Danaher Corporation Financials
This page shows Danaher Corporation (DHR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Stable gross margins and strong cash conversion are masking a multi-year earnings squeeze from overhead after the FY2022 peak.
From FY2022 to FY2025, revenue moved from$26.6B to$24.6B , a modest change for a business whose earnings profile shifted much more. Over the same span, operating margin fell from28.3% to19.1% even as gross margin stayed broadly steady, which suggests the squeeze came mainly from costs below gross profit rather than from weaker product economics.
In FY2025, operating cash flow of
Liquidity improved as the current ratio rose from 1.4x to 1.9x between FY2024 and FY2025, so day-to-day funding looks comfortable even with softer returns. At the same time, buybacks of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Danaher Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Danaher Corporation has an operating margin of 19.1%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 86/100, reflecting efficient cost management and pricing power. This is down from 20.4% the prior year.
Danaher Corporation's revenue grew a modest 2.9% year-over-year to $24.6B. This slow but positive growth earns a score of 36/100.
Danaher Corporation has a moderate D/E ratio of 0.35. This balance of debt and equity financing earns a leverage score of 31/100.
Danaher Corporation's current ratio of 1.87 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.
Danaher Corporation converts 21.4% of revenue into free cash flow ($5.3B). This strong cash generation earns a score of 89/100.
Danaher Corporation's ROE of 6.9% shows moderate profitability relative to equity, earning a score of 64/100. This is down from 7.9% the prior year.
Danaher Corporation scores 3.96, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($134.6B) relative to total liabilities ($30.9B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Danaher Corporation passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Danaher Corporation generates $1.78 in operating cash flow ($6.4B OCF vs $3.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Danaher Corporation earns $17.7 in operating income for every $1 of interest expense ($4.7B vs $265.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Danaher Corporation generated $24.6B in revenue in fiscal year 2025. This represents an increase of 2.9% from the prior year.
Danaher Corporation's EBITDA was $7.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.1% from the prior year.
Danaher Corporation reported $3.6B in net income in fiscal year 2025. This represents a decrease of 7.3% from the prior year.
Danaher Corporation earned $5.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 4.9% from the prior year.
Cash & Balance Sheet
Danaher Corporation generated $5.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 0.7% from the prior year.
Danaher Corporation held $4.6B in cash against $18.4B in long-term debt as of fiscal year 2025.
Danaher Corporation had 707M shares outstanding in fiscal year 2025. This represents a decrease of 1.1% from the prior year.
Margins & Returns
Danaher Corporation's gross margin was 59.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.
Danaher Corporation's operating margin was 19.1% in fiscal year 2025, reflecting core business profitability. This is down 1.3 percentage points from the prior year.
Danaher Corporation's net profit margin was 14.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.6 percentage points from the prior year.
Danaher Corporation's ROE was 6.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.
Capital Allocation
Danaher Corporation invested $1.6B in research and development in fiscal year 2025. This represents an increase of 0.9% from the prior year.
Danaher Corporation spent $3.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 48.4% from the prior year.
