Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
BDX delivered solid Q1 FY2026 results with revenue up 1.6% to $5.25B, operating income surging 21.9% to $552M, and net income rising 26.1% to $382M, driven by improved cost efficiency and margin expansion.
Revenue
$5.25B
+1.63% YoY
EPS (Diluted)
$1.34
+28.85% YoY
Operating Income
$552M
+21.85% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Source: SEC XBRL
Becton Dickinson & Co (BDX) reported Q1 FY2026 revenue of $5.25B, up 1.6% year over year. Operating margin was 10.5%, up 1.7 points from 8.8% a year earlier. Operating cash flow was $657M, down 5.2% year over year. BDX's fiscal Q1 FY2026 corresponds to calendar Q4 2025.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 3.23 | 3.17 | Beat +1.8% |
| Mar 2026 | 2.90 | 2.80 | Beat +3.5% |
| Dec 2025This filing | 2.91 | 2.84 | Beat +2.4% |
| Sep 2025 | 3.96 | 3.96 | Miss -0.0% |
Adjusted (non-GAAP) EPS of $2.91 versus the $2.84 analyst consensus — a +2.4% beat for Dec 2025. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $1.34.
Compiled by AI from this SEC filing
Total revenue grew 1.6% year-over-year to $5.25B in Q1 FY2026 (vs. $5.17B in Q1 FY2025), reflecting steady demand across BDX's medical device and diagnostics portfolio despite a challenging macro environment.
Source: 10-Q Income Statement
Cost of revenue declined 3.1% YoY to $2.84B, which—combined with modest revenue growth—drove gross profit meaningfully higher. Operating margin expanded approximately 175 basis points to 10.5% from 8.8% in the prior-year period, signaling improved operational efficiency.
Source: 10-Q Income Statement
R&D expense fell 10.8% YoY to $306M, potentially reflecting prioritization of late-stage programs or cost discipline, while SG&A increased 5.7% to $1.39B, suggesting continued investment in commercial infrastructure and sales force.
Source: 10-Q Income Statement
Net income increased 26.1% to $382M and diluted EPS rose 28.8% to $1.34, outpacing revenue growth and reflecting the combined benefit of lower cost of goods sold and reduced R&D spend.
Source: 10-Q Income Statement
Long-term debt declined 3.0% YoY to $16.92B, and share buybacks were reduced 66.7% to $250M (vs. $750M in Q1 FY2025), suggesting BDX is prioritizing balance sheet deleveraging over aggressive capital returns.
Source: 10-Q Balance Sheet & Cash Flow Statement
Compiled by AI from this SEC filing · 2 high, 2 medium, 1 low
BDX carries $16.92B in long-term debt, representing a significant financial obligation relative to its $25.28B in stockholders' equity. While debt declined modestly YoY, the debt-to-equity ratio remains elevated, limiting financial flexibility and increasing sensitivity to interest rate changes.
Source: 10-Q Balance Sheet
BDX's current ratio stands at approximately 1.05, meaning current assets of $9.19B barely cover current liabilities of $8.76B. Current liabilities grew 14.3% YoY, which could pressure near-term liquidity if operating cash flows weaken.
Source: 10-Q Balance Sheet
Operating cash flow fell 5.2% YoY to $657M despite strong net income growth of 26.1%, suggesting working capital headwinds or non-cash adjustments may be absorbing earnings. Free cash flow (OCF minus capex implied by investing activities) remains constrained.
Source: 10-Q Cash Flow Statement
R&D expense declined 10.8% YoY to $306M, which may reflect cost discipline but could also signal reduced investment in future product innovation. For a medical technology company, sustained underinvestment in R&D could impair long-term competitive positioning.
Source: 10-Q Income Statement
SG&A expenses rose 5.7% YoY to $1.39B, growing faster than revenue (1.6%), which could compress margins if this trend continues. Elevated commercial spending without commensurate revenue acceleration may weigh on profitability in future quarters.
Source: 10-Q Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 5.25 $B | 5.17 $B | +1.63% |
Cost of Revenue $B | 2.84 $B | 2.93 $B | -3.14% |
Operating Income $M | 552.00 $M | 453.00 $M | +21.85% |
Net Income $M | 382.00 $M | 303.00 $M | +26.07% |
EPS (Basic) $ | 1.34 $ | 1.05 $ | +27.62% |
EPS (Diluted) $ | 1.34 $ | 1.04 $ | +28.85% |
R&D Expense $M | 306.00 $M | 343.00 $M | -10.79% |
SG&A Expense $B | 1.39 $B | 1.32 $B | +5.69% |
Answers draw on this SEC filing and the data on this page
BD's Q3 FY2026 saw solid revenue growth offset by margin pressure from tariffs and restructuring, while the company completed its Life Sciences spin-off and returned significant capital to shareholders.
BDX reported Q2 FY2026 revenue growth of 5.2% to $4.71B, but swung to a net loss of $311M (EPS -$1.11) driven by a sharp 75.7% collapse in operating income and surging SG&A costs, while the current ratio fell below 1.0x signaling near-term liquidity pressure.
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