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Dec 31, 2025
BD Q1 2026 Earnings Report
BD reported its first quarter fiscal 2026 financial results, with revenue increasing 1.6% and GAAP diluted EPS at $1.34.
Key Takeaways
BD delivered stronger-than-expected first-quarter performance, driven by disciplined execution, accelerated commercial initiatives, and broad-based growth across key end markets. The company reported total revenues of $5.252 billion, a 1.6% increase, and GAAP diluted EPS of $1.34. Adjusted diluted EPS was $2.91. The combination of BD's Biosciences and Diagnostic Solutions business with Waters Corporation is expected to close today, marking a pivot to 'New BD' with a focus on commercial capabilities, innovation, and gross margin expansion.
Total revenues for the first quarter of fiscal 2026 reached $5.252 billion, an increase of 1.6% as reported and 0.4% on a foreign currency-neutral basis.
GAAP diluted EPS was $1.34, a 28.8% increase, while adjusted diluted EPS was $2.91, a decrease of 15.2%.
The company is completing the combination of its Biosciences and Diagnostic Solutions business with Waters Corporation, transitioning to 'New BD'.
BD affirmed its fiscal year 2026 revenue growth guidance and provided adjusted diluted EPS guidance for New BD, ranging from $12.35 to $12.65.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
BD provided fiscal year 2026 guidance for 'New BD' following the separation of its Biosciences and Diagnostic Solutions business. The guidance reflects the expected performance of New BD only, with adjustments for corporate overhead migrating to Waters Corp., TSA income, and the benefit from the use of proceeds.
Positive Outlook
- Company affirms FY26 revenue growth guidance for New BD.
- New BD's FY26 reported revenue growth is projected to be low single-digit plus.
- New BD's FY26 revenue growth (FXN) is projected to be low single-digit.
- Adjusted diluted EPS for New BD is guided to be between $12.35 and $12.65.
- The separation of the Biosciences and Diagnostic Solutions business is expected to drive shareholder value and intensify focus on core growth areas.
Challenges Ahead
- The guidance for adjusted diluted EPS excludes potential charges or gains that are inherently uncertain and difficult to predict.
- The impact and timing of certain items like amortization of intangible assets, acquisition-related charges, and separation-related costs are not included in the adjusted EPS guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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