NYSE : DHR
Danaher Corporation — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 236.98 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 166.72B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Danaher Corporation (DHR) reported revenue of 25.61B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 25.61B | 24.57B | 23.88B | 23.89B | 26.64B | 24.80B |
| Cost of Revenue | 10.41B | 10.02B | 9.64B | 9.84B | 10.46B | 9.46B |
| Gross Profit | 15.20B | 14.55B | 14.23B | 14.05B | 16.19B | 15.34B |
| Selling, General & Admin | 7.91B | 7.58B | 7.45B | 7.25B | 7.08B | 6.76B |
| Research & Development | 1.67B | 1.60B | 1.58B | 1.50B | 1.53B | 1.50B |
| Operating Expenses | 9.57B | 9.17B | 9.03B | 8.75B | 8.61B | 8.26B |
| Operating Income | 5.63B | 5.38B | 5.20B | 5.30B | 7.58B | 7.08B |
| Interest Expense | -360.00M | -265.00M | -278.00M | -286.00M | -204.00M | -231.00M |
| Interest & Investment Income | 132.00M | 30.00M | 117.00M | 303.00M | 41.00M | 11.00M |
| EBT Excluding Unusual Items | 5.40B | 5.14B | 5.04B | 5.32B | 7.42B | 6.86B |
| Merger & Restructuring Charges | -209.00M | -25.00M | -104.00M | |||
| Gain (Loss) on Sale of Investments | -196.00M | -248.00M | -57.00M | -182.00M | -271.00M | 401.00M |
| Gain (Loss) on Sale of Assets | 11.00M | 20.00M | 5.00M | |||
| Asset Writedown | -196.00M | -692.00M | -308.00M | -91.00M | -10.00M | |
| Legal Settlements | -547.00M | |||||
| Other Unusual Items | 10.00M | 10.00M | -96.00M | |||
| Pretax Income | 4.82B | 4.23B | 4.65B | 5.04B | 7.15B | 6.51B |
| Income Tax Expense | 529.00M | 633.00M | 747.00M | 823.00M | 818.00M | 1.06B |
| Earnings From Continuing Operations | 4.29B | 3.60B | 3.90B | 4.22B | 6.33B | 5.45B |
| Earnings From Discontinued Operations | 42.00M | 14.00M | 543.00M | 881.00M | 986.00M | |
| Net Income | 4.33B | 3.61B | 3.90B | 4.76B | 7.21B | 6.43B |
| Preferred Dividends & Other Adjustments | 21.00M | 106.00M | 164.00M | |||
| Net Income to Common | 4.33B | 3.61B | 3.90B | 4.74B | 7.10B | 6.27B |
| Shares Outstanding (Basic) | 706.10M | 712.70M | 731.00M | 736.50M | 725.10M | 714.60M |
| Shares Outstanding (Diluted) | 709.05M | 716.10M | 737.20M | 743.10M | 737.10M | 736.80M |
| EPS (Basic) | 6.13 | 5.07 | 5.33 | 6.44 | 9.80 | 8.77 |
| EPS (Diluted) | 6.10 | 5.05 | 5.29 | 6.38 | 9.66 | 8.61 |
| Free Cash Flow | 5.73B | 5.26B | 5.30B | 5.78B | 7.40B | 7.12B |
| Free Cash Flow Per Share | 8.08 | 7.34 | 7.18 | 7.78 | 10.04 | 9.66 |
| Dividend Per Share | 1.52 | 1.28 | 1.08 | 1.05 | 1.00 | 0.84 |
