BECTON DICKINSON & CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BECTON DICKINSON & CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12,483	12,093	15,983	17,290	16,074	19,131	18,870	19,372	20,178	21,840
Cost of revenue	6,492	6,128	8,714	9,002	9,276	10,500	10,393	11,202	11,053	11,915
Gross profit	5,991	5,942	7,269	8,288	7,577	8,631	8,477	8,170	9,125	9,925
Research and development	828	770	1,004	1,062	1,039	1,279	1,256	1,237	1,190	1,265
Selling, general and administrative	3,005	2,909	4,016	4,332	4,185	4,719	4,709	4,719	4,857	5,278
Operating income	1,430	1,522	1,509	1,760	912	2,250	2,282	2,111	2,397	2,579
Interest expense	388	521	706	639	528	469	398	452	528	613
Interest income	21	76	65	12	7	9	16	49	163	38
Other non-operating income	11	-101	305	43	23	-99	-117	-46	-28	-123
Pre-tax income	1,074	976	1,173	1,176	414	1,692	1,783	1,662	2,005	1,881
Income tax	97	-124	862	-57	62	88	148	132	300	203
Income from continuing operations					352	1,604	1,635	1,530	1,705	1,678
Net income	976	1,100	311	1,233	874	2,092	1,779	1,484	1,705	1,678
EBITDA	2,544	2,610	3,487	4,013	3,027	4,480	4,511	4,399	4,683	5,041
EPS, basic	4.59	4.70	0.62	4.01	2.75	6.92	5.93	4.97	5.88	5.83
EPS, diluted	4.49	4.60	0.60	3.94	2.71	6.85	5.88	4.94	5.86	5.82
Shares, basic (weighted)	213	219	258	270	279	289	285	286	290	288
Shares, diluted (weighted)	218	224	265	275	282	292	287	288	291	289
Dividend per share	2.64	2.92	3.00	3.08	3.16	3.32	3.48	3.64	3.80	4.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,541	14,179	1,140	536	2,825	2,283	1,006	1,416	1,717	567
Receivables	1,618	1,744	2,319	2,345	2,398	2,350	2,191	2,534	3,033	2,396
Inventory	1,719	1,818	2,451	2,579	2,743	2,743	3,224	3,273	3,843	3,149
Other current assets	480	871	1,251	1,119	891	1,048	1,559	1,380	1,292	1,379
Total current assets	6,367	18,633	7,411	6,664	8,969	8,838	8,141	8,676	10,468	9,255
Property, plant and equipment	3,901	4,638	5,375	5,659	5,923	6,003	6,012	6,557	6,821	6,383
Lease right-of-use assets					418	446	482	517	876	885
Goodwill	7,419	7,563	23,600	23,376	23,604	23,886	24,621	24,522	26,465	25,964
Intangible assets					13,767	12,726	12,264	10,901	10,871	9,226
Other non-current assets	824	1,007	1,078	1,088	1,687	1,945	1,848	2,078	2,615	2,383
Total assets	25,586	37,734	53,904	51,765	54,012	53,866	52,934	52,780	57,286	55,325
Accounts payable	665	797	1,106	1,092	1,355	1,739	1,699	1,641	1,896	1,974
Accrued liabilities	1,575	1,393	2,255	2,127	2,638	2,867	2,605	2,604	3,476	3,103
Short-term debt	1,001	203	2,601	1,309	707	500	2,179	1,141	2,170	1,559
Total current liabilities	4,400	3,342	7,216	5,655	5,836	6,626	7,811	6,641	8,956	8,313
Long-term debt	10,550	18,667	18,894	18,081	17,224	17,110	13,886	14,738	17,940	17,620
Lease liabilities					336	344	384	414	667	704
Other non-current liabilities	1,684	1,609	5,743	5,676	5,753	5,209	5,052	4,582	3,558	2,632
Total liabilities	17,953	24,786	32,910	30,684	30,247	30,189	27,652	26,984	31,396	29,935
Total debt	10,550	18,667	18,894	18,081	17,224	17,110	13,886	14,738	17,940	17,620
Paid-in capital	4,693	9,619	16,179	16,270	19,270	19,272	19,553	19,720	19,893	20,075
Retained earnings	12,727	13,111	12,596	12,913	12,791	13,826	15,157	15,535	16,139	16,622
Treasury stock	-8,212	-8,427	-6,243	-6,190	-6,138	-7,723	-8,330	-8,305	-8,807	-9,808
Other comprehensive income	-1,929	-1,723	-1,909	-2,283	-2,548	-2,088	-1,488	-1,548	-1,732	-1,895
Shareholders' equity	7,633	12,948	20,994	21,081	23,765	23,677	25,282	25,796	25,890	25,390
Total equity	7,633	12,948	20,994	21,081	23,765	23,677	25,282	25,796	25,890	25,390
Total liabilities and equity	25,586	37,734	53,904	51,765	54,012	53,866	52,934	52,780	57,286	55,325

