BDX earnings analysis
What we found in BDX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Becton, Dickinson and Company reported strong second-quarter 2026 results with impressive revenue growth, exceeding estimates at $4.71 billion, a 5.2% increase year-over-year. Diluted EPS also surprised on the upside, coming in at $2.90 compared to expectations of $2.77, despite facing challenges such as higher operating expenses and ongoing restructuring costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Exceeds Estimates
- Revenue for Q2 2026 was $4.714 billion, exceeding estimates of $4.671 billion by 0.91%.
- EPS Beats Expectations
- Diluted EPS came in at $2.90, compared to an estimate of $2.77, representing a positive surprise of 4.69%.
- Increased Medical Essentials Revenue
- Medical Essentials segment revenue grew to $1.647 billion, a 4.7% increase from Q2 2025's revenue of $1.573 billion.
- Successful Cash Flow Generation
- The operating cash flow for the first half of 2026 was $1.328 billion, significantly increasing from $489 million in the prior year.
- Debt Reduction Efforts
- Total debt decreased from $19.18 billion to $17.279 billion, marking a 9.9% reduction year-over-year.
- Increased Share Buyback
- During the first six months of fiscal 2026, BD repurchased approximately $2.250 billion of its common stock.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Restructuring Costs
- Integration and restructuring costs saw a sharp increase to $533 million in Q2 2026 from $93 million in Q2 2025.
- Impact of Tariffs
- Tariffs have adversely affected operating expenses, contributing to an increased operating cost structure.
- Regulatory Challenges
- Ongoing FDA-related investigations and warnings pose risks to future operations and revenue, particularly concerning control of products.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.9
- Segment
- Medical Essentials
- Segment
- Connected Care
- Segment
- BioPharma Systems
- Segment
- Interventional
What they said about what is next.
Management anticipates an adjusted EPS range increase from $12.35-$12.65 to $12.52-$12.72 for FY 2026.
The filing reads better than the one before it.
What came before.
- 10-Q · February 9, 2026
- Becton, Dickinson reported quarterly revenue of $5,252 million and diluted EPS of $1.34 for the three months ended December 31, 2025, both ahead of the prior-year quarter. Gross profit and operating income improved vs.…
- 10-Q · May 1, 2025
- Becton, Dickinson and Company (BDX) reported a modest revenue increase in Q2 2025 compared to Q2 2024, with total revenue of $5.27 billion, up from $5.05 billion. However, the company experienced a decrease in gross…
- 10-K · November 27, 2024
- BD completed the acquisition of Edwards Lifesciences’ Critical Care product group for $3.911 billion (reported as BD Advanced Patient Monitoring) and funded the deal with cash and net proceeds from debt issuances and…
- 10-Q · February 1, 2024
- BDX reported Q1 revenue of $4,706 million, up $120 million (2.6%) versus the prior-year quarter, but operating income fell to $439 million from $585 million and diluted EPS declined to $0.96 from $1.70. Operating cash…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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