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BD reported growth across all four segments, led by Interventional's 7.6% rise, while gross margin expanded.
BDX projects low-single-digit revenue growth for fiscal 2027, with adjusted EPS expected to be $13.10-$13.30.
Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, delivered adjusted earnings per share (EPS) of $4.15 in the fourth quarter of fiscal 2026, up 27.3% year over year. The figure topped the Zacks Consensus Estimate by 2.2%.
The adjustments include expenses related to purchase accounting adjustments and restructuring costs, among others.
GAAP EPS for the quarter was $2.52, up 110% year over year.
BDX’s Revenues in Detail
BD registered revenues of $5.27 billion in the fiscal fourth quarter, up 5.4% year over year on a reported basis. The figure surpassed the Zacks Consensus Estimate of $5.12 billion by 3%.
At foreign currency-neutral (FXN) rates, revenues climbed 5.6% year over year.
The company benefited from growth across all four business segments, with Interventional registering the strongest reported growth.
BD’s Segment Details
In the quarter under review, the Medical Essentials segment reported revenues of $1.79 billion, up 5.9% year over year on both a reported basis and at FXN. Medication Delivery Solutions revenues rose 4.5%, while Specimen Management revenues increased 9.5%.
Revenues in the Connected Care segment totaled $1.27 billion, up 1.6% year over year on a reported basis and 2.1% at FXN. Advanced Patient Monitoring revenues increased 15%, partly offset by a 2.3% decline in Medication Management Solutions revenues.
BioPharma Systems generated revenues of $748 million, up 6.5% year over year on a reported basis and 7% at FXN.
The Interventional segment generated revenues of $1.47 billion, up 7.6% year over year on both a reported basis and at FXN. Peripheral Intervention, Urology and Critical Care and Surgery revenues improved 8.8%, 8.2% and 5.5%, respectively.
BDX’s Geographic Results
In the fourth quarter of fiscal 2026, revenues in the United States improved 4.3% year over year to $3.20 billion.
International revenues totaled $2.07 billion, up 7% from the year-ago quarter on a reported basis and 7.6% at FXN.
International operations registered stronger revenue growth than the domestic business during the quarter.
Becton, Dickinson and Company Price, Consensus and EPS Surprise
In the quarter under review, BD's gross profit increased 13.8% year over year to $2.69 billion. The gross margin expanded approximately 379 basis points (bps) to 51.1%.
Selling and administrative expenses increased 4.4% year over year to $1.26 billion. However, research and development expenses declined 6.8% to $246 million.
Integration, restructuring and transaction expenses decreased 38.7% to $77 million. Other operating expenses, net, declined 67% to $76 million.
Reported operating income totaled $1.03 billion, reflecting a 92.5% increase from the year-ago quarter. The reported operating margin expanded approximately 885 bps to 19.6%.
The quarter's results included a $66-million benefit primarily to the cost of products sold, related to refunds of tariffs imposed under the International Emergency Economic Powers Act.
BDX’s Financial Position
BD exited fiscal 2026 with cash and cash equivalents and short-term investments of $733 million compared with $709 million at the fiscal third-quarter end. Total debt (including current debt obligations) at the end of fiscal 2026 was $16.35 billion compared with $16.81 billion at the fiscal third-quarter end.
Cumulative net cash provided by continuing operating activities at the end of fiscal 2026 was $3.61 billion compared with $2.77 billion a year ago.
BD also repurchased common stock worth $2.43 billion and paid dividends of $1.16 billion during fiscal 2026.
Meanwhile, BD has a consistent dividend-paying history, with its five-year annualized dividend growth being 5.03%.
BD's Fiscal 2027 Guidance and Developments
BD has issued guidance for fiscal 2027.
The company expects full-year revenues to grow at a low-single-digit rate on both a reported basis and at FXN.
For fiscal 2027, adjusted EPS is anticipated to be in the range of $13.10-$13.30 compared with $12.70 reported in fiscal 2026. This represents projected growth of 3.1-4.7%.
Among recent developments, BD announced a partnership with the U.S. government to expand domestic manufacturing and strengthen supply-chain resilience. The company intends to invest $19 billion in the United States over several years, including $3 billion toward manufacturing expansion.
In Connected Care, Fairview Health Services became the first U.S. health system to deploy the BD Vmax 160 Pharmacy Automation Robot.
Within Interventional, BD announced the U.S. launch of its Liverty TIPS Stent Graft and positive nine-month results from the AGILITY clinical trial of the Revello Vascular Covered Stent.
