Q2 revenue +10.5%, operating margin +50bp on pharma strength; $4B buyback, $9.1B Clario deal

Filed July 31, 2026 · Period ending June 27, 2026 · Compared to 10-Q Aug 1, 2025 · ~2 min read

Key Changes

• high

  Q2 2026 revenue grew 10.5% YoY to $12.0B (organic +5%), accelerating from Q2 2025's 3% growth, driven by strengthening pharma/biotech demand and high-end instrument sales across all geographies including China.

  MD&A: Revenue Growth verify on EDGAR →
• high

  Operating margin expanded 50bp YoY to 17.4% (adjusted +90bp to 22.8%), reversing prior-year contraction, as productivity improvements offset unfavorable mix; Analytical Instruments margin recovered 420bp to 23.0%.

  MD&A: Operating Margin verify on EDGAR →
• high

  Completed $9.1B Clario acquisition (endpoint data for clinical trials) and $3.9B Solventum filtration business acquisition; announced $1.1B sale of microbiology business to Astorg, expected Q3 2026 close.

  Notes: Acquisitions & Divestitures view on EDGAR →