Slides
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Danaher Corporation Second Quarter 2026 Earnings Release July 21, 2026
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2 Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward- looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things: the impact of the tariffs and related actions implemented by the U.S. and other countries, the impact of our debt obligations (including debt we incurred to finance the acquisition of Masimo Corporation) on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, the impact of global health crises, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (in each case, including with respect to our acquisition of Masimo Corporation), including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, security breaches or other disruptions of our information technology systems or violations of data privacy laws, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation, regulatory proceedings and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government with respect to our production capacity in times of national emergency or with respect to intellectual property/production capacity developed using government funding, risks relating to product, service or software defects, product liability and recalls, risks relating to our manufacturing operations, the impact of climate change, legal or regulatory measures to address climate change and other sustainability topics and our ability to address regulatory requirements or stakeholder expectations relating to climate change and other sustainability topics, risks relating to fluctuations in the cost and availability of the supplies we use (including commodities) and labor we need for our operations, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, the impact of deregulation on demand for our products and services, labor matters and our ability to recruit, retain and motivate talented employees, U.S. and non-U.S. economic, political, geopolitical, legal, compliance, social and business factors (including the impact of elections, regulatory and policy changes or uncertainty, government shutdowns and military conflicts such as the conflict in the Middle East), disruptions and other impacts relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2025 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the second quarter of 2026. These forward-looking statements speak only as of the date of this document (July 20, 2026) and except to the extent required byapplicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. With respect to the non-GAAP financial measures referenced in the following presentation, calculations of these measures, explanations of what these measures represent, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non- GAAP measures required by SEC Regulation G can be found in the accompanying information at the end of this presentation or inthe “Investors” section of Danaher’s web site, www.danaher.com, under the subheading “Quarterly Earnings.” In addition, in addressing various financial metrics the presentation describes certain of the more significant factors that impacted year-over-year performance. For additional factors that impacted year-over-year performance, please refer to our earnings release and the other related presentation materials supplementing today’s call, as well as our second quarter Form 10-Q, all of which are available in the “Investors” section of Danaher’s web site under the subheadings “Financial Reports” and “Quarterly Earnings." All references in this presentation (1) to financial metrics relate only to the continuing operations of Danaher’s business, unless otherwise noted; and (2) to “growth” or other period-to-period changes, refer to year-over-year comparisons unless otherwise indicated. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals.
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3 Second Quarter 2026 Performance Summary Throughout this presentation, with respect to revenue performance, for the definitions of “Core”, "Acquisitions" and “FX”, please refer to Danaher’s most recent Quarterly and Annual Reports filed with the SEC, which are available in the “Investors” section of Danaher’s website under the subheading "Financial Reports”. Revenue +5.5% Core +3.0% Acquisitions +1.5% FX +1.0% Adjusted Diluted Net Earnings Per Common Share +8.0% ($ millions) Adjusted Operating Profit Margin -20 BPS
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4 Second Quarter 2026: Biotechnology Revenue Adjusted Operating Profit Margin Flat4.0% Core +2.5% FX +1.5% ($ millions)
