DANAHER CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DANAHER CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16,882	18,330	19,893	17,911	22,284	24,802	26,643	23,890	23,875	24,568
Cost of revenue	7,548	6,948	7,544	7,927	9,809	9,563	10,455	9,856	9,669	10,045
Gross profit	9,335	8,571	9,505	9,984	12,475	15,239	16,188	14,034	14,206	14,523
Research and development	975	956	1,059	1,126	1,348	1,498	1,528	1,503	1,584	1,598
Selling, general and administrative	5,624	5,043	5,391	5,589	6,896	6,817	7,124	7,329	7,759	8,235
Operating income	2,735	2,572	3,055	3,269	4,231	6,377	7,536	5,202	4,863	4,690
Interest expense	184	140	137	108	275	231	204	286	278	265
Interest income	0.2	7.5	9	139	71	11	41	303	117	30
Other non-operating income			35	12	494	450	-227	-175	-56	-222
Pre-tax income	2,611	2,543	2,962	3,305	4,495	6,511	7,146	5,044	4,646	4,233
Income tax	458	371	556	873	849	1,064	818	823	747	633
Income from continuing operations	2,153	2,172	2,406	2,432	3,646	5,447	6,328	4,221	3,899	3,600
Net income	2,554	2,492	2,651	3,008	3,646	6,433	7,209	4,764	3,899	3,614
EBITDA	3,863	3,689	4,233	4,458	6,006	8,439	9,668	7,368	5,584	5,440
EPS, basic	3.69	3.58	3.78	4.11	4.97	8.77	9.80	6.44	5.33	5.07
EPS, diluted	3.65	3.53	3.74	4.05	4.89	8.61	9.66	6.38	5.29	5.05
Shares, basic (weighted)	691	696	701	715	706	715	725	737	731	713
Shares, diluted (weighted)	700	706	710	726	719	737	737	743	737	716

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	964	630	788	19,912	6,035	2,586	5,995	5,864	2,078	4,615
Receivables	3,186	3,522	3,030	3,191	4,045	4,631	4,102	3,922	3,537	3,913
Inventory	1,709	1,841	1,631	1,628	2,292	2,767	2,765	2,594	2,330	2,489
Other current assets	806	857	858	865	1,430	1,664	1,741	1,557	1,552	1,739
Total current assets	6,665	6,850	7,094	25,596	13,802	11,648	15,883	13,937	9,497	12,756
Property, plant and equipment	2,354	2,223	2,250	2,302	3,262	3,530	3,709	4,553	4,990	5,531
Lease right-of-use assets				764	942	1,041	884	1,052	1,084	1,200
Goodwill	23,827	21,769	22,581	22,713	35,420	38,682	37,276	41,608	40,497	43,151
Intangible assets	11,818	11,667	10,283	9,750	21,282	22,843	19,821	20,746	18,568	17,817
Other non-current assets	631	538	571	1,721	2,395	3,719	4,160	3,644	3,990	4,209
Total assets	45,295	46,649	47,833	62,082	76,161	83,184	84,350	84,488	77,542	83,464
Accounts payable	1,485	1,510	1,495	1,515	2,049	2,569	1,856	1,766	1,753	1,844
Accrued liabilities	2,794	3,088	2,689	3,205	5,342	5,563	4,815	4,813	4,540	4,961
Deferred revenue	540	666	685	688	1,212	1,613	1,456	1,465	1,299	1,353
Short-term debt	2,595	195	51.8	212	11	8	591	1,695	505	2
Total current liabilities	6,874	4,792	4,842	4,932	7,402	8,140	8,389	8,274	6,798	6,807
Long-term debt	9,674	10,327	9,689	21,517	21,193	22,168	19,086	16,707	15,500	18,416
Lease liabilities			0	639	785	889	772	954	968	1,079
Other non-current liabilities	5,670	5,161	4,702	5,351	7,789	7,699	6,498	6,017	5,694	5,700
Total liabilities	22,219	20,281	19,608	31,800	36,384	38,007	34,260	30,998	27,992	30,923
Total debt	12,269	10,522	9,740	21,729	21,204	22,176	19,677	18,402	16,005	18,418
Paid-in capital	5,313	5,538	5,834	7,565	9,698	10,090	12,072	16,170	16,727	17,194
Retained earnings	20,704	22,806	25,163	24,166	27,159	32,827	39,205	41,074	44,188	46,891
Treasury stock								-2,019	-8,163	-11,353
Other comprehensive income	-3,022	-2,145	-2,791	-3,068	-368	-1,027	-2,872	-1,748	-3,218	-207
Shareholders' equity	23,003	26,358	28,214	30,271	39,766	45,167	50,082	53,486	49,543	52,534
Minority interests	74	9.6	12.3	11	11	10	8	4	7	7
Total equity	23,077	26,368	28,225	30,282	39,777	45,177	50,090	53,490	49,550	52,541
Total liabilities and equity	45,295	46,649	47,833	62,082	76,161	83,184	84,350	84,488	77,542	83,464
Shares outstanding	692	697	702	696	711	715	728	739	719	707