| Gross Margin | 59.36% | 59.23% | 59.61% | 58.80% | 60.76% | 61.86% |
| Operating Margin | 21.97% | 21.89% | 21.77% | 22.18% | 28.45% | 28.55% |
| Profit Margin | 16.91% | 14.71% | 16.33% | 19.85% | 26.66% | 25.28% |
| Free Cash Flow Margin | 22.36% | 21.41% | 22.18% | 24.20% | 27.78% | 28.70% |
| EBITDA | 8.26B | 7.83B | 7.55B | 7.47B | 9.71B | 9.14B |
| EBITDA Margin | 32.24% | 31.85% | 31.62% | 31.25% | 36.45% | 36.87% |
| D&A For EBITDA | 2.63B | 2.45B | 2.35B | 2.17B | 2.13B | 2.06B |
| EBIT | 5.63B | 5.38B | 5.20B | 5.30B | 7.58B | 7.08B |
| EBIT Margin | 21.97% | 21.89% | 21.77% | 22.18% | 28.45% | 28.55% |
| Effective Tax Rate | 10.98% | 14.95% | 16.08% | 16.32% | 11.45% | 16.34% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.68B | 4.62B | 2.08B | 5.86B | 6.00B | 2.59B |
| Cash & Short-Term Investments | 5.68B | 4.62B | 2.08B | 5.86B | 6.00B | 2.59B |
| Accounts Receivable | 4.13B | 3.91B | 3.54B | 3.92B | 4.18B | 4.71B |
| Other Receivables | 1.00B | 989.00M | 853.00M | 715.00M | 962.00M | 812.00M |
| Receivables | 5.13B | 4.90B | 4.39B | 4.64B | 5.14B | 5.52B |
| Inventory | 3.13B | 2.49B | 2.33B | 2.59B | 2.77B | 2.77B |
| Prepaid Expenses | 845.00M | 750.00M | 699.00M | 842.00M | 700.00M | 770.00M |
| Other Current Assets | 1.28B | 7.00M | ||||
| Total Current Assets | 14.79B | 12.76B | 9.50B | 13.94B | 15.88B | 11.65B |
| Property, Plant & Equipment | 6.97B | 6.75B | 6.07B | 5.61B | 4.59B | 4.83B |
| Long-Term Investments | 5.00M | 11.00M | 20.00M | |||
| Goodwill | 47.31B | 43.15B | 40.50B | 41.61B | 37.28B | 41.18B |
| Other Intangible Assets | 21.05B | 17.82B | 18.57B | 20.75B | 19.82B | 22.84B |
| Long-Term Deferred Tax Assets | 2.53B | 2.29B | 1.91B | 1.43B | 1.23B | |
| Other Long-Term Assets | 3.15B | 465.00M | 614.00M | 682.00M | 5.34B | 1.43B |
| Total Assets | 93.28B | 83.46B | 77.54B | 84.49B | 84.35B | 83.18B |
| Accounts Payable | 1.74B | 1.84B | 1.75B | 1.77B | 1.86B | 2.57B |
| Accrued Expenses | 5.20B | 1.43B | 1.34B | 1.34B | 1.39B | 1.66B |
| Current Portion of Long-Term Debt | 2.09B | 2.00M | 505.00M | 1.70B | 591.00M | 8.00M |
| Current Portion of Leases | 199.00M | 173.00M | 180.00M | 167.00M | 207.00M | |
| Current Income Taxes Payable | 532.00M | 568.00M | 582.00M | 621.00M | 707.00M | |
| Current Unearned Revenue | 1.35B | 1.30B | 1.47B | 1.46B | 1.61B | |
| Other Current Liabilities | 11.00M | 1.44B | 1.16B | 1.25B | 2.31B | 1.37B |
| Total Current Liabilities | 9.05B | 6.81B | 6.80B | 8.27B | 8.39B | 8.14B |
| Long-Term Debt | 24.39B | 18.42B | 15.50B | 16.71B | 19.09B | 22.17B |