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5 Second Quarter 2026: Life Sciences Revenue Adjusted Operating Profit Margin +5.5% ($ millions) Core +5.5% +170 BPS
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6 Second Quarter 2026: Diagnostics Revenue Adjusted Operating Profit Margin -160 BPS+7.0% ($ millions) Core +2.0% Acquisitions +4.0% FX +1.0%
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7 Historical Core Revenue Growth Excluding Respiratory Testing Revenue Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3E Q4E FY26E Biotechnology 7.0% 6.0% 6.5% 6.0% 6.5% 7.0% 2.5% +MSD +MSD Life Sciences -4.0% -2.5% -1.0% 0.5% -1.5% 0.5% 5.5% ~3.0-4.0% ~3.0% to 4.0% Diagnostics -1.5% 2.0% 3.5% 2.0% 1.5% -4.0% 2.0% ~Flat +Up slightly Danaher 0.0% 1.5% 3.0% 2.5% 2.0% 0.5% 3.0% ~2.0-3.0% +MSD ~3.0% to 4.0% Danaher ex respiratory 1.0% 2.0% 2.5% 4.0% 2.5% 3.0% 4.5% ~5.0% +MSD +MSD Respiratory impact -1.0% -0.5% 0.5% -1.5% -0.5% -2.5% -1.5% ~ -2.5% ~Flat -LSD Respiratory revenue* ~$650M ~$300M ~$500M ~$500M ~$1.9B ~$500M ~$250M ~$325M ~$500M ~$1.6B Respiratory revenue y/y % change ~ -25% ~ - 15% ~-35% ~Flat -High-teens *Actuals round to nearest $50M 2025 2026 2025 and 2026 Danaher Core Revenue Growth
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8 Guidance
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9 Q&A
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DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE AND SIX-MONTH PERIODS ENDED JUNE 26, 2026 AND JUNE 27, 2025
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TABLE OF CONTENTS Page 1 Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing 2 Forward-Looking Information 3 Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing 3 Historical and Forward-Looking Respiratory Testing Sales 4 Segment Sales, Operating Profit and Adjusted Operating Profit 5 Non-GAAP Profitability Measures 9 Other Non-GAAP Adjusted P&L Measures 14 Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes 15 Total Cash Flow, Free Cash Flow and Related Measures 16 Statement Regarding Non-GAAP Measures FORWARD-LOOKING STATEMENTS DISCLOSURE Statements in this document that are not strictly historical, including any statements regarding anticipated performance for any fiscal period that has not been completed, and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things: the impact of the tariffs and related actions implemented by the U.S. and other countries, the impact of our debt obligations (including debt we incurred to finance the acquisition of Masimo Corporation) on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, the impact of global health crises, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (in each case, including with respect to our acquisition of Masimo Corporation), including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, security breaches or other disruptions of our information technology systems or violations of data privacy laws, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation, regulatory proceedings and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government with respect to our production capacity in times of national emergency or with respect to intellectual property/production capacity developed using government funding, risks relating to product, service or software defects, product liability and recalls, risks relating to our manufacturing operations, the impact of climate change, legal or regulatory measures to address climate change and other sustainability topics and our ability to address regulatory requirements or stakeholder expectations relating to climate change and other sustainability topics, risks relating to fluctuations in the cost and availability of the supplies we use (including commodities) and labor we need for our operations, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, the impact of deregulation on demand for our products and services, labor matters and our ability to recruit, retain and motivate talented employees, U.S. and non-U.S. economic, political, geopolitical, legal, compliance, social and business factors (including the impact of elections, regulatory and policy changes or uncertainty, government shutdowns and military conflicts such as the conflict in the Middle East), disruptions and other impacts relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2025 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the second quarter of 2026. These forward-looking statements speak only as of the date of this document (July 20, 2026) and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
