Analysis of Revenues
Revenues as Reported
Danaher Corp., income statement, revenues
US$ in millions
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).
Overall revenues exhibited initial growth followed by a significant contraction and subsequent stabilization. Between 2021 and 2022, total revenues increased, but experienced a substantial decline in 2023. Revenue figures remained relatively flat between 2023 and 2024, with a modest increase observed in 2025.
- North America
- Revenue from North America increased from US$11,829 million in 2021 to US$13,968 million in 2022. However, this was followed by a considerable decrease to US$9,961 million in 2023. Revenue from this region showed slight growth in both 2024 and 2025, reaching US$10,356 million.
- Western Europe
- Western Europe demonstrated relative stability in revenue between 2021 and 2022, with figures around US$6,965 million. A decline was then observed in 2023 and 2024, falling to US$5,457 million. Revenue from Western Europe experienced a modest recovery in 2025, reaching US$5,938 million, but remained below the 2021 and 2022 levels.
- Other Developed Markets
- Revenue from other developed markets showed a slight decrease from US$1,475 million in 2021 to US$1,467 million in 2022. This trend continued in subsequent years, with revenue declining to US$1,252 million by 2025. The decline appears to be gradual but consistent.
- High-Growth Markets
- High-growth markets initially remained stable between 2021 and 2022, with revenues around US$9,184 million. A significant decrease was then observed in 2023 and 2024, falling to US$6,870 million. Revenue from these markets showed a slight increase in 2025, reaching US$7,022 million, but remained considerably lower than the 2021 and 2022 figures.
The largest revenue contribution consistently came from North America and High-growth markets. The substantial decline in revenues observed in 2023 appears to be widespread across all geographic regions, suggesting a company-wide impact rather than a localized issue. While a degree of recovery is evident in 2025, revenue levels have not yet returned to those seen in 2021 and 2022.