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How Danaher (DHR) makes money
Danaher (DHR) made $6.6B of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Recurring revenue brought in $5.4B (82%); Nonrecurring revenue brought in $1.2B (18%). Of every dollar of revenue, 59¢ was left as gross profit, 19¢ was left as operating profit, 19¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Recurring revenue | $5.4B | 82.4% | +4% | +8% |
| Nonrecurring revenue | $1.2B | 17.6% | +8% | +11% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $6.6B | 100.0% |
| Cost of revenue | $2.7B | 41.5% |
| Gross profit | $3.8B | 58.5% |
| Operating expenses | $2.6B | 39.5% |
| Operating profit | $1.2B | 19.0% |
| Net earnings | $1.2B | 18.8% |
| Operating cash flow | $1.9B | 28.8% |
| Free cash flow | $1.6B | 24.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $6.6B | +8% |
| Q2 2026 | $6.3B | +6% |
| Q1 2026 | $6.0B | +4% |
| Q4 2025 | $6.8B | +5% |
| Q3 2025 | $6.1B | +4% |
| Q2 2025 | $5.9B | +3% |
| Q1 2025 | $5.7B | -0.9% |
From Danaher's 10-Q filed Oct 21, 2026 (on EDGAR).
Questions
How does Danaher make money?
Danaher (DHR) made $6.6B of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Recurring revenue brought in $5.4B (82%); Nonrecurring revenue brought in $1.2B (18%). Of every dollar of revenue, 59¢ was left as gross profit, 19¢ was left as operating profit, 19¢ was left as net earnings.
What is Danaher's biggest business?
Recurring revenue: $5.4B in the third quarter 2026, 82% of revenue, +8% from a year earlier.
What is Danaher's profit margin?
Net earnings were $1.2B, 18.8% of revenue, in the third quarter 2026; the operating margin was 19.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.