โ
๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Adj. EPS: $2.11 (Est. $1.92) โ , +11.5% YoY.
โข Revenue: $6.55B (Est. $6.56B) ๐ฐ, +8.5% YoY.
โข GAAP EPS: $1.71 (vs. $1.27 YoY).
โข Net Income from Continuing Operations: $1.21B (vs. $908M YoY).
โข Operating Profit: $1.25B (vs. $1.15B YoY).
โข Core Revenue Growth: +3.0% YoY.
โข Core Revenue Growth Excluding Respiratory: +5.5% YoY.
โข Operating Cash Flow: $1.9B.
โข Free Cash Flow: $1.6B.
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข FY2026 Adj. EPS: $8.57โ$8.62, midpoint $8.595 (Est. $8.51) โ , raised from $8.45โ$8.60.
โข Q4 2026 Core Revenue Growth: ~3.0% YoY.
โข Q4 2026 Core Revenue Growth Excluding Respiratory: +4.0%โ5.0% YoY.
โข Q4 Respiratory Revenue Headwind: ~150 bps to core growth.
โ
๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 Adj. EPS beat consensus by ~9.9%, while revenue was broadly in line with estimates.
โข Core revenue grew 5.5% excluding respiratory, compared with 3.0% overall, reflecting improving underlying demand.
โข Net earnings from continuing operations rose ~33% YoY to $1.21B, while Adj. EPS increased 11.5%.
โข Danaher raised its FY2026 Adj. EPS midpoint by ~$0.07 to ~$8.60, approximately 1% above consensus.
โข Respiratory revenue is expected to reduce Q4 core growth by ~150 bps, resulting in ~3% overall core revenue growth.
โข Management highlighted improving end-market trends and continued execution through the Danaher Business System.
โ
๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โWe delivered better-than-expected third quarter revenue, earnings and cash flow, and are encouraged by the improving trends we saw across our end markets.โ