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% Change Three-Month Period Ended June 26, 2026 vs. Comparable 2025 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP) 5.5 % 4.0 % 5.5 % 7.0 % Impact of: Acquisitions (1.5) % — % — % (4.0) % Currency exchange rates (1.0) % (1.5) % — % (1.0) % Core sales growth (non-GAAP) 3.0 % 2.5 % 5.5 % 2.0 % Impact of respiratory testing 1.5 % 3.0 % Core sales growth excluding respiratory testing (non-GAAP) 4.5 % 5.0 % % Change Six-Month Period Ended June 26, 2026 vs. Comparable 2025 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP) 4.5 % 7.5 % 4.5 % 2.5 % Impact of: Acquisitions (0.5) % — % — % (2.0) % Currency exchange rates (2.0) % (3.0) % (1.5) % (1.5) % Core sales growth (decline) (non-GAAP) 2.0 % 4.5 % 3.0 % (1.0) % Impact of respiratory testing 2.0 % 5.0 % Core sales growth excluding respiratory testing (non-GAAP) 4.0 % 4.0 % Note: Beginning with the Company’s Quarterly Report on Form 10-Q for the second quarter of 2026, in addition to disclosing core sales growth, the Company is disclosing a new non-GAAP measure, titled “Core sales growth excluding respiratory testing.” This new measure adjusts core sales to exclude revenues related to the sale of respiratory testing products in the Company’s molecular diagnostics business in the Diagnostics segment. Demand for respiratory testing depends significantly on the severity levels of influenza and influenza-like illness in a given period, and these severity levels are not under management’s control. As a result, presenting core sales on a basis that combines respiratory testing revenue with other Diagnostics business revenues can obscure underlying growth trends within the Diagnostics businesses. The Company believes that presenting this additional measure will complement core sales, enhance investors’ understanding of the historical and anticipated performance of the Diagnostics businesses and Danaher as a whole, including with respect to underlying growth trends, and facilitate comparisons of period-to-period performance. In addition, beginning with the Company’s Quarterly Report on Form 10-Q for the third quarter of 2026, the Company intends to exclude from the core sales measures the impact, if any, of tariff refunds (related to tariff payments made in prior periods) that are returned, or expected to be returned, to customers. The Company believes this adjustment will help investors better understand underlying growth trends in the Company’s business that otherwise may be obscured by the above-noted tariff-related impacts. DANAHER CORPORATION Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing 1
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The Company does not reconcile non-GAAP forecasted core sales growth, adjusted operating profit margin and adjusted diluted net earnings per common share to their respective, comparable GAAP measures because (except for estimated amortization of acquisition-related intangible assets and the impact of foreign currency on sales), the additional elements that would be reflected in any such GAAP measures (such as the impact of currency exchange rates on profitability, acquisitions, divested product lines, discrete tax adjustments, impairments, gains and losses on investments and the outcome of legal proceedings) are difficult to predict and estimate and are often dependent on future events that may be uncertain or outside of our control. The impact of these additional elements could be material to our results computed in accordance with GAAP. Non-GAAP Forward-Looking Information % Change Three-Month Period Ending September 25, 2026 vs. Comparable 2025 Period % Change Three-Month Period Ending December 31, 2026 vs. Comparable 2025 Period % Change Year Ending December 31, 2026 vs. Comparable 2025 Period Core sales growth (non-GAAP) Biotechnology +Mid-single digit +Mid-single digit Life Sciences +3.0% - +4.0% +3.0% - +4.0% Diagnostics Flat +Up slightly Total Company +2.0% - +3.0% +Mid-single digit +3.0% - +4.0% Impact of respiratory testing +2.5% Flat +Low-single digit Core sales growth excluding respiratory testing (non-GAAP) ~+5.0% +Mid-single digit +Mid-single digit Three-Month Period Ending September 25, 2026 Year Ending December 31, 2026 Adjusted operating profit margin (non-GAAP) ~26.5 % Adjusted diluted net earnings per common share (non-GAAP) $8.45 - $8.60 Other Forward-Looking Information Three-Month Period Ending September 25, 2026 Year Ending December 31, 2026 Impact of currency exchange rates on sales 1 ~(1.0)% ~+0.5% Amortization of acquisition-related intangible assets ($ in millions) ~$(500) ~$(1,900) Corporate expense 2 ($ in millions) ~$(90) ~$(360) Interest expense, net 3 ($ in millions) ~$(115) ~$(310) Effective tax rate ~17.0 % ~17.0 % Average adjusted diluted shares (in millions) ~707 ~709 1 Impact of currency exchange rates on sales for the second quarter and full year 2026 assumes the currency exchange rates in effect as of June 26, 2026. 