Danaher (DAP) Q3 2026 Earnings Report
DE:DAP Q3 2026 EPS Results
- Actual EPS
- EUR 1.89
- Consensus EPS
- EUR 1.72
- Beat/Miss
- Beat by +EUR 0.17
- One Year Ago EPS
- EUR 1.69
DE:DAP Q3 2026 Revenue Results
- Actual Revenue
- EUR 5.87B
- Expected Revenue
- EUR 5.87B
- Beat/Miss
- Missed by -EUR 5.09M
- YoY Revenue Growth
- +8.28%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
Danaher's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. Danaher delivered better-than-expected revenue, earnings, margins, and cash flow; raised full-year EPS guidance; reported improving trends across biotechnology, life sciences, and diagnostics; and highlighted strong orders, AI initiatives, and acquisition integration. The main challenges were respiratory-related revenue declines, North American weakness, academic and selected discovery-market softness, and a measured 4%-5% initial 2027 growth framework. Highlights significantly outweighed the lowlights.
For the fourth quarter, Danaher expects core revenue growth excluding respiratory revenue to be in the 4%-5% range, respiratory revenue to be an approximately 150 basis point headwind, and adjusted operating profit margin to be approximately 29.5%. For full year 2026, adjusted diluted net EPS guidance is $8.57-$8.62 versus the prior range of $8.45-$8.60, representing double digit year-over-year EPS growth; bioprocessing remains expected to deliver mid-single digit core revenue growth. For 2027, 4%-5% core revenue growth excluding respiratory revenue is the right starting point as we sit today, with more quantitative and detailed guidance to be provided in January. Respiratory revenue is planned at $1.5 billion this year and is also the right starting point for next year, with a couple hundred million dollars of bookends around that number. Cytiva is expected to deliver sustainable high single digit long-term revenue growth, while reshoring could be a billion-dollar market opportunity in the U.S., mostly starting in 2028.
- Third-Quarter Results Exceeded ExpectationsDanaher reported third-quarter sales of $6.6 billion, core revenue growth excluding respiratory revenue of 5.5%, and a nearly 30% adjusted operating profit margin. Results were ahead of expectations, reflecting improved end-market conditions and strong commercial and operational execution.
- Strong Profitability and Cash FlowGross profit margin was 58.5%, while adjusted operating profit margin was 29%, up 110 basis points and ahead of expectations. Adjusted diluted EPS was $2.11, up approximately 11.5%. Free cash flow was $1.6 billion in the quarter and $4 billion year to date, with a year-to-date free cash flow to net income conversion ratio of 128%.
- Raised Full-Year EPS GuidanceDanaher increased full-year 2026 adjusted diluted EPS guidance to $8.57-$8.62 from the prior range of $8.45-$8.60. The updated guidance represents double-digit year-over-year EPS growth.
- Improvement Across End Markets and GeographiesUnderlying demand across large pharma and biopharma remained robust, biotech activity strengthened, academic demand improved sequentially, and clinical and applied end markets remained healthy. Core revenue in high growth markets increased approximately 10%, with China up high single digits and growth across all three segments.
- Biotechnology Growth and Strong Bioprocessing OrdersBiotechnology core revenue increased 5%. Bioprocessing grew toward the upper end of the mid-single-digit range, with orders up mid-teens, led by upstream consumables and reagents. The company maintained its full-year expectation for mid-single-digit bioprocessing core revenue growth and described the business as a long-term high single-digit growth business.
- Life Sciences Segment Beat ExpectationsLife Sciences core revenue increased 4.5%, marking the third consecutive quarter in which the segment exceeded internal expectations. Pall's applied filtration business grew mid-single digits, Life Sciences instruments grew mid-single digits, and SCIEX benefited from pharma and biopharma demand, improved U.S. academic spending, and momentum for products such as ZenoTOF 8600.
