Becton Dickinson (1BDX) Q4 2026 Earnings Report
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IT:1BDX Q4 2026 EPS Results
- Actual EPS
- EUR 3.70
- Consensus EPS
- EUR 3.63
- Beat/Miss
- Beat by +EUR 0.07
- One Year Ago EPS
- EUR 2.78
IT:1BDX Q4 2026 Revenue Results
- Actual Revenue
- EUR 4.70B
- Expected Revenue
- EUR 4.56B
- Beat/Miss
- Beat by +EUR 143.26M
- YoY Revenue Growth
- -10.46%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
IT:1BDX Upcoming Earnings
Becton Dickinson's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
IT:1BDX Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, supported by strong Q4 revenue and adjusted EPS growth, broad-based momentum across key platforms, share gains, improved cash flow, productivity gains, innovation progress, and a completed portfolio transformation. The main challenges were the Alaris comparison, low-single-digit fiscal 2027 revenue guidance, flat reported operating margins, inflation and tariff effects, and the Q4 vaccine decline, but management characterized several of these pressures as temporary or moderating and expressed confidence in continued growth and margin expansion beyond fiscal 2027.
Company Guidance
For fiscal 2027, BD expects low single-digit growth for the full year, with currency estimated to be a headwind of about 70 basis points and an approximate 200 basis points impact from the Alaris capital comparison; excluding this impact, BD expects mid-single-digit growth at the midpoint of its guidance. Adjusted operating margins are expected to be roughly flat year-over-year, the adjusted tax rate is expected to be between 16% and 17%, weighted average shares outstanding are expected to be approximately 273 million, and adjusted EPS is expected to be in a range of $13.10 to $13.30. Q1 revenue growth is expected to be at the low end of the range, the first half is expected to be in line with the midpoint of the full year guidance, and Q1 adjusted EPS is expected to be between $2.32 and $2.37, with earnings growth expected to accelerate in Q2 and the second half of the year.
- Strong Fourth-Quarter and Full-Year ResultsQ4 revenue was $5.3 billion, up 5.6%, and adjusted EPS was $4.15, up 27.3%. Full-year revenue was $19.5 billion, up 3.9%, and adjusted EPS was $12.70, up 6.7%.
- Broad-Based Growth Across Key PlatformsGrowth remained broad-based across BD's businesses. Advanced Patient Monitoring, PureWick, advanced tissue regeneration, biologic drug delivery, and Rowa pharmacy automation all delivered double-digit growth with accretive margins in both Q4 and the full year. Excluding the Alaris prior-year comparison, revenue growth was high single digits in Q4 and solid mid-single digits for the full year.
- Medical Essentials and Specimen Management PerformanceMedical Essentials grew 5.9%. Within the segment, MDS delivered solid mid-single-digit growth from share gains and healthy vascular access utilization, while Specimen Management grew at a high single-digit rate due to share gains across the BD Vacutainer portfolio, new supply capacity, and incremental demand related to competitor disruptions.
- Advanced Patient Monitoring MomentumConnected Care grew 2.1%, led by double-digit growth in Advanced Patient Monitoring across capital and consumables. APM generated one of its highest annual growth rates in the last 20 years, performed ahead of the deal model, and significantly expanded margins under BD's ownership. Sales force investments supported uptake of HemoSphere Alta and strong capital growth in Q4.
- Alaris and Dispensing Share GainsAlaris gained additional share in Q4 and more than 250 basis points for the full year. Dispensing also gained share, supported by strong Pyxis Pro order momentum and a 95% attachment rate for the new Incada AI platform.
- Pharmacy Automation Commercial WinsPharmacy Automation benefited from incremental investments, increased central-fill win rates, and the U.S. launch of BD Vmax. BD won all six central-fill opportunities it competed for in Q4, with Vmax attached to every sale. Rowa pharmacy automation delivered double-digit growth in both Q4 and the full year.
- Biologic Drug Delivery GrowthBioPharma Systems grew 7%, driven by continued double-digit growth in biologics, including GLP-1 therapies, and moderating vaccine headwinds. BD reported high win rates for new molecules, biosimilars, and biologics products, and expects continued strong performance in biologics through fiscal 2027 and beyond.
- Interventional and UCC GrowthInterventional grew 7.6%, with high single-digit growth in Peripheral Intervention and UCC and solid mid-single-digit growth in Surgery. Peripheral Intervention growth was led by peripheral vascular disease and oncology, while PureWick delivered another quarter of double-digit growth driven by adoption, competitive wins, and momentum in the VA channel. Surgery benefited from double-digit growth in advanced tissue regeneration.
