Danaher Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Danaher Corp. reported revenue of $24.6B (+2.9% year on year) and net income of $3.6B (-7.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Sales | $24.6B | $23.9B | $23.9B | $31.5B |
| Cost of sales | ($10.0B) | ($9.7B) | ($9.9B) | ($12.5B) |
| Gross profit | $14.5B | $14.2B | $14.0B | $18.9B |
| Selling, general and administrative expenses | ($8.2B) | ($7.8B) | ($7.3B) | ($8.5B) |
| Research and development expenses | ($1.6B) | ($1.6B) | ($1.5B) | ($1.7B) |
| Operating profit | $4.7B | $4.9B | $5.2B | $8.7B |
| Other income (expense), net | ($222.0M) | ($56.0M) | ($175.0M) | ($226.0M) |
| Interest expense | ($265.0M) | ($278.0M) | ($286.0M) | ($211.0M) |
| Interest income | $30.0M | $117.0M | $303.0M | $41.0M |
| Earnings from continuing operations before income taxes | $4.2B | $4.6B | $5.0B | $8.3B |
| Income taxes | ($633.0M) | ($747.0M) | ($823.0M) | ($1.1B) |
| Net earnings from continuing operations | $3.6B | $3.9B | $4.2B | $7.2B |
| Earnings from discontinued operations, net of income taxes | $14.0M | $0 | $543.0M | $0 |
| Net earnings | $3.6B | $3.9B | $4.8B | $7.2B |
| Mandatory convertible preferred stock dividends | $0 | $0 | ($21.0M) | ($106.0M) |
| Net earnings attributable to common stockholders | $3.6B | $3.9B | $4.7B | $7.1B |
| Net earnings per common share from continuing operations, basic (in usd per share) | $5.05 | $5.33 | $5.70 | $9.80 |
| Net earnings per common share from continuing operations, diluted (in usd per share) | $5.03 | $5.29 | $5.65 | $9.66 |
| Net earnings per common share from discontinued operations, basic (in usd per share) | $0.02 | $0.00 | $0.74 | $0.00 |
| Net earnings per common share from discontinued operations, diluted (in usd per share) | $0.02 | $0.00 | $0.73 | $0.00 |
| Net earnings per common share, basic (in usd per share) | $5.07 | $5.33 | $6.44 | $9.80 |
| Net earnings per common share, diluted (in usd per share) | $5.05 | $5.29 | $6.38 | $9.66 |
| Basic (in shares) | 712.7M | 731.0M | 736.5M | 725.1M |
| Diluted (in shares) | 716.1M | 737.2M | 743.1M | 737.1M |
| Line item | Sep 25, 2026 · Q3 | Jun 26, 2026 · Q2 | Mar 27, 2026 · Q1 | Sep 26, 2025 · Q3 |
|---|---|---|---|---|
| Sales | $6.6B | $6.3B | $6.0B | $6.1B |
| Cost of sales | ($2.7B) | ($2.7B) | ($2.4B) | ($2.5B) |
| Gross profit | $3.8B | $3.6B | $3.6B | $3.5B |
| Selling, general and administrative expenses | ($2.2B) | ($2.1B) | ($1.9B) | ($2.0B) |
| Research and development expenses | ($433.0M) | ($412.0M) | ($387.0M) | ($378.0M) |
| Operating profit | $1.2B | $1.1B | $1.3B | $1.2B |
| Other income (expense), net | ($9.0M) | ($3.0M) | ($73.0M) | ($14.0M) |
| Interest expense | ($135.0M) | ($107.0M) | ($63.0M) | ($67.0M) |
| Interest income | $31.0M | $61.0M | $27.0M | $3.0M |
| Earnings before income taxes | $1.1B | $1.1B | $1.2B | $1.1B |
| Income taxes | $75.0M | ($208.0M) | ($206.0M) | ($168.0M) |
| Net earnings from continuing operations | $1.2B | — | — | — |
| Earnings from discontinued operations, net of income taxes | $28.0M | — | — | — |
| Net earnings | $1.2B | $870.0M | $1.0B | $908.0M |
| Net earnings per common share from continuing operations, basic (in usd per share) | $1.71 | — | — | — |
| Net earnings per common share from continuing operations, diluted (in usd per share) | $1.71 | — | — | — |
| Net earnings per common share from discontinued operations, basic (in usd per share) | $0.04 | — | — | — |
| Net earnings per common share from discontinued operations, diluted (in usd per share) | $0.04 | — | — | — |
| Net earnings per common share, basic (in usd per share) | $1.75 | $1.23 | $1.45 | $1.28 |
| Net earnings per common share, diluted (in usd per share) | $1.75 | $1.23 | $1.45 | $1.27 |
