Common-Size Income Statement
Quarterly Data
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Danaher Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
The analyzed data reveals several notable trends across the examined periods in key financial metrics expressed as a percentage of sales.
- Cost of Sales
- There is a general downward trend in cost of sales from the beginning, decreasing from approximately -43.75% to a low near -37.98%. This reduction contributes to improved gross profitability, although some fluctuations occur in subsequent periods, particularly increases around mid-2023 followed by a slight improvement towards early 2025.
- Gross Profit
- The gross profit margin exhibits an overall upward trend from the initial 56.25% to over 62% in early 2021, reflecting enhanced efficiency or pricing power. After peaking, it stabilizes in the range of 58% to 61%, indicating sustained profitability at the gross level despite some volatility.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of sales show a declining trajectory until around early 2022, dropping from roughly -33.58% to approximately -26.17%, indicative of cost containment. However, from mid-2022 onward, SG&A rises again reaching levels exceeding -35% in late 2024, suggesting increased spending or operational pressures during this period.
- Research and Development (R&D) Expenses
- R&D expenditure remains relatively stable and consistent, generally moving between -5.4% and -6.8%. Slight increases are noted mid-2023 to late 2024, pointing to an increased focus on innovation or product development.
- Operating Costs and Operating Profit
- Operating costs experienced a reduction from about -40% to around -32.9% by early 2021, which significantly enhances operating profit margins. Operating profit margins accordingly rise from approximately 16% to a peak near 29% around early 2021, reflecting operational improvements. Post-2021, operating profit margins become more volatile, oscillating between roughly 16.5% and 28%, indicating varying operational efficiency or external influences.
- Nonoperating Items and Interest Expenses
- Nonoperating income and expenses fluctuate considerably, with several periods showing negative impacts up to -2.5%, interspersed with positive spikes, highlighting irregular impacts outside core operations. Interest expense trends downward from about -1.1% to approximately -0.5% to -1.3%, whereas interest income shows a general increase, especially notable after 2022, improving net financing results.
- Earnings Before Income Taxes and Net Earnings
- Earnings before income taxes grow substantially from around 16% to over 30% by early 2021, aligning with improved operating results. However, from mid-2021 onward, these earnings see a declining trend punctuated by fluctuations, settling in the 16% to 22% range towards 2025. Net earnings reflect a similar pattern; they increase markedly in early 2021, driven by operational gains, then decline and stabilize with variability around 16% to 22% of sales thereafter.
- Income Taxes
- Income tax rates as a percentage of sales demonstrate variability without a clear trend, ranging roughly between -5.5% and positive anomalies, indicating some periods of tax benefits or adjustments potentially impacting net income.
- Earnings from Discontinued Operations
- Reported earnings from discontinued operations appear only sporadically and contribute positively in certain quarters of 2022 and early 2023, followed by a negative impact in late 2023, which may reflect restructuring or divestiture activities.
- Net Earnings Attributable to Common Stockholders
- The net earnings attributable to common stockholders track closely with overall net earnings, showing improvement from 13% to above 24% by early 2021. Subsequent periods reveal reversals with some declines and recovery phases, stabilizing in the mid-to-high teens percentage range by early 2025.
In summary, the data demonstrates initial improvement in profitability primarily driven by reduced cost of sales and operating expenses, peaking during early 2021. Following this peak, the company encounters volatility and some regression in operating margins and net earnings, possibly due to increased SG&A costs, variable nonoperating items, and fluctuating tax impacts. Stabilization appears towards the end of the observation period with margins maintaining moderate strength relative to sales.