BDX US S&P 500Russell 1000 Earnings call

Becton, Dickinson And Company (BDX) · Q2 2026 results and valuation

Share price: $214.52 · 2026-11-11

Becton, Dickinson and Company is a medical technology company that develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products. Its products are used by healthcare institutions, physicians, life science researchers, and the pharmaceutical industry globally. The company's portfolio includes medication management solutions, surgical products, and tools for cellular research and infectious disease diagnosis. Source: 10-K annual report (2025-11-25)

Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q3 2026 · published 6 Aug 2026 and 7 May 2026

Net income turned to a profit from a loss last quarter. Management sounded very upbeat, though noticeably less so answering analysts.

1 · Numbers

Turned profit

Net income vs Q1 2026

Outlook given

Net income 377.0M vs -311.0M

Revenue +5.7%

Why Net income increased primarily due to a more focused portfolio delivering growth and earnings potential, higher revenue contribution from growth platforms, and disciplined execution through a dynamic environment.

2 · How management spoke

Very upbeat

More upbeat than 96% of company calls

Answers to analysts: upbeat, but clearly less so than the script.

Last call it was different: script and answers matched.

3 · What stood out

BDX increased the midpoint of its adjusted EPS guidance and updated the range to $12.62 to $12.72 due to Q3 performance and productivity through BD Excellence.

Valuation

Is Becton, Dickinson And Company undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-09-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 5.0% growth a year (3-year revenue growth), the model's fair value is $72.58 a share — the stock trades 196% above it. Today's price assumes 15.7% growth a year.

Current price

$214.52

close of 2026-11-11

Market implies growth of i

+15.7% for 10 yrs

Fair value / share

$72.58

Buy below

$54.44

Price vs fair value

Overvalued 196%

Price vs buy-below price

Overvalued >200%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

BDX increased the midpoint of its adjusted EPS guidance and updated the range to $12.62 to $12.72 due to Q3 performance and productivity through BD Excellence.
Figure

BDX reported $5 billion in revenue for the third quarter, an increase of 4.4% due to broad-based growth across the portfolio and disciplined execution.

Source quote
“We delivered a strong third quarter with $5 billion in revenue, up 4.4%, reflecting broad-based growth across the portfolio and disciplined execution through a dynamic environment.”
Figure

Year-to-date free cash flow reached $1.7 billion, an increase of 45% over the prior year.

Source quote
“Year-to-date, free cash flow was $1.7 billion, an increase of 45% versus the prior year.”
Guidance

The company is reallocating commercial headcount into high-growth spaces following a planned $35 million incremental investment in targeted areas.
Figure

BioPharma Systems grew 5.2% due to continued double-digit growth in biologics, specifically led by GLP-1s.

Source quote
“BioPharma Systems grew 5.2%, driven by continued double-digit growth in biologics, led by GLP-1s.”

3 more

Guidance

The company raised the midpoint of its adjusted EPS guidance and now expects revenue growth toward the high end of its low single-digit range.
Key theme

Management expects modest leverage on earnings from a low single-digit revenue baseline, supported by pricing actions, BD Excellence productivity gains, and capital allocation strategy.

Source quote
“Now if it's related to the earnings, if we start on a low single-digit revenue baseline, we believe a good starting point is to expect like a modest leverage on that earnings, supported by our pricing actions, productivity gains from BD Excellence and our capital allocation strategy.”
Key theme

BDX reported double-digit growth across biologic drug delivery, advanced patient monitoring, PureWick, and advanced tissue regeneration, alongside strong performance in peripheral vascular disease and Rowa pharmacy automation.

Source quote
“This includes double-digit growth across biologic drug delivery, advanced patient monitoring, PureWick and advanced tissue regeneration, along with strong performance in peripheral vascular disease and Rowa pharmacy automation.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Very upbeat (was upbeat)

Answers to analysts Upbeat (was upbeat)

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 93% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“In specimen management, we delivered high single-digit growth, driven by share gains across the BD Vacutainer portfolio, improved supply and incremental demand as customers work through competitor back orders.”

“Performance was broad-based, reflecting commercial momentum across our key growth platforms, strong operational execution and the expanding impact of BD Excellence.”

