Analyst Consensus ?
ConsensusBuy43 ratings
Bullish3172.1%
Neutral1125.6%
Bearish12.3%
Danaher Corporation · DHR · FY2026 Q2 · Calendar Q3 2026
Danaher Q2 Beats EPS and Revenue, Raises FY Guidance; Bioprocessing Shipment Delays Pressure Stock
Danaher delivered a Q2 beat with revenue of $6.3 billion (core growth +4.5% YoY) and adjusted EPS of $1.94, ahead of the $1.85 consensus estimate. The company raised full-year adjusted EPS guidance to $8.45–$8.60 from $8.35–$8.55. Despite these positives, shares fell approximately 11% on report day with 6.6x normal volume — the market focused on bioprocessing shipment timing delays that pressured near-term equipment revenue conversion, even though underlying order growth remained in the mid-teens. The Masimo acquisition closed in early June, earlier than expected, and is immediately accretive. New product launches across life sciences (Biacore 8S, SCIEX novus V55) and diagnostics (Access pTau217 Alzheimer's blood assay) broaden the growth base. The stock has since recovered most of the initial decline, trading at $199.08 as of July 28. With a bullish score of 82 and confident…
Reported Before market openNYSEHealthcare
$138.14B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.94
Consensus $1.85
EPS surprise
+4.9%
Reported versus consensus
Reported revenue
$6.26B
Consensus $6.12B
Revenue surprise
+2.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-11.0%
Event window
SPY move
+0.8%
Same window
Abnormal move
-11.8%
Stock minus SPY
Volume
6.6×
Versus trailing sessions
Subsequent drift
+11.2%
Up to 20 sessions
DHRSPY benchmark
Ask FN2 about DHR FY2026 Q2
Transcript, numbers and history already loaded
Why did DHR fall 11.0% after beating EPS estimates in FY2026 Q2?What changed in DHR's guidance and outlook in FY2026 Q2?Give me the bull and bear case for DHR after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Core revenue growth accelerated to +4.5% YoY from +0.5% in Q1, and free cash flow improved to $1.3 billion from $1.1 billion. The Masimo acquisition — pending in Q1 — closed in early June, ahead of the expected mid-year timeline, and is now contributing to results. Full-year adjusted EPS guidance was raised from $8.35–$8.55 to $8.45–$8.60. However, bioprocessing shipments experienced timing delays, a reversal from Q1 when equipment orders were up over 30% YoY. A new pending acquisition of StatLab by Leica Biosystems was disclosed, expected to close by end of 2026. The product launch focus shifted from Q1's Fibro dT and APS to Biacore 8S, SCIEX novus V55, and the Access pTau217 blood-based Alzheimer's assay. CapEx outlook moved from not mentioned to increasing, driven by bioprocessing capacity and a new Singapore plant.
Guidance delta
Full-year adjusted EPS guidance raised from $8.35–$8.55 (Q1 midpoint $8.45) to $8.45–$8.60 (Q2 midpoint $8.525), an increase of approximately $0.08 at the midpoint. Guidance sentiment: raised. Management expressed confidence in the trajectory supported by the Masimo contribution, new product launches, and continued bioprocessing demand.
Key takeaways
- Q2 revenue of $6.3B with core growth of 4.5% YoY and free cash flow of $1.3B
- Adjusted EPS of $1.94 beat consensus of $1.85 by 4.9%; revenue of $6.27B beat by 2.4%
- Full-year adjusted EPS guidance raised to $8.45–$8.60 from $8.35–$8.55
- Masimo acquisition closed in early June, earlier than expected, and is immediately accretive
- Bioprocessing shipments faced timing delays, but underlying order growth remains in the mid-teens
Management priorities
- Integrate Masimo and realize its EPS contribution and synergies across diagnostics
- Close the StatLab acquisition by end of 2026
- Continue product pipeline launches in life sciences and diagnostics
- Invest in bioprocessing capacity expansion including a new Singapore plant
- Leverage AI to enhance the Danaher Business System and drive margin expansion
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$232.97Previous close
$195Low
$271.25Average
$370High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Oct 22, 2026 |
| Stifel | Buy | Buy | Maintain | Oct 22, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 22, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 22, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 22, 2026 |
| Baird | Outperform | Outperform | Maintain | Oct 22, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 13, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 5, 2026 |
