DHR · 10-Q · 2026Q3 · Full report

Operating Expense Trends

DANAHER CORP /DE/ · 2026-10-21 · Importance 39 · Surprise 50 · From source text

Third-quarter SG&A increased to $2.159 billion from $1.991 billion, while SG&A remained 32.9% of sales because expense growth tracked sales growth. Third-quarter SG&A included $14 million of additional stock-based compensation tied to special long-term growth equity awards and higher expenses from the Masimo Acquisition, partly offset by $101 million of impairment charges. Nine-month SG&A declined to $6.091 billion from $6.209 billion, primarily because 2025 included $548 million of impairment charges, despite $79 million of Masimo-related amortization, pre-acquisition share-based and change-in-control payments and transaction costs. R&D increased to 6.6% of sales from 6.5% for the nine-month period because of spending growth on new product development initiatives.

Key facts

• Three-month SG&A expense: $2,159 million for period ended September 25, 2026. source
• Three-month SG&A expense: $1,991 million for period ended September 26, 2025. source
• Nine-month SG&A expense: $6,091 million for period ended September 25, 2026. source
• Nine-month SG&A expense: $6,209 million for period ended September 26, 2025. source
• Third quarter 2026 compensation expense related to special long-term growth equity awards granted to the Company’s founders, certain executive officers and other key leaders unfavorably impacted operating profit margin by 20 basis points. source
• SG&A as a percentage of sales: 32.9% for three-month period ended September 25, 2026. source
• SG&A as a percentage of sales: 32.9% for three-month period ended September 26, 2025. source
• SG&A as a percentage of sales: 32.5% for nine-month period ended September 25, 2026. source

Impact estimates