Danaher Corporation · NYSE:DHR
Danaher — Q2 2026 Earnings Presentation
30 slides from Danaher's earnings presentation, Jul 21, 2026
Slide 1: Danaher Corporation Second Quarter 2026 Earnings Release
Danaher Corporation Second Quarter 2026 Earnings Release July 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: Second Quarter 2026 Performance Summary
Second Quarter 2026 Performance Summary Revenue Adjusted Operating Adjusted Diluted Net Earnings Profit Margin Per Common Share +5.5% -20 BPS +8.0% Core +3.0% Acquisitions +1.5% FX +1.0% ($ millions) Throughout this presentation, with respect to revenue performance, for the definitions of “Core”, "A
Slide 4: Second Quarter 2026: Biotechnology
Second Quarter 2026: Biotechnology Revenue Adjusted Operating Profit Margin 4.0% Flat Core +2.5% FX +1.5% ($ millions) 4
Slide 5: Second Quarter 2026: Life Sciences
Second Quarter 2026: Life Sciences Revenue Adjusted Operating Profit Margin +5.5% +170 BPS Core +5.5% ($ millions) 5
Slide 6: Second Quarter 2026: Diagnostics
Second Quarter 2026: Diagnostics Revenue Adjusted Operating Profit Margin +7.0% -160 BPS Core +2.0% Acquisitions +4.0% FX +1.0% ($ millions) 6
Slide 7: Historical Core Revenue Growth Excluding Respiratory Testing Revenue
Historical Core Revenue Growth Excluding Respiratory Testing Revenue 2025 and 2026 Danaher Core Revenue Growth 2025 2026 Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3E Q4E FY26E Biotechnology 7.0% 6.0% 6.5% 6.0% 6.5% 7.0% 2.5% +MSD +MSD Life Sciences -4.0% -2.5% -1.0% 0.5% -1.5% 0.5% 5.5% ~3.0-4.0% ~3.0% to 4.0% Diagno
Slide 8: Guidance
Guidance 8
Slide 9: Q&A
Q&A 9
Slide 10: Y...
Y...
Slide 11: Reconciliation of GAAP to Non-GAAP Financial Measures and Supplemental Forward-Looking Information
DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE AND SIX-MONTH PERIODS ENDED JUNE 26, 2026 AND JUNE 27, 2025
Slide 12: 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 13: Sales Growth by Segment, Core Sales Growth by Segment and Excluding Respiratory Testing
DANAHER CORPORATION Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing % Change Three-Month Period Ended June 26, 2026 vs. Comparable 2025 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP)
Slide 14: Forward-Looking Information
DANAHER CORPORATION Forward-Looking Information The Company does not reconcile non-GAAP forecasted core sales growth, adjusted operating profit margin and adjusted diluted net earnings per common share to their respective, comparable GAAP measures because (except for estimated amortization of acquis
Slide 15: Historical Sales Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing
Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing % Change % Change Three-Month % Change Three-Month Period Ended vs. Comparable 2024 Period Year Ended Period Ended December 31, March 27, 2026 2025 vs. vs. September 26, December 31, Comparable C
Slide 16: Segment Sales, Operating Profit and Adjusted Operating Profit
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended Six-Month Period Ended June 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 Sales (GAAP) Biotechnology $ 1,920 $ 1,850 $ 3,717 $ 3,462 Life Sciences 1,879 1,777 3,616 3,457 D
Slide 17: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended June 26, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 870 Interest, Net 46 Other Nonoperating (Income) Expense 3 Income Taxes 208 Operating Profit (GAAP) $ 556 $ 244
Slide 18: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended June 27, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 555 Interest, Net 63 Other Nonoperating (Income) Expense 42 Income Taxes 100 Operating Profit (GAAP) $ 531 $ (2
Slide 19: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Six-Month Period Ended June 26, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 1,899 Interest, Net 82 Other Nonoperating (Income) Expense 76 Income Taxes 414 Operating Profit (GAAP) $ 1,090 $
Slide 20: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Six-Month Period Ended June 27, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 1,509 Interest, Net 129 Other Nonoperating (Income) Expense 121 Income Taxes 275 Operating Profit (GAAP) $ 972 $
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 June 26, 2026 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin pro
Slide 22: 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 June 27, 2025 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin pro
Slide 23: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Six-Month Period Ended June 26, 2026 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin profi
Slide 24: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Six-Month Period Ended June 27, 2025 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin profi
Slide 25: 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 26: Operating Profit Margins and Year-Over-Year 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 June 27, 2025 Operating Profit Margins (GAAP) 12.80 % 28.70 % (13.40)% 24.00 % Second quarter 2026 impact from
Slide 27: Total Cash Flow, Free Cash Flow and Related Measures
DANAHER CORPORATION Total Cash Flow, Free Cash Flow and Related Measures ($ in millions) Three-Month Period Ended Year-over-Year Six-Month Period Ended Year-over-Year June 26, 2026 June 27, 2025 Change June 26, 2026 June 27, 2025 Change Total Cash Flow: Net cash provided by operating activities (GAA
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 respiratory testing”. In addition, beginning with the Company’s Quarterly Report on Form 10-Q in the third quarter of 2026, the Company intends to exclude from core sales the impact of tariff refunds related to prior period tariffs that are r
Slide 30: danaher.
danaher.