Becton Dickinson and (BDX) financial statements
Becton Dickinson and reported revenue of $21.8B in fiscal 2025, up 6.4% a year over 9 years.
Net income was $1.7B and the operating margin 11.8%, against 11.5% in 2016.
Free cash flow was $2.7B, and the company returned $1.2B in dividends and $1.0B in net buybacks.
The diluted share count rose 33% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Becton Dickinson and's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.5B | $12.1B | $16.0B | $17.3B | $16.1B | $19.1B | $18.9B | $19.4B | $20.2B | $21.8B |
| Cost of revenue | $6.5B | $6.1B | $8.7B | $9.0B | $9.3B | $10.5B | $10.4B | $11.2B | $11.1B | $11.9B |
| Gross profit | $6.0B | $5.9B | $7.3B | $8.3B | $7.6B | $8.6B | $8.5B | $8.2B | $9.1B | $9.9B |
| Research and development | $828M | $770M | $1.0B | $1.1B | $1.0B | $1.3B | $1.3B | $1.2B | $1.2B | $1.3B |
| Selling, general and admin | $3.0B | $2.9B | $4.0B | $4.3B | $4.2B | $4.7B | $4.7B | $4.7B | $4.9B | $5.3B |
| Operating income | $1.4B | $1.5B | $1.5B | $1.8B | $912M | $2.2B | $2.3B | $2.1B | $2.4B | $2.6B |
| Interest expense | $388M | $521M | $706M | $639M | $528M | $469M | $398M | $452M | $528M | $613M |
| Pre-tax income | $1.1B | $976M | $1.2B | $1.2B | $414M | $1.7B | $1.8B | $1.7B | $2.0B | $1.9B |
| Income tax | $97M | -$124M | $862M | -$57M | $62M | $88M | $148M | $132M | $300M | $203M |
| Net income | $976M | $1.1B | $311M | $1.2B | $874M | $2.1B | $1.8B | $1.5B | $1.7B | $1.7B |
| EPS (diluted) | $4.49 | $4.60 | $0.60 | $3.94 | $2.71 | $6.85 | $5.88 | $4.94 | $5.86 | $5.82 |
| Diluted shares | 218M | 224M | 265M | 275M | 282M | 292M | 287M | 288M | 291M | 289M |
| Gross margin | 48.0% | 49.1% | 45.5% | 47.9% | 47.1% | 45.1% | 44.9% | 42.2% | 45.2% | 45.4% |
| Operating margin | 11.5% | 12.6% | 9.4% | 10.2% | 5.7% | 11.8% | 12.1% | 10.9% | 11.9% | 11.8% |
| Net margin | 7.8% | 9.1% | 1.9% | 7.1% | 5.4% | 10.9% | 9.4% | 7.7% | 8.4% | 7.7% |
Balance sheet
Fiscal years, from Becton Dickinson and's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.5B | $14.2B | $1.1B | $536M | $2.8B | $2.3B | $1.0B | $1.4B | $1.7B | $567M |
| Receivables | $1.6B | $1.7B | $2.3B | $2.3B | $2.4B | $2.4B | $2.2B | $2.5B | $3.0B | $2.4B |
| Inventory | $1.7B | $1.8B | $2.5B | $2.6B | $2.7B | $2.7B | $3.2B | $3.3B | $3.8B | $3.1B |
| Total current assets | $6.4B | $18.6B | $7.4B | $6.7B | $9.0B | $8.8B | $8.1B | $8.7B | $10.5B | $9.3B |
| Property, plant and equipment | $3.9B | $4.6B | $5.4B | $5.7B | $5.9B | $6.0B | $6.0B | $6.6B | $6.8B | $6.4B |
| Goodwill | $7.4B | $7.6B | $23.6B | $23.4B | $23.6B | $23.9B | $24.6B | $24.5B | $26.5B | $26.0B |
| Total assets | $25.6B | $37.7B | $53.9B | $51.8B | $54.0B | $53.9B | $52.9B | $52.8B | $57.3B | $55.3B |
| Total current liabilities | $4.4B | $3.3B | $7.2B | $5.7B | $5.8B | $6.6B | $7.8B | $6.6B | $9.0B | $8.3B |
| Long-term debt | $10.6B | $18.7B | $18.9B | $18.1B | $17.2B | $17.1B | $13.9B | $14.7B | $17.9B | $17.6B |
| Total liabilities | $18.0B | $24.8B | $32.9B | $30.7B | $30.2B | $30.2B | $27.7B | $27.0B | $31.4B | $29.9B |
| Shareholders' equity | $7.6B | $12.9B | $21.0B | $21.1B | $23.8B | $23.7B | $25.3B | $25.8B | $25.9B | $25.4B |
| Net debt | $10.0B | $4.7B | $20.4B | $18.9B | $15.1B | $15.3B | $15.1B | $14.5B | $18.4B | $18.6B |
Cash flow
Fiscal years, from Becton Dickinson and's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.6B | $2.5B | $2.9B | $3.3B | $3.5B | $4.6B | $2.5B | $3.0B | $3.8B | $3.4B |
| Capital spending | $718M | $727M | $895M | $957M | $769M | $1.2B | $973M | $874M | $725M | $760M |
| Free cash flow | $1.8B | $1.8B | $2.0B | $2.4B | $2.8B | $3.5B | $1.5B | $2.1B | $3.1B | $2.7B |
| Stock-based compensation | $196M | $174M | $322M | $261M | $236M | $229M | $233M | $259M | $247M | $258M |
| Dividends paid | $562M | $677M | $927M | $984M | $1.0B | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B |
| Share buybacks (net) | $0 | -$220M | $0 | $0 | $0 | -$1.8B | -$500M | $0 | -$500M | -$1.0B |
| Net borrowing | -$1.3B | $7.3B | $1.1B | -$2.0B | -$1.3B | -$243M | -$78M | -$723M | $3.8B | -$1.3B |
| Free cash flow margin | 14.7% | 15.1% | 12.3% | 13.7% | 17.2% | 18.0% | 7.9% | 10.9% | 15.5% | 12.2% |
| Dividends per share | $2.58 | $3.03 | $3.50 | $3.58 | $3.63 | $3.59 | $3.77 | $3.86 | $3.78 | $4.15 |
Questions
What was Becton Dickinson and's revenue in 2025?
$21.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Becton Dickinson and generate?
$2.7B in fiscal 2025 (operating cash flow minus capital spending).
From Becton Dickinson and's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.