Becton Dickinson and Company

Becton, Dickinson and Company, or BD, is a New Jersey medical technology company with roots in 1897. It sells medical supplies, devices, lab equipment and diagnostic tests to hospitals, doctors, laboratories, researchers, drug companies and consumers. Many of its products, such as syringes, needles and blood collection tubes, are used once and thrown away, so customers keep reordering them. In the US, these disposables mostly reach customers through distributors. Equipment such as infusion pumps is mostly sold directly.

In fiscal 2025 (ended September 30, 2025), revenue was $21.84 billion. BD Medical made up 52.5% of sales. It covers IV (intravenous) catheters, infusion pumps, pharmacy automation and prefillable syringes that drugmakers fill with medicines. It also includes patient monitors from Edwards Lifesciences' Critical Care group, bought in September 2024 for about $3.9 billion. BD Interventional (23.9%) sells hernia repair, vascular, urology and surgical products. BD Life Sciences (23.7%) sells blood collection products, infectious disease tests and cell research tools. The US supplied 58.6% of revenue; Europe, the Middle East and Africa 21.7%; and Greater Asia 14.2%.

In July 2025, BD agreed to spin off its Biosciences and Diagnostic Solutions business to its shareholders and merge it with Waters Corporation. BD shareholders would own about 39.2% of the combined company, and BD would receive about $4 billion in cash. Starting October 1, 2025, BD reorganized into five segments.

• In Q3 FY2026 (ended Jun 30, 2026), revenue was $4.98B, up 5.4% from a year earlier, and net income was $377.0M (-34.3%).
• For fiscal 2025, revenue was $21.84B (+8.2% year over year; +6.3% a year from FY2020 to FY2025) with a 7.7% net margin.

• Over FY2021–FY2025: $3.75B in buybacks and $5.54B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +5.7% a year over 5 years (FY2020–FY2025).
• Dividends took 71.3% of earnings and 44.8% of free cash flow in the latest fiscal year.
• Shares outstanding changed -4.1% from Oct 31, 2021 to Jun 30, 2026.

Rank among 1514 US companies

Market value at each year end

Becton Dickinson and’s market value went from $27.63B at the end of 2016 to $54.10B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is up 25%.

Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 13 sales ($2.1M), 12 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in BDX

1. The Waters deal may stall or disappoint. As of BD's fiscal 2025 annual report, the Waters deal still needed regulatory approval, Waters shareholder approval and an IRS ruling. It could slip or fail, disrupt operations, or deliver less than expected.
2. A heavy debt load. As of June 30, 2026, BD owed $16.8 billion and held $708 million in cash and investments. Its loan agreements limit its options, and BD warns it may not be able to meet every payment.
3. Tariffs and trade policy could raise costs. BD expected tariffs to raise its costs in fiscal 2026 and possibly beyond, with few ways to offset them. A US national-security trade review of imported medical supplies and devices adds uncertainty.
4. Product defects can bring regulatory action. BD's products, from infusion pumps to implanted stents, are tightly regulated. Defects or quality problems can lead to action by regulators, lawsuits, lost sales and the cost of fixing them.
5. Factory, sterilization or supply disruptions. BD runs plants in many countries, including China, Mexico and Ireland, and depends on certain raw materials and parts. A shutdown at a factory or sterilization site, or a parts shortage, could cut supply.
6. Pressure on prices and research budgets. Hospitals, insurers and governments push to hold down healthcare costs, which can squeeze BD's prices. Cuts to research budgets or government funding can also hurt demand for its life science tools.

• Aug 6, 2026 Quarterly results released
• Jul 22, 2026 Executive or board change; Investor presentation or announcement
• May 29, 2026 Investor presentation or announcement
• May 20, 2026 Major agreement signed; New debt or financial obligation
• May 12, 2026 Other company announcement
• May 7, 2026 Quarterly results released
• Apr 29, 2026 Bylaws or fiscal year changed
• Apr 9, 2026 Executive or board change; Investor presentation or announcement
• Apr 2, 2026 Quarterly results released
• Feb 25, 2026 Other company announcement

BD raised its dividend every year from fiscal 2016 to 2025. That is at least nine straight increases, and the streak may be longer. Dividends per share grew from $3.16 in fiscal 2020 to $4.16 in fiscal 2025, about 5.7% a year. In fiscal 2025, dividends used 71.3% of earnings but only 44.8% of free cash flow. Free cash flow is the cash left after running the business and paying for new equipment and facilities. The yield was 2.04% as of October 28, 2026. From fiscal 2021 to 2025, BD spent $3.75 billion on buybacks. Its share count fell 4.1% between October 2021 and June 2026.

In the 2008 financial crisis, the shares fell 34.2% from peak to low and did not recover until May 2011. In the 2020 COVID crash they dropped 21.8% but recovered in under a month. In the 2022 bear market (a long market slump) they fell 19.9% and recovered in July 2023. A single stock carries more risk than a diversified fund.