Danaher Corporation invested $1.2B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.0% from the prior year.
DHR Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3B+5.3% | $6.0B-13.0% | $6.8B+13.0% | $6.1B+2.0% | $5.9B+3.4% | $5.7B-12.2% | $6.5B+12.8% | $5.8B |
| Cost of Revenue | $2.7B+12.5% | $2.4B-17.8% | $2.9B+13.5% | $2.5B+4.8% | $2.4B+8.2% | $2.2B-15.8% | $2.6B+10.5% | $2.4B |
| Gross Profit | $3.6B+0.6% | $3.6B-9.5% | $4.0B+12.6% | $3.5B0.0% | $3.5B+0.3% | $3.5B-9.7% | $3.9B+14.4% | $3.4B |
| R&D Expenses | $412.0M+6.5% | $387.0M-11.6% | $438.0M+15.9% | $378.0M-6.2% | $403.0M+6.3% | $379.0M-14.3% | $442.0M+15.4% | $383.0M |
| SG&A Expenses | $2.1B+11.4% | $1.9B-8.2% | $2.0B+1.8% | $2.0B-15.6% | $2.4B+27.0% | $1.9B-8.2% | $2.0B-1.8% | $2.1B |
| Operating Income | $1.1B-16.1% | $1.3B-10.5% | $1.5B+30.2% | $1.2B+51.8% | $760.0M-40.3% | $1.3B-10.6% | $1.4B+48.7% | $958.0M |
| Interest Expense | $107.0M+69.8% | $63.0M+14.5% | $55.0M-17.9% | $67.0M-5.6% | $71.0M-1.4% | $72.0M+18.0% | $61.0M-29.9% | $87.0M |
| Income Tax | $208.0M+1.0% | $206.0M+8.4% | $190.0M+13.1% | $168.0M+68.0% | $100.0M-42.9% | $175.0M-23.6% | $229.0M+44.0% | $159.0M |
| Net Income | $870.0M-15.5% | $1.0B-14.0% | $1.2B+31.8% | $908.0M+63.6% | $555.0M-41.8% | $954.0M-12.2% | $1.1B+32.8% | $818.0M |
| EPS (Diluted) | $1.23-15.2% | $1.45 | N/A | $1.27+64.9% | $0.77-41.7% | $1.32 | N/A | $1.12 |
DHR Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $92.4B+10.6% | $83.5B+0.1% | $83.5B+4.5% | $79.9B-2.1% | $81.6B+3.2% | $79.1B+2.0% | $77.5B-3.8% | $80.6B |
| Current Assets | $13.4B-4.0% | $13.9B+9.2% | $12.8B+32.8% | $9.6B-12.7% | $11.0B+15.5% | $9.5B+0.3% | $9.5B-5.6% | $10.1B |
| Cash & Equivalents | $4.3B-23.7% | $5.7B+23.5% | $4.6B+202.0% | $1.5B-48.3% | $3.0B+48.4% | $2.0B-4.1% | $2.1B-20.9% | $2.6B |
| Inventory | $3.3B+25.0% | $2.6B+4.8% | $2.5B-6.9% | $2.7B-0.6% | $2.7B+6.2% | $2.5B+8.7% | $2.3B-13.0% | $2.7B |
| Accounts Receivable | $4.0B+3.8% | $3.8B-2.4% | $3.9B+4.2% | $3.8B+5.4% | $3.6B+1.7% | $3.5B-0.9% | $3.5B+0.9% | $3.5B |
| Goodwill | $47.4B+10.9% | $42.8B-0.9% | $43.2B+0.5% | $42.9B-0.1% | $43.0B+3.2% | $41.7B+2.9% | $40.5B-4.0% | $42.2B |
| Total Liabilities | $39.8B+30.0% | $30.6B-1.1% | $30.9B+7.3% | $28.8B-1.6% | $29.3B+3.6% | $28.3B+1.0% | $28.0B-4.5% | $29.3B |
| Current Liabilities | $8.1B+8.6% | $7.5B+9.6% | $6.8B+7.6% | $6.3B-6.9% | $6.8B+2.2% | $6.6B-2.3% | $6.8B-7.4% | $7.3B |
| Long-Term Debt | $25.1B+43.2% | $17.6B-4.6% | $18.4B+9.4% | $16.8B-0.1% | $16.9B+5.5% | $16.0B+3.1% | $15.5B-5.0% | $16.3B |
| Total Equity | $52.6B-0.7% | $52.9B+0.8% | $52.5B+2.9% | $51.1B-2.4% | $52.3B+2.9% | $50.8B+2.6% | $49.5B-3.4% | $51.3B |
| Retained Earnings | $48.2B+1.2% | $47.6B+1.6% | $46.9B+2.1% | $45.9B+1.5% | $45.2B+0.7% | $44.9B+1.6% | $44.2B+2.1% | $43.3B |
DHR Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B+16.0% | $1.3B-37.6% | $2.1B+27.4% | $1.7B+24.2% | $1.3B+3.0% | $1.3B-35.7% | $2.0B+33.4% | $1.5B |
| Capital Expenditures | $269.0M+13.5% | $237.0M-36.1% | $371.0M+27.1% | $292.0M+17.7% | $248.0M+1.2% | $245.0M-52.5% | $516.0M+73.2% | $298.0M |
| Free Cash Flow | $1.3B+16.6% | $1.1B-37.9% | $1.7B+27.4% | $1.4B+25.7% | $1.1B+3.4% | $1.1B-29.9% | $1.5B+23.7% | $1.2B |
| Investing Cash Flow | -$10.1B-3975.1% | -$249.0M+35.2% | -$384.0M-23.1% | -$312.0M-20.9% | -$258.0M-6.6% | -$242.0M+65.1% | -$694.0M-14.5% | -$606.0M |
| Financing Cash Flow | $7.3B+15710.9% | $46.0M-96.5% | $1.3B+147.5% | -$2.8B-1025.9% | -$247.0M+80.3% | -$1.3B+25.8% | -$1.7B-100.2% | -$845.0M |
| Dividends Paid | $283.0M+25.2% | $226.0M0.0% | $226.0M-1.3% | $229.0M0.0% | $229.0M+18.0% | $194.0M-0.5% | $195.0M-0.5% | $196.0M |
| Share Buybacks | $894.0M | $0 | $0-100.0% | $2.0B | $0-100.0% | $1.1B+33.3% | $809.0M+26.4% | $640.0M |
DHR Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.6%-2.7pp | 60.3%+2.3pp | 58.0%-0.2pp | 58.2%-1.2pp | 59.4%-1.8pp | 61.2%+1.7pp | 59.5%+0.8pp | 58.7% |
| Operating Margin | 18.0%-4.6pp | 22.6%+0.6pp | 22.0%+2.9pp | 19.1%+6.3pp | 12.8%-9.4pp | 22.2%+0.4pp | 21.8%+5.3pp | 16.5% |
