Danaher Corporation 8-K
PositiveEarningsGuidance raised
Earlier-than-expected Masimo closing and stronger Q2 performance drive higher FY2026 adjusted EPS guidance
Filed 2026-07-20 17:55 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 and FY2026 guidance. Revenue and core growth improved from Q1, while Life Sciences delivered its strongest quarter in several years; customer project timing weighed on bioprocessing revenue despite mid-teens order growth. Danaher raised FY2026 adjusted EPS guidance after Q2 performance and an earlier-than-expected Masimo acquisition completion, and expects to exit 2026 at a mid-single-digit core revenue growth rate.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $6.27B | $5.94B | 5.5% |
| Operating profit | $1.13B | $760M | 48.3% |
| Net earnings | $870M | $555M | 56.8% |
| Diluted EPS (GAAP) | $1.23 | $0.77 | 59.7% |
| Adjusted diluted EPS (non-GAAP) | $1.94 | $1.80 | 8.0% |
| Operating cash flow | $1.53B | $1.34B | ≈14.5% |
| Free cash flow (non-GAAP) | $1.27B | $1.09B | ≈15.5% |
- Core revenue growth (non-GAAP) was 3.0%, or 4.5% excluding respiratory testing; reported revenue growth was 5.5%.
- StatLab, which Leica Biosystems intends to acquire subject to customary closing conditions and regulatory approvals, generated ≈$250M of FY2025 revenue. Danaher expects high-single-digit long-term core sales growth and non-GAAP adjusted EPS accretion in the first full year of ownership; closing is expected by year-end 2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total core sales growth (non-GAAP) | Q3 2026 | 2.0%-3.0% Y/Y | — | — |
| Biotechnology core sales growth (non-GAAP) | Q3 2026 | Mid-single digit | — | — |
| Life Sciences core sales growth (non-GAAP) | Q3 2026 | 3.0%-4.0% | — | — |
| Diagnostics core sales growth (non-GAAP) | Q3 2026 | Flat | — | — |
| Core sales growth excluding respiratory testing (non-GAAP) | Q3 2026 | ≈5.0% | — | — |
| Respiratory testing impact on core sales growth | Q3 2026 | +2.5% | — | — |
| Adjusted operating profit margin (non-GAAP) | Q3 2026 | ≈26.5% | — | — |
| Total core sales growth (non-GAAP) | Q4 2026 | Mid-single digit | — | — |
| Biotechnology core sales growth (non-GAAP) | Q4 2026 | Mid-single digit | — | — |
| Life Sciences core sales growth (non-GAAP) | Q4 2026 | 3.0%-4.0% | — | — |
| Diagnostics core sales growth (non-GAAP) | Q4 2026 | Up slightly | — | — |
| Core sales growth excluding respiratory testing (non-GAAP) | Q4 2026 | Mid-single digit | — | — |
| Respiratory testing impact on core sales growth | Q4 2026 | Flat | — | — |
| Total core sales growth (non-GAAP) | FY2026 | 3.0%-4.0% Y/Y | — | — |
| Biotechnology core sales growth (non-GAAP) | FY2026 | Mid-single digit | — | — |
| Life Sciences core sales growth (non-GAAP) | FY2026 | 3.0%-4.0% | — | — |
| Diagnostics core sales growth (non-GAAP) | FY2026 | Up slightly | — | — |
| Core sales growth excluding respiratory testing (non-GAAP) | FY2026 | Mid-single digit | — | — |
| Respiratory testing impact on core sales growth | FY2026 | Low-single digit | — | — |
| Adjusted diluted EPS (non-GAAP) | FY2026 | $8.45-$8.60 | $8.35-$8.55 | Raised |
| Respiratory testing sales | Q3 2026 | ≈$325M | — | — |
| Respiratory testing sales | Q4 2026 | ≈$500M | — | — |
| Respiratory testing sales | FY2026 | ≈$1.6B | — | — |
| Impact of currency exchange rates on sales | Q3 2026 | ≈(1.0)% | — | — |
| Impact of currency exchange rates on sales | FY2026 | ≈+0.5% | — | — |
| Amortization of acquisition-related intangible assets | Q3 2026 | ≈$(500)M | — | — |
| Amortization of acquisition-related intangible assets | FY2026 | ≈$(1.9)B | — | — |
| Corporate expense | Q3 2026 | ≈$(90)M | — | — |
| Corporate expense | FY2026 | ≈$(360)M | — | — |
| Interest expense, net (assumption) | Q3 2026 | ≈$(115)M | — | — |
| Interest expense, net (assumption) | FY2026 | ≈$(310)M | — | — |
| Effective tax rate | Q3 2026 | ≈17.0% | — | — |
| Effective tax rate | FY2026 | ≈17.0% | — | — |
| Average adjusted diluted shares | Q3 2026 | ≈707M | — | — |
| Average adjusted diluted shares | FY2026 | ≈709M | — | — |
Investor Takeaways
- Watch Q3 core sales growth against the 2.0%-3.0% range and the roughly 5.0% outlook excluding respiratory testing.
- Track whether full-year core growth supports Danaher’s expectation of exiting 2026 at a mid-single-digit rate.
- Watch for StatLab’s expected year-end 2026 closing and its projected first-full-year adjusted EPS accretion.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3