Becton, Dickinson and Company (BDX) Cash Flow Statement
Where BDX’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $3.43B −9.7% vs FY2024
- Capital expenditures
- $760.0M 3.5% of revenue
- Free cash flow
- $2.67B 12.2% margin
- Returned to shareholders
- $2.20B 82% of free cash flow
- Change in cash
- −$1.00B cash at year-end $851.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BDX operating cash flow, capex and free cash flow
BDX cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.56BFY2016 | $3.43BFY2025 | +3.3%/yr | |
| Capital expenditures | $718.0MFY2016 | $760.0MFY2025 | +0.6%/yr | |
| Free cash flow | $1.84BFY2016 | $2.67BFY2025 | +4.2%/yr | |
| Free cash flow margin | 14.7%FY2016 | 12.2%FY2025 | −2.5 pts | |
| Operating cash flow / net income | 2.62FY2016 | 2.04FY2025 | −0.58 | |
| Stock-based compensation | $196.0MFY2016 | $258.0MFY2025 | +3.1%/yr | |
| Dividends paid | $562.0MFY2016 | $1.20BFY2025 | +8.8%/yr | |
| Share buybacks (net) | $32.0MFY2016 | $1.00BFY2025 | +46.6%/yr | |
| Capex / revenue | 5.8%FY2016 | 3.5%FY2025 | −2.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BDX cash flow by activity
BDX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BDX cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.68B | $1.71B | $1.53B | $1.78B | $2.09B | $874.0M | $1.22B | $311.0M | $1.10B | $976.0M |
| Depreciation & amortization | $2.46B | $2.29B | $2.29B | $2.23B | $2.27B | $2.15B | $2.25B | $1.98B | $1.09B | $1.11B |
| Stock-based compensation | $258.0M | $247.0M | $259.0M | $233.0M | $237.0M | $244.0M | $261.0M | $322.0M | $174.0M | $196.0M |
| Change in working capital | −$800.0M | $293.0M | −$828.0M | −$1.39B | $282.0M | $512.0M | −$143.0M | $897.0M | −$371.0M | $399.0M |
| Other non-cash items | −$168.0M | −$733.0M | −$260.0M | −$214.0M | −$237.0M | −$245.0M | −$261.0M | −$643.0M | $559.0M | −$126.0M |
| Cash from operating activities | $3.43B | $3.80B | $2.99B | $2.63B | $4.65B | $3.54B | $3.33B | $2.87B | $2.55B | $2.56B |
| Investing activities | ||||||||||
| Capital expenditures | −$760.0M | −$725.0M | −$874.0M | −$973.0M | −$1.23B | −$810.0M | −$957.0M | −$895.0M | −$727.0M | −$718.0M |
| Investments (net) | −$818.0M | −$5.51B | −$716.0M | −$3.23B | −$1.88B | −$1.23B | −$741.0M | $11.0M | $13.0M | −$669.0M |
| Acquisitions & other investing | $760.0M | $725.0M | $874.0M | $984.0M | $1.23B | $810.0M | $957.0M | −$14.95B | −$169.0M | $718.0M |
| Cash from investing activities | −$818.0M | −$5.51B | −$716.0M | −$3.22B | −$1.88B | −$1.23B | −$741.0M | −$15.83B | −$883.0M | −$669.0M |
| Financing activities | ||||||||||
| Dividends paid | −$1.20B | −$1.10B | −$1.11B | −$1.08B | −$1.05B | −$1.03B | −$984.0M | −$927.0M | −$677.0M | −$562.0M |
| Share repurchases & issuance (net) | −$1.00B | −$500.0M | $0 | −$500.0M | −$1.75B | $3.39B | $2.22B | $0 | −$220.0M | −$32.0M |
| Net borrowing (repayment) | −$1.33B | $3.77B | −$723.0M | −$78.0M | −$243.0M | −$1.76B | −$2.04B | $1.09B | $7.28B | −$1.25B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $2.92B | $485.0M | $0 | $0 | $0 |
| Other financing | −$87.0M | −$88.0M | −$120.0M | $1.07B | −$265.0M | −$3.50B | −$2.91B | −$220.0M | $4.59B | $85.0M |
| Cash from financing activities | −$3.62B | $2.09B | −$1.96B | −$591.0M | −$3.31B | $22.0M | −$3.22B | −$57.0M | $10.98B | −$1.76B |
| Summary | ||||||||||
| Net change in cash | −$1.00B | $375.0M | $322.0M | −$1.23B | −$525.0M | $2.33B | −$646.0M | −$13.04B | $12.64B | $117.0M |
| Cash at end of period | $851.0M | $1.86B | $1.48B | $1.16B | $2.39B | $2.92B | $590.0M | $1.14B | $14.18B | $1.54B |
| Free cash flow | $2.67B | $3.07B | $2.12B | $1.66B | $3.42B | $2.73B | $2.37B | $1.97B | $1.82B | $1.84B |
| Free cash flow margin | 12.2% | 15.2% | 10.9% | 8.8% | 17.9% | 17.0% | 13.7% | 12.3% | 15.1% | 14.7% |
| Capex / revenue | 3.5% | 3.6% | 4.5% | 5.2% | 6.4% | 5.0% | 5.5% | 5.6% | 6.0% | 5.8% |
| Operating cash flow / net income | 2.04 | 2.23 | 1.95 | 1.48 | 2.22 | 4.05 | 2.73 | 9.21 | 2.32 | 2.62 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $449.0M | −$310.0M | $382.0M | $493.0M | $552.0M | $330.0M | $303.0M | $421.0M | $487.0M | $537.0M | $281.0M | $154.0M |
| Depreciation & amortization | $563.0M | $520.0M | $614.0M | $629.0M | $575.0M | $524.0M | $607.0M | $586.0M | $568.0M | $571.0M | $561.0M | $587.0M |
