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Our List of 100 Eminent Serial Acquirers
Serial acquirers have deep experience in mastering value creation through reallocating resources across their portfolio of acquired companies.
Danaher
Danaher (DHR) investor relations material
Danaher Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Delivered a strong finish to 2025, exceeding margin, earnings, and cash flow expectations, with robust performance in bioprocessing and improving momentum in diagnostics and life sciences.
Fourth quarter 2025 revenue increased 4.5% year-over-year to $6.84 billion, with full-year revenue up 3.0% to $24.6 billion.
Adjusted diluted EPS rose 4.0% in Q4 to $2.23 and 4.5% for the full year to $7.80.
Free cash flow for the year was $5.3 billion, with operating cash flow at $6.4 billion.
Continued innovation and new product launches across the portfolio, driving strong new product revenue growth.
Financial highlights
Full-year 2025 sales reached $24.6 billion, with core revenue up 2%.
Adjusted operating profit margin was 28.2% for the year; Q4 margin was 28.3%, both down year-over-year.
Q4 adjusted EBITDA margin: Biotechnology 39.8%, Life Sciences 26.3%, Diagnostics 31.5%, Total Company 31.1%.
Q4 free cash flow was $1.8 billion; full-year $5.3 billion.
Free cash flow to net income conversion ratio for 2025 was 1.47.
Outlook and guidance
2026 core revenue growth guidance is 3%-6%, with Biotechnology expected to grow high-single digits, Life Sciences flat to low-single digit decline, and Diagnostics low-single digit growth.
Adjusted diluted EPS guidance for 2026 is $8.35-$8.50.
Q1 2026 core revenue expected to be up low single digits; Q1 adjusted operating profit margin expected at approximately 28.5%.
Currency expected to increase sales by 1.0% for full year 2026.
Long-term expectation for high single-digit core growth remains intact.
2026 core revenue growth outlook by segment
What drove 2025's significant impairment charges?
Key market trends supporting 2026 growth outlook
Bioprocessing equipment: Why flat 2026 guide?
Life Sciences: What drives upside beyond guide?
M&A environment: Readiness for larger deals?
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Next Danaher earnings date
Q1 202621 Apr, 2026
Danaher
Next Danaher earnings date
Q1 202621 Apr, 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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