DHR financial statements

The full income statement, balance sheet, and cash-flow statement for Danaher Corporation (DHR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 722.2M2024-09 722.3M2024-12 714.7M2025-03 715.7M2025-06 716.1M2025-09 706.3M2025-12 707.1M2026-03 707.8M2026-06 703.0M-2.7% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	24.6B YoY+2.9%	23.9B YoY-0.1%	23.9B YoY-10.3%	26.6B YoY+7.4%	24.8B YoY+11.3%
	14.5B YoY+2.2%	14.2B YoY+1.2%	14.0B YoY-13.3%	16.2B YoY+6.2%	15.2B YoY+22.2%
Cost of revenue	10.0B YoY+3.9%	9.67B YoY-1.9%	9.86B YoY-5.7%	10.5B YoY+9.3%	9.56B YoY-2.5%
Research & development	1.60B YoY+0.9%	1.58B YoY+5.4%	1.50B YoY-1.6%	1.53B YoY+2.0%	1.50B YoY+11.1%
Selling, general & administrative	8.23B YoY+6.1%	7.76B YoY+5.9%	7.33B YoY+2.9%	7.12B YoY+4.5%	6.82B YoY-1.1%
Amortization of intangibles	1.70B YoY+4.0%	1.63B YoY+9.4%	1.49B YoY+4.0%	1.43B YoY+3.3%	1.39B YoY+22.0%
Provision for credit losses	45.0M YoY+21.6%	37.0M YoY-14.0%	43.0M YoY+115.0%	20.0M YoY-25.9%	27.0M YoY-12.9%
Operating income	4.69B YoY-3.6%	4.86B YoY-6.5%	5.20B YoY-31.0%	7.54B YoY+18.2%	6.38B YoY+50.7%
Interest expense	265M YoY-4.7%	278M YoY-2.8%	286M YoY+40.2%	204M YoY-11.7%	231M YoY-16.0%
Interest & investment income	30.0M YoY-74.4%	117M YoY-61.4%	303M YoY+639.0%	41.0M YoY+272.7%	11.0M YoY-84.5%
Other non-operating income	-222M YoY-296.4%	-56.0M YoY+68.0%	-175M YoY+22.9%	-227M YoY-150.4%	450M YoY-8.9%
Pre-tax income	4.23B YoY-8.9%	4.65B YoY-7.9%	5.04B YoY-29.4%	7.15B YoY+9.8%	6.51B YoY+44.8%
Income tax	633M YoY-15.3%	747M YoY-9.2%	823M YoY+0.6%	818M YoY-23.1%	1.06B YoY+25.3%
	3.61B YoY-7.3%	3.90B YoY-18.2%	4.76B YoY-33.9%	7.21B YoY+12.1%	6.43B YoY+76.4%
Income from continuing operations	3.60B YoY-7.7%	3.90B YoY-7.6%	4.22B YoY-33.3%	6.33B YoY+16.2%	5.45B YoY+49.4%
Net income to common	3.61B YoY-7.3%	3.90B YoY-17.8%	4.74B YoY-33.2%	7.10B YoY+13.3%	6.27B YoY+78.6%
	$5.05 YoY-4.5%	$5.29 YoY-17.1%	$6.38 YoY-34.0%	$9.66 YoY+12.2%	$8.61 YoY+76.1%
EPS (basic)	$5.07 YoY-4.9%	$5.33 YoY-17.2%	$6.44 YoY-34.3%	$9.80 YoY+11.7%	$8.77 YoY+76.5%
	713M YoY-2.5%	731M YoY-0.7%	737M YoY+1.6%	725M YoY+1.5%	715M YoY+1.2%
	716M YoY-2.9%	737M YoY-0.8%	743M YoY+0.8%	737M YoY+0.0%	737M YoY+2.5%
Dividends per share	$1.24 YoY+15.5%	$1.07 YoY-3.2%	$1.11 YoY-1.1%	$1.12 YoY+8.2%	$1.04 YoY+20.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	12.8B YoY+34.3%	9.50B YoY-31.9%	13.9B YoY-12.3%	15.9B YoY+36.4%	11.6B YoY-15.6%
Cash & equivalents	4.62B YoY+122.1%	2.08B YoY-64.6%	5.86B YoY-2.2%	6.00B YoY+131.8%	2.59B YoY-57.1%
Accounts receivable	3.91B YoY+10.6%	3.54B YoY-9.8%	3.92B YoY-4.4%	4.10B YoY-11.4%	4.63B YoY+14.5%
Inventory	2.49B YoY+6.8%	2.33B YoY-10.2%	2.59B YoY-6.2%	2.77B YoY-0.1%	2.77B YoY+20.7%
Prepaid expenses	1.74B YoY+12.0%	1.55B YoY-0.3%	1.56B YoY-10.6%	1.74B YoY+4.6%	1.66B YoY+16.4%
	83.5B YoY+7.6%	77.5B YoY-8.2%	84.5B YoY+0.2%	84.3B YoY+1.4%	83.2B YoY+9.2%
