Danaher Corporation filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $25.61 billion, which rose 5.5% on the year before. That growth rate was up 1.0 percentage points on the rate a quarter earlier.

Profitability

The trailing gross margin was 58.6%. The trailing operating margin was 20.4%, up 1.4 percentage points from a year earlier. The trailing net margin was 16.9%. Net income over the twelve months was $4.33 billion, which rose 23.6% on the year before.

Cash flow

Operating cash flow over the twelve months was $6.86 billion, up 8.6% on the year before. Capital spending was $1.13 billion, or 4.4% of revenue. Free cash flow, operating cash flow less capital spending, was $5.73 billion, up 14.2% on the year before. Free cash flow was 22.4% of revenue (the free-cash-flow margin), up 1.7 percentage points from a year earlier.

Share count

The average diluted share count fell 1.6% over the year.

Against its own history

Today’s free-cash-flow margin of 22.4% is higher than 75% of the company’s own past quarterly readings, which have ranged from 13.3% to 31.0%. Today’s operating margin of 20.4% is higher than 79% of the company’s own past quarterly readings, which have ranged from 13.8% to 28.7%. Today’s twelve-month revenue growth rate of 5.5% is higher than 53% of the company’s own past quarterly readings, which have ranged from −24.6% to 41.5%.

Guidance

The company gave its fourth quarter 2026 guidance for non-GAAP core revenue excluding respiratory revenue (adjusted): 4% to 5%. The company gave its fourth quarter 2026 guidance for respiratory revenue headwind to core revenue growth (adjusted): 150. The company gave its Year Ending December 31, 2026 guidance for Total Company core sales growth (non-GAAP) (adjusted): 2.5%. The company gave its Three-Month Period Ending December 31, 2026 guidance for Life Sciences core sales growth (non-GAAP) (adjusted) for Life Sciences: 4% to 5%.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 30.1%, and 5 percentage points higher would raise it by 39.4%. A free-cash-flow margin 1 percentage point lower would lower it by 5.1%.

What to watch

The next filing will reveal whether the recent improvements in operating and free-cash-flow margins continue to hold against the company’s historical ranges. It will also show if the twelve-month revenue growth rate remains above the median of its past quarterly readings. Finally, the report will clarify how the average diluted share count evolves relative to the previous year’s decline.