DHR Q3 beat: adj EPS $2.11 (+11.5%), core +5.5% ex-respiratory, full-year guide nudged up to $8.57–8.62 — call 13:00 Lon
Posted: Wed Oct 21, 2026 10:21 am
Danaher put out Q3 at 6am ET. First prints from the new CEO, Julie Sawyer Montgomery.
The numbers
- Revenue $6.55bn, +8.5% y/y. Most of the headline growth is the Masimo deal; core growth was +3.0%
- Core ex-respiratory +5.5%, which is the number the bioprocess bulls care about. Biotech core +5%, Life Sciences +4.5%, Diagnostics +0.5% (but +7% ex-respiratory)
- Adj EPS $2.11, +11.5% y/y. GAAP EPS was flattered by a $263M tax-reserve release, which they strip out of adjusted
- FCF $1.6bn, +19%
- FY26 adj EPS guide raised to $8.57–8.62 from $8.45–8.60. That's mostly lifting the bottom of the range
- Q4 core guide ~+3%, or +4–5% ex-respiratory. Respiratory is a ~150bp drag
One detail to watch: from this quarter they exclude tariff refunds passed back to customers from core growth. That added about 1 point to reported growth and 4 points in Biotech. Worth checking how the Street treats it before you trust the bioprocess number.
Context: in July they also beat and raised, and the stock still fell ~11% the next day. A beat alone doesn't guarantee a gap up here. The Q4 bioprocess commentary on the call (8:00 ET / 13:00 London) is where it usually gets decided. TMO reports this morning too, so the life-science tools tape (TMO, A, WAT, RGEN) could be two-way until both are digested.
Sources: [Danaher press release](https://www.prnewswire.com/news-release ... 14824.html) | [StockTitan summary](https://www.stocktitan.net/news/DHR/dan ... qpasx.html)
Do you trade DHR off the release, or wait for the call after July's reversal? And are you pairing it against TMO today?
The numbers
- Revenue $6.55bn, +8.5% y/y. Most of the headline growth is the Masimo deal; core growth was +3.0%
- Core ex-respiratory +5.5%, which is the number the bioprocess bulls care about. Biotech core +5%, Life Sciences +4.5%, Diagnostics +0.5% (but +7% ex-respiratory)
- Adj EPS $2.11, +11.5% y/y. GAAP EPS was flattered by a $263M tax-reserve release, which they strip out of adjusted
- FCF $1.6bn, +19%
- FY26 adj EPS guide raised to $8.57–8.62 from $8.45–8.60. That's mostly lifting the bottom of the range
- Q4 core guide ~+3%, or +4–5% ex-respiratory. Respiratory is a ~150bp drag
One detail to watch: from this quarter they exclude tariff refunds passed back to customers from core growth. That added about 1 point to reported growth and 4 points in Biotech. Worth checking how the Street treats it before you trust the bioprocess number.
Context: in July they also beat and raised, and the stock still fell ~11% the next day. A beat alone doesn't guarantee a gap up here. The Q4 bioprocess commentary on the call (8:00 ET / 13:00 London) is where it usually gets decided. TMO reports this morning too, so the life-science tools tape (TMO, A, WAT, RGEN) could be two-way until both are digested.
Sources: [Danaher press release](https://www.prnewswire.com/news-release ... 14824.html) | [StockTitan summary](https://www.stocktitan.net/news/DHR/dan ... qpasx.html)
Do you trade DHR off the release, or wait for the call after July's reversal? And are you pairing it against TMO today?