Becton, Dickinson and Company (BDX) Financials

Here are the key takeaways from Becton, Dickinson and Company (BDX) quarterly statements over the last four years, focusing on cash flow, profitability, and balance-sheet trends. Items are shown with positive first, then neutral, then negative potential impacts on the stock.

• Consistent operating cash flow supports shareholder returns and capex. Net cash from continuing operating activities has remained solid across recent quarters, including about $1.35B in Q4 2025 and roughly $0.66B–$1.0B+ in other periods, providing capacity for dividends and capital spending.
• Healthy gross margins in the mid-40s to high-40s percent range. Recent quarters show gross margins around 46%–48% (e.g., Q1 2026 gross margin about 46%), indicating solid pricing and cost control despite revenue fluctuations.
• Cash returns to shareholders via dividends and buybacks. The company typically pays steady per-share dividends (about $1.04–$1.05) and has engaged in occasional share repurchases, signaling confidence in cash generation and a commitment to capital returns.
• Solid balance-sheet position with manageable leverage. Total liabilities (~$29–30B) versus total equity (~$25–$26B) and long-term debt around $17–$18B reflect a substantial but balanced capital structure supported by cash flow generation.
• Net income and earnings per share have remained positive with resilient quarterly results. Net income from continuing operations is typically in the low hundreds of millions per quarter (e.g., $303M–$574M across recent quarters), with diluted EPS generally in the $1.0–$2.0 range depending on period and share count.
• Revenue trends show seasonality and modest, multi-year variation. Quarterly revenue fluctuates (e.g., around $5.25B in Q1 2026 versus higher levels in prior quarters), which is common for a large medical devices company with diverse product lines and procurement cycles.
• Working capital fluctuations are a recurring cash-flow factor. Changes in operating assets and liabilities often swing cash flow (net effects can be negative in several quarters), contributing to quarterly cash-flow variability but not necessarily to long-term liquidity concerns.
• Net cash from financing activities is frequently negative due to shareholder rewards and debt activity. Ongoing share repurchases and dividend payments have produced recurring cash outflows (e.g., negative financing cash flow across multiple recent quarters), which can stress cash balance if not offset by operating cash flow and debt management.
• Earnings-per-share can show volatility due to share-count changes and periodic charges. Diluted EPS has fluctuated between periods (e.g., around $1.34 in Q1 2026 vs about $2.00 in several late-2024 quarters), reflecting changes in shares outstanding and quarterly adjustments.