Danaher Reports Fourth Quarter and Full Year 2025 Results

Original from: Danaher

Danaher Corporation (NYSE: DHR) (the "Company") today announced results for the fourth quarter and full year 2025.  All results in this release reflect only continuing operations and period-to-period comparisons are year-over-year unless otherwise noted.

Key Fourth Quarter 2025 Results

- Net earnings were $1.2 billion, or $1.66 per diluted common share.

- Non-GAAP adjusted diluted net earnings per common share grew 4.0% to $2.23.

- Revenues increased 4.5% year-over-year to $6.8 billion and non-GAAP core revenue increased 2.5% year-over-year.

- Operating cash flow was $2.1 billion and non-GAAP free cash flow was $1.8 billion.

Key Full Year 2025 Results

- Net earnings were $3.6 billion, or $5.03 per diluted common share.

- Non-GAAP adjusted diluted net earnings per common share grew 4.5% to $7.80.

- Revenues increased 3.0% year-over-year to $24.6 billion and non-GAAP core revenue increased 2.0% year-over-year.

- Operating cash flow was $6.4 billion and non-GAAP free cash flow was $5.3 billion.

2025 Innovation Highlights

- Launched innovative new products and solutions, which strengthened Danaher's position as a trusted leader in life sciences and diagnostics.

- Cytiva expanded its Xcellerex X-platform bioreactor with 500L and 2,000L formats, helping customers improve yields while reducing the time and cost of biologic manufacturing.

- SCIEX introduced the ZenoTOF 8600 high-resolution mass spectrometer, helping researchers accelerate drug development timelines.

- Beckman Coulter Diagnostics expanded the assay menu of the DxI 9000 immunoassay platform, with notable progress in neurodegenerative disease assays.

- Cepheid received FDA clearance for its Xpert GI Panel, a rapid multiplex PCR test that detects 11 common gastrointestinal pathogens from a single patient sample.

Rainer M. Blair, President and Chief Executive Officer, stated, "We delivered a strong finish to the year with better-than-expected performance across our portfolio.  We were particularly encouraged by continued strength in our bioprocessing business, along with improved momentum in Diagnostics and Life Sciences.  Our teams' disciplined execution also enabled us to exceed our fourth quarter margin, earnings, and cash flow expectations."

Mr. Blair continued, "Looking ahead, we expect the gradual improvement in our end markets we saw through 2025 to continue, and we believe the combination of our differentiated portfolio, the power of the Danaher Business System, and the strength of our balance sheet positions Danaher for long-term value creation as we move into 2026 and beyond."

First Quarter and Full Year 2026 Outlook

The Company does not reconcile non-GAAP forecasted core sales growth, adjusted operating profit margin and adjusted diluted net earnings per common share to their respective, comparable measure prepared in accordance with U.S. generally accepted accounting principles (GAAP) (except for estimated amortization of acquisition-related intangible assets of $1.7 billion for the year ending December 31, 2026 and the estimated impact of foreign currency on sales, which for the first quarter and full year 2026 is estimated to increase sales by 3.5% and 1.0%, respectively, assuming the currency exchange rates in effect as of December 31, 2025) because the additional elements that would be reflected in any such GAAP measures (such as the impact of currency exchange rates on profitability, acquisitions, divested product lines, discrete tax adjustments, impairments, gains and losses on investments and the outcome of legal proceedings) are difficult to predict and estimate and are often dependent on future events that may be uncertain or outside of our control.  The impact of these additional elements could be material to our results computed in accordance with GAAP. 

For the first quarter 2026, the Company anticipates that non-GAAP core revenue will increase in the low-single digit percent range year-over-year.

For full year 2026, the Company expects that non-GAAP core revenue will increase in the 3% to 6% range year-over-year.  The Company is also initiating full year adjusted diluted net earnings per common share guidance in the range of $8.35 to $8.50.

Source: Danaher Reports Fourth Quarter and Full Year 2025 Results