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Danaher (DHR) Q3 FY2026 earnings: revenue $6.6 billion, up 8.3% on the year

Danaher Corp. (DHR) reported revenue of $6.6 billion for Q3 FY2026, the quarter ended 25 September 2026, up 8.3% on the same quarter a year earlier. Net income was $1.2 billion, up 36.0% on the year, and diluted earnings per share $1.75. The figures are the company's own, from the 10-Q it filed with the SEC on 21 October 2026.

Revenue$6.6 billionup 8.3%
Net income$1.2 billionup 36.0%
Diluted EPS$1.75
QuarterQ3 FY2026ended 25 September 2026

What management said

Guidance figures: 3 raised, 4 lowered, 4 kept.

  • Net earnings and per-share earnings rose: Net earnings were $1.2 billion, or $1.71 per diluted share, up 34.5%. The $1.71 matches continuing operations, where the year-earlier figure was $1.27 per diluted share.
  • Adjusted EPS grew 11.5%: Adjusted diluted EPS was $2.11 against $1.89. Management tied the double-digit growth to accelerating core revenue excluding respiratory and DBS-driven execution.
  • Core revenue grew 3.0% overall: Core revenue rose 3.0%, and 5.5% excluding respiratory revenue. Acquisitions added 6.5 points to total sales growth of 8.5%, and tariff refunds to customers added 1.0 point.
Read the earnings call summary

The quarter, against the one before and a year earlier

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Revenue6,5546,2656,053+8.3%
Cost of revenue2,7172,6542,530+7.4%
Gross profit3,8373,6113,523+8.9%
Gross margin58.5%57.6%58.2%
Research and development433412378+14.6%
Selling, general and administrative2,1592,0721,991+8.4%
Operating income1,2451,1271,154+7.9%
Operating margin19.0%18.0%19.1%
Interest expense13510767.0+101.5%
Pre-tax income1,1321,0781,076+5.2%
Income tax-75.0208168n/a
Effective tax rate-6.6%19.3%15.6%
Net income1,235870908+36.0%
Net margin18.8%13.9%15.0%
Diluted EPS$1.75$1.23$1.27+37.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Operating cash flow1,8861,5341,662+13.5%
Capital expenditure255269292-12.7%
Free cash flow1,6311,2651,370+19.1%
Free cash flow margin24.9%20.2%22.6%
Cash from investing-300-10,147-312n/a
Cash from financing-2627,273-2,781n/a
Depreciation and amortisation721659622+15.9%
Share-based compensation11593.083.0+38.6%
Buybacks0.08942,010n/a
Dividends paid281283229+22.7%
Diluted shares, weighted707m708m714m-1.0%
Shares outstanding at period end703m703m706m-0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Shareholders' equity53,62152,58151,071+5.0%
Non-controlling interest12.011.09.0+33.3%
Debt26,48226,55816,856+57.1%
Other liabilities13,16613,21711,961+10.1%
Total liabilities and equity93,28192,36779,897+16.8%
Fixed assets5,7735,8255,376+7.4%
Goodwill47,31547,41442,948+10.2%
Intangible assets21,05221,35818,097+16.3%
Cash and equivalents5,6824,3481,528+271.9%
Receivables4,1263,9653,755+9.9%
Inventory3,1343,2602,674+17.2%
Other assets6,1996,1975,519+12.3%
Total assets93,28192,36779,897+16.8%

Questions

What was Danaher's revenue in Q3 FY2026?

Danaher (DHR) reported revenue of $6.6 billion for Q3 FY2026, the quarter ended 25 September 2026, up 8.3% on the same quarter a year earlier.

How much did Danaher earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.2 billion, up 36.0% on the year, and diluted earnings per share $1.75.

When did Danaher report Q3 FY2026 results?

Danaher filed its 10-Q for the quarter ended 25 September 2026 with the SEC on 21 October 2026.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022Q1 FY2023 †Q2 FY2023 †Q3 FY2023 †Q4 FY2023 †Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue8,1486,5266,5286,4557,1345,9495,9125,6246,4055,7965,7435,7986,5385,7415,9366,0536,8385,9516,2656,554
Cost of revenue3,2052,9833,0303,0793,4302,2872,5942,3492,6262,3092,3152,3972,6482,2302,4132,5302,8722,3602,6542,717
Gross profit4,9434,0584,0133,8914,2263,6623,3183,2753,7793,4873,4283,4013,8903,5113,5233,5233,9663,5913,6113,837
Gross margin61%62%61%60%59%62%56%58%59%60%60%59%59%61%59%58%58%60%58%59%
R&D495441431420453373361362407368391383442379403378438387412433
SG&A2,2942,0922,0852,1492,1901,7721,7941,7282,0351,8071,8692,0602,0231,8582,3601,9912,0261,8602,0722,159
Operating income2,1541,9311,8911,7171,9971,5171,1631,1851,3371,3121,1689581,4251,2747601,1541,5021,3441,1271,245
Operating margin26%30%29%27%28%26%20%21%21%23%20%17%22%22%13%19%22%23%18%19%
Interest expense56.054.051.042.064.066.067.073.0n/a65.065.087.061.072.071.067.055.063.0107135
Pre-tax income2,0852,0992,0691,9312,1931,5231,1421,1471,2321,2711,0839771,3151,1296551,0761,3731,2351,0781,132
Tax rate14%18%19%19%-2%19%19%18%9%14%16%16%17%16%15%16%14%17%19%-7%
Net income1,7881,7251,6801,5722,2101,4501,1061,1291,0791,0889078181,0869545559081,1971,0298701,235
Net margin22%26%26%24%31%24%19%20%17%19%16%14%17%17%9%15%18%17%14%19%
Diluted EPS$2.39$2.31$2.25$2.10$2.99$1.94$1.49$1.51$1.45$1.45$1.22$1.12$1.49$1.32$0.77$1.27$1.68$1.45$1.23$1.75
Operating cash flow2,3331,9682,0002,0102,5411,9471,9261,6721,6191,7391,4171,5132,0191,2991,3381,6622,1171,3221,5341,886
Capital expenditure420250296277329266341365402291287298516245248292371237269255
Free cash flow1,9131,7181,7041,7332,2121,6811,5851,3071,2171,4481,1301,2151,5031,0541,0901,3701,7461,0851,2651,631
Buybacksn/an/an/an/an/an/an/a0.0n/a0.04,5306408091,0780.02,0100.00.08940.0
Dividends paid191191220204203204218199200177200196195194229229226226283281
Shares outstanding715m716m727m728m728m729m738m739m739m741m724m722m719m716m716m706m707m708m703m703m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 25 September 2026, filed 21 October 2026: the filing.