Danaher Corp. (DHR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.1	$1.17	+6.4%	—	—	—
Q3 26	$1.94	$2.06	+6.2%	—	—	—
Q2 26	$2.19	$2.23	+1.8%	—	—	—
Q1 26	$1.72	$1.89	+9.9%	—	—	—
Q4 25	$1.64	$1.8	+9.8%	—	—	—
Q3 25	$1.64	$1.88	+14.6%	—	—	—
Q2 25	$2.16	$2.14	-0.9%	—	—	—
Q1 25	$1.57	$1.71	+8.9%	—	—	—
Q4 24	$1.57	$1.72	+9.6%	—	—	—
Q3 24	$1.71	$1.92	+12.3%	—	—	—
Q2 24	$1.91	$2.09	+9.4%	—	—	—
Q1 24	$1.88	$2.02	+7.4%	—	—	—
Q4 23	$2.02	$2.05	+1.5%	—	—	—
Q3 23	$2.26	$2.36	+4.4%	—	—	—
Q2 23	$2.55	$2.87	+12.5%	—	—	—
Q1 23	$2.25	$2.56	+13.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.07	—	—	$24.6B	—
FY24	—	$5.33	—	—	$23.9B	—
FY23	—	$6.44	—	—	$23.9B	—
FY22	—	$9.8	—	—	$26.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$16.9B	$15.5B	$17B	$17.9B	$22.3B	$24.8B	$26.6B	$23.9B	$23.9B	$24.6B
YoY change	+17%	-8.08%	+9.86%	+5.06%	+24.4%	+11.3%	+7.42%	-10.3%	-0.06%	+2.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	16.9B	15.5B	17B	17.9B	22.3B	24.8B	26.6B	23.9B	23.9B	24.6B
Cost of revenue	7.5B	6.9B	7.5B	7.9B	9.8B	9.6B	10.5B	9.9B	9.7B	10B
Gross profit	9.3B	8.6B	9.5B	10B	12.5B	15.2B	16.2B	14B	14.2B	14.5B
Gross margin	55.3%	55.2%	55.8%	55.7%	56%	61.4%	60.8%	58.7%	59.5%	59.1%
Research & development	975.1M	956.4M	1.1B	1.1B	1.3B	1.5B	1.5B	1.5B	1.6B	1.6B
Selling, general & administrative	5.6B	5B	5.4B	5.6B	6.9B	6.8B	7.1B	7.3B	7.8B	8.2B
Operating expenses	6.6B	6B	6.5B	6.7B	8.2B	8.9B	8.7B	8.8B	9.3B	9.8B
Operating income	2.7B	2.6B	3.1B	3.3B	4.2B	6.4B	7.5B	5.3B	4.9B	4.7B
Operating margin	16.2%	16.6%	17.9%	18.3%	19%	25.8%	28.3%	22.1%	20.4%	19.1%
Non-operating income, net	60.3M	103.5M	35M	5M	468M	344M	-227M	-252M	-56M	-222M
Pretax income	2.6B	2.5B	3B	3.3B	4.5B	6.5B	7.1B	5B	4.6B	4.2B
Income tax	457.9M	371M	556M	873M	849M	1.1B	818M	823M	747M	633M
Net income	2.6B	2.5B	2.7B	3B	3.6B	6.4B	7.2B	4.8B	3.9B	3.6B
Net margin	15.1%	16.1%	15.5%	16.8%	16.4%	25.9%	27.1%	19.9%	16.3%	14.7%
EBITDA	4.1B	3.8B	4.3B	4.6B	6.1B	8.5B	9.8B	7.8B	7.3B	7.2B
EPS	3.69	3.58	3.78	4.11	4.97	8.77	9.8	6.44	5.33	5.07
Diluted EPS	3.65	3.53	3.74	4.05	4.89	8.61	9.66	6.38	5.29	5.05

