Jun 2026 (Q2 FY26) — Jul 21, 2026
Danaher Q2 FY26 — Strong Growth Acceleration and Raised Full-Year EPS Guidance
Read the full callDanaher (DHR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Danaher earnings: last reported Tue, 21 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,265 | +5.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.0 | +5.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 870 | +56.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
28 of 31 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted operating profit margin | approximately 26.5% | Mar 2026 | Our adjusted operating profit margin of 27.1% was down 20 basis points | Achieved |
| Full-year adjusted diluted EPS | $8.35 to $8.50 | Dec 2025 | we're raising our full year adjusted diluted net EPS guidance to a range of $8.45 to $8.60 versus our previous range of $8.35 to $8.55 | Revised Up |
| Cepheid quarterly respiratory revenue | around $500 million | Dec 2025 | respiratory revenue was down approximately 25% year-over-year, given lower than typical seasonal respiratory infection rates | Missed |
3 of DANAHER CORP /DE/'s 52 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 49 more targets are in the full ledger.
Claimed
- Total sales were $6.3 billion, with core revenue up 3% year-over-year, accelerating from Q1.
- Adjusted diluted EPS increased approximately 8% year-over-year to $1.94, leading to raised full-year guidance.
- Generated $1.3 billion of free cash flow in the quarter, with a year-to-date FCF to net income conversion ratio of 124%.
- Life Sciences businesses delivered 5.5% core revenue growth, their strongest quarter in several years, driven by improved end markets and innovation.
- Closed the acquisition of Masimo ahead of schedule, which delivered high single-digit revenue growth in H1 and is expected to be immediately accretive to adjusted EPS.
Qualified
- Bioprocessing core revenue grew low single digits, below expectations, due to a few large chromatography resin shipments moving out of the quarter, impacting growth by ~500 basis points or $50M-$60M.
- Adjusted operating profit margin was 27.1%, down 20 basis points year-over-year, primarily due to lower respiratory revenue.
- Developed markets saw a slight core revenue decline due to shipment timing in biotechnology and lower respiratory revenue.
Price
$224.43 −2.01% · −$4.61
Performance +7.4% 1Y
1Y: $209.06 on 17 Oct 2025 → $224.43. High $242.05 (21 Jan 2026), low $161.91 (15 May 2026).
- Previous close
- $229.04
- 52-week range
- $161.91 – $242.05
- One year
- +7.70%
Overview
- Symbol
- DHR
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
28 of 31 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted operating profit margin | approximately 26.5% | Mar 2026 | Our adjusted operating profit margin of 27.1% was down 20 basis points | Achieved |
| Full-year adjusted diluted EPS | $8.35 to $8.50 | Dec 2025 | we're raising our full year adjusted diluted net EPS guidance to a range of $8.45 to $8.60 versus our previous range of $8.35 to $8.55 | Revised Up |
| Cepheid quarterly respiratory revenue | around $500 million | Dec 2025 | respiratory revenue was down approximately 25% year-over-year, given lower than typical seasonal respiratory infection rates | Missed |
Claimed
- Total sales were $6.3 billion, with core revenue up 3% year-over-year, accelerating from Q1.
- Adjusted diluted EPS increased approximately 8% year-over-year to $1.94, leading to raised full-year guidance.
- Generated $1.3 billion of free cash flow in the quarter, with a year-to-date FCF to net income conversion ratio of 124%.
- Life Sciences businesses delivered 5.5% core revenue growth, their strongest quarter in several years, driven by improved end markets and innovation.
- Closed the acquisition of Masimo ahead of schedule, which delivered high single-digit revenue growth in H1 and is expected to be immediately accretive to adjusted EPS.
Qualified
- Bioprocessing core revenue grew low single digits, below expectations, due to a few large chromatography resin shipments moving out of the quarter, impacting growth by ~500 basis points or $50M-$60M.
- Adjusted operating profit margin was 27.1%, down 20 basis points year-over-year, primarily due to lower respiratory revenue.
- Developed markets saw a slight core revenue decline due to shipment timing in biotechnology and lower respiratory revenue.
