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Becton Dickinson cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$633M in Q3 FY26 · $3.2B over twelve months

Operating cash flow$776M
Capital spending−$143M
Free cash flow+$633M
Cash / net income2.1×
Cash conversion cycle-50 days

Analysis

In Q3 FY26, Becton Dickinson generated $776M of operating cash flow and spent $143M on capital projects, leaving free cash flow of $633M. That is $292M less than in Q3 FY25 ($925M).

Over the twelve months to Jun 30, 2026, operating cash flow was $4.0B; the largest uses were net borrowing (+) / repaid (−) ($3.3B), buybacks ($2.5B), capital spending ($753M); the cash balance rose by $146M.

Operating cash flow was $776M against net income of $377M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$564M, impairments +$450M, deferred taxes −$74.0M.

Its cash conversion cycle was -50 days (receivables 42 + inventory 114 − payables 205): suppliers fund its working capital.

Free cash flow

Becton Dickinson: free cash flow by quarterBecton Dickinson: free cash flow by quarter$882MQ4 FY24$588MQ1 FY25−$318MQ2 FY25$925MQ3 FY25$1.5BQ4 FY25$549MQ1 FY26$633MQ3 FY26
Operating cash flow less capital spending.
Becton Dickinson: operating cash flow against capital spendingBecton Dickinson: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$296MQ4 FY24$693M$105MQ1 FY25−$204M$114MQ2 FY25$1.1B$164MQ3 FY25$1.9B$377MQ4 FY25$657M$108MQ1 FY26$776M$143MQ3 FY26
Latest (Q3 FY26): Operating cash flow $776M, Capital spending $143M.

Capital allocation, year by year

Becton Dickinson: where the cash came from (up) and went (down), by fiscal yearBecton Dickinson: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $4.6BFY21: Net borrowing −$243MFY21: Capital spending −$1.2BFY21: Acquisitions −$508MFY21: Buybacks −$1.8BFY21: Dividends −$1.0B$4.6BFY21FY22: Operating cash flow $2.5BFY22: Net borrowing −$78.0MFY22: Capital spending −$973MFY22: Acquisitions −$2.1BFY22: Buybacks −$500MFY22: Dividends −$1.1B$2.5BFY22FY23: Operating cash flow $3.0BFY23: Net borrowing −$723MFY23: Asset sales $540MFY23: Capital spending −$874MFY23: Dividends −$1.1B$3.5BFY23FY24: Operating cash flow $3.8BFY24: Net borrowing $3.8BFY24: Capital spending −$725MFY24: Acquisitions −$3.9BFY24: Buybacks −$500MFY24: Dividends −$1.1B$7.6BFY24FY25: Operating cash flow $3.4BFY25: Net borrowing −$1.3BFY25: Capital spending −$760MFY25: Buybacks −$1.0BFY25: Dividends −$1.2B$3.4BFY25
Over these 5 years operating cash flow totalled $17.4B; the largest uses were acquisitions ($6.5B) and dividends ($5.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$708M
Debt$16.8B
Net debt$16.1B
Due within a year$2.2B

Becton Dickinson funds itself: free cash flow was $3.2B over the last twelve months, and $708M of cash and investments stands against $16.8B of debt ($2.2B due within a year, 0.3× covered by cash).

Becton Dickinson: debt maturities by year (FY25)Becton Dickinson: debt maturities by year (FY25)$2.2BYear 1$3.2BYear 2$2.5BYear 3$2.6BYear 4$1.1BYear 5
Principal due in each year as disclosed in the annual report, against $708M of cash and investments now.

Where the cash came from and went

Becton Dickinson: sources (+) and uses (−) of cash, Q3 FY26Becton Dickinson: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)−$2.3BOther financing$2.0BOperating cash flow$776MDividends−$286MCash drawn (+) / kept (−)$152MCapital spending−$143MNot reconciled−$112MOther investing−$76.0MAcquisitions−$22.0MExchange rates$2.0M
Becton Dickinson: sources (+) and uses (−) of cash, TTM to Q3 FY26Becton Dickinson: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$4.0BNet borrowing (+) / repaid (−)−$3.3BNot reconciled$2.7BBuybacks−$2.5BCapital spending−$753MCash drawn (+) / kept (−)−$146MAcquisitions−$35.0MExchange rates$7.0M

From profit to cash

Becton Dickinson: net income to operating cash flow, Q3 FY26Becton Dickinson: net income to operating cash flow, Q3 FY26Net income$377MDepreciation & amortization$564MStock-based pay$55.0MDeferred taxes−$74.0MImpairments$450MOperating cash flow$776M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2642114205-50
Q2 FY2645131212-36
Q1 FY2643117198-38
Q3 FY2557140227-30
Q2 FY2557130214-26
Q1 FY2550121206-35

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$776M−$143M−$22.0M—−$286M−$2.3B$152M$633M
Q1 FY26$657M−$108M—−$250M−$299M$317M−$174M$549M
Q4 FY25$1.9B−$377M−$13.0M−$250M—−$581M−$60.0M$1.5B
Q3 FY25$1.1B−$164M——−$299M−$540M−$46.0M$925M
Q2 FY25−$204M−$114M$21.0M—−$298M$265M$68.0M−$318M
Q1 FY25$693M−$105M−$8.0M−$750M−$302M−$800M$1.0B$588M
Q4 FY24$1.2B−$296M————$2.6B$882M

Becton Dickinson: income statement and cash flow

Becton Dickinson, Q3 FY26: revenue $5.0B (+5% year over year), operating margin 13.3%. The chart follows the revenue to costs, profit and cash.

Becton Dickinson: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.