DANAHER CORP /DE/DHR
DANAHER CORP /DE/ Segments Disclosure
SEGMENT INFORMATION
The Company operates and reports its results in three separate business segments consisting of the Biotechnology, Life Sciences and Diagnostics segments. Operating profit represents total revenues less operating expenses, excluding nonoperating income and expense, interest and income taxes. The identifiable assets by segment are those used in each segment’s operations. Intersegment amounts are not significant and are eliminated to arrive at consolidated totals.
The Company’s President and Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM uses segment sales and operating profit to allocate resources (including employees and financial or capital resources), predominantly through the annual budget process, to evaluate and assess the performance of the segments and to evaluate the performance of certain employees for the determination of compensation. The CODM reviews forecast-to-actual variances in segment sales and operating profit on a monthly basis when making decisions about allocating capital and personnel to the segments.
The table below reconciles segment sales to segment operating profit with the expense categories presented reflecting the expenses that the Company has determined to be significant segment expenses. Significant segment expenses are the expense category details regularly provided to the CODM to allocate resources to the segments and to evaluate segment performance. Detailed segment data is as follows ($ in millions):
| Biotechnology | Life Sciences | Diagnostics | Total Reportable Segments | Other(a) | Total Company | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Sales (GAAP) | $ | 7,293 | $ | 7,334 | $ | 9,941 | $ | 24,568 | $ | — | $ | 24,568 | |||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Depreciation | (149) | (185) | (407) | (741) | (9) | (750) | |||||||||||||||||||||||||||||
| Amortization of intangible assets | (902) | (604) | (191) | (1,697) | — | (1,697) | |||||||||||||||||||||||||||||
Impairments(b) | (101) | (446) | (15) | (562) | — | (562) | |||||||||||||||||||||||||||||
Other segment items(c) | (4,277) | (5,579) | (6,678) | (16,534) | (335) | (16,869) | |||||||||||||||||||||||||||||
| Operating profit | $ | 1,864 | $ | 520 | $ | 2,650 | $ | 5,034 | $ | (344) | $ | 4,690 | |||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Sales (GAAP) | $ | 6,759 | $ | 7,329 | $ | 9,787 | $ | 23,875 | $ | — | $ | 23,875 | |||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Depreciation | (151) | (167) | (394) | (712) | (9) | (721) | |||||||||||||||||||||||||||||
| Amortization of intangible assets | (863) | (576) | (192) | (1,631) | — | (1,631) | |||||||||||||||||||||||||||||
Impairments(b) | — | (222) | (43) | (265) | — | (265) | |||||||||||||||||||||||||||||
Other segment items(c) | (4,060) | (5,485) | (6,533) | (16,078) | (317) | (16,395) | |||||||||||||||||||||||||||||
| Operating profit | $ | 1,685 | $ | 879 | $ | 2,625 | $ | 5,189 | $ | (326) | $ | 4,863 | |||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Sales (GAAP) | $ | 7,172 | $ | 7,141 | $ | 9,577 | $ | 23,890 | $ | — | $ | 23,890 | |||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Depreciation | (162) | (129) | (379) | (670) | (5) | (675) | |||||||||||||||||||||||||||||
| Amortization of intangible assets | (864) | (429) | (198) | (1,491) | — | (1,491) | |||||||||||||||||||||||||||||
Impairments(b) | (54) | — | (23) | (77) | — | (77) | |||||||||||||||||||||||||||||
Other segment items(c) | (4,183) | (5,374) | (6,571) | (16,128) | (317) | (16,445) | |||||||||||||||||||||||||||||
| Operating profit | $ | 1,909 | $ | 1,209 | $ | 2,406 | $ | 5,524 | $ | (322) | $ | 5,202 | |||||||||||||||||||||||
(a) Other consists of unallocated corporate costs and other costs not considered part of management’s evaluation of reportable segment operating performance.
(b) For information on the impairments, refer to Note 10.
(c) Other segment items for each reportable segment include cost of sales, SG&A expenses and R&D expenses, excluding depreciation, amortization of intangible assets and impairments. Included within these categories of expenses are overhead expenses, stock compensation expense, restructuring charges and allocated corporate expenses.
The following table presents identifiable assets as of the years ended December 31 ($ in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| Biotechnology | $ | 37,337 | $ | 34,605 | $ | 37,421 | |||||||||||
| Life Sciences | 23,112 | 23,211 | 23,730 | ||||||||||||||
| Diagnostics | 14,748 | 14,204 | 14,552 | ||||||||||||||
| Other | 8,267 | 5,522 | 8,785 | ||||||||||||||
| Total | $ | 83,464 | $ | 77,542 | $ | 84,488 | |||||||||||
The following table presents capital expenditures, gross for the years ended December 31 ($ in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| Biotechnology | $ | 370 | $ | 447 | $ | 417 | |||||||||||
| Life Sciences | 186 | 391 | 320 | ||||||||||||||
| Diagnostics | 592 | 550 | 546 | ||||||||||||||
| Other | 8 | 4 | 100 | ||||||||||||||
| Total | $ | 1,156 | $ | 1,392 | $ | 1,383 | |||||||||||
Operations in Geographical Areas:
| Year Ended December 31 | |||||||||||||||||
| ($ in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Sales: | |||||||||||||||||
| United States | $ | 9,981 | $ | 9,927 | $ | 9,579 | |||||||||||
| China | 2,631 | 2,805 | 3,143 | ||||||||||||||
All other (each country individually less than 5% of total sales) | 11,956 | 11,143 | 11,168 | ||||||||||||||
| Total | $ | 24,568 | $ | 23,875 | $ | 23,890 | |||||||||||
| Property, plant and equipment, net: | |||||||||||||||||
| United States | $ | 2,757 | $ | 2,585 | $ | 2,304 | |||||||||||
| United Kingdom | 586 | 519 | 371 | ||||||||||||||
| Sweden | 477 | 384 | 425 | ||||||||||||||
| Germany | 287 | 251 | 238 | ||||||||||||||
All other (each country individually less than 5% of total property, plant and equipment, net) | 1,424 | 1,251 | 1,215 | ||||||||||||||
| Total | $ | 5,531 | $ | 4,990 | $ | 4,553 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.