Property, plant & equipment	5.53B YoY+10.8%	4.99B YoY+9.6%	4.55B YoY+22.8%	3.71B YoY+5.1%	3.53B YoY+8.2%
Operating lease right-of-use	1.20B YoY+10.7%	1.08B YoY+3.0%	1.05B YoY+19.0%	884M YoY-15.1%	1.04B YoY+10.5%
Goodwill	43.2B YoY+6.6%	40.5B YoY-2.7%	41.6B YoY+11.6%	37.3B YoY-3.6%	38.7B YoY+9.2%
Intangible assets	17.8B YoY-4.0%	18.6B YoY-10.5%	20.7B YoY+4.7%	19.8B YoY-13.2%	22.8B YoY+7.3%
Other non-current assets	4.21B YoY+5.5%	3.99B YoY+9.5%	3.64B YoY-12.4%	4.16B YoY+11.9%	3.72B YoY+55.3%
	6.81B YoY+0.1%	6.80B YoY-17.8%	8.27B YoY-1.4%	8.39B YoY+3.1%	8.14B YoY+10.0%
Accounts payable	1.84B YoY+5.2%	1.75B YoY-0.7%	1.77B YoY-4.8%	1.86B YoY-27.8%	2.57B YoY+25.4%
Accrued liabilities	4.96B YoY+9.3%	4.54B YoY-5.7%	4.81B YoY-0.0%	4.82B YoY-13.4%	5.56B YoY+4.1%
Deferred revenue	1.35B YoY+4.2%	1.30B YoY-11.3%	1.47B YoY+0.6%	1.46B YoY-9.7%	1.61B YoY+33.1%
Short-term & current debt	2.00B YoY+296.0%	505M YoY-70.2%	1.70B YoY+186.8%	591M YoY+7287.5%	8.00M YoY-27.3%
Current lease liability	199M YoY+15.0%	173M YoY-3.9%	180M YoY+7.8%	167M YoY-19.3%	207M YoY+9.5%
Long-term debt	18.4B YoY+18.8%	15.5B YoY-7.2%	16.7B YoY-12.5%	19.1B YoY-13.9%	22.2B YoY+4.6%
Deferred revenue (non-current)	231M YoY-0.4%	232M YoY-6.8%	249M YoY+12.7%	221M YoY+3.8%	213M YoY+3.9%
Non-current lease liability	1.08B YoY+11.5%	968M YoY+1.5%	954M YoY+23.6%	772M YoY-13.2%	889M YoY+13.2%
Operating lease liability (total)	1.30B YoY+13.9%	1.14B YoY+0.6%	1.13B YoY+20.8%	939M YoY-14.3%	1.10B YoY+12.5%
Other non-current liabilities	5.70B YoY+0.1%	5.69B YoY-5.4%	6.02B YoY-7.4%	6.50B YoY-15.6%	7.70B YoY-1.2%
	52.5B YoY+6.0%	49.5B YoY-7.4%	53.5B YoY+6.8%	50.1B YoY+10.9%	45.2B YoY+13.6%
Preferred stock	—	—	0.00 YoY-100.0%	1.67B YoY-49.0%	3.27B YoY+0.0%
Common stock	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY+0.0%
Additional paid-in capital	17.2B YoY+2.8%	16.7B YoY+3.4%	16.2B YoY+33.9%	12.1B YoY+19.6%	10.1B YoY+4.0%
Retained earnings	46.9B YoY+6.1%	44.2B YoY+7.6%	41.1B YoY+4.8%	39.2B YoY+19.4%	32.8B YoY+20.9%
Treasury stock	11.4B YoY+39.1%	8.16B YoY+304.3%	2.02B	—	—
Accumulated other comprehensive income	-207M YoY+93.6%	-3.22B YoY-84.1%	-1.75B YoY+39.1%	-2.87B YoY-179.6%	-1.03B YoY-179.1%
Non-controlling interest	7.00M YoY+0.0%	7.00M YoY+75.0%	4.00M YoY-50.0%	8.00M YoY-20.0%	10.0M YoY-9.1%
Total equity incl. non-controlling	52.5B YoY+6.0%	49.5B YoY-7.4%	53.5B YoY+6.8%	50.1B YoY+10.9%	45.2B YoY+13.6%
Total liabilities & equity	83.5B YoY+7.6%	77.5B YoY-8.2%	84.5B YoY+0.2%	84.3B YoY+1.4%	83.2B YoY+9.2%
	887M YoY+0.3%	884M YoY+0.4%	881M YoY+1.3%	869M YoY+1.6%	856M YoY+0.5%
	707M YoY-1.7%	719M YoY-2.7%	739M YoY+1.5%	728M YoY+1.9%	715M YoY+0.6%
	707M YoY-1.1%	715M YoY-3.4%	740M YoY+1.5%	729M YoY+1.8%	715M YoY+0.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.42B YoY-4.1%	6.69B YoY-6.6%	7.16B YoY-15.9%	8.52B YoY+1.9%	8.36B YoY+34.6%
Depreciation & amortization	2.45B YoY+4.0%	2.35B YoY+8.6%	2.17B YoY+1.6%	2.13B YoY+3.4%	2.06B YoY+16.2%