| Long-Term Leases | 1.30B | 1.08B | 968.00M | 954.00M | 772.00M | 889.00M |
| Long-Term Unearned Revenue | 231.00M | 232.00M | 249.00M | 221.00M | 213.00M | |
| Pension & Post-Retirement Benefits | 608.00M | 560.00M | 544.00M | 492.00M | 876.00M | |
| Other Long-Term Liabilities | 4.91B | 3.78B | 3.93B | 4.27B | 5.30B | 5.72B |
| Total Liabilities | 39.65B | 30.92B | 27.99B | 31.00B | 34.26B | 38.01B |
| Common Stock | 9.00M | 9.00M | 9.00M | 9.00M | 9.00M | 9.00M |
| Additional Paid-In Capital | 17.63B | 17.19B | 16.73B | 16.17B | 12.07B | 10.09B |
| Retained Earnings | 49.18B | 46.89B | 44.19B | 41.07B | 39.20B | 32.83B |
| Treasury Stock | -12.33B | -11.35B | -8.16B | -2.02B | ||
| Comprehensive Income & Other | -865.00M | -207.00M | -3.22B | -1.75B | -2.87B | -1.03B |
| Total Common Equity | 53.62B | 52.53B | 49.54B | 53.49B | 48.41B | 41.90B |
| Minority Interest | 12.00M | 7.00M | 7.00M | 4.00M | 8.00M | 10.00M |
| Shareholders' Equity | 53.63B | 52.54B | 49.55B | 53.49B | 50.09B | 45.18B |
| Total Liabilities & Equity | 93.28B | 83.46B | 77.54B | 84.49B | 84.35B | 83.18B |
| Total Debt | 27.78B | 19.70B | 17.15B | 19.54B | 20.62B | 23.27B |
| Net Cash (Debt) | -22.10B | -15.08B | -15.07B | -13.67B | -14.62B | -20.69B |
| Net Cash Per Share | -31.17 | -21.06 | -20.44 | -18.40 | -19.84 | -28.08 |
| Filing Date Shares Outstanding | 703.53M | 707.14M | 714.71M | 739.70M | 728.58M | 715.35M |
| Total Common Shares Outstanding | 703.40M | 706.90M | 719.10M | 739.20M | 728.30M | 715.00M |
| Working Capital | 5.74B | 5.95B | 2.70B | 5.66B | 7.49B | 3.51B |
| Book Value Per Share | 76.23 | 74.32 | 68.90 | 72.36 | 66.48 | 58.60 |
| Tangible Book Value | -14.75B | -8.43B | -9.52B | -8.87B | -8.68B | -22.13B |
| Tangible Book Value Per Share | -20.96 | -11.93 | -13.24 | -12.00 | -11.92 | -30.95 |
| Land | 233.00M | 230.00M | 210.00M | 201.00M | 203.00M | |
| Buildings | 3.05B | 2.55B | 2.27B | 1.79B | 1.68B | |
| Machinery | 4.87B | 4.43B | 4.11B | 3.48B | 3.61B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.33B | 3.61B | 3.90B | 4.76B | 7.21B | 6.43B |
| Depreciation & Amortization | 2.63B | 2.45B | 2.35B | 2.17B | 2.13B | 2.06B |
| Loss (Gain) From Sale of Assets | -9.00M | -5.00M | ||||
| Asset Writedown & Restructuring Costs | 66.00M | 562.00M | 265.00M | 77.00M | ||
| Loss (Gain) From Sale of Investments | 185.00M | 237.00M | 57.00M | 182.00M | 271.00M | -401.00M |
| Stock-Based Compensation | 329.00M | 298.00M | 288.00M | 306.00M | 295.00M | 184.00M |
