Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Danaher Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Notes payable and current portion of long-term debt	2)	505)	1,695)	591)	8)
Trade accounts payable	1,844)	1,753)	1,766)	2,296)	2,569)
Compensation and benefits	1,186)	1,101)	1,127)	1,375)	1,371)
Pension and postretirement benefits	61)	56)	57)	59)	72)
Taxes, income and other	532)	568)	582)	691)	707)
Contract liabilities	1,353)	1,299)	1,465)	1,648)	1,613)
Sales and product allowances	187)	185)	155)	198)	221)
Current operating lease liabilities	199)	173)	180)	199)	207)
Cross-currency swap derivative liabilities	42)	—)	—)	—)	—)
Contract settlement financing payable	75)	75)	75)	75)	75)
Other	1,326)	1,083)	1,172)	1,257)	1,297)
Accrued expenses and other liabilities	4,961)	4,540)	4,813)	5,502)	5,563)
Current liabilities	6,807)	6,798)	8,274)	8,389)	8,140)
Compensation and benefits	360)	289)	254)	255)	269)
Pension and postretirement benefits	608)	560)	544)	506)	876)
Taxes, income and other	3,013)	3,138)	3,428)	4,213)	4,750)
Contract liabilities	231)	232)	249)	235)	213)
Sales and product allowances	7)	6)	6)	6)	2)
Long-term operating lease liabilities	1,079)	968)	954)	863)	889)
Contract settlement financing payable	218)	287)	354)	420)	481)
Other	184)	214)	228)	287)	219)
Other long-term liabilities	5,700)	5,694)	6,017)	6,785)	7,699)
Long-term debt, excluding current portion	18,416)	15,500)	16,707)	19,086)	22,168)
Long-term liabilities	24,116)	21,194)	22,724)	25,871)	29,867)
Total liabilities	30,923)	27,992)	30,998)	34,260)	38,007)
Preferred stock, no par value	—)	—)	—)	1,668)	3,268)
Common stock, $0.01 par value	9)	9)	9)	9)	9)
Additional paid-in capital	17,194)	16,727)	16,170)	12,072)	10,090)
Treasury stock	(11,353)	(8,163)	(2,019)	—)	—)
Retained earnings	46,891)	44,188)	41,074)	39,205)	32,827)
Accumulated other comprehensive loss	(207)	(3,218)	(1,748)	(2,872)	(1,027)
Total Danaher stockholders’ equity	52,534)	49,543)	53,486)	50,082)	45,167)
Noncontrolling interests	7)	7)	4)	8)	10)
Total stockholders’ equity	52,541)	49,550)	53,490)	50,090)	45,177)
Total liabilities and stockholders’ equity	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 provided financial information reveals notable shifts in Danaher’s liabilities and stockholders’ equity between 2021 and 2025. Overall, total liabilities decreased from 2021 to 2023, then increased in 2024 before rising again in 2025, while stockholders’ equity exhibited a more consistent upward trend, with a dip in 2024.

Current Liabilities: Current liabilities generally decreased from 2021 to 2024, falling from US$8,140 million to US$6,798 million. A slight increase was observed in 2025, reaching US$6,807 million. Within current liabilities, trade accounts payable demonstrated a consistent decline over the period, decreasing from US$2,569 million in 2021 to US$1,844 million in 2025. Notes payable and current portion of long-term debt experienced a significant increase in 2022, peaking at US$1,695 million, followed by a substantial decrease in 2024 and 2025. Accrued expenses and other liabilities represent the largest component of current liabilities, decreasing from US$5,563 million in 2021 to US$4,540 million in 2024, then increasing to US$4,961 million in 2025.
Long-Term Liabilities: Long-term liabilities decreased from US$29,867 million in 2021 to US$21,194 million in 2024, before increasing to US$24,116 million in 2025. Long-term debt, excluding the current portion, followed a similar pattern, decreasing from US$22,168 million in 2021 to US$15,500 million in 2024, and then increasing to US$18,416 million in 2025. Other long-term liabilities also decreased over the period, though at a slower rate. Contract settlement financing payable showed a consistent decrease from US$481 million in 2021 to US$218 million in 2025.
Stockholders’ Equity: Total stockholders’ equity generally increased from US$45,177 million in 2021 to US$52,541 million in 2025, with a decrease observed in 2024 to US$49,550 million. Retained earnings consistently increased throughout the period, rising from US$32,827 million in 2021 to US$46,891 million in 2025, representing the largest component of equity. Additional paid-in capital also increased, though at a slower rate. Treasury stock increased significantly as a negative value, indicating share repurchases, particularly between 2022 and 2025. Accumulated other comprehensive loss remained negative throughout the period, with fluctuations in magnitude.
Preferred Stock: Preferred stock decreased significantly from US$3,268 million in 2021 to US$1,668 million in 2022, and was not reported in subsequent years.
Total Liabilities and Stockholders’ Equity: Total liabilities and stockholders’ equity peaked in 2021 at US$83,184 million, decreased to US$77,542 million in 2024, and then increased to US$83,464 million in 2025. This fluctuation reflects the combined trends in liabilities and equity.

In summary, the company demonstrated a strategy of managing down long-term debt and current liabilities, particularly between 2021 and 2024, while simultaneously increasing stockholders’ equity through retained earnings and share repurchases. The increase in total liabilities in 2025 warrants further investigation to understand the underlying drivers.

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Danaher Corp. (NYSE:DHR)

Balance Sheet: Liabilities and Stockholders’ Equity