Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Danaher Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and equivalents	4,615)	2,078)	5,864)	5,995)	2,586)
Trade accounts receivable, less allowance for doubtful accounts	3,913)	3,537)	3,922)	4,918)	4,631)
Inventories	2,489)	2,330)	2,594)	3,110)	2,767)
Prepaid expenses and other current assets	1,739)	1,552)	1,557)	1,860)	1,664)
Current assets	12,756)	9,497)	13,937)	15,883)	11,648)
Property, plant and equipment, net	5,531)	4,990)	4,553)	3,956)	3,790)
Other long-term assets	4,209)	3,990)	3,644)	4,459)	3,719)
Goodwill	43,151)	40,497)	41,608)	39,752)	41,184)
Other intangible assets, net	17,817)	18,568)	20,746)	20,300)	22,843)
Long-term assets	70,708)	68,045)	70,551)	68,467)	71,536)
Total assets	83,464)	77,542)	84,488)	84,350)	83,184)

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).

An examination of the asset composition reveals several noteworthy trends between 2021 and 2025. Overall, total assets experienced fluctuation, beginning at US$83.184 billion in 2021, peaking at US$84.488 billion in 2023, declining to US$77.542 billion in 2024, and recovering to US$83.464 billion in 2025.

Current Assets: Current assets demonstrated a significant increase from US$11.648 billion in 2021 to US$15.883 billion in 2022. This was followed by a decrease to US$9.497 billion in 2024, before partially recovering to US$12.756 billion in 2025. Within current assets, cash and equivalents exhibited substantial volatility, rising from US$2.586 billion in 2021 to US$5.995 billion in 2022, then decreasing to US$2.078 billion in 2024, and increasing again to US$4.615 billion in 2025. Trade accounts receivable showed a modest increase initially, followed by a decline from US$4.918 billion in 2022 to US$3.537 billion in 2024, and a slight recovery to US$3.913 billion in 2025. Inventories remained relatively stable, fluctuating between US$2.330 billion and US$3.110 billion over the period. Prepaid expenses and other current assets also showed relative stability.
Long-Term Assets: Long-term assets generally remained stable, fluctuating around US$70 billion. Property, plant, and equipment, net, consistently increased from US$3.790 billion in 2021 to US$5.531 billion in 2025, indicating ongoing investment in fixed assets. Other long-term assets experienced a slight decrease between 2021 and 2023, followed by an increase in 2024 and 2025. Goodwill represents a substantial portion of long-term assets, fluctuating between US$39.752 billion and US$43.151 billion. Other intangible assets, net, decreased steadily from US$22.843 billion in 2021 to US$17.817 billion in 2025.

The decrease in total assets in 2024 appears to be primarily driven by a reduction in current assets. The subsequent recovery in 2025 is attributable to increases in both current and long-term assets. The consistent growth in property, plant, and equipment suggests continued investment in operational capacity. The decline in other intangible assets may warrant further investigation to understand the underlying reasons, such as amortization or impairment.

Danaher Corp. (NYSE:DHR)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items