Analyst Consensus ?
ConsensusHold33 ratings
Bullish1648.5%
Neutral1648.5%
Bearish13.0%
Becton, Dickinson and Company · BDX · FY2025 Q3 · Calendar Q3 2025
BD raises EPS outlook as margins expand and Waters separation advances
BD's Q3 analysis supports a constructive operating thesis: revenue growth, margin expansion, product launches and higher EPS guidance point to near-term execution strength. The thesis is tempered by tariff exposure, China weakness and separation-related execution risk.
Reported Before market openNYSEHealthcare
$49.78B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.68
Consensus $3.40
EPS surprise
+8.2%
Reported versus consensus
Reported revenue
$5.51B
Consensus $5.49B
Revenue surprise
+0.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.9%
Event window
SPY move
-0.1%
Same window
Abnormal move
+8.9%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
+2.5%
Up to 20 sessions
BDXSPY benchmark
Ask FN2 about BDX FY2025 Q3
Transcript, numbers and history already loaded
Why did BDX rise 8.9% after beating EPS estimates in FY2025 Q3?What changed in BDX's guidance and outlook in FY2025 Q3?Give me the bull and bear case for BDX after FY2025 Q3 earnings.
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Transcript intelligence
What changed
Management reported strong Q3 FY2025 results, raised adjusted EPS guidance at the midpoint and continued preparations for the Waters separation. The company also highlighted new and upcoming products across medical technology, diagnostics and life sciences.
Guidance delta
Adjusted EPS guidance was raised by $0.18 at the midpoint; revenue outlook was reaffirmed.
Key takeaways
- Q3 revenue grew 8.5% year over year to $5.5 billion, with 3% organic growth.
- Management cited record margins and BD Excellence efficiencies as support for earnings.
- The Waters separation is progressing toward a fiscal Q1 2026 close and a focused New BD.
- Product launches and pipeline expansion are central to the growth plan.
- Tariffs, China weakness, supply-chain pressure and separation execution remain key risks.
Management priorities
- Execute the Waters separation and establish New BD.
- Launch next-generation BACTEC, BD Pyxis Pro and other pipeline products.
- Advance the at-home HPV self-collection kit toward FDA approval.
- Expand biologics, GLP-1 biosimilar and other higher-growth offerings.
- Continue BD Excellence, commercial investment and operational efficiency work.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$180.67Previous close
$159Low
$200.68Average
$235.85High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 6, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| B of A Securities | Neutral | Neutral | Maintain | Aug 31, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 13, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 7, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Aug 7, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 7, 2026 |
| TD Cowen | Hold | Hold | Maintain | Aug 5, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 11, 2026 |
| Argus Research | Buy | Buy | Maintain | Mar 23, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Feb 10, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 10, 2026 |
| Stifel | Buy | Buy | Maintain | Jan 7, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Dec 2, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | May 1, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Aug 2, 2024 |
| Keybanc | Overweight | Sector Weight | Upgrade | Apr 12, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 23, 2022 |
| SVB Leerink | Market Perform | Market Perform | Maintain | Feb 4, 2022 |
| UBS | Neutral | Neutral | Maintain | Aug 10, 2020 |
| CFRA | Hold | Hold | Maintain | May 8, 2020 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Feb 7, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Dec 16, 2019 |
| BMO Capital | Market Perform | Market Perform | Maintain | May 10, 2019 |
| Deutsche Bank | Buy | Buy | Maintain | Dec 7, 2018 |
| Bank of America | Neutral | Neutral | Maintain | Nov 5, 2014 |
| Canaccord Genuity | Hold | Hold | Maintain | Oct 7, 2014 |
| Argus | Buy | Buy | Maintain | Oct 7, 2014 |
| PiperJaffray | Overweight | Neutral | Upgrade | Sep 18, 2013 |
| ISI Group | Buy | Buy | Maintain | Jun 25, 2013 |
| Macquarie | Outperform | Neutral | Upgrade | May 10, 2013 |
| Mizuho | Neutral | Buy | Downgrade | Jan 22, 2013 |
| Leerink Swann | Market Perform | Outperform | Downgrade | Aug 3, 2012 |
