DANAHER CORP /DE/

Listed Company

DHRCIK 0000313616NYSELarge AcceleratedIndustrial Instruments For Measurement, Display, And ControlDelawareFY ends Dec 31

Period

FY 2025

Revenue

$24.57B

Net Income

$3.61B

Total Assets

$83.46B

Equity

$52.53B

Shares Out

707.77M

Op. Cash Flow

$6.42B

Business

DANAHER CORP /DE/ is a global science and technology innovator that develops and delivers products and services to improve human health. It offers instruments, consumables, software and services used in biotechnology, life sciences research and clinical diagnostics, including bioprocessing tools, genomic medicines, mass spectrometers, microscopes and clinical diagnostic systems. The company operates through three principal segments: Biotechnology, Life Sciences and Diagnostics, each comprising multiple businesses and branded product lines. Danaher sells primarily through direct sales personnel and independent distributors across North America, Europe, Asia and other global markets.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales	24,568	23,875	23,890	26,643	24,802
Cost of sales	−10,045	−9,669	−9,856	−10,455	−9,563
Gross profit	14,523	14,206	14,034	16,188	15,239
Selling, general and administrative expenses	−8,235	−7,759	−7,329	−7,124	−6,817
Research and development expenses	−1,598	−1,584	−1,503	−1,528	−1,498
Operating profit	4,690	4,863	5,202	7,536	6,377
Other income (expense), net	−222	−56	−175	−227	450
Interest expense	−265	−278	−286	−204	—
Interest income	30	117	303	41	11
Earnings from continuing operations before income taxes	4,233	4,646	5,044	7,146	6,511
Income taxes	−633	−747	−823	−818	−1,064
Net earnings from continuing operations	3,600	3,899	4,221	6,328	5,447
Earnings from discontinued operations, net of income taxes	14	0	543	881	986
Net earnings	3,614	3,899	4,764	7,209	6,433
Mandatory convertible preferred stock dividends	0	0	−21	−106	−164
Net earnings attributable to common stockholders	3,614	3,899	4,743	7,103	6,269
Net earnings per common share from continuing operations, basic (in usd per share)	5.05	5.33	5.7	8.58	7.39
Net earnings per common share from continuing operations, diluted (in usd per share)	5.03	5.29	5.65	8.47	7.28
Net earnings per common share from discontinued operations, basic (in usd per share)	0.02	0	0.74	1.22	1.38
Net earnings per common share from discontinued operations, diluted (in usd per share)	0.02	0	0.73	1.2	1.34
Net earnings per common share, basic (in usd per share)	5.07	5.33	6.44	9.8	8.77
Net earnings per common share, diluted (in usd per share)	5.05	5.29	6.38	9.66	8.61
Basic (in shares)	713	731	737	725	715
Diluted (in shares)	716	737	743	737	737

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and equivalents	4,615	2,078	5,864	5,995	—
Trade accounts receivable, less allowance for doubtful accounts of $114 as of December 31, 2025 and $113 as of December 31, 2024	3,913	3,537	3,922	4,102	—
Inventories	2,489	2,330	2,594	2,765	—
Prepaid expenses and other current assets	1,739	1,552	1,557	1,741	—
Total current assets	12,756	9,497	13,937	15,883	—
Property, plant and equipment, net	5,531	4,990	4,553	3,709	—
Other long-term assets	4,209	3,990	3,644	4,160	—
Goodwill	43,151	40,497	41,608	37,276	35,850
Other intangible assets, net	17,817	18,568	20,746	19,821	—
Total assets	83,464	77,542	84,488	84,350	—
Notes payable and current portion of long-term debt	2	505	1,695	591	—
Trade accounts payable	1,844	1,753	1,766	1,856	—
Accrued expenses and other liabilities	4,961	4,540	4,813	4,815	—
Total current liabilities	6,807	6,798	8,274	8,389	—
Other long-term liabilities	5,700	5,694	6,017	6,498	—
Long-term debt	18,416	15,500	16,707	19,086	—
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	9	9	9	—
Additional paid-in capital	17,194	16,727	16,170	12,072	—
Treasury stock	−11,353	−8,163	−2,019	—	—
Retained earnings	46,891	44,188	41,074	39,205	—
Accumulated other comprehensive income (loss)	−207	−3,218	−1,748	−2,872	—
Total Danaher stockholders equity	52,534	49,543	53,486	50,082	—
Noncontrolling interests	7	7	4	8	—
Total stockholders equity	52,541	49,550	53,490	50,090	—
Total liabilities and stockholders equity	83,464	77,542	84,488	84,350	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	750	721	675	698	674
Amortization of intangible assets	1,700	1,600	1,500	1,400	1,388
Amortization of acquisition-related inventory fair value step-up	0	25	8	0	59
Stock-based compensation expense	298	288	306	295	184
Impairment charges	562	265	77	0	—
Change in deferred income taxes	−440	−483	−1,204	−582	−102
Change in trade accounts receivable, net	−216	331	322	−389	−597
Change in inventories	−58	147	185	−448	−427
Change in trade accounts payable	9	19	−149	−18	484
Change in prepaid expenses and other assets	−55	274	419	−73	17
Change in accrued expenses and other liabilities	41	−486	−43	97	64
Total operating cash provided by continuing operations	6,416	6,688	6,490	7,613	7,423
Total operating cash provided by discontinued operations	0	0	674	906	935
Net cash provided by operating activities	6,416	6,688	7,164	8,519	8,358
Cash paid for acquisitions	0	−558	−5,610	−582	−10,901
Payments for additions to property, plant and equipment	−1,156	−1,392	−1,383	−1,118	−1,240
Proceeds from sales of property, plant and equipment	33	13	12	9	13
Payments for purchases of investments	−127	−331	−172	−523	−925
Proceeds from sales of investments	12	253	61	18	126
Proceeds from sales of investments	9	0	0	—	—
All other investing activities	33	34	44	51	37
Total cash used in investing activities from continuing operations	−1,196	−1,981	−7,048	−2,145	−12,890
Total investing cash used in discontinued operations	0	0	−33	−89	−97
Net cash used in investing activities	−1,196	−1,981	−7,081	−2,234	−12,987
Proceeds from the issuance of common stock in connection with stock-based compensation	85	162	68	31	86
Payment of dividends	−878	−768	−821	−818	−742
Net (repayments of) proceeds from borrowings (maturities of 90 days or less)	−11	5	−1,006	−723	2,265
Borrowings (maturities longer than 90 days)	1,556	0	0	0	984
Repayments of borrowings (maturities longer than 90 days)	−500	−1,674	−620	−965	−1,186
Distribution from discontinued operations	0	0	2,600	0	0
Payments for repurchase of common stock	−3,088	−5,979	0	0	—
All other financing activities	−125	−131	−67	−95	−16
Net cash (used in) provided by financing activities for continuing operations	−2,961	−8,385	154	−2,570	1,295
Cash distributions to Veralto Corporation, net	0	0	−427	0	0
Net cash used in financing activities	−2,961	−8,385	−273	−2,570	1,295
Effect of exchange rate changes on cash and equivalents	278	−108	59	−306	−115
Net change in cash and equivalents	2,537	−3,786	−131	3,409	−3,449
Distribution of noncash net assets to Veralto Corporation	0	0	−1,674	0	0
Investment (Gains) Losses, Pretax Gain On Sale Of Product Line And Other	−228	−57	−182	—	—

Filings

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