Becton Dickinson (BDX) FY2020 results: revenue $16.1 billion, down 7.0% on the year
Becton Dickinson & Co. (BDX) reported revenue of $16.1 billion for fiscal 2020, the year ended 30 September 2020, down 7.0% on the year before. Net income was $874 million, down 29.1%, and diluted earnings per share $2.71. The figures are the company's own, from the 10-K it filed with the SEC on 25 November 2020.
Revenue
$16.1 billion
-7.0% on the year
FY2013FY2020
Operating margin
5.7%
10.2% a year earlier
FY2013FY2020
Net income
$874 million
-29.1% on the year
FY2013FY2020
Diluted EPS
$2.71
-31.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
16,074
17,290
15,983
-7.0%
Cost of revenue
9,276
9,002
8,721
+3.0%
Gross profit
6,798
8,288
7,262
-18.0%
Gross margin
42.3%
47.9%
45.4%
Research and development
1,039
1,062
1,006
-2.2%
Selling, general and administrative
4,185
4,332
4,015
-3.4%
Operating income
912
1,760
1,509
-48.2%
Operating margin
5.7%
10.2%
9.4%
Interest expense
528
639
706
-17.4%
Pre-tax income
414
1,176
1,173
-64.8%
Income tax
62.0
-57.0
862
Effective tax rate
15.0%
-4.8%
73.5%
Net income
874
1,233
311
-29.1%
Net margin
5.4%
7.1%
1.9%
Diluted EPS
$2.71
$3.94
$0.60
-31.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,539
3,330
2,865
+6.3%
Capital expenditure
769
957
895
-19.6%
Free cash flow
2,770
2,373
1,970
+16.7%
Free cash flow margin
17.2%
13.7%
12.3%
Cash from investing
-1,232
-741
-15,733
Cash from financing
22.0
-3,223
-58.0
Depreciation and amortisation
2,115
2,253
1,978
-6.1%
Share-based compensation
236
261
322
-9.6%
Buybacks
0.0
0.0
0.0
Dividends paid
1,026
984
927
+4.3%
Dividend per share
$3.16
$3.08
$3.00
+2.6%
Diluted shares, weighted
282m
275m
265m
+2.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
23,765
21,081
20,994
+12.7%
Debt
17,931
19,390
21,495
-7.5%
Operating lease liabilities
336
n/a
n/a
Other liabilities
11,980
11,294
11,415
+6.1%
Total liabilities and equity
54,012
51,765
53,904
+4.3%
Fixed assets
5,923
5,659
5,375
+4.7%
Goodwill
23,620
23,376
23,600
+1.0%
Intangible assets
13,767
n/a
n/a
Cash and equivalents
2,825
536
1,140
+427.1%
Receivables
2,398
2,345
2,319
+2.3%
Inventory
2,743
2,579
2,451
+6.4%
Other assets
2,736
17,270
19,019
-84.2%
Total assets
54,012
51,765
53,904
+4.3%
10-K for the year ended 30 September 2020, filed 25 November 2020: the filing.