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.6B	2.7B	5.8B	5.7B	5.8B	6.5B	5.7B	5.9B	6.1B	6.8B	6B	6.3B
Cost of revenue	2.3B	1.1B	2.3B	2.3B	2.4B	2.6B	2.2B	2.4B	2.5B	2.9B	2.4B	2.7B
Gross profit	3.3B	1.6B	3.5B	3.4B	3.4B	3.9B	3.5B	3.5B	3.5B	4B	3.6B	3.6B
Gross margin	58.2%	60.3%	60.2%	59.7%	58.7%	59.5%	61.2%	59.3%	58.2%	58%	60.3%	57.6%
Research & development	362M	239M	368M	391M	383M	442M	379M	403M	378M	438M	387M	412M
Selling, general & administrative	1.7B	766M	1.8B	1.9B	2.1B	2B	1.9B	2.4B	2B	2B	1.9B	2.1B
Operating expenses	2.1B	1B	2.2B	2.3B	2.4B	2.5B	2.2B	2.8B	2.4B	2.5B	2.2B	2.5B
Operating income	1.2B	618M	1.3B	1.2B	958M	1.4B	1.3B	760M	1.2B	1.5B	1.3B	1.1B
Operating margin	21.1%	22.9%	22.6%	20.3%	16.5%	21.8%	22.2%	12.8%	19.1%	22%	22.6%	18%
Non-operating income, net	-47M	-200M	-36M	-59M	102M	-63M	-79M	-42M	-14M	-87M	-73M	-3M
Pretax income	1.1B	457M	1.3B	1.1B	977M	1.3B	1.1B	655M	1.1B	1.4B	1.2B	1.1B
Income tax	207M	-79M	183M	176M	159M	229M	175M	100M	168M	190M	206M	208M
Net income	1.1B	1.1B	1.1B	907M	818M	1.1B	954M	555M	908M	1.2B	1B	870M
Net margin	20.1%	40.1%	18.8%	15.8%	14.1%	16.6%	16.6%	9.35%	15%	17.5%	17.3%	13.9%
EBITDA	1.8B	1.2B	2B	1.8B	1.6B	2B	1.9B	1.4B	1.8B	2.1B	2B	1.9B
EPS	1.53	1.46	1.47	1.23	1.13	1.5	1.33	0.77	1.28	1.69	1.45	1.23
Diluted EPS	1.51	1.45	1.45	1.22	1.12	1.49	1.32	0.77	1.27	1.68	1.45	1.23

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	47.7B	57.3B	64B	97.3B	139.1B	208.4B	170.6B	170.4B	167.8B	163.2B	159.8B
Enterprise value	59B	67.1B	73B	99.9B	155.2B	229.1B	185.2B	184.1B	182.9B	178.2B	181.3B
Shares outstanding	691.2M	695.8M	700.6M	715M	706.2M	714.6M	725.1M	736.5M	731M	712.7M	712.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.7	23	24.2	32.3	38.1	32.4	23.7	35.8	43	45.1	40.4
P/S	2.83	3.69	3.76	5.43	6.24	8.4	6.4	7.13	7.03	6.64	6.35
P/B	2.07	2.17	2.27	3.21	3.5	4.61	3.41	3.19	3.39	3.11	3.03
EV/EBITDA	14.4	17.7	17.1	21.7	25.5	26.9	19	23.7	24.9	24.8	22.6
EV/Sales	3.49	4.33	4.28	5.58	6.97	9.24	6.95	7.7	7.66	7.25	7.22
Earnings yield	5.35%	4.35%	4.14%	3.09%	2.62%	3.09%	4.23%	2.8%	2.32%	2.22%	2.47%
FCF yield	6.15%	5.08%	5.37%	3.41%	3.9%	3.42%	4.34%	3.39%	3.16%	3.22%	2.71%
PEG	—	—	—	—	—	—	—	—	—	—	0.68

