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: 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).
A comprehensive analysis of the quarterly common-size income statements reveals a general trend of margin compression over the analyzed period, characterized by rising operating expenses relative to total sales. While gross profitability remained relatively resilient, the contraction in operating and net profit margins indicates an increase in the cost of maintaining business operations.
- Gross Profitability Trends
- Gross profit margins exhibited relative stability, generally fluctuating between 58% and 62%. A notable period of contraction occurred in mid-2023, with a low of 56.12% recorded on June 30, 2023. However, the margin recovered toward the end of the period, reaching 60.34% by March 27, 2026, suggesting that the cost of sales has been managed effectively relative to revenue growth.
- Operating Expense Analysis
- A significant upward trend in operating costs is observed, driven primarily by selling, general, and administrative (SG&A) expenses. SG&A as a percentage of sales rose from approximately 27% in early 2021 to a peak of 39.76% by June 27, 2025. Research and development (R&D) expenses also showed a gradual increase, rising from 5.54% in April 2021 to 6.50% by March 2026. This suggests a strategic increase in investment or an increase in structural overhead that has outpaced revenue growth.
- Operating Profitability
- The operating profit margin experienced substantial volatility and an overall decline. From a high of 29.12% in April 2021, the margin contracted to a low of 12.80% by June 27, 2025. The correlation between the rise in SG&A and the decline in operating profit is evident. A recovery trend emerged in the final three quarters, with the operating margin returning to 22.58% by March 27, 2026.
- Net Earnings and Non-Operating Impact
- Net earnings as a percentage of sales followed the trajectory of operating profit, shifting from a range of 20% to 25% in 2021 to a range of 14% to 18% in the later periods. Non-operating income and expenses introduced additional volatility; interest expenses generally trended upward, increasing from -0.85% in April 2021 to over -1.00% in several later quarters. The impact of discontinued operations provided sporadic gains, most notably in early 2023, which temporarily bolstered net earnings.
In summary, the financial trajectory is marked by a shift from high-margin efficiency to a period of increased operational spending. The recent recovery in operating and net margins suggests a stabilization of costs or a successful optimization of the expense structure toward the end of the reported timeline.