2 Corporate expense represents the operating profit (GAAP) for the Other segment, which consists of unallocated corporate costs and other costs not considered part of management’s evaluation of reportable segment operating performance. 3 Interest expense, net is defined as interest expense net of interest income. This line item is an assumption rather than a forecast. The estimated interest expense, net is calculated assuming the currency exchange rates in effect as of June 26, 2026 are to prevail throughout the remainder of the period indicated and no change in the amount of commercial paper outstanding. DANAHER CORPORATION Forward-Looking Information 2
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% Change Three-Month Period Ended vs. Comparable 2024 Period % Change Year Ended December 31, 2025 vs. Comparable 2024 Period % Change Three-Month Period Ended March 27, 2026 vs. Comparable 2025 PeriodMarch 28, 2025 June 27, 2025 September 26, 2025 December 31, 2025 Total sales (decline) growth (GAAP) (1.0) % 3.5 % 4.5 % 4.5 % 3.0 % 3.5 % Impact of: Acquisitions/divestitures (0.5) % — % — % 0.5 % — % — % Currency exchange rates 1.5 % (2.0) % (1.5) % (2.5) % (1.0) % (3.0) % Core sales growth (non-GAAP) — % 1.5 % 3.0 % 2.5 % 2.0 % 0.5 % Impact of respiratory testing 1.0 % 0.5 % (0.5) % 1.5 % 0.5 % 2.5 % Core sales growth excluding respiratory testing (non-GAAP) 1.0 % 2.0 % 2.5 % 4.0 % 2.5 % 3.0 % Note: For the impact of respiratory testing, a positive amount represents a year-over-year headwind to core sales growth, and a negative amount represents a year- over-year tailwind to core sales growth. Historical and Forward-Looking Respiratory Testing Sales ($ in millions) Three-Month Period Ended Year Ended December 31, 2025 4 Three-Month Period Ended Three-Month Period Ending Year Ending December 31, 2026 4March 28, 2025 June 27, 2025 September 26, 2025 December 31, 2025 March 27, 2026 June 26, 2026 September 25, 2026 December 31, 2026 Respiratory testing sales 5 ~$650 ~$300 ~$500 ~$500 ~$1,900 ~$500 ~$250 ~$325 ~$500 ~$1,600 4 Respiratory testing sales amounts for the relevant three-month periods may not add to the year-to-date period amount due to rounding. 5 Actual respiratory testing sales are rounded to the nearest $50 million. Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing 3
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Sales (GAAP) Biotechnology $ 1,920 $ 1,850 $ 3,717 $ 3,462 Life Sciences 1,879 1,777 3,616 3,457 Diagnostics 2,466 2,309 4,883 4,758 Total Company $ 6,265 $ 5,936 $ 12,216 $ 11,677 Operating Profit (GAAP) Biotechnology $ 556 $ 531 $ 1,090 $ 972 Life Sciences 244 (239) 469 (38) Diagnostics 416 554 1,090 1,272 Other (89) (86) (178) (172) Total Company $ 1,127 $ 760 $ 2,471 $ 2,034 Amortization of Intangible Assets (GAAP) Biotechnology $ 231 $ 228 $ 465 $ 441 Life Sciences 151 150 303 299 Diagnostics 81 48 129 96 Total Company $ 463 $ 426 $ 897 $ 836 Other Operating Profit Adjustments 6 Biotechnology $ — $ — $ — $ 15 Life Sciences — 432 — 432 Diagnostics 108 — 125 — Other — — — — Total Company $ 108 $ 432 $ 125 $ 447 Adjusted Operating Profit (Non-GAAP) 7 Biotechnology $ 787 $ 759 $ 1,555 $ 1,428 Life Sciences 395 343 772 693 Diagnostics 605 602 1,344 1,368 Other (89) (86) (178) (172) Total Company $ 1,698 $ 1,618 $ 3,493 $ 3,317 Three-Month Period Ended Six-Month Period Ended June 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) 4
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Three-Month Period Ended June 26, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 870 Interest, Net 46 Other Nonoperating (Income) Expense 3 Income Taxes 208 Operating Profit (GAAP) $ 556 $ 244 $ 416 $ (89) $ 1,127 Other Operating Profit Adjustments 6 — — 108 — 108 Amortization of Intangible Assets 231 151 81 — 463 Adjusted Operating Profit (Non-GAAP) 7 787 395 605 (89) 1,698 Depreciation 40 48 107 1 196 Adjusted EBITDA (Non-GAAP) $ 827 $ 443 $ 712 $ (88) $ 1,894 Interest, Net (46) Other Nonoperating Income (Expense) (3) Income Taxes (208) Other Operating Profit Adjustments 6 (108) Amortization of Intangible Assets (463) Depreciation (196) Net Earnings (GAAP) $ 870 Sales (GAAP) $ 1,920 $ 1,879 $ 2,466 $ 6,265 Net Earnings Margin (GAAP) 13.9 % Operating Profit Margin (GAAP) 29.0 % 13.0 % 16.9 % 18.0 % Adjusted Operating Profit Margin (Non-GAAP) 8 41.0 % 21.0 % 24.5 % 27.1 % Adjusted EBITDA Margin (Non-GAAP) 9 43.1 % 23.6 % 28.9 % 30.2 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 5
