Danaher (DHR) financial statements
Danaher reported revenue of $24.6B in fiscal 2025, up 4.3% a year over 9 years.
Net income was $3.6B and the operating margin 19.1%, against 16.2% in 2016.
Free cash flow was $5.3B, and the company returned $878M in dividends and $3.1B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Danaher's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.9B | $15.5B | $17.0B | $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 | $10.0B |
| Gross profit | $9.3B | $8.6B | $9.5B | $10.0B | $12.5B | $15.2B | $16.2B | $14.0B | $14.2B | $14.5B |
| Research and development | $975M | $956M | $1.1B | $1.1B | $1.3B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B |
| Selling, general and admin | $5.6B | $5.0B | $5.4B | $5.6B | $6.9B | $6.8B | $7.1B | $7.3B | $7.8B | $8.2B |
| Operating income | $2.7B | $2.6B | $3.1B | $3.3B | $4.2B | $6.4B | $7.5B | $5.2B | $4.9B | $4.7B |
| Interest expense | $184M | $140M | $137M | $108M | $275M | $231M | $204M | $286M | $278M | $265M |
| Pre-tax income | $2.6B | $2.5B | $3.0B | $3.3B | $4.5B | $6.5B | $7.1B | $5.0B | $4.6B | $4.2B |
| Income tax | $458M | $371M | $556M | $873M | $849M | $1.1B | $818M | $823M | $747M | $633M |
| Net income | $2.6B | $2.5B | $2.7B | $3.0B | $3.6B | $6.4B | $7.2B | $4.8B | $3.9B | $3.6B |
| EPS (diluted) | $3.65 | $3.53 | $3.74 | $4.05 | $4.89 | $8.61 | $9.66 | $6.38 | $5.29 | $5.05 |
| Diluted shares | 700M | 706M | 710M | 726M | 719M | 737M | 737M | 743M | 737M | 716M |
| Gross margin | 55.3% | 55.2% | 55.8% | 55.7% | 56.0% | 61.4% | 60.8% | 58.7% | 59.5% | 59.1% |
| Operating margin | 16.2% | 16.6% | 17.9% | 18.3% | 19.0% | 25.7% | 28.3% | 21.8% | 20.4% | 19.1% |
| Net margin | 15.1% | 16.1% | 15.5% | 16.8% | 16.4% | 25.9% | 27.1% | 19.9% | 16.3% | 14.7% |
Balance sheet
Fiscal years, from Danaher's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $964M | $630M | $788M | $19.9B | $6.0B | $2.6B | $6.0B | $5.9B | $2.1B | $4.6B |
| Receivables | $3.2B | $3.5B | $3.0B | $3.2B | $4.0B | $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 and equipment | $2.4B | $2.2B | $2.2B | $2.3B | $3.3B | $3.5B | $3.7B | $4.6B | $5.0B | $5.5B |
| Goodwill | $23.8B | $21.8B | $22.6B | $22.7B | $35.4B | $38.7B | $37.3B | $41.6B | $40.5B | $43.2B |
| Total assets | $45.3B | $46.6B | $47.8B | $62.1B | $76.2B | $83.2B | $84.3B | $84.5B | $77.5B | $83.5B |
| 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 | $21.5B | $21.2B | $22.2B | $19.1B | $16.7B | $15.5B | $18.4B |
| Total liabilities | $22.2B | $20.3B | $19.6B | $31.8B | $36.4B | $38.0B | $34.3B | $31.0B | $28.0B | $30.9B |
| Shareholders' equity | $23.0B | $26.4B | $28.2B | $30.3B | $39.8B | $45.2B | $50.1B | $53.5B | $49.5B | $52.5B |
| Net debt | $11.3B | $9.9B | $9.0B | $1.8B | $15.2B | $19.6B | $13.7B | $12.5B | $13.9B | $13.8B |
Cash flow
Fiscal years, from Danaher's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.5B | $3.5B | $4.0B | $4.0B | $6.2B | $8.4B | $8.5B | $7.2B | $6.7B | $6.4B |
| Capital spending | $590M | $571M | $584M | $636M | $791M | $1.2B | $1.1B | $1.4B | $1.4B | $1.2B |
| Free cash flow | $2.9B | $2.9B | $3.4B | $3.3B | $5.4B | $7.1B | $7.4B | $5.8B | $5.3B | $5.3B |
| Stock-based compensation | $130M | $127M | $138M | $159M | $187M | $184M | $295M | $306M | $288M | $298M |
| Dividends paid | $400M | $378M | $433M | $527M | $615M | $742M | $818M | $821M | $768M | $878M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$6.0B | -$3.1B |
| Net borrowing | $760M | $1.1B | -$508M | $10.5B | — | — | — | — | — | — |
| Free cash flow margin | 17.4% | 18.7% | 20.2% | 18.5% | 24.3% | 28.7% | 27.8% | 24.2% | 22.2% | 21.4% |
| Dividends per share | $0.57 | $0.54 | $0.61 | $0.73 | $0.86 | $1.01 | $1.11 | $1.10 | $1.04 | $1.23 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for DHR.
Open DHR in InvestinglyQuestions
What was Danaher's revenue in 2025?
$24.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Danaher generate?
$5.3B in fiscal 2025 (operating cash flow minus capital spending).
From Danaher's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.