- Improved Profitability in the Fourth QuarterQ4 adjusted gross margin was 56.8%, up 180 basis points year over year, and adjusted operating margin was 28.6%, up 280 basis points. Productivity gains through BD Excellence and favorable mix benefited margins while BD continued investing in selling and R&D.
- Free Cash Flow and Capital ReturnsFull-year free cash flow was $2.9 billion, up 42% versus the prior year. Including separation costs, free cash flow conversion increased from approximately 57% to 74%. BD returned $3.6 billion to shareholders, including approximately $2.4 billion in share repurchases and $1.2 billion in dividends, announced its 55th consecutive year of dividend increases, and paid down $2.4 billion in debt, ending the year at 2.7x net leverage.
- Operational Productivity and Supply Chain ExecutionBD delivered approximately 8% gross productivity in its plants during fiscal 2026, with customer service levels above 90%. More than 2,000 Kaizen events supported manufacturing efficiencies, raw-material savings, and network optimization. The $200 million cost-out program launched at the beginning of fiscal 2026 had 100% of its savings identified.
- U.S. Government Partnership and Domestic ManufacturingBD entered a landmark partnership with the U.S. government and committed to invest $19 billion in the U.S. over several years, including $3 billion for manufacturing expansion. Management said this represents a reprioritization of investments rather than incremental investment for BD. The agreement also provides relief from future Section 232 tariffs on covered products and inputs, subject to final scope, implementation, and achievement of agreed milestones. The company expects the share of Medical Essentials products made and sold in the U.S. to reach about 80%.
- Innovation and Product Pipeline ProgressBD increased investment behind six key growth platforms, moved R&D resources and decision-making closer to the businesses, and compressed product launch times by an average of 10 months. The company received FDA approval for the Liverty TIPS Stent Graft, which targets the approximately $2 billion global venous market growing at a high-single-digit rate, and received 510(k) clearance for Phasix ST Parastomal, with launch expected in the first half of fiscal 2027 for the $1.8 billion served parastomal hernia market.
- AI Commercial and Operational InitiativesBD launched the Incada AI platform, which had a 95% attachment rate in Dispensing and a 100% attachment rate on new Pyxis placements. BD is applying AI to patient monitoring, drug inventory and waste reduction, manufacturing demand and production planning, inventory and supply levels, sales hiring and planning, sales performance analysis, and R&D sustaining engineering. The company also created an AI center of excellence in Irvine and deployed the Cognite platform across manufacturing.
- European Performance and Utilization TrendsBD reported strong performance in Europe, including strong pharmacy automation results as pharmacies consolidate into larger centers. In the U.S., MDS grew 4% and Specimen Management grew 9%, while management cited continued strong utilization, more tubes collected per patient, and constructive but selective capital spending focused on high-return investments.
- Focused Portfolio and Long-Term StrategyFiscal 2026 completed BD's separation of its life sciences business and transformation into a more focused medtech company. Management reported progress against its compete, innovate, and deliver pillars and expressed confidence in the underlying trajectory of New BD and its path toward sustainable mid-single-digit growth. BD expects to provide additional strategic updates, new innovations, and long-term financial targets at its December 10 investor day.
- Capital Allocation FlexibilityManagement said improving free cash flow is expanding BD's ability to invest organically, return capital to shareholders, pay down debt, and pursue focused tuck-in M&A. Share buybacks remain a top priority, while the company also intends to continue building the portfolio through focused acquisitions.
IT:1BDX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2027 (Q1) | 2.25- | 2.04 | ― | ― |
| Nov 05, 2026 | 2026 (Q4) | 3.633.70 | 2.78 | 33.35% (+0.93) | |
| Aug 06, 2026 | 2026 (Q3) | 2.802.88 | 2.58 | 11.69% (+0.30) | |
| May 07, 2026 | 2026 (Q2) | 2.482.59 | 2.35 | 10.14% (+0.24) | |
| Feb 09, 2026 | 2026 (Q1) | 1.972.04 | 2.4 | -15.14% (-0.36) | |
| Nov 06, 2025 | 2025 (Q4) | 2.752.78 | 2.67 | 3.94% (+0.11) | |
| Aug 07, 2025 | 2025 (Q3) | 2.382.58 | 2.45 | 5.16% (+0.13) | |
| May 01, 2025 | 2025 (Q2) | 2.302.35 | 2.22 | 5.70% (+0.13) | |
| Feb 05, 2025 | 2025 (Q1) | 2.092.40 | 1.88 | 27.97% (+0.53) | |
| Nov 07, 2024 | 2024 (Q4) | 2.642.67 | 2.4 | 11.38% (+0.27) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