The full ledger
Open DANAHER CORP /DE/’s full ledger
A free account opens 5 company ledgers a month. All 52 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
Danaher Q1 FY26 — Bioprocessing recovery and cost execution offset a soft respiratory season
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
Danaher Q4 FY25 — Strong Finish Driven by Bioprocessing and Diagnostics Momentum
Read the full callEvery analysed call
Danaher earnings calls (DHR)
Financials
What the filings say
Net profit, year on year: +57% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,798 | 6,538 | 5,741 | 5,936 | 6,053 | 6,838 | 5,951 | 6,265 |
| Operating profit | 958 | 1,425 | 1,274 | 760 | 1,154 | 1,502 | 1,344 | 1,127 |
| Operating margin | 16.5% | 21.8% | 22.2% | 12.8% | 19.1% | 22.0% | 22.6% | 18.0% |
| Interest | 87 | 61 | 72 | 71 | 67 | 55 | 63 | 107 |
| Profit before tax | 977 | 1,315 | 1,129 | 655 | 1,076 | 1,373 | 1,235 | 1,078 |
| Tax rate | 16.3% | 17.4% | 15.5% | 15.3% | 15.6% | 13.8% | 16.7% | 19.3% |
| Net profit | 818 | 1,086 | 954 | 555 | 908 | 1,197 | 1,029 | 870 |
| EPS ($ per share) | 1.13 | — | 1.33 | 0.77 | 1.28 | — | 1.45 | 1.23 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 8 | 8 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 25,163 | 24,166 | 27,159 | 32,827 | 39,205 | 41,074 | 44,188 | 46,891 |
| Total liabilities | 19,608 | 31,800 | 36,384 | 38,007 | 34,260 | 30,998 | 27,992 | 30,923 |
| Fixed assets | 2,250 | 2,302 | 3,262 | 3,530 | 3,709 | 4,553 | 4,990 | 5,531 |
| Total assets | 47,833 | 62,082 | 76,161 | 83,184 | 84,350 | 84,488 | 77,542 | 83,464 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,022 | 3,952 | 6,208 | 8,358 | 8,519 | 7,164 | 6,688 | 6,416 |
| Cash from investing | -2,949 | -1,238 | -21,239 | -12,987 | -2,234 | -7,081 | -1,981 | -1,196 |
| Cash from financing | -797 | 16,365 | 1,006 | 1,295 | -2,570 | -273 | -8,385 | -2,961 |
| Net cash flow | 158 | 19,124 | -13,877 | -3,449 | 3,409 | -131 | -3,786 | 2,537 |
| Capital expenditure | -584 | -636 | -791 | -1,240 | -1,118 | -1,383 | -1,392 | -1,156 |
| Free cash flow | 3,438 | 3,316 | 5,417 | 7,118 | 7,401 | 5,781 | 5,296 | 5,260 |
DHR revenue by segment
Biotechnology grew from 29% to 31% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Diagnostics | — | — | — | — | — | 40% | 41% | 39% | — |
| Biotechnology | 29% | — | 28% | 31% | 30% | — | 30% | 31% | +3.8% |
| Life Sciences | — | — | — | — | — | — | 29% | 30% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- North America 39% ↓ 3 pt
- High Growth Markets 31%
- Western Europe 25% ↑ 2 pt
- Other Developed Markets 5%
As DHR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
91 filings between Oct 31, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$257.89M
20 sales by 8 insiders
Compensation
not trading decisions- 33
- Award — granted as compensation
- 9
- Option exercise — converted options into shares
- 25
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 dispositions to the issuer, 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| RALES MITCHELL P | — | $234.56M | Nov 25, 2025 |
| Blair Rainer | — | $12.74M | Aug 21, 2026 |
| Ellis Brian W | — | $4.77M | Nov 12, 2025 |
| McGrew Matthew | — | $3.47M | Nov 11, 2025 |
| Couchara Georgeann | — | $1.09M | Nov 10, 2025 |
| List Teri | — | $747.0K | Nov 18, 2025 |
| Milosevich Gregory M | — | $274.6K | Feb 19, 2026 |
| SPOON ALAN G | — | $237.2K | May 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | RALES STEVEN M Chairman | Disposition to issuer | 500,000 | $0 |
| Oct 9, 2026 | RALES MITCHELL P Chairman of Exec. Committee | Disposition to issuer | 500,000 | $0 |
| Aug 21, 2026 | Blair Rainer President & CEO | Sale | 39,193 | $8.57M |
| Aug 21, 2026 | Blair Rainer President & CEO | Sale | 11,307 | $2.46M |
| Aug 21, 2026 | Blair Rainer President & CEO | Sale | 7,755 | $1.70M |
| Aug 4, 2026 | Gutierrez-Ramos Jose-Carlos SVP, Chief Science Officer | Award | 13,477 | $0 |