| Guggenheim | Buy | Buy | Maintain | Oct 1, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 22, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jun 11, 2026 |
| HSBC | Buy | Buy | Maintain | Jun 3, 2026 |
| UBS | Buy | Buy | Maintain | Apr 22, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Jan 29, 2026 |
| Rothschild & Co | Neutral | Buy | Downgrade | Oct 8, 2025 |
| B of A Securities | Buy | Buy | Maintain | Sep 22, 2025 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Jul 11, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Feb 3, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Oct 31, 2024 |
| Stephens & Co. | Overweight | Overweight | Maintain | Oct 23, 2024 |
| Keybanc | Overweight | Overweight | Maintain | Oct 23, 2024 |
| Leerink Partners | Outperform | Outperform | Maintain | Jul 24, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 27, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 26, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 25, 2023 |
| Benchmark | Hold | Buy | Downgrade | Oct 24, 2022 |
| Needham | Buy | Buy | Maintain | Jul 27, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jan 31, 2020 |
| Argus Research | Buy | Buy | Maintain | Feb 1, 2018 |
| Argus | Buy | Buy | Maintain | Feb 1, 2018 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Jun 7, 2017 |
| Janney Capital | Neutral | Buy | Downgrade | Jun 7, 2017 |
| Bernstein | Outperform | Market Perform | Upgrade | Jun 24, 2016 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Apr 25, 2016 |
| Sterne Agee | Neutral | Neutral | Maintain | Apr 25, 2016 |
| FBR Capital | Outperform | Market Perform | Upgrade | Nov 12, 2014 |
| ISI Group | Strong Buy | Buy | Upgrade | Apr 9, 2014 |
| S&P Capital IQ | Sell | Hold | Downgrade | Jan 17, 2014 |
| Bank of America | Buy | Neutral | Upgrade | Jan 14, 2014 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Mar 4, 2013 |
| BMO Capital | Outperform | Outperform | Maintain | Jan 30, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $232.97. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Douglas Schenkel | $260 | $233.57 | +11.6% | Oct 22, 2026 |
| Goldman Sachs | Analyst unavailable | $275 | $234.09 | +18.0% | Oct 22, 2026 |
| Robert W. Baird | Analyst unavailable | $254 | $234.09 | +9.0% | Oct 22, 2026 |
| Barclays | Analyst unavailable | $260 | $234.09 | +11.6% | Oct 22, 2026 |
| Morgan Stanley | Kallum Titchmarsh | $240 | $220.24 | +3.0% | Oct 12, 2026 |
| RBC Capital | Dan Leonard | $250 | $214.06 | +7.3% | Oct 5, 2026 |
| Guggenheim | Subbu Nambi | $250 | $220.34 | +7.3% | Oct 1, 2026 |
| UBS | Douglas Schenkel | $250 | $205.2 | +7.3% | Sep 9, 2026 |
| Deutsche Bank | Justin Bowers | $240 | $175.03 | +3.0% | Jul 22, 2026 |
| RBC Capital | Analyst unavailable | $215 | $179.14 | -7.7% | Jul 22, 2026 |
| Stifel Nicolaus | Daniel Arias | $220 | $179.14 | -5.6% | Jul 22, 2026 |
| Guggenheim | Analyst unavailable | $200 | $179.14 | -14.2% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $195 | $179.14 | -16.3% | Jul 22, 2026 |
| Evercore ISI | Vijay Kumar | $230 | $190.6 | -1.3% | Jul 6, 2026 |
| Piper Sandler | Analyst unavailable | $200 | $183.63 | -14.2% | Jun 11, 2026 |
| HSBC | Analyst unavailable | $230 | $176.11 | -1.3% | Jun 3, 2026 |
| RBC Capital | Analyst unavailable | $200 | $164.54 | -14.2% | May 14, 2026 |
| Jefferies | Tycho Peterson | $245 | $194.45 | +5.2% | Apr 21, 2026 |
| Robert W. Baird | Catherine Ramsey Schulte | $249 | $193.78 | +6.9% | Apr 17, 2026 |
| Redburn Partners | Analyst unavailable | $205 | $193.78 | -12.0% | Apr 17, 2026 |
| Barclays | Analyst unavailable | $230 | $195.87 | -1.3% | Apr 14, 2026 |
| Robert W. Baird | Analyst unavailable | $251 | $224.54 | +7.7% | Jan 29, 2026 |
| Jefferies | Analyst unavailable | $265 | $224.54 | +13.7% | Jan 28, 2026 |
| Evercore ISI | Vijay Kumar | $254 | $224.48 | +9.0% | Jan 28, 2026 |
| Argus Research | Analyst unavailable | $265 | $235.56 | +13.7% | Jan 14, 2026 |
| Evercore ISI | Vijay Kumar | $250 | $231.72 | +7.3% | Jan 5, 2026 |
| Wells Fargo | Analyst unavailable | $240 | $226.71 | +3.0% | Dec 15, 2025 |
| Goldman Sachs | Analyst unavailable | $265 | $224.48 | +13.7% | Dec 9, 2025 |
| Morgan Stanley | Analyst unavailable | $270 | $224.14 | +15.9% | Dec 1, 2025 |
| Wells Fargo | Analyst unavailable | $230 | $218.1 | -1.3% | Oct 23, 2025 |
| Robert W. Baird | Analyst unavailable | $247 | $220.77 | +6.0% | Oct 22, 2025 |
| Redburn Partners | Analyst unavailable | $220 | $208.77 | -5.6% | Oct 8, 2025 |