| Basic (in shares) | 703.8M | 705.3M | 707.9M | 710.7M |
| Diluted (in shares) | 706.8M | 707.6M | 711.2M | 713.7M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and equivalents | $4.6B | $2.1B | $5.9B | $6.0B |
| Trade accounts receivable, less allowance for doubtful accounts of $114 as of December 31, 2025 and $113 as of December 31, 2024 | $3.9B | $3.5B | $3.9B | $4.9B |
| Inventories | $2.5B | $2.3B | $2.6B | $3.1B |
| Prepaid expenses and other current assets | $1.7B | $1.6B | $1.6B | $1.9B |
| Total current assets | $12.8B | $9.5B | $13.9B | $15.9B |
| Property, plant and equipment, net | $5.5B | $5.0B | $4.6B | $4.0B |
| Other long-term assets | $4.2B | $4.0B | $3.6B | $4.5B |
| Goodwill | $43.2B | $40.5B | $41.6B | $39.8B |
| Other intangible assets, net | $17.8B | $18.6B | $20.7B | $20.3B |
| Total assets | $83.5B | $77.5B | $84.5B | $84.3B |
| Notes payable and current portion of long-term debt | $2.0M | $505.0M | $1.7B | $591.0M |
| Trade accounts payable | $1.8B | $1.8B | $1.8B | $2.3B |
| Accrued expenses and other liabilities | $5.0B | $4.5B | $4.8B | $5.5B |
| Total current liabilities | $6.8B | $6.8B | $8.3B | $8.4B |
| Other long-term liabilities | $5.7B | $5.7B | $6.0B | $6.8B |
| Long-term debt | $18.4B | $15.5B | $16.7B | $19.1B |
| Common stock - $0.01 par value, 2.0 billion shares authorized; 886.9 million issued and 706.9 million outstanding as of December 31, 2025; 884.3 million issued and 719.1 million outstanding as of December 31, 2024 | 9.0M | 9.0M | 9.0M | 9.0M |
| Additional paid-in capital | $17.2B | $16.7B | $14.2B | $12.1B |
| Treasury stock | ($11.4B) | ($8.2B) | — | — |
| Retained earnings | $46.9B | $44.2B | $41.1B | $39.2B |
| Accumulated other comprehensive income (loss) | ($207.0M) | ($3.2B) | ($1.7B) | ($2.9B) |
| Total Danaher stockholders’ equity | $52.5B | $49.5B | $53.5B | $50.1B |
| Noncontrolling interests | $7.0M | $7.0M | $4.0M | $8.0M |
| Total stockholders’ equity | $52.5B | $49.5B | $53.5B | $50.1B |
| Total liabilities and stockholders’ equity | $83.5B | $77.5B | $84.5B | $84.3B |
| Line item | Sep 25, 2026 | Jun 26, 2026 | Mar 27, 2026 | Sep 26, 2025 |
|---|---|---|---|---|
| Cash and equivalents | $5.7B | $4.3B | $5.7B | $1.5B |
| Trade accounts receivable, less allowance for doubtful accounts of $122 and $114, respectively | $4.1B | $4.0B | $3.8B | $3.8B |
| Finished goods | $1.7B | $1.8B | $1.4B | $1.4B |
| Work in process | $542.0M | $537.0M | $504.0M | $526.0M |
| Raw materials | $916.0M | $910.0M | $744.0M | $775.0M |
| Total inventories | $3.1B | $3.3B | $2.6B | $2.7B |
| Prepaid expenses and other current assets | $1.8B | $1.8B | $1.8B | $1.6B |
| Total current assets | $14.8B | $13.4B | $13.9B | $9.6B |
| Property, plant and equipment, net of accumulated depreciation of $5,042 and $4,767, respectively | $5.8B | $5.8B | $5.5B | $5.4B |
| Other long-term assets | $4.4B | $4.4B | $4.2B | $3.9B |
| Goodwill | $47.3B | $47.4B | $42.8B | $42.9B |
| Other intangible assets, net | $21.1B | $21.4B | $17.2B | $18.1B |
| Total assets | $93.3B | $92.4B | $83.5B | $79.9B |
| Notes payable and current portion of long-term debt | $2.1B | $1.4B | $923.0M | $23.0M |
| Trade accounts payable | $1.7B | $1.8B | $1.8B | $1.7B |
| Accrued expenses and other liabilities | $5.2B | $4.9B | $4.7B | $4.6B |
| Total current liabilities | $9.1B | $8.1B | $7.5B | $6.3B |
| Other long-term liabilities | $6.2B | $6.5B | $5.6B | $5.7B |
| Long-term debt | $24.4B | $25.1B | $17.6B | $16.8B |
| Common stock - $0.01 par value, 2.0 billion shares authorized; 888.8 million issued and 703.4 million outstanding as of September 25, 2026; 886.9 million issued and 706.9 million outstanding as of December 31, 2025 | 9.0M | 9.0M | 9.0M | 9.0M |
