Becton Dickinson vs Medtronic: Revenue, Profit and Business Model
Becton Dickinson had $19.4B of annual revenue in FY2025 and $1.8B of net income. Medtronic had $32.4B of annual revenue in FY2025 and $3.7B of net income.
Latest financial snapshot
Becton Dickinson
- Latest annual revenue
- $19.4B (FY2025)
- Net income
- $1.8B
- Net margin
- 9.1%
- Revenue growth
- +5.0% a year, FY2016–FY2025
Medtronic
- Latest annual revenue
- $32.4B (FY2025)
- Net income
- $3.7B
- Net margin
- 11.4%
- Revenue growth
- +1.3% a year, FY2016–FY2025
Financial summary
Becton Dickinson
In fiscal year 2025, BD reported consolidated net revenue of $19.37 billion, net income of $1.77 billion, and net worth of $24.5 billion, demonstrating durable top-line growth, strong operating margins, and consistent cash flow generation.
Medtronic
Medtronic exhibits robust financial performance with $32.4 billion in annual revenue, $3.7 billion in net income, strong operating cash flows, and a disciplined capital allocation framework. Medtronic delivers durable financial performance characterized by diversified revenue streams, high operating margins, and consistent free cash flow generation. Operating as an S&P 500 Dividend Aristocrat with over 46 consecutive years of annual dividend increases, Medtronic balances disciplined capital reinvestment in next-generation medical innovation with substantial shareholder capital returns. The enterprise maintains an investment-grade A credit rating, ample liquidity cushions, and strategic currency hedging to insulate against foreign exchange volatility.
Revenue and profit by year
Becton Dickinson
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $19.4B | $1.8B | 9.1% | +5.8% | |
| FY2024 | $18.3B | $1.6B | 8.8% | -5.4% | |
| FY2023 | $19.4B | $1.5B | 8.0% | +2.5% | |
| FY2022 | $18.9B | $2B | 10.8% | -6.6% | |
| FY2021 | $20.2B | $2.5B | 12.4% | +18.1% | |
| FY2020 | $17.1B | $1.2B | 7.1% | -1.0% | |
| FY2019 | $17.3B | $1.4B | 8.0% | +7.7% | |
| FY2018 | $16.1B | $1.1B | 6.7% | +32.8% | |
| FY2017 | $12.1B | $1.1B | 9.5% | -3.1% | |
| FY2016 | $12.5B | $970M | 7.8% | — |
Medtronic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $32.4B | $3.7B | 11.4% | -0.1% | |
| FY2024 | $32.4B | $3.1B | 9.4% | +3.7% | |
| FY2023 | $31.2B | $3.8B | 12.0% | -1.4% | |
| FY2022 | $31.7B | $5B | 15.9% | +5.2% | |
| FY2021 | $30.1B | $3.6B | 12.0% | +4.2% | |
| FY2020 | $28.9B | $4.8B | 16.5% | -5.4% | |
| FY2019 | $30.6B | $4.6B | 15.0% | +2.0% | |
| FY2018 | $30B | $3.1B | 10.3% | +0.8% | |
| FY2017 | $29.7B | $4B | 13.6% | +3.0% | |
| FY2016 | $28.8B | $3.5B | 12.3% | — |
Where the revenue comes from
Becton Dickinson
- Medical Segment Consumables & Devices42
Consists of medication delivery solutions, hypodermic needles, syringes, vascular access devices, and pharmaceutical systems supplied to hospitals worldwide.
- Interventional Segment Products30
Encompasses advanced surgery, peripheral vascular intervention, urology, oncology, and critical care monitoring systems gained through Bard and Edwards acquisitions.
- Life Sciences & Diagnostics28
Includes Vacutainer blood collection tubes, flow cytometry instruments, microbiology diagnostic systems, and molecular testing assays for clinical laboratories.
Medtronic
- Cardiovascular Portfolio36
Cardiac Rhythm Management, Structural Heart, and Vascular therapies.
- Medical Surgical Portfolio28
Surgical innovations, instruments, and patient monitoring devices.
- Neuroscience Portfolio26
Cranial & spinal technologies, specialty therapies, and neuromodulation.
- Diabetes Operating Unit10
Advanced insulin pumps and continuous glucose monitoring systems.
Business model and strategy
Becton Dickinson
How it makes money
BD operates a high-leverage commercial model anchored by consumable hospital supplies and recurring razor-and-blade device ecosystems. It generates revenue through three core segments: Medical (consumables, syringes, infusion systems), Interventional (surgical, vascular, critical care), and Life Sciences (Vacutainer blood collection tubes and diagnostic instruments).
Growth strategy
Scaling smart connected medication management, expanding interventional and critical care monitoring portfolios, growing home healthcare devices, and driving operational efficiencies.
Competitive advantage
BD’s enduring moat is its essential hospital consumables monopoly (billions of daily-use needles and Vacutainer tubes) that secures unassailable institutional relationships, reinforced by integrated Alaris infusion pumps and Pyxis dispensing automation.
Medtronic
How it makes money
Medtronic operates a diversified global medical technology business model, generating revenue through four primary operating segments: Cardiovascular, Medical Surgical, Neuroscience, and Diabetes.
Growth strategy
Medtronic’s growth strategy centers on expanding surgical robotics adoption, scaling leadless cardiac devices, integrating AI-driven health ecosystems, and accelerating penetration in emerging international markets.
Questions about Becton Dickinson vs Medtronic
Which company has higher revenue — Becton Dickinson or Medtronic?
Becton Dickinson had $19.4B (FY2025), while Medtronic had $32.4B (FY2025). By latest annual revenue, Medtronic is the larger business, with Becton Dickinson showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Becton Dickinson vs Medtronic?
Becton Dickinson's market capitalisation stands at $71.5B, while Medtronic's is $115.0B. Medtronic carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Becton Dickinson.
How does revenue per employee compare for Becton Dickinson and Medtronic?
Becton Dickinson generates $265k / employee in revenue per employee. A comparable figure for Medtronic requires matching employee and revenue data from the same reporting period.
How do Becton Dickinson and Medtronic make money?
Becton Dickinson and Medtronic generate revenue in fundamentally different ways. Becton Dickinson: BD operates a high-leverage commercial model anchored by consumable hospital supplies and recurring razor-and-blade device ecosystems. Medtronic: Medtronic operates a diversified global medical technology business model, generating revenue through four primary operating segments: Cardiovascular, Medical Surgical, Neuroscience, and Diabetes.
Is Becton Dickinson bigger than Medtronic?
By last reported revenue, Medtronic ($32.4B (FY2025)) is the larger company compared to Becton Dickinson ($19.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Becton Dickinson vs Medtronic overview