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Three-Month Period Ended June 27, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 555 Interest, Net 63 Other Nonoperating (Income) Expense 42 Income Taxes 100 Operating Profit (GAAP) $ 531 $ (239) $ 554 $ (86) $ 760 Other Operating Profit Adjustments 6 — 432 — — 432 Amortization of Intangible Assets 228 150 48 — 426 Adjusted Operating Profit (Non-GAAP) 7 759 343 602 (86) 1,618 Depreciation 38 45 100 2 185 Adjusted EBITDA (Non-GAAP) $ 797 $ 388 $ 702 $ (84) $ 1,803 Interest, Net (63) Other Nonoperating Income (Expense) (42) Income Taxes (100) Other Operating Profit Adjustments 6 (432) Amortization of Intangible Assets (426) Depreciation (185) Net Earnings (GAAP) $ 555 Sales (GAAP) $ 1,850 $ 1,777 $ 2,309 $ 5,936 Net Earnings Margin (GAAP) 9.3 % Operating Profit Margin (GAAP) 28.7 % (13.4) % 24.0 % 12.8 % Adjusted Operating Profit Margin (Non-GAAP) 8 41.0 % 19.3 % 26.1 % 27.3 % Adjusted EBITDA Margin (Non-GAAP) 9 43.1 % 21.8 % 30.4 % 30.4 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 6
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Six-Month Period Ended June 26, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 1,899 Interest, Net 82 Other Nonoperating (Income) Expense 76 Income Taxes 414 Operating Profit (GAAP) $ 1,090 $ 469 $ 1,090 $ (178) $ 2,471 Other Operating Profit Adjustments 6 — — 125 — 125 Amortization of Intangible Assets 465 303 129 — 897 Adjusted Operating Profit (Non-GAAP) 7 1,555 772 1,344 (178) 3,493 Depreciation 80 96 209 4 389 Adjusted EBITDA (Non-GAAP) $ 1,635 $ 868 $ 1,553 $ (174) $ 3,882 Interest, Net (82) Other Nonoperating Income (Expense) (76) Income Taxes (414) Other Operating Profit Adjustments 6 (125) Amortization of Intangible Assets (897) Depreciation (389) Net Earnings (GAAP) $ 1,899 Sales (GAAP) $ 3,717 $ 3,616 $ 4,883 $ 12,216 Net Earnings Margin (GAAP) 15.5 % Operating Profit Margin (GAAP) 29.3 % 13.0 % 22.3 % 20.2 % Adjusted Operating Profit Margin (Non-GAAP) 8 41.8 % 21.3 % 27.5 % 28.6 % Adjusted EBITDA Margin (Non-GAAP) 9 44.0 % 24.0 % 31.8 % 31.8 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 7
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Six-Month Period Ended June 27, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 1,509 Interest, Net 129 Other Nonoperating (Income) Expense 121 Income Taxes 275 Operating Profit (GAAP) $ 972 $ (38) $ 1,272 $ (172) $ 2,034 Other Operating Profit Adjustments 6 15 432 — — 447 Amortization of Intangible Assets 441 299 96 — 836 Adjusted Operating Profit (Non-GAAP) 7 1,428 693 1,368 (172) 3,317 Depreciation 72 90 200 4 366 Adjusted EBITDA (Non-GAAP) $ 1,500 $ 783 $ 1,568 $ (168) $ 3,683 Interest, Net (129) Other Nonoperating Income (Expense) (121) Income Taxes (275) Other Operating Profit Adjustments 6 (447) Amortization of Intangible Assets (836) Depreciation (366) Net Earnings (GAAP) $ 1,509 Sales (GAAP) $ 3,462 $ 3,457 $ 4,758 $ 11,677 Net Earnings Margin (GAAP) 12.9 % Operating Profit Margin (GAAP) 28.1 % (1.1) % 26.7 % 17.4 % Adjusted Operating Profit Margin (Non-GAAP) 8 41.2 % 20.0 % 28.8 % 28.4 % Adjusted EBITDA Margin (Non-GAAP) 9 43.3 % 22.6 % 33.0 % 31.5 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 8
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Three-Month Period Ended June 26, 2026 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted earnings per common share Diluted net earnings per common share Reported (GAAP) $ (2,654) 57.6 % $ 1,127 18.0 % $ 1,078 $ (208) $ 870 $ 1.23 Amortization of acquisition-related intangible assets A — — 463 7.4 463 463 0.65 Fair value net (gains) losses on investments B — — — — 7 7 0.01 Acquisition-related items C 46 0.7 108 1.7 108 108 0.15 Tax effect of the above adjustments F (94) (94) (0.13) Discrete tax adjustments G 21 21 0.03 Rounding — 0.1 — — — — — — Adjusted (Non-GAAP) $ (2,608) 58.4 % $ 1,698 27.1 % $ 1,656 $ (281) $ 1,375 $ 1.94 Three-Month Period Ended June 26, 2026 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (2,072) (33.1) % $ (412) (6.6) % $ (3) $ (46) Amortization of acquisition-related intangible assets A 463 7.4 — — — — Fair value net (gains) losses on investments B — — — — 7 — Acquisition-related items C 62 1.0 — — — — Adjusted (Non-GAAP) $ (1,547) (24.7) % $ (412) (6.6) % $ 4 $ (46) DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 9
