Danaher Stock Earnings Reports

Danaher reported a strong Q3 2025: $6.1B sales, 3% core revenue growth, adjusted diluted EPS $1.89 (≈+10% YoY), gross margin 58.2% and adjusted operating margin 27.9% (+40 bps YoY). Free cash flow was $1.4B in Q3 and $3.5B YTD; the company repurchased ~10M shares in the quarter and authorized up to 35M additional shares. Segment highlights: Bioprocessing (Cytiva) delivered high-single-digit growth driven by consumables (commercial therapies), equipment sequentially improving but still below prior-year levels; Life Sciences was slightly down (consumables weakness from two large customers and soft academic funding); Diagnostics grew ~3.5% led by Cepheid (respiratory demand ahead of expectations and installed-base expansion), Beckman and Leica. Management reiterated full-year 2025 EPS guide of $7.70–$7.80 and expects Q4 low-single-digit core revenue growth and ~27% adjusted operating margin. Initial 2026 outlook: core revenue growth of 3–6% (planning conservatively toward the low end), expecting more than 100 bps of adjusted operating margin expansion (driven by operating leverage and 2025 productivity initiatives) and high-single-digit adjusted EPS growth before capital allocation benefits. Management continues to emphasize Danaher Business System (DBS) productivity, selective investment in innovation (including digital/AI), disciplined M&A bias with active buybacks as appropriate, and constructive but cautious assumptions about China policy impacts and equipment spending recovery (brownfield activity > greenfield in near term).