Danaher Corporation · NYSE:DHR
Danaher — Q4 2025 Earnings Presentation
31 slides from Danaher's earnings presentation, Jan 28, 2026
Slide 1: Danaher Corporation Fourth Quarter 2025 Earnings Release
Danaher Corporation Fourth Quarter 2025 Earnings Release January 28, 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: Performance Summary: Revenue
Performance Summary: Revenue Q4 Revenue FY Revenue +4.5% +3.0% Core +2.5% Core +2.0% Divestitures -0.5% FX +1.0% FX +2.5% $6,838 $24,568 $6,538 $23,875 Q4 2024 Q4 2025 FY 2024 FY 2025 ($ millions) ($ millions) Throughout this presentation, with respect to revenue performance, for the definitions of
Slide 4: Performance Summary: Adjusted Operating Profit Margin
Performance Summary: Adjusted Operating Profit Margin Q4 Adjusted Operating Profit Margin FY Adjusted Operating Profit Margin -130 BPS -40 BPS 29.6% 28.3% 28.6% 28.2% Q4 2024 Q4 2025 FY 2024 FY 2025 4
Slide 5: Performance Summary: Adjusted Diluted Net Earnings Per Common Share
Performance Summary: Adjusted Diluted Net Earnings Per Common Share Q4 Adjusted Diluted Net Earnings FY Adjusted Diluted Net Earnings Per Common Share Per Common Share +4.0% +4.5% $2.23 $7.80 $2.14 $7.48 Q4 2024 Q4 2025 FY 2024 FY 2025 5
Slide 6: Performance Summary: Free Cash Flow
Performance Summary: Free Cash Flow Q4 Free Cash Flow Performance FY Free Cash Flow Performance +17.5% -0.5% $1,769 $5,309 $5,293 $1,504 Q4 2024 Q4 2025 FY 2024 FY 2025 ($ millions) ($ millions) 6
Slide 7: Fourth Quarter 2025: Biotechnology
Fourth Quarter 2025: Biotechnology Revenue Adjusted Operating Profit Margin +9.0% -70 BPS Core +6.0% FX +3.0% $2,033 38.6% $1,869 37.9% Q4 2024 Q4 2025 Q4 2024 Q4 2025 ($ millions) 7
Slide 8: Fourth Quarter 2025: Life Sciences
Fourth Quarter 2025: Life Sciences Revenue Adjusted Operating Profit Margin +2.5% -180 BPS Core +0.5% FX +2.0% 25.8% 24.0% $2,032 $2,085 Q4 2024 Q4 2025 Q4 2024 Q4 2025 ($ millions) 8
Slide 9: Fourth Quarter 2025: Diagnostics
Fourth Quarter 2025: Diagnostics Revenue Adjusted Operating Profit Margin 3.0% -160 BPS Core +2.0% Divestitures -1.0% FX +2.0% $2,720 29.2% 27.6% $2,637 Q4 2024 Q4 2025 Q4 2024 Q4 2025 ($ millions) 9
Slide 10: Guidance
Guidance 10
Slide 11: Q&A
Q&A 11
Slide 12: Y....
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Slide 13: 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-MONTH PERIODS AND YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024
Slide 14: Table of Contents
TABLE OF CONTENTS Page 1 Sales Growth by Segment, Core Sales Growth (Decline) by Segment 2 Forward-Looking Information 3 Segment Sales, Operating Profit and Adjusted Operating Profit 4 Non-GAAP Profitability Measures 8 Other Non-GAAP Adjusted P&L Measures 14 Operating Profit Margins and Year-Over-Ye
Slide 15: Sales Growth by Segment, Core Sales Growth (Decline) by Segment
DANAHER CORPORATION Sales Growth by Segment, Core Sales Growth (Decline) by Segment % Change Three-Month Period Ended December 31, 2025 vs. Comparable 2024 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP) 4.5 % 9.0 % 2.5 % 3.0 % Impact of: Acquisitions/
Slide 16: Forward-Looking Information
DANAHER CORPORATION Forward-Looking Information ($ in millions, except per share amounts) 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 (except fo
Slide 17: Segment Sales, Operating Profit and Adjusted Operating Profit
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Sales (GAAP) Biotechnology $ 2,033 $ 1,869 $ 7,293 $ 6,759 Life Sciences 2,085 2,032 7,334 7,3
Slide 18: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended December 31, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 1,183 Interest, Net 42 Other Nonoperating (Income) Expense 87 Income Taxes 190 O
Slide 19: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended December 31, 2024 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 1,086 Interest, Net 47 Other Nonoperating (Income) Expense 63 Income Taxes 229 O
Slide 20: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Year Ended December 31, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 3,600 Interest, Net 235 Other Nonoperating (Income) Expense 222 Income Taxes 633 Operating Pro
Slide 21: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Year Ended December 31, 2024 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 3,899 Interest, Net 161 Other Nonoperating (Income) Expense 56 Income Taxes 747 Operating Prof
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 December 31, 2025 Net earnings Earnings from continuing Diluted net from operations for earnings per continuing calculation of common operations diluted earnings share from Gross
Slide 23: 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 December 31, 2024 Net earnings Earnings from continuing Diluted net from operations for earnings per continuing calculation of common operations diluted earnings share from Gross
Slide 24: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Year Ended December 31, 2025 Net earnings Earnings from continuing Diluted net from operations for earnings per continuing calculation of common operations diluted earnings share from Gross profit Operati
Slide 25: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Year Ended December 31, 2024 Net earnings Earnings from continuing Diluted net from operations for earnings per continuing calculation of common operations diluted earnings share from Gross profit Operati
Slide 26: 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 ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above): Thr
Slide 27: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) J Discrete tax adjustments and other tax-related adjustments for the three-month period ended December 31, 2025, include the impact of net discrete tax benefits of $26 million due principally to net discr
Slide 28: Operating Profit Margins and Year-Over-Year Core Operating Margin Changes
DANAHER CORPORATION Operating Profit Margins and Year-Over-Year Core Operating Margin Changes Segments Total Company Biotechnology Life Sciences Diagnostics Three-Month Period Ended December 31, 2024 Operating Profit Margins from Continuing Operations (GAAP) 21.80 % 27.20 % 18.50 % 23.70 % Fourth qu
Slide 29: Cash Flow from Continuing Operations, Free Cash Flow and Related Measures
DANAHER CORPORATION Cash Flow from Continuing Operations, Free Cash Flow from Continuing Operations and Related Measures ($ in millions) Three-Month Period Ended Year-over-Year Year Ended Year-over-Year December 31, 2025 December 31, 2024 Change December 31, 2025 December 31, 2024 Change Total Cash
Slide 30: 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 31: danaher.
danaher.