Becton Dickinson (BDX) FY2021 results: revenue $19.1 billion, up 19.0% on the year

Becton Dickinson & Co. (BDX) reported revenue of $19.1 billion for fiscal 2021, the year ended 30 September 2021, up 19.0% on the year before. Net income was $2.1 billion, up 139.4%, and diluted earnings per share $6.85. The figures are the company's own, from the 10-K it filed with the SEC on 24 November 2021.

Revenue

$19.1 billion

+19.0% on the year

FY2014FY2021

Operating margin

11.8%

5.7% a year earlier

FY2014FY2021

Net income

$2.1 billion

+139.4% on the year

FY2014FY2021

Diluted EPS

$6.85

+152.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	19,131	16,074	17,290	+19.0%
Cost of revenue	10,500	9,276	9,002	+13.2%
Gross profit	8,631	6,798	8,288	+27.0%
Gross margin	45.1%	42.3%	47.9%
Research and development	1,279	1,039	1,062	+23.1%
Selling, general and administrative	4,719	4,185	4,332	+12.8%
Operating income	2,250	912	1,760	+146.7%
Operating margin	11.8%	5.7%	10.2%
Interest expense	469	528	639	-11.2%
Pre-tax income	1,692	414	1,176	+308.7%
Income tax	88.0	62.0	-57.0	+41.9%
Effective tax rate	5.2%	15.0%	-4.8%
Net income	2,092	874	1,233	+139.4%
Net margin	10.9%	5.4%	7.1%
Diluted EPS	$6.85	$2.71	$3.94	+152.8%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	4,647	3,539	3,330	+31.3%
Capital expenditure	1,194	769	957	+55.3%
Free cash flow	3,453	2,770	2,373	+24.7%
Free cash flow margin	18.0%	17.2%	13.7%
Cash from investing	-1,880	-1,232	-741
Cash from financing	-3,306	22.0	-3,223
Depreciation and amortisation	2,230	2,115	2,253	+5.4%
Share-based compensation	229	236	261	-3.0%
Buybacks	1,750	0.0	0.0
Dividends paid	1,048	1,026	984	+2.1%
Dividend per share	$3.32	$3.16	$3.08	+5.1%
Diluted shares, weighted	292m	282m	275m	+3.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	23,677	23,765	21,081	-0.4%
Debt	17,610	17,931	19,390	-1.8%
Operating lease liabilities	344	336	n/a	+2.4%
Other liabilities	12,235	11,980	11,294	+2.1%
Total liabilities and equity	53,866	54,012	51,765	-0.3%
Fixed assets	6,003	5,923	5,659	+1.4%
Goodwill	23,901	23,620	23,376	+1.2%
Intangible assets	12,737	13,767	n/a	-7.5%
Cash and equivalents	2,283	2,825	536	-19.2%
Receivables	2,350	2,398	2,345	-2.0%
Inventory	2,743	2,743	2,579	0.0%
Other assets	3,849	2,736	17,270	+40.7%
Total assets	53,866	54,012	51,765	-0.3%

10-K for the year ended 30 September 2021, filed 24 November 2021: the filing.