The company also completed enrollment in the PREVENT clinical trial evaluating Phasix Mesh for incisional hernia prevention.
Our Take on BD
BD exited the fourth quarter of fiscal 2026 with better-than-expected results and solid top- and bottom-line growth. Robust performances by all four segments and both geographic regions were encouraging. The expansion of gross and operating margins, along with strong cash flow generation, also bodes well.
Apart from these, there were a few other developments during the recent period. BD announced a partnership with the U.S. government to expand domestic manufacturing and strengthen supply-chain resilience. The company intends to invest $19 billion in the United States over several years, including $3 billion toward manufacturing expansion. BDX also announced the U.S. launch of the BD Liverty TIPS Stent Graft, expanding its peripheral vascular portfolio. Further, the company reported positive nine-month results from the AGILITY clinical trial of the BD Revello Vascular Covered Stent. These developments raise our optimism about the stock.
However, the sluggish growth in Connected Care revenues and the decline in Medication Management Solutions sales remain concerning. The company's low-single-digit revenue growth outlook for fiscal 2027 also warrants attention.
Despite better-than-expected fourth-quarter results, BDX shares lost 6.4% in pre-market trading, potentially reflecting investor concerns over the company's subdued fiscal 2027 revenue growth outlook of low single digits.
BD’s Zacks Rank and Other Stocks to Consider
BDX currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader medical space are OPKO Health (OPK - Free Report) , Intuitive Surgical (ISRG - Free Report) and Globus Medical (GMED - Free Report) .
OPKO Health, currently flaunting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted loss of 1 cent per share, which surpassed the Zacks Consensus Estimate by 87.5%. Revenues of $163.6 million beat the Zacks Consensus Estimate by 24.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.
OPK has an estimated earnings growth rate of 23.3% for 2026. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 95.1%.
Intuitive Surgical, currently carrying a Zacks Rank #2, reported third-quarter 2026 adjusted EPS of $3.00, which beat the Zacks Consensus Estimate by 13.6%. Revenues of $3.05 billion surpassed the Zacks Consensus Estimate by 4.9%.
Intuitive Surgical has a long-term estimated growth rate of 14.9%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 15.1%.
Globus Medical, currently carrying a Zacks Rank #2, reported a second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%.
GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.
View the Zacks #1 Rank List
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BDX Stock Down in Pre-Market Despite Q4 Earnings & Revenue Beat
Key Takeaways
Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, delivered adjusted earnings per share (EPS) of $4.15 in the fourth quarter of fiscal 2026, up 27.3% year over year. The figure topped the Zacks Consensus Estimate by 2.2%.
The adjustments include expenses related to purchase accounting adjustments and restructuring costs, among others.
GAAP EPS for the quarter was $2.52, up 110% year over year.
BDX’s Revenues in Detail
BD registered revenues of $5.27 billion in the fiscal fourth quarter, up 5.4% year over year on a reported basis. The figure surpassed the Zacks Consensus Estimate of $5.12 billion by 3%.
At foreign currency-neutral (FXN) rates, revenues climbed 5.6% year over year.
The company benefited from growth across all four business segments, with Interventional registering the strongest reported growth.
BD’s Segment Details
In the quarter under review, the Medical Essentials segment reported revenues of $1.79 billion, up 5.9% year over year on both a reported basis and at FXN. Medication Delivery Solutions revenues rose 4.5%, while Specimen Management revenues increased 9.5%.
Revenues in the Connected Care segment totaled $1.27 billion, up 1.6% year over year on a reported basis and 2.1% at FXN. Advanced Patient Monitoring revenues increased 15%, partly offset by a 2.3% decline in Medication Management Solutions revenues.
BioPharma Systems generated revenues of $748 million, up 6.5% year over year on a reported basis and 7% at FXN.
The Interventional segment generated revenues of $1.47 billion, up 7.6% year over year on both a reported basis and at FXN. Peripheral Intervention, Urology and Critical Care and Surgery revenues improved 8.8%, 8.2% and 5.5%, respectively.
BDX’s Geographic Results
In the fourth quarter of fiscal 2026, revenues in the United States improved 4.3% year over year to $3.20 billion.
International revenues totaled $2.07 billion, up 7% from the year-ago quarter on a reported basis and 7.6% at FXN.
International operations registered stronger revenue growth than the domestic business during the quarter.
Becton, Dickinson and Company Price, Consensus and EPS Surprise
Becton, Dickinson and Company price-consensus-eps-surprise-chart | Becton, Dickinson and Company Quote
BD’s Margin Analysis
In the quarter under review, BD's gross profit increased 13.8% year over year to $2.69 billion. The gross margin expanded approximately 379 basis points (bps) to 51.1%.
