Latency = time from the start of the instruction until the result is available. If your division has a latency of 26 cycles, and you calculate (((x / a) / b) / c), then the result of the division by a is available after 26 cycles. That's when the division by b can start, with the result available after 52 cycles, and the result of dividing by c is available after 78 cycles.
The throughput is one division every six cycles, which means you can start another division every six cycles. So if you want to calculate x/a, y/a, z/a, u/a, v/a, the five divisions can start at cycles 0, 6, 12, 18, 24, and the results are available at cycles 26, 32, 38, 44, and 50.
As an exercise, figure out how long it takes to evaluate (((x / a) / b) / c), (((y / a) / b) / c), (((z / a) / b) / c), (((u / a) / b) / c) and (((v / a) / b) / c) .