Common-Size Income Statement
Quarterly Data
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Danaher Corp. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Danaher Corp., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
The financial performance, as represented by common-size income statements, reveals several notable trends over the observed period. Sales consistently remain at 100% by definition. Cost of sales as a percentage of sales generally fluctuates between approximately 37% and 43%, with a noticeable increase towards the end of the period. Gross profit margins demonstrate a corresponding inverse relationship, generally declining from around 62% to approximately 58% over the timeframe, though with some quarterly variations.
- Operating Expenses
- Selling, general, and administrative expenses exhibit an increasing trend, moving from around 27% to over 35% of sales in later periods. Research and development expenses remain relatively stable, fluctuating between 5.5% and 6.8% of sales. The combined effect of these operating expenses results in a significant increase in total operating costs as a percentage of sales, rising from approximately 33% to over 42% towards the end of the period. This increase in operating costs has a corresponding impact on operating profit.
Operating profit as a percentage of sales shows a decreasing trend overall, starting around 29% and falling to around 12-13% in the latter part of the observed period. This decline is likely attributable to the increasing operating expenses. Nonoperating income (expense) fluctuates considerably, with periods of positive and negative contributions, ultimately becoming more negative towards the end of the period. Interest expense remains relatively stable, while interest income shows some variability.
- Profitability
- Earnings before income taxes follow a similar pattern to operating profit, declining from around 30% to approximately 9-11% of sales. The effective tax rate varies, impacting net earnings. Net earnings attributable to common stockholders generally mirrors the trend in earnings before income taxes, decreasing from around 24% to approximately 9-10% of sales. Mandatory convertible preferred stock dividends remain relatively consistent as a percentage of sales, around 0.5-0.6%.
A significant decrease in profitability metrics is observed in the later quarters, particularly in the periods around June 27, 2025, and December 31, 2025. This is primarily driven by the substantial increase in operating expenses, particularly selling, general, and administrative expenses, and a more pronounced negative impact from nonoperating items. The fluctuations in these percentages suggest potential shifts in the company’s cost structure and operational efficiency over the analyzed timeframe.