Short answer
Becton Dickinson (BDX) filed its fiscal 2025 10-K annual report with the SEC on Nov 25, 2025. It reported revenue of $21.8B (+8.2% year over year) and net income of $1.7B.
- Top risk flagged: FDA Consent Decree on U.S. infusion pump business, risk of manufacturing suspension and significant monetary damages if violated
FY2025 key financial metrics · XBRL
- Revenue
- $21.8B
- +8.2% YoY
- Net income
- $1.7B
- −1.6% YoY
- Operating margin
- 11.8%
- −0.1 pp YoY
- EPS (diluted)
- $5.82
- −0.7% YoY
- ROE
- 6.6%
- +0.0 pp YoY
- Operating cash flow
- $3.4B
- −10.8% YoY
Source: XBRL data from the Becton Dickinson (BDX) FY2025 10-K on SEC EDGAR. USD.
Becton Dickinson FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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