Danaher tops forecasts as bioprocessing recovery fuels 2026 growth outlook

Danaher (NYSE:DHR) reported fourth-quarter results that surpassed Wall Street estimates on Wednesday, providing a bullish outlook for 2026 that suggests the long-awaited recovery in the bioprocessing and life sciences sectors is finally taking hold.

The Washington, D.C.-based company posted fourth-quarter revenue of $6.8 billion, a 4.5% increase over the previous year.

Net earnings for the period reached $1.2 billion, or $1.66 per diluted share.

On an adjusted basis, Danaher earned $2.23 per share, comfortably beating the Zacks Consensus Estimate of $2.15 as high-margin consumables in its biotechnology segment saw a resurgence in demand from large pharmaceutical clients.

For the full year 2025, Danaher generated $24.6 billion in revenue and $3.6 billion in net earnings.

The company’s ability to generate cash remained a standout, with full-year operating cash flow reaching $6.4 billion and free cash flow totaling $5.3 billion.

Following the quarter's performance, Danaher projects core revenue growth of 3% to 6%, assuming a modest recovery in equipment spending and the continued abatement of policy headwinds in China.

The company also set its adjusted EPS target between $8.35 and $8.50, reflecting more than 100 basis points of anticipated margin expansion.