| Additional paid-in capital | $17.6B | $17.5B | $17.3B | $17.1B |
| Treasury stock | ($12.3B) | ($12.3B) | ($11.4B) | ($11.3B) |
| Retained earnings | $49.2B | $48.2B | $47.6B | $45.9B |
| Accumulated other comprehensive income (loss) | ($865.0M) | ($795.0M) | ($593.0M) | ($590.0M) |
| Total Danaher stockholders’ equity | $53.6B | $52.6B | $52.9B | $51.1B |
| Noncontrolling interests | $12.0M | $11.0M | $8.0M | $9.0M |
| Total stockholders’ equity | $53.6B | $52.6B | $53.0B | $51.1B |
| Total liabilities and stockholders’ equity | $93.3B | $92.4B | $83.5B | $79.9B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net earnings | $3.6B | $3.9B | $4.8B | $7.2B |
| Less: earnings from discontinued operations, net of income taxes | ($14.0M) | $0 | ($543.0M) | $0 |
| Net earnings from continuing operations | $3.6B | $3.9B | $4.2B | $7.2B |
| Depreciation | $750.0M | $721.0M | $675.0M | $738.0M |
| Amortization of intangible assets | $1.7B | $1.6B | $1.5B | $1.5B |
| Amortization of acquisition-related inventory fair value step-up | $0 | $25.0M | $8.0M | $0 |
| Stock-based compensation expense | $298.0M | $288.0M | $306.0M | $336.0M |
| Impairment charges | $562.0M | $265.0M | — | — |
| Change in deferred income taxes | ($440.0M) | ($483.0M) | ($1.2B) | ($559.0M) |
| Change in trade accounts receivable, net | ($216.0M) | $331.0M | $322.0M | ($477.0M) |
| Change in inventories | ($58.0M) | $147.0M | $185.0M | ($486.0M) |
| Change in trade accounts payable | $9.0M | $19.0M | ($149.0M) | $5.0M |
| Change in prepaid expenses and other assets | ($55.0M) | $274.0M | $419.0M | ($78.0M) |
| Change in accrued expenses and other liabilities | $41.0M | ($486.0M) | $34.0M | $76.0M |
| Total operating cash provided by continuing operations | $6.4B | $6.7B | $6.5B | $8.5B |
| Total operating cash provided by discontinued operations | $0 | $0 | $674.0M | $0 |
| Net cash provided by operating activities | $6.4B | $6.7B | $7.2B | $8.5B |
| Cash paid for acquisitions | $0 | ($558.0M) | ($5.6B) | ($637.0M) |
| Payments for additions to property, plant and equipment | ($1.2B) | ($1.4B) | ($1.4B) | ($1.2B) |
| Proceeds from sales of property, plant and equipment | $33.0M | $13.0M | $12.0M | $9.0M |
| Payments for purchases of investments | ($127.0M) | ($331.0M) | ($172.0M) | ($523.0M) |
| Proceeds from sales of investments | $12.0M | $253.0M | $61.0M | $18.0M |
| Proceeds from sales of investments | $9.0M | — | — | — |
| All other investing activities | $33.0M | $34.0M | $44.0M | $51.0M |
| Total cash used in investing activities from continuing operations | ($1.2B) | ($2.0B) | ($7.0B) | — |
| Total investing cash used in discontinued operations | $0 | $0 | ($33.0M) | — |
| Net cash used in investing activities | ($1.2B) | ($2.0B) | ($7.1B) | ($2.2B) |
| Proceeds from the issuance of common stock in connection with stock-based compensation | 85.0M | 162.0M | 68.0M | 31.0M |
| Payment of dividends | ($878.0M) | ($768.0M) | ($821.0M) | ($818.0M) |
| Net (repayments of) proceeds from borrowings (maturities of 90 days or less) | ($11.0M) | $5.0M | ($1.0B) | ($723.0M) |
| Borrowings (maturities longer than 90 days) | $1.6B | — | $0 | $0 |
| Repayments of borrowings (maturities longer than 90 days) | ($500.0M) | ($1.7B) | ($620.0M) | ($965.0M) |
| Distribution from discontinued operations | $0 | $0 | $2.6B | — |
| Payments for repurchase of common stock | ($3.1B) | ($6.0B) | — | — |
| All other financing activities | ($125.0M) | ($131.0M) | ($67.0M) | ($95.0M) |
| Net cash (used in) provided by financing activities for continuing operations | ($3.0B) | ($8.4B) | $154.0M | — |
| Cash distributions to Veralto Corporation, net | $0 | $0 | ($427.0M) | — |
| Net cash used in financing activities | ($3.0B) | ($8.4B) | ($273.0M) | ($2.6B) |
