Becton, Dickinson and Company delivered a Q1 2026 earnings beat, with $2.91 non-GAAP EPS and $5.25B revenue, surpassing expectations. New Becton, Dickinson and Company grew 2.5%, with broad-based growth across the markets where the company has been doubling down on investments. For fiscal 2026, the company continues to expect new Becton, Dickinson and Company to deliver low single-digit revenue growth.
Cyborg Score Rationale
The company beat earnings expectations with strong Q1 2026 results and reaffirmed guidance for ~6% EPS growth at midpoint. However, adjusted gross margin declined 140 basis points due to tariffs, and adjusted operating margin fell 240 basis points year-over-year from tariffs and increased commercial investments.
Top Insights
Net income increased to $382 million from $303 million, indicating strong profitability and operational efficiency
90% of the portfolio reported mid-single-digit revenue growth with double-digit expansion in biologic drug delivery, PIRWIC, advanced tissue regeneration, and Pharmacy Automation
Free cash flow conversion improved to 66% versus 59% in the prior year, with approximately $550 million returned to shareholders in Q1
The company faces challenges from operational costs, with gross profit margins affected by tariffs and higher labor costs
Named Competitors
Medical Device Portfolio — Diversified medical technology competitor across surgical and diagnostic segments
Healthcare Solutions — Multi-segment healthcare company competing in diagnostics and patient monitoring
Syringes & Injection Systems — Global healthcare company focused on medical devices and drug delivery
Recent Developments
(Feb 2026) BD completed combination of Biosciences & Diagnostic Solutions Business with Waters Corporation
(Feb 2026) Delivered Q1 2026 earnings beat with $2.91 non-GAAP EPS and $5.25B revenue, surpassing expectations
(Jan 2026) BD completed $250 million share repurchase to date in FY26 and authorized 10 million additional share repurchases
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