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Three-Month Period Ended June 27, 2025 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted earnings per common share Diluted net earnings per common share Reported (GAAP) $ (2,413) 59.3 % $ 760 12.8 % $ 655 $ (100) $ 555 $ 0.77 Amortization of acquisition-related intangible assets A — — 426 7.2 426 426 0.59 Fair value net (gains) losses on investments B — — — — 44 44 0.06 Impairments D — — 432 7.3 432 432 0.60 Tax effect of the above adjustments F (187) (187) (0.26) Discrete tax adjustments G 22 22 0.03 Rounding — — — — — — — 0.01 Adjusted (Non-GAAP) $ (2,413) 59.3 % $ 1,618 27.3 % $ 1,557 $ (265) $ 1,292 $ 1.80 Three-Month Period Ended June 27, 2025 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (2,360) (39.8) % $ (403) (6.8) % $ (42) $ (63) Amortization of acquisition-related intangible assets A 426 7.2 — — — — Fair value net (gains) losses on investments B — — — — 44 — Impairments D 432 7.3 — — — — Adjusted (Non-GAAP) $ (1,502) (25.3) % $ (403) (6.8) % $ 2 $ (63) DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 10
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Six-Month Period Ended June 26, 2026 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted earnings per common share Diluted net earnings per common share 10 Reported (GAAP) $ (5,014) 59.0 % $ 2,471 20.2 % $ 2,313 $ (414) $ 1,899 $ 2.68 Amortization of acquisition-related intangible assets A — — 897 7.3 897 897 1.26 Fair value net (gains) losses on investments B — — — — 84 84 0.12 Acquisition-related items C 46 0.4 125 1.0 125 125 0.18 Tax effect of the above adjustments F (188) (188) (0.27) Discrete tax adjustments G 21 21 0.03 Rounding — (0.1) — 0.1 — — — — Adjusted (Non-GAAP) $ (4,968) 59.3 % $ 3,493 28.6 % $ 3,419 $ (581) $ 2,838 $ 4.00 Six-Month Period Ended June 26, 2026 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (3,932) (32.2) % $ (799) (6.5) % $ (76) $ (82) Amortization of acquisition-related intangible assets A 897 7.3 — — — — Fair value net (gains) losses on investments B — — — — 84 — Acquisition-related items C 79 0.6 — — — — Rounding — 0.1 — — — — Adjusted (Non-GAAP) $ (2,956) (24.2) % $ (799) (6.5) % $ 8 $ (82) 10 Net earnings per diluted common share for the relevant three-month periods may not add to the year-to-date amounts due to rounding. DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 11
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Six-Month Period Ended June 27, 2025 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted earnings per common share Diluted net earnings per common share 10 Reported (GAAP) $ (4,643) 60.2 % $ 2,034 17.4 % $ 1,784 $ (275) $ 1,509 $ 2.10 Amortization of acquisition-related intangible assets A — — 836 7.2 836 836 1.16 Fair value net (gains) losses on investments B — — — — 134 134 0.19 Impairments D 15 0.1 447 3.8 447 447 0.62 Gain on a product line disposition E — — — — (9) (9) (0.01) Tax effect of the above adjustments F (281) (281) (0.39) Discrete tax adjustments G 12 12 0.02 Rounding — 0.1 — — — — — (0.01) Adjusted (Non-GAAP) $ (4,628) 60.4 % $ 3,317 28.4 % $ 3,192 $ (544) $ 2,648 $ 3.68 Six-Month Period Ended June 27, 2025 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (4,218) (36.1) % $ (782) (6.7) % $ (121) $ (129) Amortization of acquisition-related intangible assets A 836 7.2 — — — — Fair value net (gains) losses on investments B — — — — 134 — Impairments D 432 3.7 — — — — Gain on a product line disposition E — — — — (9) — Rounding — (0.1) — — — — Adjusted (Non-GAAP) $ (2,950) (25.3) % $ (782) (6.7) % $ 4 $ (129) 10 Net earnings per diluted common share for the relevant three-month periods may not add to the year-to-date amounts due to rounding. DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 12
