Becton, Dickinson and Company · NYSE:BDX
Becton, Dickinson and — Q4 FY26 Earnings Presentation
29 slides from Becton, Dickinson and's earnings presentation, Nov 5, 2026
Slide 1: Q4 FY26 Earnings Presentation
Q4 FY26 Earnings Presentation NOVEMBER 5, 2026
Slide 2: Caution Concerning Forward-looking Statements and Non-GAAP Financial Measures
Caution Concerning Forward-looking Statements This presentation and accompanying webcast contain certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s future prospects and performance, including, but not limited to, future revenues, margins,
Slide 3: Basis of Presentation
Basis of Presentation All dollar amounts presented are USD ($) in millions, unless otherwise indicated, except per share figures. FXN denotes currency-neutral basis. Revenue year-over-year change comparisons are on an FXN basis unless otherwise noted. References to adjusted EPS refer to adjusted dil
Slide 4: Strong Q4 Caps a Milestone Year
Strong Q4 Caps a Milestone Year Delivered strong Q4 performance reflecting broad- FY26 Completes BD’s Transformation to a based growth and momentum More Focused MedTech Company Commercial excellence and investments drove double-digit growth in Q4 and FY26 across key Adjusted Operating platforms, inc
Slide 5: BD Excellence: Driving Competitive Wins, Innovation Speed and Productivity
BD Excellence: Driving Competitive Wins, Innovation Speed and Productivity Compete Innovate Deliver APM: sales force investments drove BPS: expanded position in next- Concentrating investment in 2,000+ Kaizen events and network strong uptake of HemoSphere Alta generation biologic drug delivery, attr
Slide 6: High-Impact Launches Expanding Addressable Markets
High-Impact Launches Expanding Addressable Markets Expansion into a new venous segment Revolutionizing parastomal hernia repair with novel stent graft system BD® Liverty TIPS Stent Graft Phasix ST Parastomal Hernia Mesh • Launched in the U.S. in Q1 FY27; launched in the EU in Q3 FY26 • Received 510(
Slide 7: Q4 FY26 Segment Revenue and Key Highlights
Q4 FY26 Segment Revenue and Key Highlights Medical Essentials Connected Care BioPharma Systems Interventional +5.9% FXN +2.1% FXN +7.0% FXN +7.6% FXN $1,686 $1,786 $1,250 $1,269 $1,367 $1,472 $702 $748 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 MDS: $1,256M; +4.5% FXN: Growth le
Slide 8: Q4 FY26 and FY26 Financial Summary
Q4 FY26 and FY26 Financial Summary: Revenues, Adjusted Margins and Adjusted EPS (As adjusted) $ in millions, except per share data Q4 FY26 Q4 FY25 Y/Y ∆ FY26 FY25 Y/Y ∆ Revenues $5,274 $5,005 5.4%* $19,457 $18,544 4.9%* FXN revenue growth 5.6% 3.9% Gross Profit $2,994 $2,751 8.8% $10,714 $10,241 4.6
Slide 9: Strong Cash Generation and Capital Allocation Strategy
Strong Cash Generation and Capital Allocation Strategy Supporting $3.6B in Shareholder Returns FY26 free cash flow improved YoY; reflects improved working capital and lower non-operational cash items Including separation costs, free cash flow conversion +42% increased from 57% in FY25 to 74% in FY26
Slide 10: Initiating FY27 Guidance
Initiating FY27 Guidance Revenue Growth (FXN) Adjusted Diluted EPS Guidance as of November 5, 2026 Low single-digit growth $13.10 to $13.30 +3.1% to 4.7% Guidance • Alaris impact: ~200 bps YoY headwind • Adjusted operating margin: ~flat YoY Considerations • FX: expect ~70 bps headwind on revenue(1)
Slide 11: Summary
Summary Delivered strong Q4 performance reflecting broad- FY26 free cash flow of $2.9B increased +42%, based growth and momentum reflecting improved working capital and lower non- operational cash items Commercial excellence and investments drove double-digit growth in Q4 and FY26 across key Returne
Slide 12: Appendix
Appendix Q4 FY26 EARNINGS PRESENTATION 12
Slide 13: Advancing a Stronger, More Focused Pipeline of High-Impact Solutions
Advancing a Stronger, More Focused Pipeline of High-Impact Solutions Key: Recent innovation driving growth / Near and mid-term catalysts / Select pipeline products Medical Essentials Connected Care BioPharma Systems Interventional BD Pyxis Pro BD Incada BD Alaris Dispensing Connected Infusion System
Slide 14: Corporate Sustainability: Together We Advance
Corporate Sustainability: Together We Advance Named among Named among Named among World’s Best Employers World’s Best Companies America’s Best Companies by Forbes in 2026 by Time in 2026 by Time in 2026 Named among Named among Named among World’s Most Trustworthy America’s Greatest Companies 100 Bes