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.3%	55.2%	55.8%	55.7%	56%	61.4%	60.8%	58.7%	59.5%	59.1%	57.6%
Operating margin	16.2%	16.6%	17.9%	18.3%	19%	25.8%	28.3%	22.1%	20.4%	19.1%	19.8%
Net margin	15.1%	16.1%	15.5%	16.8%	16.4%	25.9%	27.1%	19.9%	16.3%	14.7%	15.9%
ROE	11.1%	9.45%	9.39%	9.93%	9.17%	14.2%	14.4%	8.91%	7.87%	6.88%	7.61%
ROA	5.64%	5.34%	5.54%	4.85%	4.79%	7.73%	8.55%	5.64%	5.03%	4.33%	3.95%
ROIC	6.56%	6.06%	6.67%	7.31%	6.14%	8.11%	10.3%	6.58%	6.32%	5.9%	5.74%
Return on tangible assets	-9.82%	-9.24%	-14.8%	-105.8%	-9.79%	-14.3%	-24.2%	-11.8%	-9.61%	-9.39%	-8.86%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.97	1.43	1.47	5.19	1.86	1.43	1.89	1.68	1.4	1.87	1.65
Quick ratio	0.72	1.05	1.13	4.86	1.55	1.09	1.56	1.37	1.05	1.51	1.25
Debt / equity	0.53	0.4	0.35	0.74	0.56	0.52	0.41	0.37	0.35	0.37	0.53
Debt / assets	0.27	0.23	0.2	0.36	0.29	0.28	0.24	0.23	0.22	0.24	0.29
Net debt / EBITDA	2.76	2.6	2.09	0.57	2.65	2.43	1.5	1.76	2.05	2.1	2.86
Interest coverage	15.2	19.2	22.6	31.6	17.3	29.2	36	18.6	17.7	17	17.3
Effective tax rate	17.5%	14.6%	18.8%	26.4%	18.9%	16.3%	11.4%	16.3%	16.1%	15%	16.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	24.4	22.3	24.3	25.1	31.6	34.7	36.7	32.4	32.7	34.5	35.5
EPS (basic)	3.69	3.58	3.78	4.11	4.97	8.77	9.8	6.44	5.33	5.07	5.07
EPS (diluted)	3.65	3.53	3.74	4.05	4.89	8.61	9.66	6.38	5.29	5.05	5.61
Book value per share	33.4	37.9	40.3	42.4	56.3	63.2	69.1	72.6	67.8	73.7	74.8
FCF per share	4.24	4.18	4.91	4.64	7.67	9.96	10.2	7.85	7.24	7.38	7.72
Cash per share	1.39	0.91	1.12	27.8	8.55	3.62	8.27	7.96	2.84	6.48	6.18
Capex per share	0.84	0.77	0.83	0.87	1.12	1.72	1.53	1.86	1.89	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.43%	3.47%	3.39%	3.48%	3.54%	4.95%	4.16%	5.74%	5.78%	—	—
Capex / operating cash flow	19.7%	18.9%	16.5%	19.4%	12.3%	16%	15.2%	23.4%	21%	—	—
Payout ratio	34.7%	15.2%	16.3%	25%	16.9%	11.5%	11.3%	26.2%	19.7%	24.3%	25.7%
Dividend yield	1.86%	0.66%	0.68%	0.77%	0.44%	0.36%	0.48%	0.73%	0.46%	0.54%	0.7%

Yield

0.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.40

ex-dividend Jun 26, 2026

Payout ratio

26%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 26, 2026	$0.40
Mar 27, 2026	$0.40
Dec 26, 2025	$0.32

