Danaher Beats Q3, Raises Full-Year Adjusted EPS Guidance to $8.57-$8.62
DHR sits 37% above its 52-week low of $160.93 on elevated volume (2.2× avg).
Summary
Danaher beat Q3 estimates with revenue up 8.5% to $6.55B and adjusted EPS of $2.11, and raised full-year adjusted EPS guidance to $8.57-$8.62. Core growth excluding respiratory testing accelerated to 5.5%.
Key Events · Earnings and Guidance · DHR
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Q3 Beat and Guidance Raise
Revenue rose 8.5% to $6.554B and adjusted diluted EPS grew 11.5% to $2.11. Full-year 2026 adjusted EPS guidance was raised to $8.57-$8.62 from $8.45-$8.60.
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Core Growth Accelerates Ex-Respiratory
Core revenue grew 3.0%, held back by a 2.5-point respiratory testing headwind; excluding respiratory, core growth was 5.5%. Q4 core growth is guided to ~3.0% (~4.0-5.0% ex-respiratory).
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Cash Generation Strong
Q3 operating cash flow was $1.886B and free cash flow $1.632B, up ~19% year-over-year; nine-month free cash flow reached $3.982B.
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Masimo Debt Weighs on Interest
Interest expense rose to $135M from $67M a year ago after total debt more than doubled to $26.6B to fund the $9.8B Masimo acquisition. Q3 also included $263M of net discrete tax benefits from audit settlements.
Analysis · DHR · Industrial Applications And Services
Danaher's Q3 came in ahead of expectations on revenue, earnings and cash flow, and management lifted the full-year adjusted EPS range to $8.57-$8.62 from $8.45-$8.60. The number that matters for the underlying franchise is core growth excluding respiratory testing, which accelerated to 5.5%; reported core growth of 3.0% was dragged by a 2.5-point respiratory testing headwind. This is the first quarter reported under new CEO Julie Sawyer Montgomery, and the beat-plus-raise supports the improving end-market narrative she outlined. The offset is balance-sheet related: interest expense rose to $135M from $67M a year ago after debt more than doubled to fund the $9.8B Masimo deal, so GAAP EPS growth is flattered by a $263M discrete tax benefit rather than pure operations.
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At the time of this filing, DHR was trading at $221.20 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $157.6B. The 52-week trading range was $160.93 to $242.80. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.