| Net Margin | 13.9%-3.4pp | 17.3%-0.2pp | 17.5%+2.5pp | 15.0%+5.6pp | 9.3%-7.3pp | 16.6%0.0pp | 16.6%+2.5pp | 14.1% |
| Return on Equity | 1.7%-0.3pp | 1.9%-0.3pp | 2.3%+0.5pp | 1.8%+0.7pp | 1.1%-0.8pp | 1.9%-0.3pp | 2.2%+0.6pp | 1.6% |
| Return on Assets | 0.9%-0.3pp | 1.2%-0.2pp | 1.4%+0.3pp | 1.1%+0.5pp | 0.7%-0.5pp | 1.2%-0.2pp | 1.4%+0.4pp | 1.0% |
| Current Ratio | 1.65-0.2 | 1.870.0 | 1.87+0.4 | 1.52-0.1 | 1.62+0.2 | 1.43+0.0 | 1.40+0.0 | 1.37 |
| Debt-to-Equity | 0.48+0.1 | 0.33-0.0 | 0.35+0.0 | 0.330.0 | 0.320.0 | 0.310.0 | 0.310.0 | 0.32 |
| FCF Margin | 20.2%+2.0pp | 18.2%-7.3pp | 25.5%+2.9pp | 22.6%+4.3pp | 18.4%0.0pp | 18.4%-4.6pp | 23.0%+2.0pp | 21.0% |
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Frequently Asked Questions
What is Danaher Corporation's annual revenue?
Danaher Corporation (DHR) reported $24.6B in total revenue for fiscal year 2025. This represents a 2.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Danaher Corporation's revenue growing?
Danaher Corporation (DHR) revenue grew by 2.9% year-over-year, from $23.9B to $24.6B in fiscal year 2025.
Is Danaher Corporation profitable?
Yes, Danaher Corporation (DHR) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 14.7%.
What is Danaher Corporation's EBITDA?
Danaher Corporation (DHR) had EBITDA of $7.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Danaher Corporation have?
As of fiscal year 2025, Danaher Corporation (DHR) had $4.6B in cash and equivalents against $18.4B in long-term debt.
What is Danaher Corporation's gross margin?
Danaher Corporation (DHR) had a gross margin of 59.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Danaher Corporation's operating margin?
Danaher Corporation (DHR) had an operating margin of 19.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Danaher Corporation's net profit margin?
Danaher Corporation (DHR) had a net profit margin of 14.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Danaher Corporation's return on equity (ROE)?
Danaher Corporation (DHR) has a return on equity of 6.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Danaher Corporation's free cash flow?
Danaher Corporation (DHR) generated $5.3B in free cash flow during fiscal year 2025. This represents a -0.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Danaher Corporation's operating cash flow?
Danaher Corporation (DHR) generated $6.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Danaher Corporation's total assets?
Danaher Corporation (DHR) had $83.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Danaher Corporation's capital expenditures?
Danaher Corporation (DHR) invested $1.2B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Danaher Corporation spend on research and development?
Danaher Corporation (DHR) invested $1.6B in research and development during fiscal year 2025.
What is Danaher Corporation's current ratio?
Danaher Corporation (DHR) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.
What is Danaher Corporation's debt-to-equity ratio?
Danaher Corporation (DHR) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Danaher Corporation's return on assets (ROA)?
Danaher Corporation (DHR) had a return on assets of 4.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Danaher Corporation's Altman Z-Score?
Danaher Corporation (DHR) has an Altman Z-Score of 3.96, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Danaher Corporation's Piotroski F-Score?
Danaher Corporation (DHR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Danaher Corporation's earnings high quality?
Danaher Corporation (DHR) has an earnings quality ratio of 1.78x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Danaher Corporation cover its interest payments?
Danaher Corporation (DHR) has an interest coverage ratio of 17.7x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Danaher Corporation?
Danaher Corporation (DHR) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.