Becton Dickinson (BDX) FY2019 results: revenue $17.3 billion, up 8.2% on the year
Becton Dickinson & Co. (BDX) reported revenue of $17.3 billion for fiscal 2019, the year ended 30 September 2019, up 8.2% on the year before. Net income was $1.2 billion, up 296.5%, and diluted earnings per share $3.94. The figures are the company's own, from the 10-K it filed with the SEC on 27 November 2019.
Revenue
$17.3 billion
+8.2% on the year
FY2012FY2019
Operating margin
10.2%
9.4% a year earlier
FY2012FY2019
Net income
$1.2 billion
+296.5% on the year
FY2012FY2019
Diluted EPS
$3.94
+556.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
17,290
15,983
12,093
+8.2%
Cost of revenue
9,002
8,721
6,128
+3.2%
Gross profit
8,288
7,262
5,942
+14.1%
Gross margin
47.9%
45.4%
49.1%
Research and development
1,062
1,006
770
+5.6%
Selling, general and administrative
4,332
4,015
2,909
+7.9%
Operating income
1,760
1,509
1,522
+16.6%
Operating margin
10.2%
9.4%
12.6%
Interest expense
639
706
521
-9.5%
Pre-tax income
1,176
1,173
976
+0.3%
Income tax
-57.0
862
-124
Effective tax rate
-4.8%
73.5%
-12.7%
Net income
1,233
311
1,100
+296.5%
Net margin
7.1%
1.9%
9.1%
Diluted EPS
$3.94
$0.60
$4.60
+556.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,330
2,865
2,550
+16.2%
Capital expenditure
957
895
727
+6.9%
Free cash flow
2,373
1,970
1,823
+20.5%
Free cash flow margin
13.7%
12.3%
15.1%
Cash from investing
-741
-15,733
-883
Cash from financing
-3,223
-58.0
10,977
Depreciation and amortisation
2,253
1,978
1,088
+13.9%
Share-based compensation
261
322
174
-18.9%
Buybacks
0.0
0.0
220
Dividends paid
984
927
677
+6.1%
Dividend per share
$3.08
$3.00
$2.92
+2.7%
Diluted shares, weighted
275m
265m
224m
+3.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
21,081
20,994
12,948
+0.4%
Debt
19,390
21,495
18,870
-9.8%
Other liabilities
11,294
11,415
5,916
-1.1%
Total liabilities and equity
51,765
53,904
37,734
-4.0%
Fixed assets
5,659
5,375
4,638
+5.3%
Goodwill
23,376
23,600
7,563
-0.9%
Cash and equivalents
536
1,140
14,179
-53.0%
Receivables
2,345
2,319
1,744
+1.1%
Inventory
2,579
2,451
1,818
+5.2%
Other assets
17,270
19,019
7,792
-9.2%
Total assets
51,765
53,904
37,734
-4.0%
10-K for the year ended 30 September 2019, filed 27 November 2019: the filing.