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Danaher (DHR) investor relations material
Danaher Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Q3 2025 revenues rose 4.5% year-over-year to $6.1 billion, with core revenue up 3.0% and strong bioprocessing and diagnostics performance, though Life Sciences declined.
Adjusted diluted EPS increased to $1.89, up 10.5% year-over-year, while net earnings were $908 million ($1.27 per diluted share).
Free cash flow for Q3 2025 was $1.4 billion, with operating cash flow reaching $1.7 billion.
Impairment charges of $548 million in 2025, mainly in Life Sciences and Diagnostics, contributed to a year-over-year decline in net earnings.
Productivity, innovation, and digital/AI initiatives remain a focus to strengthen long-term competitiveness.
Financial highlights
Q3 2025 sales were $6.1 billion, up from $5.8 billion in Q3 2024, with gross profit margin at 58.2%.
Adjusted operating profit margin improved by 40 bps to 27.9% year-over-year; adjusted EBITDA margin was 31.0%.
Free cash flow for Q3 2025 was $1.37 billion, up 11.5% year-over-year; free cash flow to net income conversion ratio was 146% YTD.
Net earnings margin (GAAP) for Q3 2025 was 15.0%.
Capital expenditures for Q3 2025 were $292 million.
Outlook and guidance
Full-year 2025 adjusted diluted EPS guidance maintained at $7.70–$7.80.
Q4 2025 core revenue expected to grow low single digits; 2026 core revenue growth expected in the 3%–6% range, with high single-digit adjusted EPS growth and >100 bps margin expansion.
Currency exchange rates estimated to increase full-year sales by 1.0%.
Bioprocessing growth trends expected to remain strong, especially in consumables; diagnostics growth to accelerate in 2026 as China policy headwinds abate.
Management expects cautious equipment spending in Biotechnology and continued weakness in academic/government demand.
Life Sciences core sales decline drivers?
Reason for significant impairment charges?
Cepheid respiratory revenue outlook?
What triggers bioprocessing equipment order growth?
China Diagnostics outlook beyond VBP
What drives Life Sciences growth inflection?
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Q4 202528 Jan, 2026
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Frequently asked questions
Life Science Suppliers
Established in 1969, Danaher Corporation first started out in the real estate investment field to then move on to and in time become a notable player in the science and technology sector. Headquartered in Washington, D.C., Danaher's portfolio encompasses life sciences, diagnostics, environmental, and applied solutions. The company provides tools and solutions that cater to a wide range of professional and institutional needs and has grown through both the organic expansion of its operations, but also through hundreds of acquisitions over the years.
What They Do
Danaher is a diversified company, primarily operating in life sciences and various related fields. Under the Life Sciences umbrella, Danaher engages in a wide array of research and development activities, providing solutions for biological research and pharmaceutical drug discovery. With equipment and tools that facilitate the understanding of complex biological matters, Danaher supports projects in genomics, proteomics, and cellular analysis. In diagnostics, the corporation delivers a suite of analytical instruments, reagents, consumables, software, and services that hospitals, physicians, and diagnostic labs employ to diagnose diseases and ailments. The company is also active in Environmental & Applied Solutions. This segment focuses on products that ensure environmental safety and quality and covers areas such as water quality analysis and product identification. Danaher competes with companies operating in the same industry as them, such as Thermo Fisher and Illumina.
Danaher Business System
At the heart of Danaher Corporation's philosophy lies the Danaher Business System (DBS), a unique and continuously evolving system that drives every aspect of the conglomerate's operations. Stemming from the foundational principles of the Toyota Production System, DBS has been modified to fit Danaher's business operations.
The system focuses on providing the highest quality, delivery, and value by enhancing customer satisfaction and driving sustainable growth. Key components of DBS include lean manufacturing, leadership development, and problem-solving. By applying these principles, Danaher aims to minimize waste and enhance productivity. Furthermore, DBS fosters innovation by emphasizing the importance of understanding market needs and acting on them swiftly.
Acquiring for the Long Term
Danaher Corporation's acquisition strategy is a pivotal component of its growth. Through deliberate and strategic purchases, primarily in the life sciences, diagnostics, and environmental sectors, Danaher expands its product and service offerings. Each acquisition is meticulously chosen to align with and complement their existing portfolio. Instead of short-term gains, Danaher focuses on long-term value, using DBS as a tool to optimize and enhance the performance of its new assets.
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