| RBC Capital | Analyst unavailable | $241 | $203.79 | +3.4% | Sep 2, 2025 |
| Scotiabank | Sung Ji Nam | $275 | $204.85 | +18.0% | Jul 11, 2025 |
| UBS | Dan Leonard | $240 | $196.31 | +3.0% | Apr 23, 2025 |
| Goldman Sachs | Matthew Sykes | $240 | $192.07 | +3.0% | Apr 22, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $231 | $190.66 | -0.8% | Apr 16, 2025 |
| Stifel Nicolaus | Analyst unavailable | $260 | $210.74 | +11.6% | Mar 14, 2025 |
| Goldman Sachs | Matthew Sykes | $250 | $237.97 | +7.3% | Jan 15, 2025 |
| Guggenheim | Subbu Nambi | $275 | $228.66 | +18.0% | Dec 19, 2024 |
| Wolfe Research | Doug Schenkel | $285 | $242.32 | +22.3% | Oct 31, 2024 |
| KeyBanc | Paul Knight | $310 | $257.67 | +33.1% | Oct 23, 2024 |
| Robert W. Baird | Catherine Schulte | $277 | $261.28 | +18.9% | Oct 23, 2024 |
| Leerink Partners | Puneet Souda | $275 | $261.28 | +18.0% | Oct 23, 2024 |
| Stifel Nicolaus | Jacob Johnson | $315 | $273.62 | +35.2% | Oct 1, 2024 |
| Deutsche Bank | Justin Bowers | $270 | $236.08 | +15.9% | Apr 23, 2024 |
| HSBC | Rajesh Kumar | $280 | $240.34 | +20.2% | Apr 17, 2024 |
| Loop Capital Markets | Paul Knight | $300 | $247.44 | +28.8% | Sep 27, 2023 |
| Credit Suisse | Analyst unavailable | $300 | $266.37 | +28.8% | Jan 5, 2023 |
| Deutsche Bank | Analyst unavailable | $310 | $276.68 | +33.1% | Dec 14, 2022 |
| Barclays | Analyst unavailable | $277 | $261.16 | +18.9% | Nov 29, 2022 |
| UBS | Elizabeth Garcia | $297 | $291.47 | +27.5% | Jul 31, 2022 |
| RBC Capital | Deane Dray | $310 | $261.83 | +33.1% | Jun 1, 2022 |
| Robert W. Baird | Catherine Schulte | $319 | $248.14 | +36.9% | May 6, 2022 |
| Wells Fargo | Timothy Daley | $265 | $257.5 | +13.7% | Apr 29, 2022 |
| RBC Capital | Deane Dray | $299 | $250.98 | +28.3% | Apr 27, 2022 |
| Robert W. Baird | Catherine Schulte | $334 | $287.63 | +43.4% | Feb 6, 2022 |
| Goldman Sachs | Matthew Sykes | $360 | $281.11 | +54.5% | Jan 30, 2022 |
| Bernstein | Brendan Luecke | $365 | $293.31 | +56.7% | Jan 16, 2022 |
| Cowen & Co. | Daniel Brennan | $360 | $312.9 | +54.5% | Oct 22, 2021 |
| KeyBanc | Paul Knight | $345 | $312.9 | +48.1% | Oct 22, 2021 |
| Credit Suisse | Katie Tryhane | $370 | $329.26 | +58.8% | Sep 10, 2021 |
| Bank of America Securities | Derik De Bruin | $340 | $290.62 | +45.9% | Jul 23, 2021 |
| Benchmark Co. | Robert Wasserman | $330 | $284.16 | +41.6% | Jul 16, 2021 |
| Wolfe Research | Liza Garcia | $325 | $256.2 | +39.5% | Jun 18, 2021 |
| Morgan Stanley | Erin Wright | $288 | $256.2 | +23.6% | Jun 18, 2021 |
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Start freeCompany context
Snapshot as of publicationDanaher Corporation is a diversified global technology and science company that specializes in developing, manufacturing, and distributing a wide array of professional, medical, industrial, and commercial products and services across the world. The organization is structured into three primary operating segments: Life Sciences, Diagnostics, and Environmental & Applied Solutions. Within the Life Sciences segment, Danaher provides advanced instrumentation and solutions crucial for scientific research and development. This encompasses equipment like mass spectrometers, flow cytometry, genomics, lab automation, centrifugation, particle counting and characterization tools, and microscopes, alongside genomics consumables and technologies vital for Gene and Cell Therapy. Additionally, it delivers bioprocess technologies, consumables, and related services, as well as sophisticated filtration, separation, and purification systems.…
Historical context
All DHR earningsHealthcare peers this season
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| ARGX argenx SE | FY2026 Q3 · Calendar Q4 2026 | — | -1.6% | argenx: VYVGART momentum and a broader late-stage pipeline |
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Latest beats and misses
Who reports nextBeat on EPS
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
Missed on EPS
- KOFFY2026 Q3 · October 26, 2026-9.0% EPS-1.9% move
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
Get the DHR recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-07-21T16:03:40.442608+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T21:24:58.770182+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T21:24:58.766967+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-28. For educational purposes only; not investment advice.