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,554	2,492	2,651	3,008	3,646	6,433	7,209	4,764	3,899	3,614
Depreciation and amortization	1,128	1,117	1,178	1,189	1,775	2,062	2,132	2,166	721	750
Stock-based compensation	130	127	138	159	187	184	295	306	288	298
Change in receivables	-183	-143	-55	-157	-264	-597	-389	322	331	-216
Change in inventory	9.4	3.1	-134	-22	-123	-427	-448	185	147	-58
Change in payables	78.1	-53.9	229	18	227	484	-18	-149	19	9
Cash from operations	3,522	3,478	4,022	3,952	6,208	8,358	8,519	7,164	6,688	6,416
Capital expenditures	-590	-571	-584	-636	-791	-1,240	-1,118	-1,383	-1,392	-1,156
Acquisitions	-4,880	-386	-2,173	-331	-20,971	-10,901	-582	-5,610	-558	0
Purchases of investments	0	0	-146	-241	-342	-925	-523	-172	-331	-127
Sales and maturities of investments	265	138	22	0	13	126	18	61	253	12
Cash from investing	-5,243	-843	-2,949	-1,238	-21,239	-12,987	-2,234	-7,081	-1,981	-1,196
Debt issued	3,241	1,782	0	12,113
Debt repaid	-2,481	-668	-508	-1,565
Stock issued	165	0	0	1,443	1,729	0	0	148	259	154
Share buybacks							0	0	-5,979	-3,088
Dividends paid	-400	-378	-433	-527	-615	-742	-818	-821	-768	-878
Cash from financing	2,043	-3,099	-797	16,365	1,006	1,295	-2,570	-273	-8,385	-2,961
Exchange rate effect	-149	131	-118	45	148	-115	-306	59	-108	278
Net change in cash	173	-333	158	19,124	-13,877	-3,449	3,409	-131	-3,786	2,537
Free cash flow	2,932	2,907	3,438	3,316	5,417	7,118	7,401	5,781	5,296	5,260
Interest paid	212	130	140	129	331	452	347	392	370	331
Income taxes paid	767	689	673	847	1,100	1,700	1,800	1,800	1,300	1,200

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 26, 2026; growth uses fiscal years. Valuation uses the share price of $224.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.5%	Gross profit / revenue.
Operating margin	20.4%	Operating income / revenue.
EBITDA margin	23.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.0%	Pre-tax income / revenue.
Net margin	15.9%	Net income / revenue.
FCF margin	21.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.4%	Cash from operations / revenue.
Effective tax rate	16.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	5.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.4%	Research and development expense / revenue.
SG&A / revenue	31.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-17.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-7.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-20.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-4.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-19.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-10.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.65x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.51x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.8%	Total debt / total assets.
Liabilities / assets	43.1%	Total liabilities / total assets.
Net debt	$22.21B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	17.6x	Operating income / interest expense.
Working capital	$5.28B	Current assets - current liabilities.
Goodwill and intangibles / assets	74.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$16.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	4.31x	Revenue / average property, plant and equipment.
Inventory turnover	3.20x	Cost of revenue / average inventory.
Days inventory	114 days	365 x average inventory / cost of revenue.
Receivables turnover	6.33x	Revenue / average receivables.
Days sales outstanding	58 days	365 x average receivables / revenue.
Days payables	64 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	108 days	Days inventory + days sales outstanding - days payables.
FCF conversion	136.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.48	Revenue / diluted weighted shares.
FCF per share	$7.72	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.38	Cash from operations / diluted weighted shares.
Book value per share	$74.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$23.03	Tangible book value / shares outstanding.
Cash per share	$6.19	(Cash + short-term investments) / shares outstanding.
Payout ratio	24.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	53.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$157.81B	Share price x shares outstanding.
Enterprise value	$180.02B	Market cap + total debt - cash - short-term investments.
P/E	39.4x	Market cap / net income. Only when net income is positive.
P/S	6.29x	Market cap / revenue.
P/B	3.00x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	28.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.8x	Market cap / cash from operations, when positive.
EV/Sales	7.17x	Enterprise value / revenue.
EV/EBIT	35.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was DANAHER CORP /DE/'s revenue in fiscal 2025?

DANAHER CORP /DE/ reported revenue of $24.57B for fiscal 2025, 2.9% higher than the year before.

Was DANAHER CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $3.61B, a net margin of 14.7%.

How much free cash flow did DANAHER CORP /DE/ generate in fiscal 2025?

Cash from operations of $6.42B minus capital expenditures of $1.16B left free cash flow of $5.26B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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