“the commercial investments we are making today are actually a very intentional high-growth, high-margin areas that improve our mix as well.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	4.98B	4.71B	+5.7%	4.73B	+5.4%
Gross profit	2.31B	2.15B	+7.5%	2.23B	+3.6%
Operating income	663.0M	93.0M	+612.9%	739.0M	−10.3%
Net income	377.0M	-311.0M	Turned profit	574.0M	−34.3%
EPS	1.37	-1.11	Turned profit	2.00	−31.5%
P/E today 64.0	45.7	39.7	+6.0	24.8	+20.9

Topics

Most discussed now

New Performance continues to be driven by ongoing structural improvements across its key growth platforms, where Becton, Dickinson And has been…
Becton, Dickinson And also saw a strong infusion set performance due to higher utilization versus last year's fluid supply disruption and…
In specimen management, Becton, Dickinson And delivered high single-digit growth, driven by share gains across the BD Vacutainer portfolio…
This includes a new collaboration with EMS, one of Brazil's leading pharmaceutical companies and the launch of a semaglutide therapy,...
In BioPharma Systems, Becton, Dickinson And continues to see pipeline...

Faded since Q1 2026

Fading Becton, Dickinson And was focused on identifying a CFO with a demonstrated ability to lead sophisticated finance organizations in complex…
Dropped I firmly believe BD's finance function must support the company's strategy to drive shareholder value creation.
Fading With 25 years at BD across Becton, Dickinson And's businesses, regions and segments, he brings the experience and perspective to translate…
Fading This must all be paired with a clear capital allocation strategy that will continue to focus on shareholder returns while...

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-11-05 Results of operations · SEC 8-K
2026-08-06 Results of operations · SEC 8-K
BD reported third-quarter fiscal 2026 revenue of $4.983 billion, an increase of 5.4% compared to $4.726 billion in the same period of the previous year.
2026-07-22 Director or officer change; Regulation FD disclosure · SEC 8-K
Executive Vice President and President Michael D. Garrison announced his intention to retire on July 19, 2026, and will remain in his role until the end of the fiscal year.
2026-05-29 Regulation FD disclosure · SEC 8-K
The company filed a Regulation FD disclosure on May 29, 2026, regarding its various notes and debt instruments.
2026-05-20 Material agreement; New financial obligation · SEC 8-K
Becton Dickinson Euro Finance S.à r.l. issued €600,000,000 of its 3.855% Notes due 2033 in an underwritten public offering on May 20, 2026.
2026-05-12 Other events · SEC 8-K
BD entered into an underwriting agreement for the offer and sale of €600,000,000 of its 3.855% Notes due 2033 to repay the principal of its 1.208% Euro Notes due June 4, 2026.
2026-05-07 Results of operations · SEC 8-K
2026-04-29 Articles or bylaws amended · SEC 8-K · routine

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-11.

Cash & runway

Cash & equivalents

$708.0M

2026-06-30

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -4.3% YoY, -2.1% QoQ.

Quarter	Shares
Q4 2024	289.5M
Q1 2025	287.3M
Q2 2025	287.2M
Q4 2025	285.6M
Q1 2026	280.6M
Q2 2026	274.8M

Shares outstanding: 272.4M (2026-06-30)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 66 filings; 50 filings parsed.

Sold by insiders

15.7K shares

$2.7M · 20 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

over time

productivity and service improvement

Source quote
“And we believe this represents another meaningful runway for productivity and service improvement over time.”
over time

driving towards our 90% free cash flow conversion target

Source quote
“We remain committed to returning capital to shareholders, including through share repurchases, investing selectively in high-growth tuck-in M&A and driving towards our 90% free cash flow conversion target over time.”
fiscal '26

revenue growth to be toward the high end of our low single-digit FX-neutral range

Source quote
“Moving to our updated fiscal '26 guidance. We now anticipate revenue growth to be toward the high end of our low single-digit FX-neutral range.”
not specified

adjusted operating margin of approximately 25%

Source quote
“We continue to expect adjusted operating margin of approximately 25%, inclusive of the impact of tariffs.”
not specified

adjusted effective tax rate expected to remain between 16% and 17%

Source quote
“Our adjusted effective tax rate is expected to remain between 16% and 17%.”