Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Danaher Corp. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Danaher Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Sales
- Sales exhibited a general upward trend from April 2020 to December 2021, increasing from $4,343 million to $8,148 million. However, starting from April 2022, sales showed considerable fluctuations, with decreases in certain quarters such as March 2023 and June 2023, before rebounding moderately by December 2024. Overall, sales remained somewhat volatile in the later periods but generally maintained levels above the early 2020 figures.
- Cost of Sales
- The cost of sales increased steadily through 2020 and 2021, peaking at $3,430 million in December 2021. Thereafter, costs remained elevated but showed volatility, with some quarters registering decreases. The cost trends closely mirrored sales patterns, indicating a consistent gross margin relationship over time.
- Gross Profit
- Gross profit grew significantly from $2,443 million in April 2020 to a peak near $4,943 million in December 2021, reflecting improved operational performance or pricing power. Post-2021, gross profit showed fluctuations, with notable declines during early 2023 but a partial recovery toward the end of 2024. Despite volatility, gross profit levels stayed relatively strong compared to the base period.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses increased steadily through 2021, reaching $2,294 million in December 2021. From 2022 onwards, these expenses fluctuated without a clear upward or downward trajectory, ranging between approximately $1,772 million and $2,360 million. This indicates some control over administrative costs in proportion to sales variability.
- Research and Development Expenses (R&D)
- R&D expenses steadily rose from $287 million in April 2020 to a peak of $495 million in December 2021. Subsequently, R&D spending remained relatively stable, with minor quarterly fluctuations generally between $360 million and $450 million, suggesting sustained investment in innovation despite other financial pressures.
- Operating Costs
- Operating costs exhibited growth until late 2021, reaching a high of $3,050 million in October 2021, partly influenced by an unusually high one-time expense labeled as "Other operating expenses" in Q3 2021 of $547 million. Post-2021, operating costs show a variable but generally elevated pattern marked by periodic decreases and increases, indicative of periodic cost management efforts and external cost factors.
- Operating Profit
- Operating profit showed a strong growth trend from $698 million in Q2 2020 to a peak of $2,296 million in December 2022. Thereafter, profits experienced a declining trend with fluctuations, falling to as low as $760 million by December 2025. This decreasing pattern toward the later periods implies pressures on operating efficiency or increasing costs relative to revenue.
- Non-Operating Items
- Non-operating income (expense) was inconsistent, with gains and losses alternating across periods. Notable positive spikes occurred mid-2020 and late 2021, whereas early 2022 and late 2024 periods reflected losses. Interest expense remained relatively stable, with slight reductions in recent years. Interest income increased significantly from 2022 to 2024, possibly reflecting improved cash management or investment returns. A loss due to early extinguishment of borrowings was recorded in December 2020 and December 2021, likely impacting net finance costs in those periods.
- Earnings Before Income Taxes
- EBIT showed growth between 2020 and 2021, reaching over $2 billion per quarter, with peaks in late 2022. Beyond this, earnings before taxes experienced volatility and a generally declining trend by late 2024 and 2025, aligning with reduced operating profit and mixed non-operating results.
- Income Taxes
- Income tax expenses varied significantly, with some quarters showing negative values (tax benefits). Taxes appeared to follow pretax earnings movements but displayed some irregularities, particularly in late 2022 when income taxes were a positive $39 million, possibly due to tax adjustments or credits.
- Net Earnings from Continuing Operations
- Net earnings from continuing operations showed substantial growth from $595 million in April 2020 to a peak over $2,200 million in December 2022. Afterward, earnings declined and fluctuated, with a trend toward lower profitability in 2024 and 2025. This aligns with the operating and tax expense patterns, reflecting pressure on net margins in recent periods.
- Earnings from Discontinued Operations
- This line item appears intermittently, contributing positively in mid-2021 and early 2023 but with a negative impact in December 2023. The fluctuations suggest non-recurring effects and disposal-related gains or losses that sporadically affect overall net earnings.
- Net Earnings
- Overall net earnings followed a trajectory similar to net earnings from continuing operations, showing increases through late 2022 before a decline in 2023 and subsequent volatility. The pattern reflects core operational results supplemented by inconsistent discontinued operations impacts.
- Mandatory Convertible Preferred Stock Dividends
- Dividends associated with mandatory convertible preferred stock were generally consistent until late 2022, after which data are missing or discontinued, which may indicate changes in capital structure or reclassification.
- Net Earnings Attributable to Common Stockholders
- The earnings attributable to common stockholders closely followed the net earnings trends, reaching peaks in late 2022 followed by declines and fluctuations through 2024 and 2025. This reflects the combined effects of operational performance, tax, non-operating income, and capital structure impacts.