$BDX · BECTON DICKINSON & CO
BD's 8-K (Item 2.02) furnishes its Q4 and full-year fiscal 2026 results. Q4 revenue was $5,274M, up 5.4% reported (5.6% FXN); GAAP diluted EPS was $2.52 and adjusted diluted EPS $4.15 (up 27.3%). Full-year FY26 revenue was $19.5B (+4.9%), with adjusted diluted EPS of $12.70 and free cash flow of $2.9B (+42.5%). The company issued FY27 guidance of low single-digit revenue growth and adjusted diluted EPS of $13.10–$13.30.
- Q4 operating income rose 92.5% to $1,032M from $536M.
- FY26 cash from continuing operations rose 30.0% to $3.6B; free cash flow up 42.5% to $2.9B.
- BD announced a $19B U.S. investment partnership, including $3B for manufacturing expansion.
- FY27 adjusted diluted EPS guidance of $13.10–$13.30 versus FY26's $12.70.
- Life Sciences spin-off completed February 9, 2026, reflected as discontinued operations.
Extended-hours last trade $197.00, down 5.83% versus the $209.19 regular close, despite a +5.56% regular-session gain — suggesting the FY27 guidance disappointed after-hours.
Strong Q4 beat but conservative FY27 guidance drove a ~6% after-hours selloff, signaling investor concern about post-spin growth trajectory.
BD's post-spin pure-play MedTech positioning and $19B U.S. manufacturing commitment align with broader medtech reshoring and tariff-mitigation trends.
Tariff policies and Section 232 relief are contingent on final scope and milestone achievement; guidance excludes uncertain charges that could materially impact GAAP results.