Becton Dickinson (BDX) FY2022 results: revenue $18.9 billion, down 1.4% on the year

Becton Dickinson & Co. (BDX) reported revenue of $18.9 billion for fiscal 2022, the year ended 30 September 2022, down 1.4% on the year before. Net income was $1.8 billion, down 15.0%, and diluted earnings per share $5.88. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2022.

Revenue

$18.9 billion

-1.4% on the year

FY2015FY2022

Operating margin

12.1%

11.8% a year earlier

FY2015FY2022

Net income

$1.8 billion

-15.0% on the year

FY2015FY2022

Diluted EPS

$5.88

-14.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	18,870	19,131	16,074	-1.4%
Cost of revenue	10,393	10,500	9,276	-1.0%
Gross profit	8,477	8,631	6,798	-1.8%
Gross margin	44.9%	45.1%	42.3%
Research and development	1,256	1,279	1,039	-1.8%
Selling, general and administrative	4,709	4,719	4,185	-0.2%
Operating income	2,282	2,250	912	+1.4%
Operating margin	12.1%	11.8%	5.7%
Interest expense	398	469	528	-15.1%
Pre-tax income	1,783	1,692	414	+5.4%
Income tax	148	88.0	62.0	+68.2%
Effective tax rate	8.3%	5.2%	15.0%
Net income	1,779	2,092	874	-15.0%
Net margin	9.4%	10.9%	5.4%
Diluted EPS	$5.88	$6.85	$2.71	-14.2%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	2,634	4,647	3,539	-43.3%
Capital expenditure	973	1,194	769	-18.5%
Free cash flow	1,661	3,453	2,770	-51.9%
Free cash flow margin	8.8%	18.0%	17.2%
Cash from investing	n/a	-1,880	-1,232
Cash from financing	n/a	-3,306	22.0
Depreciation and amortisation	2,229	2,230	2,115	-0.0%
Share-based compensation	233	229	236	+1.7%
Buybacks	500	1,750	0.0	-71.4%
Dividends paid	1,082	1,048	1,026	+3.2%
Dividend per share	$3.48	$3.32	$3.16	+4.8%
Diluted shares, weighted	287m	292m	282m	-1.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	25,282	23,677	23,765	+6.8%
Debt	16,065	17,610	17,931	-8.8%
Operating lease liabilities	384	344	336	+11.6%
Other liabilities	11,203	12,235	11,980	-8.4%
Total liabilities and equity	52,934	53,866	54,012	-1.7%
Fixed assets	6,012	6,003	5,923	+0.1%
Goodwill	24,621	23,901	23,620	+3.0%
Intangible assets	12,264	12,737	13,767	-3.7%
Cash and equivalents	1,006	2,283	2,825	-55.9%
Receivables	2,191	2,350	2,398	-6.8%
Inventory	3,224	2,743	2,743	+17.5%
Other assets	3,616	3,849	2,736	-6.1%
Total assets	52,934	53,866	54,012	-1.7%

10-K for the year ended 30 September 2022, filed 22 November 2022: the filing.