EarningsQ2 2026 Earnings Report
MX:DHR Q2 2026 EPS Results
Actual EPS$35.10
Consensus EPS$33.49
Beat/MissBeat by +$1.61
One Year Ago EPS$32.57
MX:DHR Q2 2026 Revenue Results
Actual Revenue$113.37B
Expected Revenue$110.76B
Beat/MissBeat by +$2.61B
YoY Revenue Growth+5.54%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
MX:DHR Upcoming Earnings
Danaher's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DHR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive momentum: revenue and core growth accelerated sequentially (core ex-respiratory +4.5%), EPS grew ~8% and guidance was raised, cash generation was strong (Q2 FCF $1.3B, YTD conversion 124%), and life sciences and diagnostics showed solid performance with several product and M&A catalysts (Masimo closed early and is accretive; StatLab acquisition announced). Key challenges include bioprocessing shipment timing that pushed just over $100M into next year, respiratory-related headwinds (notably in Q3), modest margin pressure (down 20 bps), and continued softness in academic funding. On balance the positive operational execution, cash generation, guidance raise, and strategic M&A/repurchases outweigh the near-term timing and respiratory headwinds.Company Guidance
Revenue and Core Growth
Q2 sales of $6.3 billion; core revenue up 3% year-over-year. Core growth excluding respiratory was up 4.5%, a 150 basis point acceleration versus Q1, indicating improving underlying demand.
Earnings and Profitability
Adjusted diluted net EPS of $1.94, up approximately 8% year-over-year. Gross profit margin of 57.6% and adjusted operating profit margin of 27.1% for the quarter.
Strong Cash Generation
Generated $1.3 billion of free cash flow in Q2 and $2.4 billion year-to-date. Year-to-date free cash flow to net income conversion ratio of 124%, underscoring high-quality earnings and cash flow conversion.
Raised Full-Year EPS Guidance and 2H Outlook
Raised 2026 adjusted diluted EPS guidance to $8.45–$8.60 from $8.35–$8.55. Company expects Q3 revenue growth ~2%–3% (with a ~250 bps respiratory headwind), core ex-respiratory ~5%, and a mid-single digit core revenue exit in Q4; full-year core revenue growth outlook 3%–4%.
M&A and Capital Deployment Progress
Closed Masimo early (June); Masimo delivered high-single-digit revenue growth in H1 and is expected to be immediately accretive (management cited ~ $0.07–$0.08 EPS contribution from earlier close). Announced pending Leica Biosystems acquisition of StatLab (~$250M 2025 revenue, >85% recurring revenue; expected high-single-digit growth long term and accretive in first full year). Repurchased ~5 million shares for approximately $900 million in Q2/July.
Life Sciences Segment Strength
Life Sciences core revenue +5.5% in Q2. Pall applied filtration grew ~10% (microelectronics/semiconductor strength), life sciences instruments grew mid-single digits, Abcam delivered its best quarter since acquisition, and SCIEX launched the novus V55 mass spec product.
Diagnostics Momentum and Product Wins
Diagnostics core revenue +2%; excluding respiratory core revenue +5%. Clinical diagnostics grew mid-single digits, Leica Biosystems and Radiometer collectively up high single digits, Beckman Coulter Diagnostics up mid-single digits, and Cepheid non-respiratory revenue grew low double digits. Beckman received CE mark for Access p-tau217 (Alzheimer's biomarker assays).
Product and Public-Health Contributions
Multiple notable product launches and regulatory milestones (Biacore 8S, SCIEX novus V55, Beckman p-tau217 CE mark, Masimo AI-enabled 510(k) clearance). Cepheid supported Ebola response via donated Xpert Hemorrhagic Fever panel tests.
MX:DHR Earnings History
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.
Beat
Missed