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Danaher (DHR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · Danaher (DHR) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $6.6B · 19¢ of every $1 of revenue kept as net profit · operating margin 19.0%

Danaher made $6.6B in Q3 2026 (+8% Y/Y): Recurring revenue $5.4B, Nonrecurring revenue $1.2B. Operating margin 19.0%, net earnings $1.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.

Revenue$6.6B
Year over year+8%
Operating margin19.0%
Net earnings$1.2B
Operating cash flow$1.9B

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Danaher Q3 2026 revenue breakdown: Sankey diagram of revenue (Recurring revenue, Nonrecurring revenue), costs, profit and cash flow
Danaher Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $6.6B in Q3 2026, up 8% year over year and up 5% from the previous quarter. Recurring revenue was the largest line at 82% of revenue. Recurring revenue added $0.38B year over year (up 8%), 76% of the total change.

Gross margin was 58.5%, up 0.3 points from Q3 2025. Operating profit was $1.2B, a 19.0% margin (down 0.1 points year over year). Of the extra revenue versus Q3 2025, 18% reached operating profit, below the 19% margin then. Operating expenses grew 9% against revenue growth of 8%. The fastest-growing cost line was Research & development (+15%). Net earnings were $1.2B, up 36% year over year. The effective tax rate was -6.5%.

Operating cash flow was $1.9B (up 13% year over year), 153% of net earnings. Non-cash charges added back $0.72B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $0.18B. Capital expenditures of $0.26B left free cash flow of $1.6B.

Quarterly history

Danaher revenue by quarterDanaher revenue by quarter$5.7BQ1 2025$5.9BQ2 2025$6.1BQ3 2025$6.8BQ4 2025$6.0BQ1 2026$6.3BQ2 2026$6.6BQ3 2026
Danaher net earnings by quarterDanaher net earnings by quarter$954MQ1 2025$555MQ2 2025$908MQ3 2025$1.2BQ4 2025$1.0BQ1 2026$870MQ2 2026$1.2BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 21, 2026$6.6B+8%19.0%$1.2B$1.9B
Q2 202610-QJul 21, 2026$6.3B+6%18.0%$870M$1.5B
Q1 202610-QApr 21, 2026$6.0B+4%22.6%$1.0B$1.3B
Q4 202510-KFeb 24, 2026$6.8B+5%22.0%$1.2B$2.1B
Q3 202510-QOct 21, 2025$6.1B+4%19.1%$908M$1.7B
Q2 202510-QJul 22, 2025$5.9B+3%12.8%$555M$1.3B
Q1 202510-QApr 22, 2025$5.7B-0.9%22.2%$954M$1.3B

Charts

Danaher: revenue growth, year over year and quarter over quarterDanaher: revenue growth, year over year and quarter over quarterY/YQ/Q-1%Q1 2025+3%+3%Q2 2025+4%+2%Q3 2025+5%+13%Q4 2025+4%-13%Q1 2026+6%+5%Q2 2026+8%+5%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q +5%.
Danaher: where the cash came from (+) and went (−), TTM to Q3 2026Danaher: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)$10.3BAcquisitions−$9.9BOperating cash flow$6.9BCash drawn (+) / kept (−)−$4.2BCapital spending−$1.1BDividends−$1.0BBuybacks−$894MOther investing−$91.0MAsset & business sales$24.0MOther financing−$17.0MExchange rates−$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Danaher: profit against cash, quarter by quarterDanaher: profit against cash, quarter by quarterNet incomeOperating cash flow$1.1B$2.0BQ4 2024$954M$1.3BQ1 2025$555M$1.3BQ2 2025$908M$1.7BQ3 2025$1.2B$2.1BQ4 2025$1.0B$1.3BQ1 2026$870M$1.5BQ2 2026$1.2B$1.9BQ3 2026
Latest (Q3 2026): Net income $1.2B, Operating cash flow $1.9B.
Danaher: diluted shares by fiscal yearDanaher: diluted shares by fiscal year719MFY2020737MFY2021737MFY2022743MFY2023737MFY2024716MFY2025
-0.4% since FY2020: buybacks shrank the count.
Danaher: long-term debt falling due (FY2025)Danaher: long-term debt falling due (FY2025)$2.4B2026$2.3B2027$1.7B2028$1.2B2029$935M2030$9.8BLater
Cash $4.6B, short-term investments —, long-term debt $18.4B at 2025-12-31.
Danaher in its industry: growth against margin (17 companies, SIC 3823)Danaher in its industry: growth against margin (17 companies, SIC 3823)revenue growth, year over year →↑ operating marginmedian +8%median 18%AMEROPKEYSMKSIFTVSTRALCGNXMLABHURCSYPRSENSINISFCUVCLIRQURTDHR (+8%, 19%)
Industrial Instruments For Measurement, Display, and Control; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