Selling and administrative expenses increased 4.4% year over year to $1.26 billion. However, research and development expenses declined 6.8% to $246 million.
Integration, restructuring and transaction expenses decreased 38.7% to $77 million. Other operating expenses, net, declined 67% to $76 million.
Reported operating income totaled $1.03 billion, reflecting a 92.5% increase from the year-ago quarter. The reported operating margin expanded approximately 885 bps to 19.6%.
The quarter's results included a $66-million benefit primarily to the cost of products sold, related to refunds of tariffs imposed under the International Emergency Economic Powers Act.
BDX’s Financial Position
BD exited fiscal 2026 with cash and cash equivalents and short-term investments of $733 million compared with $709 million at the fiscal third-quarter end. Total debt (including current debt obligations) at the end of fiscal 2026 was $16.35 billion compared with $16.81 billion at the fiscal third-quarter end.
Cumulative net cash provided by continuing operating activities at the end of fiscal 2026 was $3.61 billion compared with $2.77 billion a year ago.
BD also repurchased common stock worth $2.43 billion and paid dividends of $1.16 billion during fiscal 2026.
Meanwhile, BD has a consistent dividend-paying history, with its five-year annualized dividend growth being 5.03%.
BD's Fiscal 2027 Guidance and Developments
BD has issued guidance for fiscal 2027.
The company expects full-year revenues to grow at a low-single-digit rate on both a reported basis and at FXN.
For fiscal 2027, adjusted EPS is anticipated to be in the range of $13.10-$13.30 compared with $12.70 reported in fiscal 2026. This represents projected growth of 3.1-4.7%.
Among recent developments, BD announced a partnership with the U.S. government to expand domestic manufacturing and strengthen supply-chain resilience. The company intends to invest $19 billion in the United States over several years, including $3 billion toward manufacturing expansion.
In Connected Care, Fairview Health Services became the first U.S. health system to deploy the BD Vmax 160 Pharmacy Automation Robot.
Within Interventional, BD announced the U.S. launch of its Liverty TIPS Stent Graft and positive nine-month results from the AGILITY clinical trial of the Revello Vascular Covered Stent.
The company also completed enrollment in the PREVENT clinical trial evaluating Phasix Mesh for incisional hernia prevention.
Our Take on BD
BD exited the fourth quarter of fiscal 2026 with better-than-expected results and solid top- and bottom-line growth. Robust performances by all four segments and both geographic regions were encouraging. The expansion of gross and operating margins, along with strong cash flow generation, also bodes well.
Apart from these, there were a few other developments during the recent period. BD announced a partnership with the U.S. government to expand domestic manufacturing and strengthen supply-chain resilience. The company intends to invest $19 billion in the United States over several years, including $3 billion toward manufacturing expansion. BDX also announced the U.S. launch of the BD Liverty TIPS Stent Graft, expanding its peripheral vascular portfolio. Further, the company reported positive nine-month results from the AGILITY clinical trial of the BD Revello Vascular Covered Stent. These developments raise our optimism about the stock.
However, the sluggish growth in Connected Care revenues and the decline in Medication Management Solutions sales remain concerning. The company's low-single-digit revenue growth outlook for fiscal 2027 also warrants attention.
Despite better-than-expected fourth-quarter results, BDX shares lost 6.4% in pre-market trading, potentially reflecting investor concerns over the company's subdued fiscal 2027 revenue growth outlook of low single digits.
BD’s Zacks Rank and Other Stocks to Consider
BDX currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader medical space are OPKO Health (OPK - Free Report) , Intuitive Surgical (ISRG - Free Report) and Globus Medical (GMED - Free Report) .
OPKO Health, currently flaunting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted loss of 1 cent per share, which surpassed the Zacks Consensus Estimate by 87.5%. Revenues of $163.6 million beat the Zacks Consensus Estimate by 24.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.
OPK has an estimated earnings growth rate of 23.3% for 2026. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 95.1%.
Intuitive Surgical, currently carrying a Zacks Rank #2, reported third-quarter 2026 adjusted EPS of $3.00, which beat the Zacks Consensus Estimate by 13.6%. Revenues of $3.05 billion surpassed the Zacks Consensus Estimate by 4.9%.
Intuitive Surgical has a long-term estimated growth rate of 14.9%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 15.1%.
Globus Medical, currently carrying a Zacks Rank #2, reported a second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%.
GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.