Becton Dickinson & Co. Q4 FY2023 results: revenue $5.1 billion, up 20.5% on the year

Becton Dickinson & Co. (BDX) reported revenue of $5.1 billion for Q4 FY2023, the quarter ended 30 September 2023, up 20.5% on the same quarter a year earlier. Net income was $108 million, down 62.5% on the year, and diluted earnings per share $0.35. The figures are the company's own, from the 10-K it filed with the SEC on 21 November 2023.

Revenue$5.1 billionup 20.5%

Net income$108 milliondown 62.5%

Diluted EPS$0.35

QuarterQ4 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	5,087	n/a	n/a	n/a
Cost of revenue	3,385	n/a	n/a	n/a
Gross profit	1,702	n/a	n/a	n/a
Gross margin	33.5%	n/a	n/a
Research and development	281	n/a	n/a	n/a
Selling, general and administrative	1,137	n/a	n/a	n/a
Operating income	349	n/a	n/a	n/a
Operating margin	6.9%	n/a	n/a
Interest expense	113	n/a	n/a	n/a
Pre-tax income	181	n/a	n/a	n/a
Income tax	28.0	n/a	n/a	n/a
Effective tax rate	15.5%	n/a	n/a
Net income	108	n/a	n/a	n/a
Net margin	2.1%	n/a	n/a
Diluted EPS	$0.35	n/a	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Capital expenditure	294	n/a	n/a	n/a
Depreciation and amortisation	587	n/a	n/a	n/a
Share-based compensation	58.0	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	265	n/a	n/a	n/a
Diluted shares, weighted	288m	n/a	n/a	n/a
Shares outstanding at period end	290m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Total assets	52,780	n/a	n/a	n/a
Cash and equivalents	1,416	n/a	n/a	n/a
Receivables	2,534	n/a	n/a	n/a
Inventory	3,273	n/a	n/a	n/a
Goodwill	24,522	n/a	n/a	n/a
Long-term debt	14,738	n/a	n/a	n/a
Operating lease liabilities	414	n/a	n/a	n/a
Shareholders' equity	25,796	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,087	4,706	5,045	4,990	5,437	5,168	5,272	5,509	5,891	5,252	4,714	4,983
Cost of revenue	3,385	2,679	2,741	2,683	2,950	2,933	3,015	2,875	3,092	2,841	2,560	2,668
Gross profit	1,702	2,027	2,304	2,307	2,487	2,235	2,257	2,634	2,799	2,411	2,154	2,315
Gross margin	33%	43%	46%	46%	46%	43%	43%	48%	48%	46%	46%	46%
R&D	281	290	299	299	302	343	302	297	323	306	249	258
SG&A	1,137	1,213	1,193	1,196	1,255	1,318	1,273	1,320	1,367	1,393	1,213	1,261
Operating income	349	439	734	602	622	453	546	882	698	552	93.0	663
Operating margin	7%	9%	15%	12%	11%	9%	10%	16%	12%	11%	2%	13%
Interest expense	113	111	125	137	155	155	151	152	155	153	149	132
Pre-tax income	181	359	633	500	513	306	363	703	509	393	39.0	554
Tax rate	15%	21%	15%	3%	22%	1%	15%	18%	3%	3%	195%	18%
Net income	108	281	537	487	400	303	308	574	493	382	-311	377
Net margin	2%	6%	11%	10%	7%	6%	6%	10%	8%	7%	-7%	8%
Diluted EPS	$0.35	$0.96	$1.85	$1.68	$1.37	$1.04	$1.07	$2.00	$1.71	$1.34	-$1.11	$1.37
Operating cash flow	n/a	n/a	n/a	n/a	n/a	693	n/a	n/a	n/a	657	n/a	n/a
Capital expenditure	294	116	134	179	296	105	129	174	352	108	125	143
Free cash flow	n/a	n/a	n/a	n/a	n/a	588	n/a	n/a	n/a	549	n/a	n/a
Buybacks	0.0	500	0.0	0.0	0.0	750	0.0	0.0	250	250	2,000	0.0
Dividends paid	265	275	275	275	275	302	298	299	297	299	290	286
Shares outstanding	290m	289m	289m	289m	289m	287m	287m	287m	285m	285m	276m	272m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2023, filed 21 November 2023, accession 0000010795-23-000098: the filing on EDGAR. All of Becton Dickinson & Co.'s filings: EDGAR company page.

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