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Danaher (DHR) investor relations material
Danaher Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Jul, 2025
Executive summary
Q2 2025 revenues rose 3.5% year-over-year to $5.9B, with core sales up 1.5% and FX contributing 2.0%.
Net earnings for Q2 2025 were $555 million ($0.77 per diluted share), down from $907 million in Q2 2024, mainly due to a $432 million Life Sciences impairment.
Adjusted diluted EPS increased to $1.80, up 4.7% year-over-year.
Strong Bioprocessing growth and disciplined cost management contributed to exceeding expectations.
Announced CFO succession: Matt Gagino to succeed Matt McGrew, who will transition to EVP before retirement.
Financial highlights
Q2 2025 sales were $5.94B, up from $5.74B in Q2 2024.
Gross profit margin was 59.3%; gross profit for Q2 2025 was $3.52B.
Operating profit declined to $760M from $1.17B year-over-year, with operating margin at 12.8% due to impairment.
Free cash flow for Q2 2025 was $1.1B, with a YTD free cash flow to net income conversion ratio of 143%.
Net earnings margin for Q2 2025 was 9.3%.
Outlook and guidance
Full-year 2025 core revenue growth expected at 3%; Q3 core revenue growth expected in low single digits.
Full-year adjusted diluted EPS guidance raised to $7.70–$7.80.
Bioprocessing segment expected to deliver high single-digit growth for 2025 and long term.
Estimated currency translation to contribute 1.0–1.5% to 2025 revenue growth.
Effective tax rate for the remainder of 2025 projected at approximately 17.0%.
How does AI impact Danaher's business?
Explain the Life Sciences segment's sales decline.
Detail the reasons for excluding items from non-GAAP.
How will global trade tensions impact future capacity?
What's driving Cepheid's non-respiratory growth?
Assess sustainability of bioprocessing growth in '26.
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Next Danaher earnings date
Q3 202521 Oct, 2025
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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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