 tariffs on covered BD products and inputs, subject to final scope, implementation and agreed milestones.

BD issued fiscal 2027 guidance of low single-digit GAAP and FXN revenue growth and adjusted diluted EPS of $13.10 to $13.30. The company said it will hold its 2026 Investor Day on December 10 at the New York Stock Exchange.