BDX BECTON DICKINSON & CO

Overview and Growth

BECTON DICKINSON & CO generated $21.84B of revenue in fiscal 2025, with net income of $1.68B and an operating cash inflow of $3.43B. Revenue of $21.84B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 8.2% above fiscal 2024 revenue of $20.18B, marking a year-over-year increase. The company reported diluted EPS of $5.82, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $5.86 in fiscal 2024, the current result was 0.7% lower. Revenue equaled 0.39x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $9.93B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 45.4% of revenue, showing how much of the top line remained after direct costs. Operating income was $2.58B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 11.8%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $1.68B for the fiscal year. The final earnings result represented 7.7% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $1.88B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 8.6%, adding a pre-tax profitability layer between revenue and net income. The company recognized $203.00M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 10.8%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

The company held $55.33B of assets against $29.93B of liabilities and $25.39B of equity, revealing how the asset base was financed. Current assets were $9.26B against $8.31B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 1.11x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $641.00M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 7.7% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $19.18B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.76x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 34.7%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 54.1%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 1.2%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

Cash flow from operations was $3.43B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 2.04x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $760.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 22.2% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $2.67B, leaving a positive amount after capital expenditures. Free cash flow represented 12.2% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 4.8%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Sep 30, 2025. Analysis generated Oct 21, 2026.