| Other Operating Activities | 116.00M | -14.00M | 25.00M | -535.00M | -881.00M | -289.00M |
| Change in Accounts Receivable | -174.00M | -216.00M | 331.00M | 322.00M | -389.00M | -597.00M |
| Change in Inventory | -45.00M | -58.00M | 147.00M | 185.00M | -448.00M | -427.00M |
| Change in Accounts Payable | -17.00M | 9.00M | 19.00M | -149.00M | -18.00M | 484.00M |
| Change in Other Net Operating Assets | -94.00M | -14.00M | -212.00M | 376.00M | 24.00M | 81.00M |
| Operating Cash Flow | 6.86B | 6.42B | 6.69B | 7.16B | 8.52B | 8.36B |
| Capital Expenditures | -1.13B | -1.16B | -1.39B | -1.38B | -1.12B | -1.24B |
| Sale of Property, Plant & Equipment | 24.00M | 33.00M | 13.00M | 12.00M | 9.00M | 13.00M |
| Cash Acquisitions | -9.88B | -558.00M | -5.61B | -582.00M | -10.90B | |
| Divestitures | 9.00M | |||||
| Investment in Securities | -134.00M | -115.00M | -78.00M | -111.00M | -505.00M | -799.00M |
| Other Investing Activities | 43.00M | 33.00M | 34.00M | 11.00M | -38.00M | -60.00M |
| Investing Cash Flow | -11.08B | -1.20B | -1.98B | -7.08B | -2.23B | -12.99B |
| Short-Term Debt Issued | 5.00M | 2.27B | ||||
| Long-Term Debt Issued | 1.56B | 984.00M | ||||
| Total Debt Issued | 11.75B | 1.56B | 5.00M | 3.25B | ||
| Short-Term Debt Repaid | -11.00M | -1.01B | -723.00M | |||
| Long-Term Debt Repaid | -500.00M | -1.67B | -620.00M | -965.00M | -1.19B | |
| Total Debt Repaid | -1.45B | -511.00M | -1.67B | -1.63B | -1.69B | -1.19B |
| Net Debt Issued (Repaid) | 10.31B | 1.04B | -1.67B | -1.63B | -1.69B | 2.06B |
| Issuance of Common Stock | 80.00M | 85.00M | 162.00M | 68.00M | 31.00M | 86.00M |
| Repurchase of Common Stock | -894.00M | -3.09B | -5.98B | |||
| Common Dividends Paid | -1.02B | -878.00M | -768.00M | -821.00M | ||
| Dividends Paid | -1.02B | -878.00M | -768.00M | -821.00M | -818.00M | -742.00M |
| Other Financing Activities | -97.00M | -125.00M | -131.00M | 2.11B | -95.00M | -112.00M |
| Financing Cash Flow | 8.38B | -2.96B | -8.38B | -273.00M | -2.57B | 1.29B |
| Foreign Exchange Rate Adjustments | -4.00M | 278.00M | -108.00M | 59.00M | -306.00M | -115.00M |
| Net Cash Flow | 4.15B | 2.54B | -3.79B | -131.00M | 3.41B | -3.45B |
| Free Cash Flow | 5.73B | 5.26B | 5.30B | 5.78B | 7.40B | 7.12B |
| Free Cash Flow Margin | 22.36% | 21.41% | 22.18% | 24.20% | 27.78% | 28.70% |
| Free Cash Flow Per Share | 8.08 | 7.34 | 7.18 | 7.78 | 10.04 | 9.66 |
| Levered Free Cash Flow | 4.75B | 4.55B | 4.70B | 4.81B | 4.80B | 4.72B |
| Unlevered Free Cash Flow | 4.97B | 4.71B | 4.87B | 4.98B | 4.93B | 4.86B |
| Cash Interest Paid | 337.00M | 331.00M | 370.00M | 392.00M | 347.00M | 452.00M |