| CLSA | Underperform | Outperform | Downgrade | Aug 3, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $180.67. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Analyst unavailable | $190 | $184.04 | +5.2% | Aug 13, 2026 |
| Stifel Nicolaus | Analyst unavailable | $195 | $176.07 | +7.9% | Aug 7, 2026 |
| RBC Capital | Shagun Singh | $180 | $176.25 | -0.4% | Aug 7, 2026 |
| Jefferies | Analyst unavailable | $210 | $176.91 | +16.2% | Aug 6, 2026 |
| UBS | Analyst unavailable | $190 | $158.92 | +5.2% | Jul 28, 2026 |
| Evercore ISI | Analyst unavailable | $180 | $154.6 | -0.4% | Jul 6, 2026 |
| Barclays | Analyst unavailable | $204 | $149.43 | +12.9% | May 11, 2026 |
| Piper Sandler | Jason Bednar | $159 | $154.82 | -12.0% | Apr 17, 2026 |
| RBC Capital | Analyst unavailable | $175 | $155.43 | -3.1% | Apr 14, 2026 |
| Goldman Sachs | David Roman | $167 | $154.42 | -7.6% | Apr 10, 2026 |
| RBC Capital | Shagun Singh | $172 | $170.14 | -4.8% | Feb 10, 2026 |
| Barclays | Matt Miksic | $202 | $207.39 | +11.8% | Feb 10, 2026 |
| Piper Sandler | Analyst unavailable | $170 | $207.39 | -5.9% | Feb 10, 2026 |
| Piper Sandler | Jason Bednar | $161.16 | $159.91 | -10.8% | Jan 28, 2026 |
| Stifel Nicolaus | Analyst unavailable | $169.03 | $161.45 | -6.4% | Jan 7, 2026 |
| RBC Capital | Analyst unavailable | $165.09 | $154.39 | -8.6% | Dec 17, 2025 |
| Morgan Stanley | Patrick Wood | $165.09 | $150.8 | -8.6% | Dec 2, 2025 |
| Piper Sandler | Jason Bednar | $204.4 | $159.06 | +13.1% | Apr 23, 2025 |
| Evercore ISI | Vijay Kumar | $227.99 | $189.54 | +26.2% | Oct 1, 2024 |
| Citigroup | Joanna Wuensch | $216.19 | $190.2 | +19.7% | Oct 1, 2024 |
| Raymond James | Jayson Bedford | $212.26 | $187.96 | +17.5% | Aug 2, 2024 |
| Wells Fargo | Larry Biegelsen | $220.13 | $185.54 | +21.8% | Aug 2, 2024 |
| Evercore ISI | Becton Dickinson | $224.06 | $180.24 | +24.0% | Jul 2, 2024 |
| Goldman Sachs | David Roman | $215.41 | $176.94 | +19.2% | May 30, 2024 |
| Barclays | Matt Miksic | $245.28 | $184.5 | +35.8% | May 6, 2024 |
| Argus Research | David Toung | $235.85 | $190.83 | +30.5% | Apr 8, 2024 |
| Morgan Stanley | Analyst unavailable | $227.99 | $202.92 | +26.2% | Jan 6, 2023 |
| Citigroup | Analyst unavailable | $196.54 | $194.65 | +8.8% | Dec 12, 2022 |
| Goldman Sachs | Analyst unavailable | $213.84 | $185.9 | +18.4% | Nov 23, 2022 |
| Goldman Sachs | Analyst unavailable | $250.79 | $210.01 | +38.8% | Aug 16, 2022 |
| Stifel Nicolaus | Analyst unavailable | $220.13 | $187.4 | +21.8% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $213.84 | $187.61 | +18.4% | Jul 15, 2022 |
| Citigroup | Analyst unavailable | $184.75 | $193.13 | +2.3% | Jul 11, 2022 |
| Wells Fargo | Larry Biegelsen | $231.92 | $197.26 | +28.4% | Jun 25, 2022 |
| Morgan Stanley | Analyst unavailable | $221.7 | $197.95 | +22.7% | May 6, 2022 |
| Piper Sandler | Analyst unavailable | $200.47 | $204.12 | +11.0% | May 6, 2022 |
| Bank of America Securities | Travis Steed | $227.99 | $209.27 | +26.2% | Mar 3, 2022 |
| Piper Sandler | Jason Bednar | $208.33 | $206.71 | +15.3% | Feb 3, 2022 |
Track every rating change on BDX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationOperating globally, Becton, Dickinson and Company (BD) is a prominent enterprise focused on the development, manufacturing, and distribution of a broad spectrum of medical technology. This includes essential medical supplies, sophisticated devices, advanced laboratory equipment, and critical diagnostic products. Its extensive customer base comprises healthcare providers, clinical institutions, medical researchers, pharmaceutical firms, and the general public around the world. The BD Medical division delivers a comprehensive suite of products primarily focused on medication management and drug delivery. This encompasses a variety of intravenous (IV) access solutions, such as peripheral and advanced catheters, central lines, acute dialysis catheters, and related vascular care items including needle-free connectors and closed-system drug transfer devices. It also provides essential injection equipment like hypodermic syringes, needles, anesthesia trays, enteral syringes, and sharps disposal systems.…
Historical context
All BDX earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the BDX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-06T05:40:41.591479+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-06T05:40:41.588712+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-06. For educational purposes only; not investment advice.