| Stock-based compensation | $204.0M | $58.0M | $91.0M | $55.0M | −$239.0M | $149.0M | $90.0M | $51.0M | $53.0M | $60.0M | $83.0M | $58.0M |
| Change in working capital | −$542.0M | $415.0M | −$415.0M | $250.0M | $96.0M | −$776.0M | −$370.0M | $13.0M | $241.0M | −$590.0M | $152.0M | $316.0M |
| Other non-cash items | −$22.0M | −$12.0M | −$15.0M | −$73.0M | $235.0M | −$63.0M | $63.0M | $107.0M | −$85.0M | −$63.0M | −$236.0M | $210.0M |
| Cash from operating activities | $652.0M | $671.0M | $657.0M | $1.35B | $1.22B | $164.0M | $693.0M | $1.18B | $1.26B | $515.0M | $841.0M | $1.32B |
| Investing activities | ||||||||||||
| Capital expenditures | −$143.0M | −$125.0M | −$108.0M | −$352.0M | −$174.0M | −$129.0M | −$105.0M | −$296.0M | −$179.0M | −$134.0M | −$116.0M | −$294.0M |
| Investments (net) | $4.0M | $23.0M | $0 | $14.0M | −$336.0M | −$192.0M | $204.0M | −$3.94B | −$288.0M | −$1.06B | −$233.0M | $137.0M |
| Acquisitions & other investing | −$89.0M | −$37.0M | −$75.0M | −$156.0M | $174.0M | $129.0M | $105.0M | $296.0M | $179.0M | $134.0M | $116.0M | −$559.0M |
| Cash from investing activities | −$228.0M | −$139.0M | −$183.0M | −$494.0M | −$336.0M | −$192.0M | $204.0M | −$3.94B | −$288.0M | −$1.06B | −$233.0M | −$716.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$875.0M | −$290.0M | −$299.0M | −$297.0M | −$299.0M | −$298.0M | −$302.0M | −$275.0M | −$275.0M | −$275.0M | −$275.0M | −$265.0M |
| Share repurchases & issuance (net) | −$2.25B | $250.0M | −$250.0M | −$250.0M | −$250.0M | −$250.0M | −$750.0M | $500.0M | $0 | $0 | −$500.0M | $0 |
| Net borrowing (repayment) | −$283.0M | −$1.99B | $317.0M | −$258.0M | −$540.0M | $264.0M | −$800.0M | $400.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.76B | $1.61B | −$70.0M | −$4.0M | $248.0M | $245.0M | −$76.0M | −$501.0M | $1.40B | $1.98B | −$87.0M | −$733.0M |
| Cash from financing activities | −$651.0M | −$414.0M | −$302.0M | −$809.0M | −$841.0M | −$39.0M | −$1.93B | $124.0M | $1.12B | $1.71B | −$862.0M | −$998.0M |
| Summary | ||||||||||||
| Net change in cash | −$152.0M | $120.0M | $173.0M | $53.0M | $50.0M | −$66.0M | −$1.04B | −$2.63B | $2.09B | $1.16B | −$247.0M | $457.0M |
| Cash at end of period | $863.0M | $1.14B | $1.02B | $851.0M | $798.0M | $747.0M | $813.0M | $1.86B | $4.49B | $2.39B | $1.23B | $1.48B |
| Free cash flow | $509.0M | $546.0M | $549.0M | $1.00B | $1.04B | $35.0M | $588.0M | $882.0M | $1.08B | $381.0M | $725.0M | $1.03B |
| Free cash flow margin | 10.2% | 11.6% | 10.5% | 17.0% | 19.0% | 0.7% | 11.4% | 16.2% | 21.7% | 7.6% | 15.4% | 20.3% |
| Capex / revenue | 2.9% | 2.7% | 2.1% | 6.0% | 3.2% | 2.4% | 2.0% | 5.4% | 3.6% | 2.7% | 2.5% | 5.8% |
| Operating cash flow / net income | 1.45 | — | 1.72 | 2.75 | 2.21 | 0.50 | 2.29 | 2.80 | 2.60 | 0.96 | 2.99 | 8.60 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BDX cash generation
In fiscal 2025 (ended September 30, 2025), Becton Dickinson generated $3.4 billion of cash from operations (down 9.7%) and spent $760.0 million on capital expenditures, leaving free cash flow of $2.7 billion, 12.2% of revenue. It returned $2.2 billion to shareholders through dividends ($1.2 billion) and net share buybacks ($1.0 billion). Cash and equivalents fell by $1.0 billion over the year.
Related: BDX income statement, BDX balance sheet, BDX dividend history. See the BDX stock overview for the latest quote and news.
BDX cash flow FAQ
What is Becton Dickinson's free cash flow?
Becton Dickinson's free cash flow was $2.7 billion in fiscal 2025: $3.4 billion of operating cash flow minus $760.0 million of capital expenditures It was $3.1 billion a year earlier..
How much cash does Becton Dickinson generate from operations?
Becton Dickinson generated $3.4 billion of cash from operating activities in fiscal 2025, 2.04 times its net income of $1.7 billion.
How much does Becton Dickinson spend on capital expenditures?
Becton Dickinson spent $760.0 million on capital expenditures in fiscal 2025, 3.5% of revenue, compared with $725.0 million the year before.
How much stock does Becton Dickinson buy back?
Becton Dickinson spent $1.0 billion on net share repurchases in fiscal 2025.
How much does Becton Dickinson pay in dividends?
Becton Dickinson paid $1.2 billion in dividends in fiscal 2025, 44.8% of free cash flow.