| Aug 4, 2026 | RALES MITCHELL P Chairman of Exec. Committee | Award | 500,000 | $0 |
| Aug 4, 2026 | RALES STEVEN M Chairman | Award | 500,000 | $0 |
| Aug 4, 2026 | Milosevich Gregory M Executive Vice President | Award | 15,402 | $0 |
| Aug 4, 2026 | Riley Christopher Paul Executive Vice President | Award | 41,072 | $0 |
| Jul 15, 2026 | Zerhouni Elias A. Director | Option exercise | 3,298 | $237.1K |
| Jul 15, 2026 | FILLER LINDA Director | Option exercise | 3,298 | $237.1K |
| Jul 15, 2026 | Bouda Christopher VP, Chief Accounting Officer | Tax withheld | 60 | $12.0K |
| Jul 15, 2026 | FILLER LINDA Director | Tax withheld | 1,181 | $237.1K |
| Jul 15, 2026 | Zerhouni Elias A. Director | Tax withheld | 1,181 | $237.1K |
| May 15, 2026 | Dewan Feroz Director | Award | 680 | $0 |
| May 15, 2026 | Stevens Raymond C Director | Award | 680 | $0 |
| May 15, 2026 | Zerhouni Elias A. Director | Award | 680 | $0 |
| May 15, 2026 | SPOON ALAN G Director | Award | 680 | $0 |
| May 15, 2026 | Sanders A Shane Director | Award | 680 | $0 |
| May 15, 2026 | Couchara Georgeann SVP, Human Resources | Tax withheld | 281 | $45.5K |
| May 15, 2026 | Lamanna Charles W Director | Award | 680 | $0 |
| May 15, 2026 | FILLER LINDA Director | Award | 680 | $0 |
| May 15, 2026 | List Teri Director | Award | 680 | $0 |
| May 1, 2026 | SPOON ALAN G Director | Sale | 1,358 | $237.2K |
| May 1, 2026 | SPOON ALAN G Director | Option exercise | 3,298 | $237.1K |
| Mar 1, 2026 | Gugino Matthew E EVP & Chief Financial Officer | Award | 3,988 | $0 |
| Mar 1, 2026 | Sawyer Montgomery Julie A Executive Vice President | Tax withheld | 1,080 | $227.5K |
| Mar 1, 2026 | Sawyer Montgomery Julie A Executive Vice President | Award | 6,172 | $0 |
| Mar 1, 2026 | Gugino Matthew E EVP & Chief Financial Officer | Tax withheld | 231 | $48.7K |
| Mar 1, 2026 | Couchara Georgeann SVP, Human Resources | Award | 4,748 | $0 |
| Mar 1, 2026 | Couchara Georgeann SVP, Human Resources | Tax withheld | 113 | $23.8K |
| Mar 1, 2026 | McGrew Matthew Executive Vice President | Award | 5,935 | $0 |
| Mar 1, 2026 | Blair Rainer President & CEO | Award | 17,566 | $0 |
| Mar 1, 2026 | Leiken Jonathan SVP-Chief Legal Officer | Award | 2,374 | $0 |
| Mar 1, 2026 | Milosevich Gregory M Executive Vice President | Tax withheld | 118 | $24.9K |
| Mar 1, 2026 | Milosevich Gregory M Executive Vice President | Award | 4,273 | $0 |
| Mar 1, 2026 | Bouda Christopher VP, Chief Accounting Officer | Tax withheld | 170 | $35.8K |
| Mar 1, 2026 | Bouda Christopher VP, Chief Accounting Officer | Award | 1,247 | $0 |
| Mar 1, 2026 | Gutierrez-Ramos Jose-Carlos SVP, Chief Science Officer | Tax withheld | 284 | $59.8K |
| Mar 1, 2026 | Gutierrez-Ramos Jose-Carlos SVP, Chief Science Officer | Award | 6,647 | $0 |
| Mar 1, 2026 | Riley Christopher Paul Executive Vice President | Tax withheld | 1,115 | $234.9K |
| Mar 1, 2026 | Riley Christopher Paul Executive Vice President | Award | 6,172 | $0 |
| Mar 1, 2026 | GRAY R BRADLEY SVP Strategic Development | Award | 2,849 | $0 |
| Feb 27, 2026 | RALES MITCHELL P Chairman of Exec. Committee | Gift | 71,648 | $0 |
| Feb 24, 2026 | Couchara Georgeann SVP, Human Resources | Tax withheld | 101 | $21.1K |
| Feb 24, 2026 | Gutierrez-Ramos Jose-Carlos SVP, Chief Science Officer | Tax withheld | 344 | $72.0K |
| Feb 24, 2026 | Riley Christopher Paul Executive Vice President | Tax withheld | 242 | $50.6K |
| Feb 24, 2026 | Bouda Christopher VP, Chief Accounting Officer | Tax withheld | 235 | $49.2K |
| Feb 24, 2026 | Milosevich Gregory M Executive Vice President | Tax withheld | 189 | $39.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for DANAHER CORP /DE/
Free account. Everything above stays public.
Write why you follow DANAHER CORP /DE/ and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Health Care
Nearest to Danaher by market cap among the sector's top 20 companies at Q2 2026.