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	976	1,100	311	1,233	874	2,092	1,779	1,484	1,705	1,678
Depreciation and amortization	1,114	1,088	1,978	2,253	2,115	2,230	2,229	2,288	2,286	2,462
Stock-based compensation	196	174	322	261	236	229	233	259	247	258
Deferred income tax	-519	-74	-262	-633	-285	-280	-129	-622	-211	-474
Change in inventory	69	-46	246	-149	-120	-83	-631	-15	98	-410
Change in payables	368	134	867	-470	195	660	-473	-517	625	-185
Cash from operations	2,559	2,550	2,865	3,330	3,539	4,647	2,471	2,990	3,844	3,430
Capital expenditures	-693	-727	-895	-957	-769	-1,194	-973	-874	-725	-760
Acquisitions	0	-174	-15,155	0	-164	-508	-2,070	0	-3,924	0
Purchases of investments							0	0	-421
Cash from investing	-669	-883	-15,733	-741	-1,232	-1,880	-3,220	-716	-5,514	-818
Debt issued	0	11,462	5,086	2,224	3,389	4,869	497	1,662	4,517	0
Debt repaid	-752	-3,980	-3,996	-4,744	-4,664	-5,112	-805	-2,155	-1,142	-1,789
Stock issued	50	14
Share buybacks	0	-220	0	0	0	-1,750	-500	0	-500	-1,000
Dividends paid	-562	-677	-927	-984	-1,026	-1,048	-1,082	-1,114	-1,100	-1,196
Cash from financing	-1,761	10,977	-58	-3,223	22	-3,306	-736	-1,956	2,087	-3,617
Exchange rate effect	-12	-6	-17	-12	-3	15	-45	5	4	0
Net change in cash	117	12,638	-12,943	-646	2,326	-525	-1,233	322	375	-1,005
Free cash flow	1,866	1,823	1,970	2,373	2,770	3,453	1,498	2,116	3,119	2,670
Interest paid	392	435	674	658	515	474	390	452	473	628
Income taxes paid	218	265	235	536	523	671	532	629	653	599

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $183.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.0%	Gross profit / revenue.
Operating margin	10.3%	Operating income / revenue.
EBITDA margin	21.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.7%	Pre-tax income / revenue.
Net margin	4.2%	Net income / revenue.
Effective tax rate	12.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	5.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.1%	Research and development expense / revenue.
SG&A / revenue	25.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	11.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	23.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-0.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.6%	Total debt / total assets.
Liabilities / assets	51.9%	Total liabilities / total assets.
Net debt	$12.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.66x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$1.27B	Current assets - current liabilities.
Goodwill and intangibles / assets	66.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$9.55B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	3.68x	Revenue / average property, plant and equipment.
Inventory turnover	3.72x	Cost of revenue / average inventory.
Days inventory	98 days	365 x average inventory / cost of revenue.
Receivables turnover	9.48x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	181 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-44 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$81.46	Revenue / diluted weighted shares.
Book value per share	$88.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$34.70	Tangible book value / shares outstanding.
Cash per share	$2.57	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$50.07B	Share price x shares outstanding.
Enterprise value	$62.87B	Market cap + total debt - cash - short-term investments.
P/E	53.2x	Market cap / net income. Only when net income is positive.
P/S	2.23x	Market cap / revenue.
P/B	2.05x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	2.80x	Enterprise value / revenue.
EV/EBIT	27.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.1x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.

What was BECTON DICKINSON & CO's revenue in fiscal 2025?

BECTON DICKINSON & CO reported revenue of $21.84B for fiscal 2025, 8.2% higher than the year before.

Was BECTON DICKINSON & CO profitable in fiscal 2025?

Yes. Net income was $1.68B, a net margin of 7.7%.

How much free cash flow did BECTON DICKINSON & CO generate in fiscal 2025?

Cash from operations of $3.43B minus capital expenditures of $760.0M left free cash flow of $2.67B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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