Slide 15: Glossary
Glossary 1H First Half FY Fiscal Year R&D Research and Development APM Advanced Patient Monitoring GLP-1 Glucagon-Like Peptide-1 SEC Securities and Exchange Commission B Billion HSD High-Single-Digit SM Specimen Management BPS BioPharma Systems IV Intravenous SSG&A Shipping, Selling, General and Adm
Slide 16: Supplemental Reconciliation – Revenues by Business Segments and Units
Supplemental Reconciliation – Revenues by Business Segments and Units For the Three Months Ended September 30, (Unaudited; $ in millions) (1) Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of
Slide 17: Supplemental Reconciliation – Revenues by Business Segments and Units
Supplemental Reconciliation – Revenues by Business Segments and Units For the Twelve Months Ended September 30, (Unaudited; $ in millions) (1) Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature o
Slide 18: Supplemental Revenue Information – Revenues by Geographic Regions
Supplemental Revenue Information – Revenues by Geographic Regions For the Three Months Ended September 30, (Unaudited; $ in millions) D=(A-B)/B E=(A-B-C)/B A B C % Change 2026 2025 FX Impact Reported FXN DEVELOPED MARKETS REVENUES $ 4,575 $ 4,366 $ (25) 4.8 5.4 EMERGING MARKETS REVENUES 699 639 14 9
Slide 19: Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS
Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Three Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring acti
Slide 20: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Three Months Ended September 30, 2026 (Unaudited; $ in millions, except per share data) Notes for Non- Purchase Product, Income tax Reported accounting Integration Restructuring Separation- litigation, and benefit of Adjusted GAAP (GAAP) adjustments costs
Slide 21: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Three Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) Purchase Product, Income tax Notes for Non- Reported accounting Integration Restructuring Separation- litigation, and benefit of Adjusted GAAP (GAAP) adjustments costs
Slide 22: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation Change in Three Months Ended September 30, 2026, Compared With Three Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) (A) (B) (C) = (A) - (B) (D) = (C) / (B) Adjusted Adjusted Adjusted Adjusted (Non-GAAP) (Non-GAAP) (Non-GAAP) (No
Slide 23: Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS
Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Twelve Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring act
Slide 24: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Twelve Months Ended September 30, 2026 (Unaudited; $ in millions, except per share data) Purchase Product, Income tax Notes for Non- Reported accounting Integration Restructuring Separation- litigation, and Impacts of debt benefit of Adjusted GAAP (GAAP)
Slide 25: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Twelve Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) Purchase Product, Income tax Notes for Non- Reported accounting Restructuring Transaction Separation - litigation, and benefit of Adjusted GAAP (GAAP) adjustments Int
Slide 26: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation Change in Twelve Months Ended September 30, 2026, Compared With Twelve Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) (A) (B) (C) = (A) - (B) (D) = (C) / (B) Adjusted Adjusted Adjusted Adjusted (Non-GAAP) (Non-GAAP) (Non-GAAP) (
Slide 27: Reconciliation – Net Leverage
Supplemental Reconciliation – Net Leverage Last Twelve Months Ended September 30, 2026 (Unaudited; Amounts in millions) Reported GAAP Net Income from Continuing Operations $ 1,417 Adjusted for: Depreciation, amortization and other 2,228 Interest expense 564 Income taxes 388 Share-based compensation
Slide 28: Reconciliation – Free Cash Flow and Free Cash Flow Conversion
Supplemental Reconciliation – Free Cash Flow and Free Cash Flow Conversion For the Twelve Months Ended September 30, 2026 (Unaudited; Amounts in millions) A B C=A-B D=C/B 2026 2025 Change % Change Net Cash Provided by Continuing Operating Activities $ 3,605 $ 2,773 $ 832 30% Capital Expenditures (67
Slide 29: FY2027 Guidance
FY2027 Guidance (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. Restructuring costs in 2026 reflect non-cash asset impairment charges of $450 million across all reporta
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