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.

Danaher Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 27, 2026	Dec 31, 2025	Sep 26, 2025	Jun 27, 2025	Mar 28, 2025	Dec 31, 2024	Sep 27, 2024	Jun 28, 2024	Mar 29, 2024	Dec 31, 2023	Sep 29, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jul 1, 2022	Apr 1, 2022	Dec 31, 2021	Oct 1, 2021	Jul 2, 2021	Apr 2, 2021
Sales	5,951)	6,838)	6,053)	5,936)	5,741)	6,538)	5,798)	5,743)	5,796)	6,405)	5,624)	5,912)	5,949)	8,369)	7,663)	7,751)	7,688)	8,148)	7,229)	7,218)	6,858)
Cost of sales	(2,360)	(2,872)	(2,530)	(2,413)	(2,230)	(2,648)	(2,397)	(2,315)	(2,309)	(2,626)	(2,349)	(2,594)	(2,287)	(3,430)	(3,079)	(3,030)	(2,983)	(3,205)	(2,870)	(2,821)	(2,605)
Gross profit	3,591)	3,966)	3,523)	3,523)	3,511)	3,890)	3,401)	3,428)	3,487)	3,779)	3,275)	3,318)	3,662)	4,939)	4,584)	4,721)	4,705)	4,943)	4,359)	4,397)	4,253)
Selling, general and administrative expenses	(1,860)	(2,026)	(1,991)	(2,360)	(1,858)	(2,023)	(2,060)	(1,869)	(1,807)	(2,035)	(1,728)	(1,794)	(1,772)	(2,190)	(2,149)	(2,085)	(2,092)	(2,294)	(2,062)	(1,966)	(1,876)
Research and development expenses	(387)	(438)	(378)	(403)	(379)	(442)	(383)	(391)	(368)	(407)	(362)	(361)	(373)	(453)	(420)	(431)	(441)	(495)	(441)	(426)	(380)
Other operating expenses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(547)	—)	—)
Operating costs	(2,247)	(2,464)	(2,369)	(2,763)	(2,237)	(2,465)	(2,443)	(2,260)	(2,175)	(2,442)	(2,090)	(2,155)	(2,145)	(2,643)	(2,569)	(2,516)	(2,533)	(2,789)	(3,050)	(2,392)	(2,256)
Operating profit	1,344)	1,502)	1,154)	760)	1,274)	1,425)	958)	1,168)	1,312)	1,337)	1,185)	1,163)	1,517)	2,296)	2,015)	2,205)	2,172)	2,154)	1,309)	2,005)	1,997)
Other income (expense), net	(73)	(87)	(14)	(42)	(79)	(63)	102)	(59)	(36)	(137)	(47)	(15)	24)	(68)	(51)	(87)	(20)	82)	137)	97)	140)
Loss on early extinguishment of borrowings	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(96)	—)	—)	—)
Interest expense	(63)	(55)	(67)	(71)	(72)	(61)	(87)	(65)	(65)	(85)	(70)	(65)	(66)	(64)	(42)	(51)	(54)	(56)	(62)	(62)	(58)
Interest income	27)	13)	3)	8)	6)	14)	4)	39)	60)	117)	79)	59)	48)	29)	9)	2)	1)	1)	3)	3)	4)
Nonoperating income (expense)	(109)	(129)	(78)	(105)	(145)	(110)	19)	(85)	(41)	(105)	(38)	(21)	6)	(103)	(84)	(136)	(73)	(69)	78)	38)	86)
Earnings before income taxes	1,235)	1,373)	1,076)	655)	1,129)	1,315)	977)	1,083)	1,271)	1,232)	1,147)	1,142)	1,523)	2,193)	1,931)	2,069)	2,099)	2,085)	1,387)	2,043)	2,083)
Income taxes	(206)	(190)	(168)	(100)	(175)	(229)	(159)	(176)	(183)	(111)	(207)	(222)	(283)	39)	(359)	(389)	(374)	(297)	(229)	(344)	(381)
Net earnings from continuing operations	1,029)	1,183)	908)	555)	954)	1,086)	818)	907)	1,088)	1,121)	940)	920)	1,240)	2,232)	1,572)	1,680)	1,725)	1,788)	1,158)	1,699)	1,702)
Earnings from discontinued operations, net of income taxes	—)	14)	—)	—)	—)	—)	—)	—)	—)	(42)	189)	186)	210)	—)	—)	—)	—)	—)	—)	86)	—)
Net earnings	1,029)	1,197)	908)	555)	954)	1,086)	818)	907)	1,088)	1,079)	1,129)	1,106)	1,450)	2,232)	1,572)	1,680)	1,725)	1,788)	1,158)	1,785)	1,702)
Mandatory convertible preferred stock dividends	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(21)	(22)	(21)	(22)	(41)	(41)	(41)	(41)	(41)
Net earnings attributable to common stockholders	1,029)	1,197)	908)	555)	954)	1,086)	818)	907)	1,088)	1,079)	1,129)	1,106)	1,429)	2,210)	1,551)	1,658)	1,684)	1,747)	1,117)	1,744)	1,661)

A comprehensive analysis of the quarterly financial results reveals a significant shift in revenue and profitability trajectories starting in early 2023. After a period of strong growth and peak performance through 2021 and 2022, the company experienced a structural decline in top-line sales and a corresponding compression in operating margins.

Revenue Trends: Sales exhibited a peak period between April 2021 and December 2022, with quarterly revenues consistently exceeding $7 billion and reaching a maximum of $8.37 billion in the final quarter of 2022. Beginning in March 2023, a distinct downward shift occurred, with revenue stabilizing at a lower baseline, generally ranging between $5.6 billion and $6.8 billion. A seasonal peak is observed in the December quarters of each year.
Gross Profitability: Gross profit followed the trajectory of total sales. Peak gross profits of approximately $4.9 billion were achieved in late 2021 and late 2022. From 2023 through early 2026, gross profit figures shifted to a lower range, typically between $3.3 billion and $3.9 billion. Despite the drop in absolute value, the relationship between cost of sales and revenue remained relatively proportional, suggesting stable direct cost management.
Operating Expense Analysis: Selling, general, and administrative (SG&A) expenses showed a general trend of reduction following the revenue decline, though not in a perfectly linear fashion. A notable anomaly occurred in June 2025, where SG&A expenses spiked to $2.36 billion, the highest level recorded in the period. Research and development (R&D) spending remained comparatively stable, fluctuating between $361 million and $495 million, indicating a consistent commitment to innovation regardless of short-term revenue volatility.
Operating Profit Performance: Operating profit experienced a marked decline from its peak of $2.30 billion in December 2022. The profit levels dropped significantly starting in 2023, frequently falling between $958 million and $1.5 billion. The lowest point of operating profit was recorded in June 2025 at $760 million, directly correlating with the aforementioned spike in SG&A expenses.
Net Earnings and Non-Operating Items: Net earnings mirrored the operating trend, decreasing from peaks above $2.2 billion in 2022 to a more volatile range between $555 million and $1.2 billion in the 2023-2026 period. Non-operating income transitioned from a net positive contributor in 2021 to a consistent net expense in later years. Interest income showed a significant temporary increase in late 2023, peaking at $117 million in December 2023, which partially offset operating losses in that period.

In summary, the financial data indicates a transition from a high-growth phase ending in 2022 to a more constrained environment characterized by lower revenue baselines and increased pressure on operating margins. The volatility in recent quarters suggests sensitivity to operational overhead and non-operating expenses.

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Danaher Corp. (NYSE:DHR)

Income Statement Quarterly Data

Income Statement
Quarterly Data