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.6B	$2.7B	$5.8B	$5.7B	$5.8B	$6.5B	$5.7B	$5.9B	$6.1B	$6.8B	$6B	$6.3B
YoY change	-26.6%	-67.8%	-2.57%	-2.86%	+3.09%	+142.8%	-0.95%	+3.36%	+4.4%	+4.59%	+3.66%	+5.54%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	963.7M	630.3M	787.8M	19.9B	6B	2.6B	6B	5.9B	2.1B	4.6B
Receivables	3.2B	3.5B	3B	3.2B	4B	4.6B	4.1B	3.9B	3.5B	3.9B
Inventory	1.7B	1.8B	1.6B	1.6B	2.3B	2.8B	2.8B	2.6B	2.3B	2.5B
Total current assets	6.7B	6.8B	7.1B	25.6B	13.8B	11.6B	15.9B	13.9B	9.5B	12.8B
Property, plant & equipment	1.5B	1.4B	1.4B	1.3B	1.7B	2.1B	1.9B	2.3B	2.4B	2.5B
Goodwill & intangibles	71.3B	73.6B	65.7B	64.9B	113.4B	128.1B	114.2B	124.7B	118.1B	121.9B
Total assets	45.3B	46.6B	47.8B	62.1B	76.2B	83.2B	84.3B	84.5B	77.5B	83.5B
Accounts payable	1.5B	1.5B	1.5B	1.5B	2B	2.6B	1.9B	1.8B	1.8B	1.8B
Short-term debt	2.6B	194.7M	51.8M	370M	200M	215M	758M	1.9B	678M	201M
Total current liabilities	6.9B	4.8B	4.8B	4.9B	7.4B	8.1B	8.4B	8.3B	6.8B	6.8B
Long-term debt	9.7B	10.3B	9.7B	22.2B	22B	23.1B	19.9B	17.7B	16.5B	19.5B
Total liabilities	22.2B	20.3B	19.6B	31.8B	36.4B	38B	34.3B	31B	28B	30.9B
Shareholders' equity	23.1B	26.4B	28.2B	30.3B	39.8B	45.2B	50.1B	53.5B	49.5B	52.5B
Total debt	12.3B	10.5B	9.7B	22.5B	22.2B	23.3B	20.6B	19.5B	17.1B	19.7B
Net debt	11.3B	9.9B	9B	2.6B	16.1B	20.7B	14.6B	13.7B	15.1B	15.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	12.3B	5.9B	7B	2.4B	2.6B	2.1B	2B	3B	1.5B	4.6B	5.7B	4.3B
Receivables	4.2B	3.9B	3.4B	3.3B	3.5B	3.5B	3.5B	3.6B	3.8B	3.9B	3.8B	4B
Inventory	3B	2.6B	2.6B	2.7B	2.7B	2.3B	2.5B	2.7B	2.7B	2.5B	2.6B	3.3B
Total current assets	21.2B	13.9B	14.4B	9.6B	10.1B	9.5B	9.5B	11B	9.6B	12.8B	13.9B	13.4B
Property, plant & equipment	-4.1B	2.3B	-4B	-4B	-4.2B	2.4B	-4.3B	-4.6B	-4.7B	2.5B	-4.8B	-4.9B
Goodwill & intangibles	115.9B	124.7B	121.5B	120.7B	124.1B	118.1B	121.1B	123.2B	122.1B	121.9B	119.9B	137.5B
Total assets	87.7B	84.5B	83.4B	78.6B	80.6B	77.5B	79.1B	81.6B	79.9B	83.5B	83.5B	92.4B
Accounts payable	1.9B	1.8B	1.7B	1.6B	1.6B	1.8B	1.7B	1.7B	1.7B	1.8B	1.8B	1.8B
Short-term debt	2.5B	1.9B	1.7B	701M	1.2B	678M	501M	502M	23M	201M	923M	1.4B
Total current liabilities	9.4B	8.3B	7.8B	6.7B	7.3B	6.8B	6.6B	6.8B	6.3B	6.8B	7.5B	8.1B
Long-term debt	19.5B	17.7B	16.4B	16.3B	16.3B	16.5B	16B	16.9B	16.8B	19.5B	17.6B	25.1B
Total liabilities	35.3B	31B	30B	28.7B	29.3B	28B	28.3B	29.3B	28.8B	30.9B	30.6B	39.8B
