Companies /Healthcare

Danaher Corp

NYSE: DHR Diagnostics & Research
$214.74
▼ $0.94 (−0.44%) today
Markets open · 9:55am ET

Q4 2025 Earnings

Reported Jan 27, 2026, 5:37pm ET · SEC source
$2.23
Beat +1.79%
EPS · est. $2.19
$6.8B
Beat +0.42%
Revenue · est. $6.8B
−9.3%
Trailing market
DHR vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Jan 27Jan 28report 5:37pm ETearnings+0.1%−4.8%
−4%−2%0Jan 27Jan 28earnings+0.1%−4.8%
DHR −4.8%S&P 500 +0.1%
−4%−2%0Jan 27Jan 28report 5:37pm ETearnings+0.5%−4.8%
−4%−2%0Jan 27Jan 28earnings+0.5%−4.8%
DHR −4.8%NASDAQ +0.5%
−9%−6%−3%0Jan 27Feb 4report 5:37pm ETearnings−1.0%−7.2%
−9%−6%−3%0Jan 27Feb 4earnings−1.0%−7.2%
DHR −7.2%S&P 500 −1.0%
−9%−6%−3%0Jan 27Feb 4report 5:37pm ETearnings−3.7%−7.2%
−9%−6%−3%0Jan 27Feb 4earnings−3.7%−7.2%
DHR −7.2%NASDAQ −3.7%
−0.41%
Day of report
−4.76%
Next session
−8.12%
One week
−10.65%
30 days

S&P 500 over the same 30 days: −1.37%.

Did DHR Beat Earnings? Q4 2025 Results

Danaher closed out fiscal 2025 on firm footing, posting fourth-quarter revenue of $6.84 billion, up 4.6% year-over-year and modestly ahead of the $6.81 billion Wall Street had penciled in, while adjusted diluted EPS of $2.23 edged past the $2.19 consensus by 1.79%. The standout driver was the Biotechnology segment, which delivered 9.0% total sales growth and 6.0% core growth in the quarter, fueled by sustained momentum in the bioprocessing business, a result CEO Rainer Blair credited to "better-than-expected performance across our portfolio." The company also generated $1.77 billion in non-GAAP free cash flow during the quarter, helping lift its cash balance to $4.62 billion from $2.08 billion a year earlier. Looking into 2026, management initiated full-year adjusted diluted EPS guidance of $8.35 to $8.50, with core revenue expected to grow between 3% and 6%, led by roughly 6% core growth in Biotechnology, as the Life Sciences division is projected to be flat and Diagnostics expands at a low-single digit pace.

Key Takeaways
  • Continued strength in bioprocessing business driving Biotechnology segment growth
  • Improved momentum in Diagnostics and Life Sciences
  • Disciplined execution exceeding margin, earnings, and cash flow expectations
  • Cepheid respiratory revenue of approximately $500 million in Q4

“We delivered a strong finish to the year with better-than-expected performance across our portfolio. We were particularly encouraged by continued strength in our bioprocessing business, along with improved momentum in Diagnostics and Life Sciences. Our teams' disciplined execution also enabled us to exceed our fourth quarter margin, earnings, and cash flow expectations.”

Danaher CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2026, Danaher expects non-GAAP core revenue to increase in the low-single digit percent range year-over-year. For full year 2026, the company expects non-GAAP core revenue growth of 3% to 6% year-over-year and is initiating full year adjusted diluted net earnings per share guidance of $8.35 to $8.50. By segment for full year 2026: Biotechnology core growth of approximately 6%, Life Sciences flat, and Diagnostics low-single digit growth. The company estimates ~28.5% adjusted operating profit margin for Q1 2026, an effective tax rate of ~17.0%, and average adjusted diluted shares of ~714 million for both Q1 and full year 2026. Currency exchange rates are estimated to increase sales by 3.5% in Q1 and 1.0% for full year 2026.

DHR YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$2.0B$4.0B$6.0B$6.5B$6.8BRevenue$3.9B$4.0BGross Profit$1.7B$1.5BOperating Income$1.1B$1.2BNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income

DHR Revenue by Segment

Diagnostics$2.7B+3.0%
Life Sciences$2.1B+2.5%
Biotechnology$2.0B+9.0%

Figures from SEC filings and company reports. Not investment advice.