Danaher reported a strong finish to 2025, with better-than-expected performance driven by continued strength in bioprocessing and improved momentum in Diagnostics and Life Sciences. The company anticipates gradual improvement in end markets to continue into 2026, supported by its differentiated portfolio and the Danaher Business System.
Non-GAAP adjusted diluted net earnings per common share grew 4.0% to $2.23 in Q4.
positiveFull year 2025 non-GAAP adjusted diluted net earnings per common share grew 4.5% to $7.80.
positiveOperating cash flow was $2.1 billion in Q4, and non-GAAP free cash flow was $1.8 billion.
positiveFull year 2025 operating cash flow was $6.4 billion and non-GAAP free cash flow was $5.3 billion.
positiveLaunched innovative new products and solutions across its businesses, strengthening its position in life sciences and diagnostics.
positiveCore sales growth in Life Sciences was only 0.5% in Q4, a significant deceleration from Biotechnology's 6.0% growth.
attentionLife Sciences operating profit margin compressed to 16.1% in Q4 2025 from 18.5% in Q4 2024.
attentionFull year 2025 core sales growth in Life Sciences declined by 1.5%.
negativeFull year 2025 Life Sciences operating profit margin significantly decreased to 7.1% from 12.0% in the prior year.
negativeCurrency exchange rates negatively impacted Q4 sales by 2.5% and full year sales by 1.0%.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Biotechnology | N/A | — | — | — |
Life Sciences | N/A | — | — | — |
Diagnostics | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Delivered a strong finish to the year with better-than-expected performance across our portfolio.
Particularly encouraged by continued strength in our bioprocessing business, along with improved momentum in Diagnostics and Life Sciences.
Teams’ disciplined execution also enabled us to exceed our fourth quarter margin, earnings, and cash flow expectations.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.