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A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above): Three-Month Period Ended Six-Month Period Ended June 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 Pretax $ 463 $ 426 $ 897 $ 836 After-tax 384 354 744 694 B Net (gains) losses on the Company's equity and limited partnership investments recorded in the following historical periods (only the pretax amounts set forth below are reflected in the fair value net (gains) losses on investments line above): Three-Month Period Ended Six-Month Period Ended June 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 Pretax $ 7 $ 44 $ 84 $ 134 After-tax 5 33 64 101 C Fair value adjustments to inventory, transaction costs deemed significant and pre-acquisition share-based and change-in-control payments, in each case related to the acquisition of Masimo Corporation (“Masimo”) in the three and six-month periods ended June 26, 2026 ($108 million and $125 million pretax as reported in this line item, $95 million and $110 million after-tax). The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company’s larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for Danaher in a given period. D Impairment charges related to a trade name in the Life Sciences segment recorded in the three and six-month periods ended June 27, 2025 ($432 million pretax as reported in this line item, $328 million after-tax) and a facility in the Biotechnology segment recorded in the six-month period ended June 27, 2025 ($15 million pretax as reported in this line item, $11 million after-tax). E Gain on a product line disposition in the six-month period ended June 27, 2025 ($9 million pretax as reported in this line item, $7 million after-tax). F This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Danaher estimates the tax effect of each adjustment item by applying Danaher’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. G Discrete tax adjustments and other tax-related adjustments for both the three and six-month periods ended June 26, 2026, include the impact of net discrete tax charges of $21 million related primarily to changes in estimates associated with prior period uncertain tax positions, partially offset by benefits from the release of reserves for uncertain tax positions resulting from audit settlements and the expiration of statutes of limitations during the six-month period. Discrete tax adjustments and other tax-related adjustments for the three-month period ended June 27, 2025, include the impact of net discrete tax charges of $22 million related primarily to changes in uncertain tax positions and other items. Discrete tax adjustments and other tax-related adjustments for the six-month period ended June 27, 2025, include the impact of net discrete tax charges of $12 million related primarily to the release of reserves for uncertain tax positions due to the expiration of statutes of limitations, partially offset by changes in uncertain tax positions and other items. DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 13
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Segments Total Company Biotechnology Life Sciences Diagnostics Three-Month Period Ended June 27, 2025 Operating Profit Margins (GAAP) 12.80 % 28.70 % (13.40) % 24.00 % Second quarter 2026 impact from operating profit margin of businesses that have been owned for less than one year (0.30) — — (1.05) Second quarter 2026 fair value adjustments to inventory, transaction costs deemed significant and pre-acquisition share-based and change-in-control payments, in each case related to the acquisition of Masimo (1.75) — — (4.40) Second quarter 2025 impairment charge related to a trade name in the Life Sciences segment 7.30 — 24.30 — Year-over-year core operating profit margin changes for the second quarter 2026 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) (0.05) 0.30 2.10 (1.65) Three-Month Period Ended June 26, 2026 Operating Profit Margins (GAAP) 18.00 % 29.00 % 13.00 % 16.90 % Segments Total Company Biotechnology Life Sciences Diagnostics Six-Month Period Ended June 27, 2025 Operating Profit Margins (GAAP) 17.40 % 28.10 % (1.10) % 26.70 % First half of 2026 impact from operating profit margins of businesses that have been owned for less than one year (0.20) — — (0.60) First half of 2026 fair value adjustments to inventory, transaction costs deemed significant and pre-acquisition share-based and change-in-control payments, in each case related to the acquisition of Masimo (1.00) — — (2.55) First half of 2025 impairment charges related to a trade name in the Life Sciences segment and a facility in the Biotechnology segment 3.85 0.45 12.50 — Year-over-year core operating profit margin changes for the first half of 2026 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) 0.15 0.75 1.60 (1.25) Six-Month Period Ended June 26, 2026 Operating Profit Margins (GAAP) 20.20 % 29.30 % 13.00 % 22.30 % DANAHER CORPORATION Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes 14
