DANAHER CORP /DE/ (DHR) Company Report

Danaher targets 3%–6% core growth for 2026, implying high single-digit EPS expansion, following a 3% core growth and 10%+ EPS beat in Q3 2025.
Bioprocessing revenue is expected to grow high single digits in 2026—driven by mid-teens consumables growth—while equipment sales are assumed flat after a 2025 decline.
Diagnostics will face a $75M–$100M headwind in 2026 from volume-based procurement, but ex-China growth has been mid to high single digits, supported by new platforms like the DXI 9000 immunoanalyzer and AI-enabled digital pathology.
Life Sciences Tools is forecast to be flattish in 2026 as academic/government exposure (~20% of the segment) remains down, offset by stable pharma, clinical and applied markets and launches such as the 8600 ZenoTOF, Mosaic Spectral solution, and Cytiva VT.
Capital allocation remains M&A-biased under a disciplined framework—recent transactions include Abcam, Pall and GE Biopharma—with opportunistic share buybacks when ROIC justifies.

Nov 18, 2025, 11:00 AM

Transcript

Danaher sets 3%-6% core growth guidance for 2026

DHR

Guidance Update

M&A

Product Launch

Danaher ended Q3 ahead on revenue, EPS and cash flow, and plans to reinvest productivity gains in Q4; it targets 3%–6% core growth for 2026 with high single-digit EPS growth at the low end of the range.
Bioprocessing is forecast to grow in the high single digits, led by mid-teens consumables growth, while equipment sales are assumed flat in 2026; equipment orders showed sequential improvement, with reshoring investments expected to ramp over 2027+.
Life science tools outlook is flattish, reflecting a continued academic/government slowdown (≈20% of life sciences), offset by stable pharma, clinical and applied markets; key innovations include the 8600 ZenoTOF mass spectrometer and Mosaic Spectral flow cytometry module.
Diagnostics ex-China has delivered mid- to high-single-digit growth over the past six quarters; the volume-based procurement headwind of $75–100 million in 2026 is easing, and new high-resolution immunoassays and AI-driven digital pathology platforms are in early rollout.
Capital allocation remains biased toward M&A, focusing on strategic assets with “value reserves” for Danaher Business System improvement; share buybacks are opportunistic when they offer superior ROIC.

Nov 18, 2025, 11:00 AM

Transcript

Danaher reports Q3 2025 results

DHR

Earnings

Guidance Update

Share Buyback

Danaher posted $6.1 billion in Q3 2025 sales, achieving 3% core revenue growth, a 27.9% adjusted operating margin, and $1.89 adjusted EPS; generated $1.4 billion of free cash flow in the quarter.
By segment, biotechnology revenue rose 6.5%, bioprocessing grew high-single-digit (driven by consumables), discovery & medical was up low-single-digit, and Cepheid’s installed base continued to expand globally.
The company maintained its FY 2025 adjusted EPS guidance of $7.70–$7.80, sees Q4 core revenue growth of low-single-digit, and expects 2026 core revenue growth of 3–6% with >100 bps of margin expansion and high-single-digit EPS growth.
Through Q3, Danaher generated $3.5 billion of free cash flow YTD (146% conversion), repurchased 10 million shares (~$2 billion), and authorized up to 35 million additional shares.

Oct 21, 2025, 12:00 PM

Transcript

Danaher reports Q3 2025 results

DHR

Earnings

Guidance Update

Revenue of $6,053 million, up 4.5% year-over-year; adjusted diluted EPS of $1.89 vs. $1.71 in Q3 2024
Core sales growth of 3.0%, despite a 1.5% drag from currency translation
Segment highlights: Biotechnology revenue +9.0% to $1,798 million (37.2% adjusted op margin); Life Sciences +0.5% to $1,792 million (21.0% margin); Diagnostics +4.0% to $2,463 million (29.6% margin)
Operating cash flow of $1,662 million and free cash flow of $1,370 million for the quarter
Q4 2025 outlook: currency expected to boost sales by ~2.5%; corporate expense ~$85 million; net interest ~$50 million; effective tax rate ~17.0%