| Effect of exchange rate changes on cash and equivalents | $278.0M | ($108.0M) | $59.0M | ($306.0M) |
| Net change in cash and equivalents | $2.5B | ($3.8B) | ($131.0M) | $3.4B |
| Beginning balance of cash and equivalents | $2.1B | $5.9B | $6.0B | $2.6B |
| Ending balance of cash and equivalents | $4.6B | $2.1B | $5.9B | $6.0B |
| Distribution of noncash net assets to Veralto Corporation | $0 | $0 | ($1.7B) | — |
| Investment (Gains) Losses, Pretax Gain On Sale Of Product Line And Other | ($228.0M) | — | — | — |
| Line item | Sep 25, 2026 · YTD | Jun 26, 2026 · YTD | Mar 27, 2026 · Q1 | Sep 26, 2025 · YTD |
|---|---|---|---|---|
| Net earnings | $3.1B | $1.9B | $1.0B | $2.4B |
| Less: earnings from discontinued operations, net of income taxes | ($28.0M) | — | — | — |
| Net earnings from continuing operations | $3.1B | — | — | — |
| Depreciation | $597.0M | $389.0M | $193.0M | $555.0M |
| Amortization of intangible assets | $1.4B | $897.0M | $434.0M | $1.3B |
| Amortization of acquisition-related inventory fair value step-up | $130.0M | $46.0M | — | $0 |
| Stock-based compensation expense | $266.0M | $151.0M | $58.0M | $235.0M |
| Investment losses and pretax gain on sale of product line | $97.0M | $84.0M | $77.0M | $140.0M |
| Impairment charges | $52.0M | $0 | $0 | $548.0M |
| Change in trade accounts receivable, net | ($23.0M) | $137.0M | $66.0M | ($65.0M) |
| Change in inventories | ($229.0M) | ($178.0M) | ($132.0M) | ($242.0M) |
| Change in trade accounts payable | ($160.0M) | ($79.0M) | ($41.0M) | ($134.0M) |
| Change in prepaid expenses and other assets | $37.0M | $81.0M | ($40.0M) | ($53.0M) |
| Change in accrued expenses and other liabilities | ($541.0M) | ($571.0M) | ($322.0M) | ($371.0M) |
| Net cash provided by operating activities from continuing operations | $4.7B | $2.9B | $1.3B | $4.3B |
| Cash paid for acquisitions | ($9.9B) | ($9.8B) | — | $0 |
| Payments for additions to property, plant and equipment | ($761.0M) | ($506.0M) | ($237.0M) | ($785.0M) |
| Proceeds from sales of property, plant and equipment | $1.0M | $0 | $0 | $10.0M |
| Payments for purchases of investments | ($86.0M) | ($67.0M) | ($20.0M) | ($79.0M) |
| Proceeds from sales of investments | $0 | $0 | $0 | $12.0M |
| Proceeds from sale of product line | $0 | $0 | $0 | $9.0M |
| All other investing activities | $31.0M | $20.0M | $8.0M | $21.0M |
| Total cash used in investing activities for continuing operations | ($10.7B) | ($10.4B) | ($249.0M) | ($812.0M) |
| Proceeds from the issuance of common stock in connection with stock-based compensation, net | 34.0M | -1.0M | -9.0M | 39.0M |
| Payment of dividends | ($790.0M) | ($509.0M) | ($226.0M) | ($652.0M) |
| Net proceeds from borrowings (maturities of 90 days or less) | $3.7B | $3.7B | $1.7B | $22.0M |
| Borrowings (maturities longer than 90 days) | $6.6B | $6.6B | $0 | $4.0M |
| Repayments of borrowings (maturities longer than 90 days) | ($1.4B) | ($1.4B) | ($1.4B) | ($500.0M) |
| Payments for repurchase of common stock | ($894.0M) | ($894.0M) | $0 | ($3.1B) |
| All other financing activities | ($80.0M) | ($71.0M) | ($28.0M) | ($108.0M) |
| Total cash provided by (used in) financing activities for continuing operations | $7.1B | $7.3B | $46.0M | ($4.3B) |
| Effect of exchange rate changes on cash and equivalents | ($36.0M) | ($46.0M) | ($33.0M) | $246.0M |
| Net change in cash and equivalents | $1.1B | ($267.0M) | $1.1B | ($550.0M) |
| Beginning balance of cash and equivalents | $4.6B | $4.6B | $4.6B | $2.1B |
| Ending balance of cash and equivalents | $5.7B | $4.3B | $5.7B | $1.5B |
| Cash interest payments | $237.0M | $136.0M | $28.0M | $231.0M |
| Cash income tax payments | $863.0M | $541.0M | $191.0M | $808.0M |
Danaher Corp. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.