Danaher Corporation · NYSE:DHR
Danaher — Q3 2026 Earnings Presentation
30 slides from Danaher's earnings presentation, Oct 21, 2026
Slide 1: Danaher Corporation Third Quarter 2026 Earnings Release
Danaher Corporation Third Quarter 2026 Earnings Release October 21, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward- looking" statements within the meaning of the federal securities laws. Th
Slide 3: Third Quarter 2026 Performance Summary
Third Quarter 2026 Performance Summary Revenue Adjusted Operating Adjusted Diluted Net Earnings +8.5% Profit Margin Per Common Share Core Ex-Respiratory +5.5% +110 BPS +11.5% ($ millions) Throughout this presentation, with respect to revenue performance, for a reconciliation of "Core Revenue Growth"
Slide 4: Third Quarter 2026: Biotechnology
Third Quarter 2026: Biotechnology Revenue Adjusted Operating Profit Margin +0.5% +460 BPS Core +5.0% ($ millions) 4
Slide 5: Third Quarter 2026: Life Sciences
Third Quarter 2026: Life Sciences Revenue Adjusted Operating Profit Margin +4.0% +70 BPS Core +4.5% ($ millions) 5
Slide 6: Third Quarter 2026: Diagnostics
Third Quarter 2026: Diagnostics Revenue Adjusted Operating Profit Margin +17.0% -80 BPS Core Ex-Respiratory +7.0% ($ millions) 6
Slide 7: Core Revenue Growth Excluding Respiratory Testing Revenue
Core Revenue Growth Excluding Respiratory Testing Revenue 2025 and 2026 Danaher Core Revenue Growth 2025 2026 Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4E FY26E Biotechnology 7.0% 6.0% 6.5% 6.0% 6.5% 7.0% 2.5% 5.0% +MSD +MSD Life Sciences -4.0% -2.5% -1.0% 0.5% -1.5% 0.5% 5.5% 4.5% 4.0% to 5.0% 3.0% to 4.0% Diagno
Slide 8: Q&A
Q&A 8
Slide 9: Y...
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Slide 10: Reconciliation of GAAP to Non-GAAP Financial Measures
DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 25, 2026 AND SEPTEMBER 26, 2025
Slide 11: Table of Contents
TABLE OF CONTENTS Page 1 Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing 2 Forward-Looking Information 3 Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing 3 Historical and Forwa
Slide 12: Sales Growth by Segment and Core Sales Growth
DANAHER CORPORATION Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing % Change Three-Month Period Ended September 25, 2026 vs. Comparable 2025 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (G
Slide 13: Forward-Looking Information
DANAHER CORPORATION Forward-Looking Information The Company does not reconcile non-GAAP forecasted core sales growth, core sales growth excluding respiratory testing, adjusted operating profit margin and adjusted diluted net earnings per common share from continuing operations to their respective, c
Slide 14: Historical Sales Growth and Core Sales Growth
Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing % Change % Change Three-Month Period Year Ended Ended vs. Comparable 2025 % Change Three-Month Period Ended vs. Comparable 2024 Period December 31, Period 2025 vs. September 26, December 31, Comp
Slide 15: Segment Sales, Operating Profit and Adjusted Operating Profit
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended Nine-Month Period Ended September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 Sales (GAAP) Biotechnology $ 1,807 $ 1,798 $ 5,524 $ 5,260 Life Sciences 1,86
Slide 16: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended September 25, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 1,207 Interest, Net 104 Other Nonoperating (Income) Expense 9 Income Taxes (75)
Slide 17: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended September 26, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 908 Interest, Net 64 Other Nonoperating (Income) Expense 14 Income Taxes 168 Op
Slide 18: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Nine-Month Period Ended September 25, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 3,106 Interest, Net 186 Other Nonoperating (Income) Expense 85 Income Taxes 339
Slide 19: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Nine-Month Period Ended September 26, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 2,417 Interest, Net 193 Other Nonoperating (Income) Expense 135 Income Taxes 443
Slide 20: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended September 25, 2026 Net earnings Diluted net from continuing earnings per Earnings operations for common share Gross profit Operating Operating before income calculation of from co
Slide 21: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended September 26, 2025 Net earnings Diluted net from continuing earnings per Earnings operations for common share Gross profit Operating Operating before income calculation of from co
Slide 22: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Nine-Month Period Ended September 25, 2026 Net earnings Diluted net from continuing earnings per Earnings operations for common share Gross profit Operating Operating before income calculation of from con
Slide 23: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Nine-Month Period Ended September 26, 2025 Net earnings Diluted net from continuing earnings per Earnings operations for common share Gross profit Operating Operating before income calculation of from con
Slide 24: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above): Three-Month Period
Slide 25: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) I Discrete tax adjustments and other tax-related adjustments for the three-month period ended September 25, 2026, include the impact of net discrete tax benefits of $263 million related primarily to the r
Slide 26: Operating Profit Margins and Core Operating Profit Margin Changes
DANAHER CORPORATION Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes Segments Total Company Biotechnology Life Sciences Diagnostics Three-Month Period Ended September 26, 2025 Operating Profit Margins (GAAP) 19.10 % 19.60 % 12.40 % 27.00 % Third quarter 2026 impact fr
Slide 27: Total Cash Flow and Free Cash Flow from Continuing Operations
DANAHER CORPORATION Total Cash Flow from Continuing Operations, Free Cash Flow from Continuing Operations and Related Measures ($ in millions) Three-Month Period Ended Year-over-Year Nine-Month Period Ended Year-over-Year September 25, 2026 September 26, 2025 Change September 25, 2026 September 26,
Slide 28: Statement Regarding Non-GAAP Measures
DANAHER CORPORATION Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. M
Slide 29: Statement Regarding Non-GAAP Measures
DANAHER CORPORATION Statement Regarding Non-GAAP Measures quarter of 2026, we exclude tariff refunds to customers to help customers better understand underlying growth trends in the Company’s business that otherwise may be obscured by such item. • With respect to core sales excluding respiratory tes
Slide 30: Danaher
danaher.