Danaher
DHR · NYSEIndustrial Instruments For Measurement, Display, and Control · Fiscal year ends Dec 31
Danaher reported revenue of $24.6B in the fiscal year ended Dec 2025, up 2.9% from the year before. Operating income was $4.7B, an operating margin of 19.1%, and net income was $3.6B. Operating cash flow of $6.4B less capital expenditure of $1.2B left free cash flow of $5.3B. Net debt was $13.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $24.8B | $26.6B | $23.9B | $23.9B | $24.6B |
| Cost of revenue | $9.6B | $10.5B | $9.9B | $9.7B | $10B |
| Gross profit | $15.2B | $16.2B | $14B | $14.2B | $14.5B |
| Research & development | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B |
| Selling, general & admin | $6.8B | $7.1B | $7.3B | $7.8B | $8.2B |
| Operating income | $6.4B | $7.5B | $5.2B | $4.9B | $4.7B |
| Interest expense | $231M | $204M | $286M | $278M | $265M |
| Pre-tax income | $6.5B | $7.1B | $5B | $4.6B | $4.2B |
| Income tax | $1.1B | $818M | $823M | $747M | $633M |
| Net income | $6.4B | $7.2B | $4.8B | $3.9B | $3.6B |
| Diluted EPS | 8.61 | 9.66 | 6.38 | 5.29 | 5.05 |
| Diluted shares | 737M | 737M | 743M | 737M | 716M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.6B | $6B | $5.9B | $2.1B | $4.6B |
| Receivables | $4.6B | $4.1B | $3.9B | $3.5B | $3.9B |
| Inventory | $2.8B | $2.8B | $2.6B | $2.3B | $2.5B |
| Current assets | $11.6B | $15.9B | $13.9B | $9.5B | $12.8B |
| Net PP&E | $3.5B | $3.7B | $4.6B | $5B | $5.5B |
| Goodwill | $38.7B | $37.3B | $41.6B | $40.5B | $43.2B |
| Total assets | $83.2B | $84.4B | $84.5B | $77.5B | $83.5B |
| Deferred revenue | $1.8B | $1.5B | $1.5B | $1.3B | $1.4B |
| Current liabilities | $8.1B | $8.4B | $8.3B | $6.8B | $6.8B |
| Short-term debt | $8M | $591M | $1.7B | $505M | $2M |
| Long-term debt | $22.2B | $19.1B | $16.7B | $15.5B | $18.4B |
| Shareholders' equity | $45.2B | $50.1B | $53.5B | $49.5B | $52.5B |
| Backlog (remaining obligations) | $4.5B | $5B | $4.7B | $4.3B | $5.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $8.4B | $8.5B | $7.2B | $6.7B | $6.4B |
| Capital expenditure | $1.2B | $1.1B | $1.4B | $1.4B | $1.2B |
| Free cash flow | $7.1B | $7.4B | $5.8B | $5.3B | $5.3B |
| Depreciation & amortisation | $2.1B | $2.1B | $2.2B | $721M | $750M |
| Stock-based compensation | $184M | $295M | $306M | $288M | $298M |
| Acquisitions | $10.9B | $582M | $5.6B | $558M | $0 |
| Share buybacks | – | $0 | $0 | $6B | $3.1B |
| Dividends paid | $742M | $818M | $821M | $768M | $878M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.4% | −10.3% | −0.1% | 2.9% |
| Operating income growth (YoY) | – | 18.2% | −31.0% | −6.5% | −3.6% |
| EPS growth (YoY) | – | 12.2% | −34.0% | −17.1% | −4.5% |
| Gross margin | 61.4% | 60.8% | 58.7% | 59.5% | 59.1% |
| Operating margin | 25.7% | 28.3% | 21.8% | 20.4% | 19.1% |
| Net margin | 25.9% | 27.1% | 19.9% | 16.3% | 14.7% |
| Return on equityBlank when equity is negative | 14.2% | 14.4% | 8.9% | 7.9% | 6.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.5% | 9.9% | 6.8% | 6.9% | 6.1% |
| Free cash flow margin | 28.7% | 27.8% | 24.2% | 22.2% | 21.4% |
| Cash conversion (CFO ÷ net income) | 1.30x | 1.18x | 1.50x | 1.72x | 1.78x |
| Receivable days | 68 | 56 | 60 | 54 | 58 |
| Inventory days | 106 | 97 | 96 | 88 | 90 |
| Interest cover | 27.6x | 36.9x | 18.2x | 17.5x | 17.7x |
| Debt ÷ equity | 0.49x | 0.39x | 0.34x | 0.32x | 0.35x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $19.6B | $13.7B | $12.5B | $13.9B | $13.8B |
| Current ratio | 1.43x | 1.89x | 1.68x | 1.40x | 1.87x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.