Preliminary brief— based on press release only. Full analysis including management tone and Q&A will be added when the transcript is available.

BDX · Q4 2025 Earnings

Becton Dickinson

Reported October 15, 2025

Headline numbers

EPS

Q4 FY2025

$3.96

Revenue

Q4 FY2025

$5.89B

+8.3% YoY

Key financials

Q4 FY2025

Metric	Q4 FY2025	YoY	Q3 FY2025	QoQ
Revenue	$5.89B	+8.3%	$5.51B	+6.9%
EPS	$3.96	—	$3.68	+7.6%

Guidance

FY2025 delivered strong Q4 results with EPS beat and revenue growth +8.3% YoY (vs. guided decline), but full-year EPS fell modestly short of guidance; FY2026 outlook maintains prior EPS guidance of $14.75–$15.05 but faces Q1 headwinds with expected low-single-digit revenue decline.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Adjusted Diluted EPS	Q4 FY2025	$2.75 to $2.85	$3.96	above guide	Met
Revenue Growth	Q4 FY2025	down low single digits	+8.3% YoY	+8-9 pts above guide	Beat
Adjusted Operating Margin	FY2025	approximately 25%	25.0%	in-line	Met

New guidance

Metric	Period	Guide	YoY
Revenue Growth (GAAP)	FY2026	low single-digit plus	—
Revenue Growth (FXN)	FY2026	low single-digit	—
Adjusted Diluted EPS	FY2026	$14.75 to $15.05 (midpoint $14.9)	—
Adjusted Operating Margin	FY2026	approximately 25%	—
Adjusted Effective Tax Rate	FY2026	14% to 15%	—
Adjusted Diluted EPS	Q1 FY2026	$2.75 to $2.85 (midpoint $2.8)	—
Revenue Growth	Q1 FY2026	down low single digits	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Adjusted Diluted EPS	FY2025	$14.75 to $15.05 (midpoint $14.9)	$14.4	−$0.5 below midpoint	Lowered

Segment KPIs

Q4 FY2025

Segment	Q4 FY2025	YoY
BD Medical	$3.155B	+11.2%
BD Life Sciences	$1.368B	+2.1%
BD Interventional	$1.367B	+8.5%
BD Medical Organic Growth (Q4)	4.0%	—
BD Life Sciences Organic Growth (Q4)	0.3%	—
BD Interventional Organic Growth (Q4)	7.5%	—

Other KPIs

Q4 FY2025

Segment	Q4 FY2025	YoY
United States	$3.422B	+9.8%
International	$2.468B	+6.4%
Organic Revenue Growth (Q4)	3.9%	—
Organic Revenue Growth (FY)	2.9%	—
Adjusted Operating Margin (FY)	25.0%	—
Adjusted Diluted EPS Growth (FY)	9.6%	—
Shareholder Returns (FY)	$2.2 billion	—

Management tone

No tone-shift analysis available for this quarter.

Recurring themes management leaned on this quarter:

Macro containment and conservative guidance setting amid transitory headwindsBD Excellence as margin expansion engine offsetting low single-digit revenue growthCommercial acceleration and organizational re-architecting under new Chief Revenue OfficerHigh-growth, high-margin portfolio reallocation ($50M corporate to R&D, $30M incremental sales investment)Waters transaction as strategic unlock and near-term value creation catalystNew BD positioning as focused med-tech pure play with 90%+ consumables and 25%+ operating margins

Risks management surfaced:

Vaccine demand volatility and conservative ordering patterns continuing into FY26China volume-based procurement expansion reducing portfolio pricing and creating mid-teens revenue declineAlaris fleet remediation completion creating 100+ bps growth lapping headwind in FY26 and 200 bps in FY27Tariff absorption of 80-185 bps headwind across FY26 quarters, most prominent in Q1-Q3Biosciences research funding subdued with licensing revenue timing headwinds in Q1 FY26 prior-year comparisons

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