The earnings call revealed a mixed performance for BD, with strong adjusted EPS growth and strategic investments being overshadowed by revenue challenges and external market pressures in Life Sciences, Diagnostics, and the China market. Tariff impacts further complicate the outlook.

Company Guidance -

Q4 2025

During BD's Second Fiscal Quarter 2025 Earnings Call, the company provided guidance indicating a revised expectation for organic revenue growth of 3% to 3.5% for the full fiscal year, down from previous projections due to market dynamics impacting the Life Sciences and Diagnostics segments. BD reported Q2 revenue growth of 6%, or 0.9% organically, and an adjusted gross margin of 54.9%, which increased by 190 basis points year-over-year. Despite these challenges, BD exceeded its adjusted EPS growth expectations, delivering an EPS of $3.35, reflecting a 5.7% increase. The company is undertaking strategic actions to reaccelerate organic sales growth, including investments in its Pharm Systems, Alaris, PureWick, and Phasix product lines. Additionally, BD is actively mitigating the impacts of tariffs, estimating a $90 million tariff expense for FY '25, and has committed to a $2.5 billion investment in U.S. manufacturing over the next five years.

Adjusted EPS Growth Exceeds Expectations

Despite revenue challenges, BD exceeded their adjusted EPS growth expectations, delivering $3.35 in Q2, representing a 5.7% year-over-year increase.

Strong Margin Performance

BD reported adjusted gross margins of 54.9%, which increased by 190 basis points year-over-year, supported by the BD Excellence program.

Significant U.S. Manufacturing Investment

BD announced plans to invest $2.5 billion in U.S. manufacturing over the next five years to strengthen their position and commitment to a resilient U.S. healthcare system.

Positive Product Launches and Innovations

BD launched several new products like Phasix ST Umbilical and is on track to launch the BD FACSDiscover A8, which have received positive feedback from pilot customers.

Becton Dickinson (BDX) Earnings, Revenues Date & History

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BDX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q4)	3.99 / -	3.81	―	―	―
Aug 07, 2025	2025 (Q3)	3.40 / 3.68	3.5	5.14% (+0.18)
May 01, 2025	2025 (Q2)	3.28 / 3.35	3.17	5.68% (+0.18)
Feb 05, 2025	2025 (Q1)	2.98 / 3.43	2.68	27.99% (+0.75)
Nov 07, 2024	2024 (Q4)	3.77 / 3.81	3.42	11.40% (+0.39)
Aug 01, 2024	2024 (Q3)	3.31 / 3.50	2.96	18.24% (+0.54)
May 02, 2024	2024 (Q2)	2.97 / 3.17	2.86	10.84% (+0.31)
Feb 01, 2024	2024 (Q1)	2.40 / 2.68	2.98	-10.07% (-0.30)
Nov 09, 2023	2023 (Q4)	3.42 / 3.42	2.75	24.36% (+0.67)
Aug 03, 2023	2023 (Q3)	2.91 / 2.96	2.66	11.28% (+0.30)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

BDX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 01, 2025	$205.85	$168.52	-18.13%
Feb 05, 2025	$242.49	$224.82	-7.29%
Nov 07, 2024	$236.42	$223.66	-5.40%
Aug 01, 2024	$236.43	$231.48	-2.09%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.