Danaher reported third-quarter core revenue growth excluding respiratory revenue of 5.5% and raised full-year 2026 adjusted diluted net EPS guidance to $8.57 to $8.62. It sees 4% to 5% core revenue growth excluding respiratory revenue for 2027.
DHR · Danaher Corp
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Danaher Corporation reported third-quarter 2026 revenue of $6.6 billion, up 8.5%, net earnings of $1.2 billion and adjusted diluted EPS of $2.11, and raised full-year 2026 adjusted diluted EPS guidance to $8.57 to $8.62.
Danaher reported third-quarter revenues up 8.5% and core sales up 3.0%, with core sales excluding respiratory testing up 5.5%; nine-month operating margin rose 180 basis points to 19.8%. It acquired Masimo for approximately $9.8 billion on June 10, 2026.
Danaher appointed Daniel L. Comas and Robert M. Hershberg as directors on October 9, 2026, while Steven M. Rales and Mitchell P. Rales each waived rights to 500,000 Founder RSUs.
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Oct 21, 2026TL;DR. Danaher delivered better-than-expected third-quarter results, with core revenue excluding respiratory up 5.5%, adjusted operating margin near 29%, and adjusted EPS up 11.5%, and raised full-year 2026 adjusted EPS guidance to $8.57-$8.62. Respiratory testing remained a material drag, and full-year total core revenue growth is expected to be approximately 2.5%.
- + Q3 core revenue excluding respiratory grew 5.5%, accelerating 100 basis points from Q2.
- + Adjusted operating margin reached 29% and adjusted EPS increased 11.5% to $2.11.
- + Free cash flow was $1.6 billion in Q3 and $4 billion over the first nine months.
- + Management raised full-year 2026 adjusted EPS guidance to $8.57-$8.62 from $8.45-$8.60.
- − Respiratory revenue reduced Q3 core growth by approximately 250 basis points.
- − Full-year 2026 total core revenue growth is expected to be only approximately 2.5%.
- − Academic demand remains below historic levels despite sequential improvement.
- − North American core revenue declined in Q3.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Versus peers
Diagnostics & Research — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
DHR
this stock
Danaher Corp
|
$165.28B | +2.6% | +8.5% | 38.4 | 1.2% |
|
TMO
Thermo Fisher Scientific Inc.
|
$261.38B | +21.9% | +14.5% | 37.2 | 1.3% |
|
IDXX
Idexx Laboratories Inc
|
$55.04B | +3.3% | +10.4% | 47.1 | 2.4% |
|
NTRA
Natera, Inc.
|
$52.75B | +70.7% | -2.8% | — | 4.1% |
|
A
Agilent Technologies, Inc.
|
$49.95B | +30.2% | +6.4% | 34.9 | 1.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 21, 2026
- This year
- 20
Danaher Corporation reported third-quarter 2026 revenue of $6.6 billion, up 8.5%, net earnings of $1.2 billion and adjusted diluted EPS of $2.11, and raised full-year 2026 adjusted diluted EPS guidance to $8.57 to $8.62.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| DHR | +0.4% | +7.5% | +42.8% | +1.2% | +2.6% |
| SPY | -0.7% | -1.3% | +2.5% | +1.5% | +12.5% |
| vs SPY | +1.1% | +8.9% | +40.3% | -0.3% | -9.8% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.