Shareholders' equity	52.4B	53.5B	53.4B	49.9B	51.3B	49.5B	50.9B	52.3B	51.1B	52.5B	53B	52.6B
Total debt	22.1B	19.5B	18.2B	17B	17.5B	17.1B	16.5B	17.4B	16.9B	19.7B	18.5B	26.6B
Net debt	9.8B	13.7B	11.1B	14.6B	14.9B	15.1B	14.5B	14.4B	15.3B	15.1B	12.8B	22.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.2B	2.2B	2.4B	2.4B	3.6B	5.4B	6.3B	4.2B	3.9B	3.6B
Depreciation & amortization	1.1B	1.1B	1.2B	1.2B	1.8B	2.1B	2.1B	2.2B	2.4B	2.4B
Stock-based compensation	129.8M	127.1M	138M	159M	187M	184M	295M	306M	288M	298M
Change in working capital	-479.5M	-621.8M	-212M	-576M	358M	-642M	-1.4B	-846M	14M	-705M
Operating cash flow	2.9B	2.8B	3.5B	3.2B	6.4B	7.7B	7.3B	5.9B	6.6B	6.4B
Capital expenditure	-579.8M	-538.2M	-578M	-623M	-789M	-1.2B	-1.1B	-1.4B	-1.4B	—
Investing cash flow	-5.2B	-788.5M	-2.9B	-1.2B	-21.2B	-12.9B	-2.1B	-7B	-2B	-73M
Dividends paid	-885.1M	-378.3M	-433M	-751M	-615M	-742M	-818M	-1.2B	-768M	-878M
Share repurchases	—	—	—	—	—	0	0	0	-6B	-3.1B
Financing cash flow	2B	-3.1B	-797M	16.4B	1B	1.3B	-2.6B	-273M	-8.4B	-3B
Net change in cash	-186.7M	-1B	-158.9M	18.4B	-13.8B	-3.9B	2.6B	-1.5B	-3.8B	3.4B
Free cash flow	2.9B	2.9B	3.4B	3.3B	5.4B	7.1B	7.4B	5.8B	5.3B	5.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	940M	536M	1.1B	907M	818M	1.1B	954M	555M	908M	1.2B	1B	870M
Depreciation & amortization	533M	493M	586M	580M	591M	595M	591M	611M	622M	623M	627M	659M
Stock-based compensation	79M	26M	60M	87M	84M	57M	61M	91M	83M	63M	58M	93M
Change in working capital	49M	73M	324M	10M	-155M	318M	-138M	-87M	-216M	176M	-107M	-13M
Operating cash flow	1.6B	1.1B	2.1B	1.6B	1.3B	2.1B	1.5B	1.2B	1.7B	2.1B	1.3B	1.5B
Capital expenditure	-350M	-398M	-291M	-286M	-287M	-515M	-239M	-244M	—	—	—	—
Investing cash flow	-315M	-6B	-321M	-360M	-606M	-694M	-242M	-258M	-20M	-36M	-12M	-9.9B
Dividends paid	-199M	-627M	-177M	-200M	-196M	-195M	-194M	-229M	-229M	-226M	-226M	-283M
Share repurchases	0	0	0	-4.5B	-640M	-809M	-1.1B	0	-2B	0	0	-894M
Financing cash flow	-217M	-2.3B	-132M	-4.8B	-912M	-1.7B	-1.3B	-266M	-2.8B	1.3B	55M	7.3B
Net change in cash	1.1B	-7.1B	1.6B	-3.6B	-180M	-349M	-24M	646M	-1.2B	3.4B	1.4B	-1.1B
Free cash flow	1.3B	1.2B	1.4B	1.1B	1.2B	1.5B	1.1B	1.1B	1.4B	1.7B	1.1B	1.3B

Date	Ratio
Oct 2, 2023	1128:1000
Jul 5, 2016	1319:1000
Jun 14, 2010	2:1
May 21, 2004	2:1
Jun 1, 1998	2:1
Jan 23, 1995	2:1
Sep 9, 1987	2:1

Danaher Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history