Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover 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-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 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 trajectory from April 2021 through June 2026 demonstrates a general compression of profit margins, characterized by rising operating expenses that have offset stable gross profit performance.
- Gross Profitability and Cost of Sales
- Gross profit margins remained relatively resilient, generally fluctuating between 58% and 62%. While the cost of sales hovered around 40% for much of the period, a notable peak in costs occurred in June 2023 at 43.88%, leading to a corresponding dip in gross profit to 56.12%. By June 2026, the gross profit margin stood at 57.64%, indicating a slight long-term erosion compared to the 62.02% observed in early 2021.
- Operating Expense Trends
- A significant upward trend in operating costs is evident, primarily driven by Selling, General, and Administrative (SG&A) expenses. SG&A as a percentage of sales increased from approximately 27% in 2021 to a peak of 39.76% in June 2025, before settling at 33.07% by June 2026. Research and Development (R&D) expenses also showed a gradual increase, rising from 5.54% in April 2021 to 6.58% in June 2026, suggesting a sustained increase in investment in innovation.
- Operating Profitability
- The expansion of operating expenses has led to a marked decline in operating profit margins. The ratio dropped from a high of 29.12% in April 2021 to a low of 12.80% in June 2025. Although a recovery occurred in subsequent quarters, the margin of 17.99% in June 2026 remains substantially lower than the levels maintained during the 2021-2022 period.
- Non-Operating Items and Financial Costs
- Non-operating income transitioned from positive contributions in early 2021 to consistent net expenses in later years. Interest expenses increased from 0.85% of sales in April 2021 to 1.71% by June 2026. While interest income saw a temporary spike in late 2023, it was insufficient to offset the rising cost of debt and other non-operating losses.
- Net Earnings Performance
- Net earnings attributable to common stockholders followed the downward trend of operating profit, decreasing from 24.22% in April 2021 to 13.89% in June 2026. This decline is punctuated by volatility, including a sharp drop to 9.35% in June 2025, reflecting the combined impact of peak SG&A expenses and non-operating pressures.
In summary, the data reveals a transition from a high-margin operating environment in 2021 to a more pressured state by 2026. The primary driver of this decline is not a failure in core product pricing or production costs, but rather a significant increase in the overhead and administrative costs required to support operations.