Oct 21, 2025, 12:00 PM

Presentation

Danaher reports Q3 2025 results

DHR

Earnings

Guidance Update

Share Buyback

Danaher delivered Q3 2025 sales of $6.1 billion with 3% core revenue growth, a 58.2% gross margin, 27.9% adjusted operating margin (+40 bps yoy), $1.89 adj. EPS (+10% yoy) and $1.4 billion free cash flow.
Deployed ~$2 billion to repurchase 10 million shares and approved a new authorization for up to 35 million additional share repurchases.
Maintained FY 2025 adjusted EPS guidance of $7.70–$7.80, with Q4 core revenue growth expected in low single digits and adjusted operating margin of ~27%.
Initial 2026 outlook calls for 3–6% core revenue growth, >100 bps adjusted operating margin expansion and high single-digit EPS growth, driven by robust bioprocessing, modest life sciences recovery and stronger diagnostics.

Oct 21, 2025, 12:00 PM

Transcript

Danaher announces Q3 2025 results

DHR

Earnings

Guidance Update

Revenues rose to $6.1 billion, up 4.5% year-over-year, with non-GAAP core revenue growth of 3.0%.
Net earnings were $908 million, or $1.27 per diluted share (GAAP), and non-GAAP adjusted diluted EPS was $1.89.
Operating cash flow totaled $1.7 billion, and non-GAAP free cash flow was $1.4 billion.
Maintained full-year 2025 guidance of adjusted diluted EPS of $7.70–$7.80 and expects non-GAAP core revenue to grow in the low-single digits.

Oct 21, 2025, 10:00 AM

Press Release

Danaher reports Q3 2025 results

DHR

Earnings

Guidance Update

Net earnings of $908 million, or $1.27 per diluted share (GAAP), and non-GAAP EPS of $1.89 for Q3 2025.
Revenue grew 4.5% year-over-year to $6.1 billion; non-GAAP core revenue increased 3.0%.
Operating cash flow of $1.7 billion and non-GAAP free cash flow of $1.4 billion in the quarter.
Maintained full-year 2025 guidance: adjusted diluted EPS of $7.70–$7.80 and low-single digit non-GAAP core revenue growth.

Oct 20, 2025, 9:39 PM

8-K

Danaher beats divisional expectations despite stock drop

DHR

Earnings

CFO Change

Both divisions, including biotech and life sciences, outperformed expectations and managed China exposure effectively.
Operating margin exceeded forecasts, signaling stronger profitability than anticipated.
CFO departure announced, though the exit was not viewed negatively by the commentator.
Shares fell ~8% on the results despite robust fundamentals, before rebounding from a low near 182.

Jul 22, 2025, 2:33 PM

CNBC Television

Danaher Corp Conference Call Highlights

DHR

Guidance Update

M&A

New Projects/Investments

Tariff countermeasures remain a priority: The management confirmed that regardless of tariff adjustments, dynamic countermeasures such as surcharges and supply chain adjustments will continue to be employed.
Strong bioprocessing performance drives guidance update: Robust sequential orders growth, including high single-digit revenue improvement and low double-digit consumables growth, led to an increased full-year outlook, although equipment revenue remains on a lag with 6-12 month lead times.
Promising diagnostics performance at Cepheid: Q1 results showed significant outperformance in both respiratory and non-respiratory testing segments, benefiting from an expanded test menu and a rapidly growing installed base.
Strategic investments and balance sheet discipline: Ongoing reshoring initiatives, localized manufacturing investments, and a strong balance sheet position Danaher well for opportunistic M&A and long-term market normalization.

May 15, 2025, 5:01 PM

Transcript

Danaher Corp Holds Annual Shareholder Meeting and Votes on Key Proposals

DHR

Proxy Vote Outcomes

Board Change

Executive Compensation

Annual meeting held on May 6, 2025, where shareholders exercised their voting rights on several proposals.
Thirteen directors were elected with detailed vote counts, reflecting significant board-related decisions.
Shareholders approved the ratification of Ernst & Young LLP as the independent auditor and advised on executive officer compensation with clear vote outcomes.

May 8, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for DANAHER CORP /DE/.

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