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Financial profile · Q3 FY2026

A diversified MedTech platform with durable cash generation and recurring restructuring noise

BDX has historically combined steady medical-device revenue growth with operating leverage and substantial operating cash generation. The model requires ongoing manufacturing investment, while acquisition, restructuring, remediation, and separation-related items make GAAP earnings more variable than cash flow.

What is developing

The latest supplied quarter shows softer revenue, operating margin, and common earnings, but the comparison is affected by the 2026 portfolio separation and trailing cash generation remains positive. That points to a meaningful reporting and earnings-quality development rather than a demonstrated break in the underlying cash model.

What matters next

Whether post-separation comparable revenue and operating margin stabilize while TTM operating cash flow remains positive.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
12.5B 12.1B 16B 17.3B 16.1B 19.1B 18.9B 19.4B 20.2B 21.8B
(6.5B) (6.1B) (8.7B) (9B) (8.9B) (10.4B) (10.3B) (10.5B) (11B) (11.8B)
6B 6B 7.3B 8.3B 7.1B 8.7B 8.6B 8.8B 9.2B 10B
(3.9B) (4.1B) (5.2B) (6.1B) (5.6B) (6.4B) (6B) (6B) (6.3B) (6.5B)
(3B) (2.9B) (4.1B) (4.4B) (4.2B) (4.7B) (4.7B) (4.7B) (4.9B) (5.3B)
R&D
(828m) (770m) (1B) (1.1B) (1B) (1.3B) (1.3B) (1.2B) (1.2B) (1.2B)
— (410m) 0 (654m) (363m) (362m) (18m) (44m) (210m) (1m)
2.1B 1.9B 2.1B 2.2B 1.6B 2.3B 2.6B 2.8B 2.9B 3.5B
(370m) (432m) (359m) (626m) (501m) (373m) (491m) (442m) (407m) (627m)
388m 521m 706m 639m 528m 469m 398m 452m 528m 613m
(689m) (417m) (626m) (454m) (649m) (255m) (329m) (653m) (483m) (944m)
14m (41m) 39m 66m 11m (7m) (17m) (66m) (11m) (57m)
1.1B 976m 1.2B 1.2B 414m 1.7B 1.8B 1.7B 2B 1.9B
(97m) 124m (222m) 7m (62m) (88m) (148m) (132m) (300m) (203m)
977m 1.1B 951m 1.2B 352m 1.6B 1.6B 1.5B 1.7B 1.7B
976m 1B 159m 1.1B 767m 2B 1.7B 1.4B 1.7B 1.7B
4.49 4.61 0.60 3.93 2.71 6.85 5.87 4.93 5.86 5.82