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Danaher

Danaher (DHR) Q2 2026 Earnings

Reported Jul 20, 2026 at 5:55 PM ET · SEC Source

Q2 26 EPS

$1.94

Q2 26 Revenue

$6.27B

vs S&P Since Q2 26

-1.5%

TRAILING MARKET

DHR +1.9% vs S&P +3.3%

Market Reaction

Did DHR Beat Earnings? Q2 2026 Results

Danaher delivered a stronger-than-expected second quarter for 2026, extending its consensus EPS beat streak to four consecutive quarters as robust Life Sciences performance and acquisition-driven Diagnostics growth propelled results above Wall Street… Read more Danaher delivered a stronger-than-expected second quarter for 2026, extending its consensus EPS beat streak to four consecutive quarters as robust Life Sciences performance and acquisition-driven Diagnostics growth propelled results above Wall Street's bar. Non-GAAP adjusted diluted EPS rose 8.0% year-over-year to $1.94, while total revenue climbed 5.5% to $6.26 billion, with non-GAAP core revenue up 3.0%. The single most material driver was Life Sciences, which posted its strongest quarterly performance in several years with 5.5% total and core sales growth, while bioprocessing orders grew mid-teens despite some timing-related revenue variability. Diagnostics contributed 7.0% total sales growth, aided by the Masimo acquisition, though underlying core trends remained solid when stripping out softer respiratory testing demand. Operating cash flow grew approximately 14.5% to $1.53 billion, underscoring the durability of Danaher's cash generation. Looking ahead, management raised full-year 2026 adjusted diluted EPS guidance to $8.45 to $8.60 and anticipates exiting the year at a mid-single-digit core revenue growth rate.

Key Takeaways

  • • Life Sciences delivered strongest quarter in several years with 5.5% core sales growth
  • • Bioprocessing orders grew mid-teens despite customer project timing impacting revenue
  • • Core revenue excluding respiratory testing grew 4.5%, improving versus Q1
  • • Disciplined execution driving high-single-digit adjusted EPS growth
  • • Operating cash flow grew approximately 14.5% year-over-year
  • • Free cash flow grew approximately 15.5% year-over-year

DHR Forward Guidance & Outlook

For Q3 2026, Danaher anticipates non-GAAP core revenue growth of 2.0%–3.0% year-over-year. For full year 2026, the company expects non-GAAP core revenue growth of 3.0%–4.0% and raised adjusted diluted EPS guidance to $8.45–$8.60 (from $8.35–$8.55). By segment, Q3 core sales growth is expected at mid-single digit for Biotechnology, +3.0%–4.0% for Life Sciences, and flat for Diagnostics. The company expects to exit 2026 at a mid-single-digit core revenue growth rate. Full year adjusted operating profit margin for Q3 is guided at approximately 26.5%. Currency is estimated to decrease Q3 sales by 1.0% and increase full-year sales by 0.5%. Full year amortization of acquisition-related intangible assets is estimated at approximately $1.9 billion. The effective tax rate is expected at approximately 17.0%.

24/7 Wall St

DHR YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

DHR Revenue by Segment

Business unit performance breakdown

“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. Our 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.”

— Rainer M. Blair, Q2 2026 Earnings Press Release

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