Results
Key Second Quarter 2026 Results
3Net earnings were $870 million, or $1.23 per diluted common share, up 60% year-over-year.
Non-GAAP adjusted diluted net earnings per common share grew 8.0% to $1.94.
Revenues increased 5.5% year-over-year to $6.3 billion.
5Non-GAAP core revenue increased 3.0% year-over-year and non-GAAP core revenue excluding respiratory testing revenue increased 4.5% year-over-year.
Operating cash flow was $1.5 billion and non-GAAP free cash flow was $1.3 billion.
Outlook
1Strong Q2 earnings performance and earlier-than-anticipated completion of Masimo acquisition enabling increased full year 2026 adjusted diluted net earnings per common share guidance.Guidance raised
Management commentary
Rainer M. Blair, President and Chief Executive Officer, stated, “We delivered a better than expected second quarter, with core growth improving versus the first quarter and disciplined execution driving high-single-digits adjusted EPS growth.
6Our Life Sciences businesses delivered their strongest quarter in several years and while customer project timing impacted bioprocessing revenue, underlying order trends remained strong and bioprocessing orders grew mid-teens in the quarter.”
Outlook
2Mr. Blair continued, “Looking ahead, continued end-market recovery and traction from our recent growth initiatives support our expectation to exit 2026 at a mid-single-digit core revenue growth rate.
Longer term, Danaher’s leading portfolio, capital deployment optionality and talented team — all powered by the Danaher Business System — position us to accelerate the impact of science and technology, help customers move from discovery to delivery faster, and create sustainable long-term shareholder value.”
Third Quarter and Full Year 2026 Outlook
For the third quarter 2026, the Company anticipates that non-GAAP core revenue will increase in the 2.0% to 3.0% range year-over-year.
For full year 2026, the Company expects non-GAAP core revenue will increase in the 3.0% to 4.0% range year-over-year.
4The Company is also increasing its full year adjusted diluted net earnings per common share guidance to a range of $8.45 to $8.60 versus previous guidance of $8.35 to $8.55.Guidance raised
Results
D Impairment charges related to a trade name in the Life Sciences segment recorded in the three and six-month periods ended June 27, 2025 ($432 million pretax as reported in this line item, $328 million after-tax) and a facility in the Biotechnology segment recorded in the six-month period ended June 27, 2025 ($15 million pretax as reported in this line item, $11 million after-tax).
Corporate events
E Gain on a product line disposition in the six-month period ended June 27, 2025 ($9 million pretax as reported in this line item, $7 million after-tax).
Results
G Discrete tax adjustments and other tax-related adjustments for both the three and six-month periods ended June 26, 2026, include the impact of net discrete tax charges of $21 million related primarily to changes in estimates associated with prior period uncertain tax positions, partially offset by benefits from the release of reserves for uncertain tax positions resulting from audit settlements and the expiration of statutes of limitations during the six-month period.
Discrete tax adjustments and other tax-related adjustments for the three-month period ended June 27, 2025, include the impact of net discrete tax charges of $22 million related primarily to changes in uncertain tax positions and other items.
Discrete tax adjustments and other tax-related adjustments for the six-month period ended June 27, 2025, include the impact of net discrete tax charges of $12 million related primarily to the release of reserves for uncertain tax positions due to the expiration of statutes of limitations, partially offset by changes in uncertain tax positions and other items.
Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing
Biotechnology+Mid-single digit+Mid-single digit
Outlook
Life Sciences+3.0% - +4.0%+3.0% - +4.0%
Results
DiagnosticsFlat+Up slightly
Outlook
Total Company+2.0% - +3.0%+Mid-single digit+3.0% - +4.0%
Results
Impact of respiratory testing+2.5%Flat+Low-single digit
7Core sales growth excluding respiratory testing (non-GAAP)~+5.0%+Mid-single digit+Mid-single digit
Three-Month Period Ending September 25, 2026Year Ending December 31, 2026
Adjusted operating profit margin (non-GAAP)~26.5%
Outlook
Adjusted diluted net earnings per common share (non-GAAP)$8.45 - $8.60
Corporate events
Pending SLMP LLC “StatLab” Acquisition
Earlier this month, Leica Biosystems, our anatomic pathology business, announced their intention to acquire StatLab, a leading manufacturer of products across the core histology workflow, from specimen collection through slide staining.
The business has >85% recurring revenue and is complementary to Leica Biosystems’ existing oncology instrument portfolio.
Below is some information on StatLab:
Results
StatLab generated ~$250M in revenue for the full year 2025
Outlook
8The Company expects StatLab to have +high-single digit core sales growth over the long term
The Company expects StatLab to be accretive to Adjusted diluted net earnings per common share (non-GAAP) in the 1 st full year of ownership
Corporate events
The Company expects to close this acquisition by the end of 2026, subject to customary closing conditions and regulatory approvals
Results
Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing
Historical and Forward-Looking Respiratory Testing Sales
($ in millions)
Cash Flow and Free Cash Flow
($ in millions)
106 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.