Intangible amortization	1.70B YoY+4.0%	1.63B YoY+9.4%	1.49B YoY+4.0%	1.43B YoY+3.3%	1.39B YoY+22.0%
Share-based compensation	298M YoY+3.5%	288M YoY-5.9%	306M YoY+3.7%	295M YoY+60.3%	184M YoY-1.6%
Change in receivables	216M YoY+165.3%	-331M YoY-2.8%	-322M YoY-182.8%	389M YoY-34.8%	597M YoY+126.1%
Change in inventory	58.0M YoY+139.5%	-147M YoY+20.5%	-185M YoY-141.3%	448M YoY+4.9%	427M YoY+247.2%
Change in payables	9.00M YoY-52.6%	19.0M YoY+112.8%	-149M YoY-727.8%	-18.0M YoY-103.7%	484M YoY+113.2%
	-1.20B YoY+39.6%	-1.98B YoY+72.0%	-7.08B YoY-217.0%	-2.23B YoY+82.8%	-13.0B YoY+38.9%
Capital expenditure	1.16B YoY-17.0%	1.39B YoY+0.7%	1.38B YoY+23.7%	1.12B YoY-9.8%	1.24B YoY+56.8%
Free cash flow	5.26B YoY-0.7%	5.30B YoY-8.4%	5.78B YoY-21.9%	7.40B YoY+4.0%	7.12B YoY+31.4%
Acquisitions	0.00 YoY-100.0%	558M YoY-90.1%	5.61B YoY+863.9%	582M YoY-94.7%	10.9B YoY-48.0%
Purchases of investments	127M YoY-61.6%	331M YoY+92.4%	172M YoY-67.1%	523M YoY-43.5%	925M YoY+170.5%
Sales/maturities of investments	12.0M YoY-95.3%	253M YoY+314.8%	61.0M YoY+238.9%	18.0M YoY-85.7%	126M
Proceeds from sale of PP&E	33.0M YoY+153.8%	13.0M YoY+8.3%	12.0M YoY+33.3%	9.00M YoY-30.8%	13.0M YoY+550.0%
Other investing activities	-33.0M YoY+2.9%	-34.0M YoY+22.7%	-44.0M YoY+13.7%	-51.0M YoY-37.8%	-37.0M YoY-54.2%
	-2.96B YoY+64.7%	-8.38B YoY-2971.4%	-273M YoY+89.4%	-2.57B YoY-298.5%	1.29B YoY+28.7%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	3.09B YoY-48.4%	5.98B	0.00	0.00	0.00
Dividends paid	878M YoY+14.3%	768M YoY-6.5%	821M YoY+0.4%	818M YoY+10.2%	742M YoY+20.7%
Other financing activities	-125M YoY+4.6%	-131M YoY-95.5%	-67.0M YoY+29.5%	-95.0M YoY-493.8%	-16.0M YoY-433.3%
FX effect on cash	278M YoY+357.4%	-108M YoY-283.1%	59.0M YoY+119.3%	-306M YoY-166.1%	-115M YoY-177.7%
Net change in cash	2.54B YoY+167.0%	-3.79B YoY-2790.1%	-131M YoY-103.8%	3.41B YoY+198.8%	-3.45B YoY+75.1%
Interest paid	331M YoY-10.5%	370M YoY-5.6%	392M YoY+13.0%	347M YoY-23.2%	452M YoY+36.6%
Income taxes paid	1.20B YoY-7.7%	1.30B YoY-27.8%	1.80B YoY+0.0%	1.80B YoY+5.9%	1.70B YoY+54.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	162B YoY-1.3%	164B YoY-4.0%	171B YoY-0.2%	171B YoY-17.9%	209B YoY+48.8%
P/E	44.8× YoY+6.5%	42.1× YoY+45.6%	28.9× YoY+14.1%	25.3× YoY-21.9%	32.4× YoY-15.7%
P/S	6.6× YoY-4.1%	6.9× YoY-1.0%	6.9× YoY-6.7%	7.4× YoY-11.5%	8.4× YoY+33.7%
P/B	3.1× YoY-6.9%	3.3× YoY+1.5%	3.3× YoY-10.5%	3.6× YoY-21.1%	4.6× YoY+31.0%
P/FCF	30.8× YoY-0.7%	31.0× YoY+24.0%	25.0× YoY+3.9%	24.1× YoY-18.0%	29.3× YoY+13.2%
	2.2% YoY-6.1%	2.4% YoY-31.3%	3.5% YoY-12.4%	3.9% YoY+28.1%	3.1% YoY+18.6%
	3.2% YoY+0.7%	3.2% YoY-19.3%	4.0% YoY-3.7%	4.2% YoY+21.9%	3.4% YoY-11.7%
	0.54% YoY+15.9%	0.47% YoY-2.4%	0.48% YoY+0.6%	0.48% YoY+34.2%	0.36% YoY-18.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: DHR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all DHR filings on SEC EDGAR → Not investment advice.