Becton, Dickinson and Company stock research
FY2025 Q4
Becton, Dickinson and (BDX) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Cost of revenue also rose, but gross margin weakened slightly from the prior quarter while improving from the year-ago period.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q4
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Cost of revenue also rose, but gross margin weakened slightly from the prior quarter while improving from the year-ago period.
- The strongest observable margin driver is the gross margin level relative to the year-ago quarter, which is higher. This improvement occurred even as cost of revenue increased, indicating that revenue growth outpaced cost growth on a year-over-year basis.
- Compared to the immediately preceding quarter, gross margin is slightly lower, while revenue and gross profit are higher. Compared to the same quarter one year earlier, gross margin is higher, with revenue and gross profit also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
47.5%
Gross profit
$2.8B
Revenue
$5.9B
Cost of revenue
$3.1B
Quarter-over-quarter change
-0.3 pts
Year-over-year change
+1.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $5.2B | $2.2B | $2.9B | 43.2% |
| Mar 31, 2025 | $4.5B | $1.9B | $2.6B | 41.5% |
| Jun 30, 2025 | $5.5B | $2.6B | $2.9B | 47.8% |
| Sep 30, 2025 | $5.9B | $2.8B | $3.1B | 47.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-0.3 pts
Year-over-year change
Sep 30, 2024
+1.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the gross margin level relative to the year-ago quarter, which is higher. This improvement occurred even as cost of revenue increased, indicating that revenue growth outpaced cost growth on a year-over-year basis.
Compared to the immediately preceding quarter, gross margin is slightly lower, while revenue and gross profit are higher. Compared to the same quarter one year earlier, gross margin is higher, with revenue and gross profit also higher.
Monitor the trend in cost of revenue relative to revenue, as cost growth has continued in both sequential and year-over-year comparisons.