| Cash Income Tax Paid | 1.25B | 1.20B | 1.30B | 1.80B | 1.80B | 1.70B |
| Change in Working Capital | -770.00M | -719.00M | -198.00M | -470.00M | -1.41B | -561.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 163.38B | 161.70B | 165.80B | 170.94B | 193.22B | 235.10B |
| Enterprise Value | 185.48B | 178.33B | 182.00B | 181.83B | 209.99B | 260.45B |
| Last Close Price | 232.23 | 227.56 | 226.76 | 227.55 | 230.37 | 284.48 |
| PE Ratio | 38.05 | 44.74 | 42.52 | 36.04 | 27.20 | 37.50 |
| Forward PE | 25.54 | 28.24 | 28.68 | 31.08 | 26.57 | 33.25 |
| PS Ratio | 6.38 | 6.58 | 6.94 | 7.16 | 7.25 | 9.48 |
| PB Ratio | 3.05 | 3.08 | 3.35 | 3.20 | 3.86 | 5.20 |
| P/FCF Ratio | 28.53 | 30.74 | 31.31 | 29.57 | 26.11 | 33.03 |
| P/OCF Ratio | 23.82 | 25.20 | 24.79 | 23.86 | 22.68 | 28.13 |
| PEG Ratio | 2.87 | 3.65 | 5.04 | 209.63 | 0.89 | 2.92 |
| EV/Sales Ratio | 7.24 | 7.26 | 7.62 | 7.61 | 7.88 | 10.50 |
| EV/EBITDA Ratio | 22.47 | 22.79 | 24.11 | 24.36 | 21.62 | 28.48 |
| EV/EBIT Ratio | 32.97 | 33.16 | 35.02 | 34.31 | 27.70 | 36.78 |
| EV/FCF Ratio | 32.39 | 33.90 | 34.37 | 31.45 | 28.37 | 36.59 |
| Debt / Equity Ratio | 0.52 | 0.38 | 0.35 | 0.36 | 0.41 | 0.52 |
| Debt / EBITDA Ratio | 3.24 | 2.42 | 2.18 | 2.52 | 2.07 | 2.48 |
| Debt / FCF Ratio | 4.85 | 3.74 | 3.24 | 3.38 | 2.79 | 3.27 |
| Net Debt / Equity Ratio | 0.41 | 0.29 | 0.30 | 0.26 | 0.29 | 0.46 |
| Net Debt / EBITDA Ratio | 2.68 | 1.93 | 2.00 | 1.83 | 1.50 | 2.26 |
| Net Debt / FCF Ratio | 3.86 | 2.87 | 2.85 | 2.37 | 1.98 | 2.91 |
| Asset Turnover | 0.30 | 0.30 | 0.29 | 0.28 | 0.32 | 0.31 |
| Inventory Turnover | 3.58 | 4.16 | 3.92 | 3.67 | 3.78 | 3.74 |
| Quick Ratio | 1.19 | 1.40 | 0.95 | 1.27 | 1.33 | 1.00 |
| Current Ratio | 1.63 | 1.87 | 1.40 | 1.68 | 1.89 | 1.43 |
| Return on Equity (ROE) | 8.19% | 7.05% | 7.57% | 8.15% | 13.29% | 12.82% |
| Return on Assets (ROA) | 4.06% | 4.17% | 4.01% | 3.92% | 5.66% | 5.56% |
| Return on Invested Capital (ROIC) | 6.60% | 6.92% | 6.62% | 6.73% | 10.28% | 9.73% |
| Return on Capital Employed (ROCE) | 6.70% | 7.00% | 7.30% | 7.00% | 10.00% | 9.40% |
| Earnings Yield | 2.63% | 2.23% | 2.35% | 2.79% | 3.73% | 2.74% |
| FCF Yield | 3.51% | 3.25% | 3.19% | 3.38% | 3.83% | 3.03% |
| Dividend Yield | 0.69% | 0.56% | 0.47% | 0.45% | 0.38% | 0.26% |
| Payout Ratio | 24.90% | 24.29% | 19.70% | 17.23% | 11.35% | 11.53% |
| Buyback Yield / Dilution | 1.60% | 2.86% | 0.79% | -0.81% | -0.04% | -2.52% |
| Total Shareholder Return | 2.28% | 3.42% | 1.26% | -0.36% | 0.34% | -2.26% |