GLP-1 & obesity drugs money flowGLP-1 & obesity drugs · Bioprocess & lab tools

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Danaher

Danaher is a global science and technology innovator committed to accelerating the power of science and technology to improve human health. Danaher is comprised of more than 15 operating companies with leadership positions in the biotechnology, life sciences and diagnostics sectors, organized under three segments (Biotechnology, Life Sciences and Diagnostics). United by the DANAHER BUSINESS SYSTEM (“DBS”), our businesses are also typically characterized by a high level of products and services that are sold on a recurring basis, primarily through a direct sales model and to a geographically diverse customer base. Our business’ research and development, manufacturing, sales, distribution, service and administrative facilities are located in approximately 50 countries.

In its own words, from its 10-K, filed Feb 24, 2026.

Danaher against its Industrial Instruments For Measurement, Display, and Control peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +13%. Operating margin: 19.0% against the peers' median 23.1%.

CompanyQuarterRevenueY/YOp. margin
DHR DanaherQ3 2026$6.6B+8%19.0%
AME AmetekQ3 2026$2.2B+17%26.3%
ROP Roper TechnologiesQ3 2026$2.2B+8%28.7%
KEYS Keysight TechnologiesQ3 FY26$1.8B+36%25.0%
MKSI MKSQ3 2026$1.4B+43%23.1%
FTV FortiveQ3 2026$1.1B+8%21.3%
ST Sensata Technologies HoldingQ3 2026$1.0B+8%17.5%
RAL RalliantQ3 2026$620M+17%18.9%
CGNX CognexQ3 2026$313M+13%32.2%

Source: Danaher 10-Q on SEC EDGAR · CIK 313616 · Industrial Instruments For Measurement, Display, and Control

Guidance and outlook

Danaher: what its forward-looking statements are about (10-Q filed 2026-10-21)Danaher: what its forward-looking statements are about (10-Q filed 2026-10-21)Other3Financing3Demand3Margins1Costs1Capital spending1Buybacks & dividends1
13 statements; tone +0.23 (−1 all cautious, +1 all confident); 5 hedged.
Danaher: outlook statements against the filing beforeDanaher: outlook statements against the filing beforeNew1Updated1Dropped1Confident5Cautious2

13F: who owns DHR and who is buying

Largest holders of DHR (13F)Largest holders of DHR (13F)Vanguard Group$14.0BBlackRock$10.5BVanguard Capital Management LLC$7.9BFMR LLC$5.6BState Street$5.4BWellington Management Group LLP$3.1BCapital International Investors$3.0BGeode Capital Management, LLC$2.7BVanguard Portfolio Management LLC$2.7BPrice T Rowe Associates$2.2B
Funds' net buying of DHR by quarter (13F)Funds' net buying of DHR by quarter (13F)−$620M2024-09−$1.2B2024-12−$588M2025-03$649M2025-06−$4.1B2025-09$2.7B2025-12$614M2026-03−$23.7M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DHR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：丹纳赫（DHR）财报

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