Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Danaher Corp., consolidated cash flow statement (quarterly data)
US$ in millions
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).
Operating cash flow exhibits significant volatility, characterized by a general decline in net earnings from peak levels in late 2022 toward a lower baseline in 2024 and 2025. Net earnings from continuing operations peaked at 2,232 million USD in December 2022 before trending downward, reaching a low of 555 million USD in June 2025. Despite this earnings volatility, net cash provided by operating activities remained resilient, generally staying between 1.3 billion USD and 2.5 billion USD per quarter, supported by consistent non-cash adjustments.
- Non-Cash Adjustments and Asset Impairments
- Depreciation and amortization expenses remained relatively stable throughout the period, with amortization of intangible assets gradually increasing from approximately 340 million USD in early 2021 to over 430 million USD by 2026. However, impairment charges became more prominent in later periods, notably spiking to 432 million USD in June 2025 and 222 million USD in September 2024, indicating periodic write-downs of asset values.
- Working Capital Dynamics
- The change in operating capital frequently exerted downward pressure on cash flows. Significant outflows were observed in several quarters, particularly in 2022 and early 2023. The impact of trade accounts receivable and inventories fluctuated, with large swings in receivables often offsetting or compounding the effects of inventory changes, reflecting a dynamic working capital management cycle.
Investing activities are defined by a strategy of sporadic, large-scale acquisitions interspersed with steady capital expenditures. The cash flow profile for investing is dominated by these major transactions rather than routine operations.
- Strategic Acquisitions and Capital Expenditure
- Two massive cash outflows for acquisitions occurred in October 2021 (9.56 billion USD) and December 2023 (5.61 billion USD). Outside of these events, acquisition spending was modest. Payments for property, plant, and equipment remained consistent, typically ranging between 230 million USD and 430 million USD per quarter, peaking at 516 million USD in December 2022.
- Investment Portfolio Management
- The company maintained a regular pattern of purchasing and selling investments, though the volumes were small relative to the scale of acquisitions. Proceeds from the sale of product lines and other investing activities provided minimal offsets to the primary capital outflows.
Financing activities reveal a dual approach to shareholder returns: steady dividend payments coupled with aggressive, opportunistic share repurchases. Debt levels were managed through a series of periodic borrowings and repayments.
- Shareholder Distributions
- Dividend payments remained highly stable, hovering between 170 million USD and 230 million USD per quarter. In contrast, common stock repurchases were sporadic and intense, highlighted by a significant 4.53 billion USD outflow in June 2024 and subsequent billion-dollar repurchases through 2025.
- Debt and Liquidity Management
- Borrowing activity was used to manage liquidity and fund strategic moves. A notable increase in borrowings occurred in March 2026, totaling approximately 3.3 billion USD across short- and long-term instruments. The period also included a significant distribution related to the Veralto Corporation in December 2023, totaling 427 million USD.
The net change in cash and equivalents reflects extreme quarterly variance due to the timing of multi-billion dollar acquisitions and share buybacks. While operating cash flow provides a steady foundation, the overall cash position is subject to sharp fluctuations driven by strategic corporate finance decisions and restructuring events.