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Three-Month Period Ended Year-over-Year Change Six-Month Period Ended Year-over-Year ChangeJune 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 Total Cash Flow: Net cash provided by operating activities (GAAP) $ 1,534 $ 1,338 $ 2,856 $ 2,637 Total cash used in investing activities (GAAP) $ (10,147) $ (258) $ (10,396) $ (500) Total cash provided by (used in) financing activities (GAAP) $ 7,273 $ (247) $ 7,319 $ (1,502) Free Cash Flow: Net cash provided by operating activities (GAAP) $ 1,534 $ 1,338 ~ 14.5 % $ 2,856 $ 2,637 ~ 8.5 % Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) (269) (248) (506) (493) Plus: proceeds from sales of property, plant & equipment (capital disposals) (GAAP) — 4 — 10 Free cash flow (non-GAAP) $ 1,265 $ 1,094 ~ 15.5 % $ 2,350 $ 2,154 ~ 9.0 % Operating Cash Flow to Net Earnings Conversion Ratio: Net cash provided by operating activities (GAAP) $ 1,534 $ 1,338 $ 2,856 $ 2,637 Net earnings (GAAP) 870 555 1,899 1,509 Operating cash flow to net earnings conversion ratio (GAAP) 1.76 2.41 1.50 1.75 Free Cash Flow to Net Earnings Conversion Ratio: Free cash flow from above (non-GAAP) $ 1,265 $ 1,094 $ 2,350 $ 2,154 Net earnings (GAAP) 870 555 1,899 1,509 Free cash flow to net earnings conversion ratio (non- GAAP) 1.45 1.97 1.24 1.43 We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment (“capital expenditures”) plus the proceeds from sales of plant, property and equipment (“capital disposals”). DANAHER CORPORATION Total Cash Flow, Free Cash Flow and Related Measures ($ in millions) 15
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Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Danaher Corporation’s (“Danaher” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors: • with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers; • with respect to the non-GAAP measures related to core sales, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and • with respect to free cash flow and related non-GAAP cash flow measures (the “FCF Measure”), understand Danaher’s ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company’s debt service requirements and other non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures). Management uses the non-GAAP measures referenced above to measure the Company’s operating and financial performance, and uses core sales and non-GAAP measures similar to Adjusted Diluted Net Earnings Per Common Share, Adjusted Operating Profit and the FCF Measure in the Company’s executive compensation program. • The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: ◦ Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non- acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. ◦ Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Danaher Business System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Danaher’s ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. ◦ Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Danaher's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. • With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to "restructuring charges” and “other adjustments”, we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult. • We calculate adjusted EBITDA by adding to operating profit amounts equal to depreciation and amortization and making the other adjustments reflected in the applicable tables above, which allows us to calculate and disclose such measure by segment. Given Danaher’s diversification, we believe this helps our investors compare the profitability of our individual segments to peer companies with like business lines. • With respect to core sales, (1) we exclude the impact of currency translation because it is not under management’s control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. Please see “Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing” above for an explanation on why we exclude respiratory testing revenues from the non-GAAP measure “Core sales excluding DANAHER CORPORATION Statement Regarding Non-GAAP Measures 16
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respiratory testing”. In addition, beginning with the Company’s Quarterly Report on Form 10-Q in the third quarter of 2026, the Company intends to exclude from core sales the impact of tariff refunds related to prior period tariffs that are returned, or expected to be returned, if any, to customers as the Company believes these amounts may obscure underlying business trends. • With respect to the FCF Measure, we deduct payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements. DANAHER CORPORATION Statement Regarding Non-GAAP Measures 17
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