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 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.
Revenue
$4.71B
+5.22% YoY
EPS (Diluted)
-$1.11
-203.74% YoY
Operating Income
$93M
-75.72% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Source: SEC XBRL
Becton Dickinson & Co (BDX) reported Q2 FY2026 revenue of $4.71B, up 5.2% year over year. Operating margin was 2.0%, down 6.5 points from 8.5% a year earlier. BDX's fiscal Q2 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 3.23 | 3.17 | Beat +1.8% |
| Mar 2026This filing | 2.90 | 2.80 | Beat +3.5% |
| Dec 2025 | 2.91 | 2.84 | Beat +2.4% |
| Sep 2025 | 3.96 | 3.96 | Miss -0.0% |
Adjusted (non-GAAP) EPS of $2.90 versus the $2.80 analyst consensus — a +3.5% beat for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$1.11.
Compiled by AI from this SEC filing
BDX grew Q2 FY2026 revenue 5.2% year-over-year to $4.71B (from $4.48B), suggesting continued demand for its medical device and diagnostics products despite a challenging macro environment.
Source: 10-Q Income Statement
Operating income fell dramatically from $383M to just $93M, with operating margin compressing from 8.5% to just 2.0%, driven primarily by an 8.6% surge in SG&A expenses to $1.21B and a 7.3% increase in R&D spend to $249M.
Source: 10-Q Income Statement
BDX swung from a net income of $308M in Q2 FY2025 to a net loss of $311M in Q2 FY2026, a 201% deterioration, resulting in a diluted EPS of -$1.11 versus +$1.07 in the prior year period.
Source: 10-Q Income Statement
Cost of revenue fell 2.3% year-over-year to $2.56B even as revenue grew 5.2%, indicating improved gross-level efficiency; however, this benefit was more than offset by elevated operating expenses below the gross profit line.
Source: 10-Q Income Statement
On a fiscal year-to-date basis, BDX repurchased $2.25B in shares (up 200% YoY from $750M), while also paying $589M in dividends, reflecting continued capital returns to shareholders despite reporting a net loss in the quarter.
Source: 10-Q Cash Flow Statement (YTD)
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
BDX's current ratio stands at 0.94x, with current liabilities of $8.51B exceeding current assets of $8.01B. This means the company cannot fully cover its short-term obligations with liquid assets, which could create refinancing or operational stress if conditions tighten.
Source: 10-Q Balance Sheet
The company reported a net loss of $311M and an operating margin of just 1.97% in Q2 FY2026, compared to a net income of $308M and operating margin of 8.55% in Q2 FY2025. If this trend persists, it could pressure the company's ability to service debt and sustain dividends.
Source: 10-Q Income Statement
SG&A expenses rose 8.6% YoY to $1.21B, growing faster than revenue (5.2%), which is a key driver of the operating income collapse. Without cost discipline, operating leverage may remain elusive even as revenues grow.
Source: 10-Q Income Statement
Long-term debt stands at $14.71B, down 16.8% from $17.67B a year ago, but still represents a substantial leverage burden relative to a stockholders' equity base of $24.13B. With a net loss in the quarter, debt coverage metrics are under pressure.
Source: 10-Q Balance Sheet
Total assets fell 6.7% YoY to $50.83B and stockholders' equity declined 4.4% to $24.13B, suggesting asset disposals or write-downs may be occurring. A shrinking equity base combined with a net loss raises concerns about book value erosion.
Source: 10-Q Balance Sheet
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 4.71 $B | 4.48 $B | +5.22% |
Cost of Revenue $B | 2.56 $B | 2.62 $B | -2.25% |
Operating Income $M | 93.00 $M | 383.00 $M | -75.72% |
Net Income $M | -311.00 $M | 308.00 $M | -200.97% |
EPS (Basic) $ | -1.11 $ | 1.07 $ | -203.74% |
EPS (Diluted) $ | -1.11 $ | 1.07 $ | -203.74% |
R&D Expense $M | 249.00 $M | 232.00 $M | +7.33% |
SG&A Expense $B | 1.21 $B | 1.12 $B | +8.59% |
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 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.
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