- Diagnostics Growth Excluding RespiratoryDiagnostics core revenue excluding respiratory revenue increased 7%. Clinical Diagnostics grew mid-single digits, Leica Biosystems showed strong momentum in digital pathology and advanced staining, and Beckman Coulter Diagnostics delivered its highest core growth quarter in more than two years. Cepheid's non-respiratory business grew low double digits, led by group A strep, virology, and sexual health assays.
- Commercial Execution Creating Revenue OpportunitiesDanaher is focusing on commercial excellence, connected selling, and making the broader portfolio more accessible to customers. In Diagnostics, coordinated customer engagement has generated several hundred millions of dollars of opportunity in a short time and is helping drive share gains across the businesses.
- Strategic Priorities for the Next ChapterManagement identified four strategic priorities: commercial excellence, innovation, talent, and effective capital allocation. The company intends to preserve operating-company accountability and customer intimacy while increasing coordination across Danaher's platforms and capabilities.
- AI-Powered Autonomous Lab and AI PartnershipsDanaher announced its first AI-powered autonomous lab at Abcam, combining AI, robotics, instruments, consumables, automation, and software from across the portfolio in a connected design, make, and test workflow. The platform is designed to move from idea to validated reagent up to eight times faster and generate up to ten times higher volume than existing models. Danaher also announced collaborations with NVIDIA and Anthropic to advance AI-enabled scientific research, connected instruments, automated workflows, and model hardware standards.
- AI Demand and Internal DeploymentManagement described AI-driven drug discovery as a significant long-term opportunity and said Danaher has instruments, consumables, automation, software, and scale needed to serve the market. AI has begun providing a modest benefit to orders and revenue, while Danaher is also using AI internally to improve process management, sales coaching, and execution through the Danaher Business System.
- Successful Recent Acquisitions and IntegrationLeica Biosystems closed the acquisition of StatLab in early Q4, strengthening its pathology workflow and integrated delivery network strategy. Masimo delivered another quarter of high single-digit revenue growth, its integration was progressing well, and management cited a healthy funnel of cost-savings and commercial-synergy opportunities.
- Masimo Innovation MilestoneMasimo received FDA clearance for its smartSET platform, which can help detect atrial fibrillation. The clearance was Masimo's sixth FDA clearance of the year and extends its technology beyond monitoring into detection of an important clinical condition.
- Long-Term Bioprocessing and Reshoring OpportunityManagement cited a differentiated bioprocessing portfolio and secular drivers including monoclonal antibodies, biosimilars, antibody-drug conjugates, cell therapy, bi-trispecifics, and reshoring. Brownfield reshoring activity is producing a modest current order-book impact, while the broader U.S. reshoring opportunity could be a billion-dollar market opportunity over several years.
- Fourth-Quarter Margin and Growth OutlookFor the fourth quarter, Danaher expects core revenue growth excluding respiratory revenue of 4%-5%, an approximately 150 basis point respiratory headwind, and an adjusted operating profit margin of approximately 29.5%.
DE:DAP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | 2.22- | 2 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 1.721.89 | 1.69 | 11.64% (+0.20) | |
| Jul 21, 2026 | 2026 (Q2) | 1.661.74 | 1.61 | 7.78% (+0.13) | |
| Apr 21, 2026 | 2026 (Q1) | 1.731.84 | 1.68 | 9.57% (+0.16) | |
| Jan 28, 2026 | 2025 (Q4) | 1.942.00 | 1.92 | 4.21% (+0.08) | |
| Oct 21, 2025 | 2025 (Q3) | 1.541.69 | 1.53 | 10.53% (+0.16) | |
| Jul 22, 2025 | 2025 (Q2) | 1.471.61 | 1.54 | 4.65% (+0.07) | |
| Apr 22, 2025 | 2025 (Q1) | 1.461.68 | 1.72 | -2.08% (-0.04) | |
| Jan 29, 2025 | 2024 (Q4) | 1.931.92 | 1.87 | 2.39% (+0.04) | |
| Oct 22, 2024 | 2024 (Q3) | 1.401.53 | 1.81 | -15.35% (-0.28) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.