Danaher Corp., balance sheet: debt

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Notes payable and current portion of long-term debt	2)	505)	1,695)	591)	8)
Long-term debt, excluding current portion	18,416)	15,500)	16,707)	19,086)	22,168)
Total notes payable and long-term debt (carrying amount)	18,418)	16,005)	18,402)	19,677)	22,176)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The carrying amount of total notes payable and long-term debt exhibited a generally decreasing trend from 2021 through 2024, followed by a slight increase in 2025. A significant fluctuation in notes payable and current portion of long-term debt was observed during the period.

Overall Debt Trend: Total notes payable and long-term debt decreased from US$22,176 million in 2021 to US$16,005 million in 2024, representing a cumulative reduction of approximately 27.7%. However, this trend reversed in 2025, with the total increasing to US$18,418 million.
Notes Payable and Current Portion of Long-Term Debt: This component of debt experienced substantial volatility. It began at US$8 million in 2021, increased dramatically to US$591 million in 2022, and further to US$1,695 million in 2023. A significant decrease followed in 2024, falling to US$505 million, before dropping to a minimal US$2 million in 2025.
Long-Term Debt (Excluding Current Portion): Long-term debt demonstrated a consistent, though moderating, decline from US$22,168 million in 2021 to US$15,500 million in 2024. This represents a reduction of approximately 30.1%. In 2025, long-term debt increased to US$18,416 million, partially offsetting the prior declines.

The increase in total debt in 2025 appears to be driven primarily by an increase in long-term debt, as the notes payable component remained very low. The large swings in notes payable and current portion of long-term debt suggest active short-term borrowing and repayment activity, or potentially reclassification of debt maturities.

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	Dec 31, 2025
Selected Financial Data (US$ in millions)
Notes payable and current portion of long-term debt	2)
Long-term debt, excluding current portion	16,042)
Total notes payable and long-term debt (fair value)	16,044)
Financial Ratio
Debt, fair value to carrying amount ratio	0.87

Based on: 10-K (reporting date: 2025-12-31).

Weighted average interest rate on debt: 1.71%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.20%	1,097)	24)
0.20%	1,469)	3)
2.10%	940)	20)
0.48%	315)	2)
0.30%	196)	1)
1.20%	704)	8)
0.45%	1,466)	7)
1.13%	267)	3)
0.89%	409)	4)
2.60%	798)	21)
2.50%	940)	24)
0.75%	2,050)	15)
0.65%	339)	2)
1.27%	408)	5)
1.62%	282)	5)
1.35%	1,456)	20)
3.25%	892)	29)
4.38%	500)	22)
1.94%	157)	3)
1.80%	873)	16)
3.40%	891)	30)
2.60%	983)	26)
2.80%	985)	28)
Total	18,417)	315)
1.71%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 315 ÷ 18,417 = 1.71%

Danaher Corp. (NYSE:DHR)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt