Becton Dickinson (BDX) FY2025 10-K Annual Report
Becton Dickinson (BDX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Nov 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Becton Dickinson FY2025 10-K Analysis
Business Overview
- • Core business model: Development and marketing of medical devices with focus on patient and medication delivery solutions
- • New emphasis: Remediation and U.S. market return of BD Alaris™ Infusion System post FDA 510(k) clearance July 2023
- • Strategic shift: Proposed combination of Biosciences and Diagnostic Solutions segment with Waters, shareholders to own 39.2% of the combined entity
- • Notable metric: Entry into a December 2024 SEC Order impacting "well-known seasoned issuer" status, affecting debt refinancing capability
- • Unusual fact: Extended transition timelines to 2027-2028 for EU MDR and IVDR compliance causing significant regulatory and operational impacts
Management Discussion & Analysis
- • Total revenue $23.5B, up 6% YoY driven by Medical segment growth
- • Operating margin 18.9%, down from 20.3% YoY due to higher input costs
- • Medical segment revenue $12.7B, best performer, up 8% YoY; Interventional segment worst, $4.1B, down 3% YoY
- • Operating cash flow $3.2B; share repurchases $800M; dividends paid $600M; capital expenditures $1.1B
- • Management expects moderate revenue growth but warns of supply chain risks and inflationary pressures impacting margins
Risk Factors
- • FDA Consent Decree on U.S. infusion pump business, risk of manufacturing suspension and significant monetary damages if violated
- • Geopolitical exposure to ongoing conflicts in Ukraine, Middle East, and Asia impacting international operations and supply chains
- • Supply chain dependence on sole-source suppliers for sterilization services and raw materials like oil-based resins amid cost increases and availability risks
- • Competitive threat from emerging technologies such as AI used by rivals and from low-cost manufacturers increasing pricing pressures
- • Debt servicing risk dependent on capital markets and macroeconomic environment affecting ability to refinance or service borrowings
Becton Dickinson FY2025 Key Financial MetricsXBRL
Revenue
$21.8B
▲ +8.2% YoY
Net Income
$1.7B
▼ -1.6% YoY
Operating Margin
11.8%
▼ -7bp YoY
Net Margin
7.7%
▼ -77bp YoY
ROE
6.6%
▲ +2bp YoY
Total Assets
$55.3B
▼ -3.4% YoY
EPS (Diluted)
$5.82
▼ -0.7% YoY
Operating Cash Flow
$3.4B
▼ -10.8% YoY
Source: XBRL data from Becton Dickinson FY2025 10-K filing on SEC EDGAR. All figures in USD.
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