BDX · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
BECTON DICKINSON & CO · 2026-08-06 · Importance 66 · Surprise 40 · From source text
At June 30, 2026, BD held $864 million of cash, equivalents and short-term investments, including restricted cash. Total debt declined to $16.808 billion from $19.180 billion at September 30, 2025, and debt as a percentage of total capital declined to 40.3% from 42.6%. BD had $892 million of commercial paper outstanding and no borrowings under its $2.750 billion revolving credit facility. The revolving facility expires in September 2030, can be expanded to $3.250 billion with additional lender commitments, and BD was compliant with applicable covenants at June 30, 2026.
Key facts
- In connection with the Transaction, BD received a $4 billion cash distribution which was used to fund second quarter share repurchases and debt repayments. source
- Distribution from spin-off entity in the nine months ended June 30, 2026 was $3,857 million and $0 in the prior-year period. source
- Net cash provided by operating activities for the nine months ended June 30, 2026 was $2,104 million compared with $1,578 million in the prior-year period; investing activities used $(563) million compared with $(229) million; financing activities used $(1,293) million compared with $(2,807) million. source
- Payments of debt in the nine months ended June 30, 2026 were $(2,696) million compared with $(1,208) million in the prior-year period. source
- BD has a senior unsecured revolving credit facility that will expire in September 2030 providing borrowings of up to $2.750 billion with sub-limits of $100 million for letters of credit and $236 million for swingline loans, and may be increased by $500 million to $3.250 billion. source
- Cash flows from continuing operating activities were $2.104 billion in the first nine months of fiscal year 2026. source
- Total debt was $16,808 million at June 30, 2026 compared with $19,180 million at September 30, 2025. source
- The revolving credit facility requires BD to have a leverage coverage ratio of no more than 4.25-to-1 as of the last day of each fiscal quarter (or 4.75-to-1 for five full fiscal quarters following a material acquisition) and BD was in compliance as of June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +7.6% | Distribution from spin-off entity in the nine months ended June 30, 2026 was $3,857 million and $0 in the prior-year period. |
| liability | positive | realized | +4.7% | Total debt was $16,808 million at June 30, 2026 compared with $19,180 million at September 30, 2025. |
| cash | positive | realized | +1.0% | Net cash provided by operating activities for the nine months ended June 30, 2026 was $2,104 million compared with $1,578 million in the… |
| cash | negative | realized | -0.7% | Net cash provided by operating activities for the nine months ended June 30, 2026 was $2,104 million compared with $1,578 million in the… |