Becton Dickinson (BDX) FY2018 results: revenue $16.0 billion, up 32.2% on the year
Becton Dickinson & Co. (BDX) reported revenue of $16.0 billion for fiscal 2018, the year ended 30 September 2018, up 32.2% on the year before. Net income was $311 million, down 71.7%, and diluted earnings per share $0.60. The figures are the company's own, from the 10-K it filed with the SEC on 21 November 2018.
Revenue
$16.0 billion
+32.2% on the year
FY2011FY2018
Operating margin
9.4%
12.6% a year earlier
FY2011FY2018
Net income
$311 million
-71.7% on the year
FY2011FY2018
Diluted EPS
$0.60
-87.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
15,983
12,093
12,483
+32.2%
Cost of revenue
8,721
6,128
6,492
+42.3%
Gross profit
7,262
5,942
5,991
+22.2%
Gross margin
45.4%
49.1%
48.0%
Research and development
1,006
770
828
+30.6%
Selling, general and administrative
4,015
2,909
3,005
+38.0%
Operating income
1,509
1,522
1,430
-0.9%
Operating margin
9.4%
12.6%
11.5%
Interest expense
706
521
388
+35.5%
Pre-tax income
1,173
976
1,074
+20.2%
Income tax
862
-124
97.0
Effective tax rate
73.5%
-12.7%
9.0%
Net income
311
1,100
976
-71.7%
Net margin
1.9%
9.1%
7.8%
Diluted EPS
$0.60
$4.60
$4.49
-87.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,865
2,550
2,559
+12.4%
Capital expenditure
895
727
693
+23.1%
Free cash flow
1,970
1,823
1,866
+8.1%
Free cash flow margin
12.3%
15.1%
14.9%
Cash from investing
-15,733
-883
-669
Cash from financing
-58.0
10,977
-1,761
Depreciation and amortisation
1,978
1,088
1,114
+81.8%
Share-based compensation
322
174
196
+85.1%
Buybacks
0.0
220
0.0
Dividends paid
927
677
562
+36.9%
Dividend per share
$3.00
$2.92
$2.64
+2.7%
Diluted shares, weighted
265m
224m
218m
+18.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
20,994
12,948
7,633
+62.1%
Debt
21,495
18,870
11,551
+13.9%
Other liabilities
11,415
5,916
6,402
+93.0%
Total liabilities and equity
53,904
37,734
25,586
+42.9%
Fixed assets
5,375
4,638
3,901
+15.9%
Goodwill
23,600
7,563
7,419
+212.0%
Cash and equivalents
1,140
14,179
1,541
-92.0%
Receivables
2,319
1,744
1,618
+33.0%
Inventory
2,451
1,818
1,719
+34.8%
Other assets
19,019
7,792
9,388
+144.1%
Total assets
53,904
37,734
25,586
+42.9%
10-K for the year ended 30 September 2018, filed 21 November 2018: the filing.