Danaher Reports Third Quarter 2026 Results

WASHINGTON, Oct. 21, 2026 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) today announced results for the third quarter 2026. All results in this release reflect only continuing operations and period-to-period comparisons are year-over-year unless otherwise noted.

Key Third Quarter 2026 Results

- Net earnings were $1.2 billion, or $1.71 per diluted common share, up 34.5% year-over-year.

- Non-GAAP adjusted diluted net earnings per common share grew 11.5% to $2.11.

- Revenues increased 8.5% year-over-year to $6.6 billion.

- Non-GAAP core revenue excluding respiratory revenue increased 5.5% year-over-year and non-GAAP core revenue increased 3.0% year-over-year.

- Operating cash flow was $1.9 billion and non-GAAP free cash flow was $1.6 billion.

Julie Sawyer Montgomery, President and Chief Executive Officer, stated, "We delivered better-than-expected third quarter revenue, earnings and cash flow, and are encouraged by the improving trends we saw across our end markets. The continued acceleration in core revenue growth excluding respiratory revenue, together with DBS-driven execution drove double-digit adjusted EPS growth and underscored our ability to convert improving demand into strong financial performance."

Ms. Sawyer Montgomery continued, "Danaher has built a strong foundation, and the time I've spent with our teams and customers during my transition into the CEO role has only reinforced my conviction in the opportunities ahead. Looking forward, the opportunity for Danaher is clear: to become the defining leader in Life Sciences and Diagnostics–a company that unambiguously gains share, delivers sustainable profitable growth, and helps our customers improve outcomes for patients around the world."

Fourth Quarter and Full Year 2026 Outlook

Danaher Corporation (the "Company") does not reconcile non-GAAP forecasted core sales growth, adjusted operating profit margin and adjusted diluted net earnings per common share to their respective, comparable measure prepared in accordance with U.S. generally accepted accounting principles (GAAP) because (except for estimated amortization of acquisition-related intangible assets of $0.5 billion for the fourth quarter and $1.9 billion for the year ending December 31, 2026 and the estimated impact of foreign currency on sales, which is estimated to be flat in the fourth quarter and increase sales by 1.0% in the full year, assuming the currency exchange rates in effect as of September 25, 2026) the additional elements that would be reflected in any such GAAP measures (such as the impact of currency exchange rates on profitability, future acquisitions, divested product lines, discrete tax adjustments, impairments, gains and losses on investments and the outcome of legal proceedings) are difficult to predict and estimate and are often dependent on future events that may be uncertain or outside of our control. The impact of these additional elements could be material to our results computed in accordance with GAAP.

For the fourth quarter 2026, the Company anticipates that non-GAAP core revenue excluding respiratory revenue will increase in the 4.0% to 5.0% range year-over-year. We expect respiratory revenue to be an approximately 150 basis point headwind, resulting in core revenue growth of approximately 3.0%.

For full year 2026, the Company is increasing its full year adjusted diluted net earnings per common share guidance to a range of $8.57 to $8.62 versus previous guidance of $8.45 to $8.60.

Conference Call and Webcast Information

Danaher will discuss its third quarter results and financial guidance for the fourth quarter and full year 2026, including as applicable key assumptions with respect thereto, during its investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of Danaher's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.

The conference call can be accessed by dialing 800-267-6316, within the U.S. or +1 203-518-9783 outside the U.S. a few minutes before 8:00 a.m. ET and notifying the operator that you are dialing in for Danaher's earnings conference call (Conference ID: DHRQ326). A replay of the conference call will be available shortly after the conclusion of the call and until November 4, 2026. You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations."

ABOUT DANAHER

Danaher is a leading global life sciences, diagnostics and biotechnology innovator committed to advancing the power of science and technology to improve human health. Through a connected ecosystem of industry-leading businesses, the Company works closely with customers to solve many of their most complex scientific challenges by accelerating discovery, development and the delivery of life-changing therapies. Powered by the Danaher Business System and 60,000 associates worldwide, the Company strives for continuous improvement, operational excellence and Innovation at the Speed of Life. Explore more at www.danaher.com.

NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS

In addition to the financial measures prepared in accordance with GAAP, this earnings release also contains non-GAAP financial measures. Calculations of these measures, explanations of what these measures represent and the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, where applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.

In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the "Investors" section of Danaher's website (www.danaher.com).

FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION

Statements in this release that are not strictly historical, including the statements regarding the Company's anticipated financial results for the fourth quarter and full year 2026, the Company's expectations regarding business trends, opportunities, market share gains, sustainable profitable growth and improved patient outcomes and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things: the impact of the tariffs and related actions implemented by the U.S.