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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Danaher Corp. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Danaher Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Net Earnings and Earnings from Continuing Operations
- Net earnings experienced fluctuation over the presented periods. Starting from 595 million USD in April 2020, earnings peaked multiple times, reaching highs such as 2,232 million USD in December 2022 before declining again in late 2024 and early 2025. Earnings from continuing operations closely mirror net earnings, with small variations due to periodic impacts from discontinued operations. Notably, negative earnings from discontinued operations were observed in several quarters in 2021 and 2022, causing a gap between total and continuing operations earnings.
- Depreciation and Amortization
- Depreciation values remain relatively stable throughout the quarters, ranging between approximately 141 million to 201 million USD. Amortization of intangible assets shows a general upward trend, rising from 156 million USD in early 2020 to over 400 million USD by the end of 2024. There are sporadic entries for amortization related to acquisition inventory fair value adjustments, but these are less consistent and intermittent.
- Stock-based Compensation and Special Expenses
- Stock-based compensation expense gradually increased over time, particularly notable in 2022 where values exceeded 80 million USD per quarter multiple times. One-off items such as contract settlement expense appeared prominently in the July 2021 quarter with a substantial 542 million USD expense. There were also several sporadic impairment charges recorded mostly in mid-2023 through 2024, with a considerable charge in December 2024 of 222 million USD.
- Noncash Items and Working Capital Changes
- Noncash items exhibit volatility with peaks over 1 billion USD in several quarters, indicating significant adjustments unrelated to immediate cash flows. Working capital components show notable variability: trade accounts receivable changes fluctuate between positive and negative values, showing periods of collection acceleration and deceleration. Inventory changes trend negatively in many periods, implying reduction or slower inventory growth, though some quarters revert to increases. Accounts payable changes alternate between negative and positive, reflecting shifting payment timing. Accrued expenses and other liabilities also fluctuate widely, with marked negative and positive shifts affecting net operating capital.
- Operating Cash Flow
- Net cash provided by operating activities consistently stays positive and robust, generally ranging from around 800 million to over 2.5 billion USD quarterly. This indicates strong underlying cash generation despite fluctuations in earnings and working capital movements.
- Investing Activities
- Cash used in investing activities is generally negative, reflecting ongoing capital expenditures and acquisitions. Notably, large acquisition-related outflows occurred during Q3 2021 and Q4 2023, with amounts over 5 billion USD, indicative of major strategic investments. Payments for property, plant, and equipment steadily increased, peaking near 516 million USD by late 2024. There are scattered proceeds from sales of assets and product lines, but these are minor relative to investing outflows.
- Financing Activities
- Financing cash flows demonstrate considerable variability. Significant positive inflows occurred early in the period, including stock sales generating nearly 1.7 billion USD in Q2 2020. Large repayments and borrowings fluctuate over time, with substantial net repayments of long-term borrowings observed between 2020 and 2022, and occasional short-term borrowing volatility evident. Share repurchases become notable starting in mid-2024, with multiple quarters showing hundreds of millions in stock buybacks. Dividends are paid regularly and consistently, increasing modestly over time, peaking at 220 million USD per quarter in part of 2022.
- Discontinued Operations
- There are impacts from discontinued operations including negative earnings contributions in 2021 and 2022, as well as cash inflows and outflows reflected over the period. A large distribution related to discontinued operations appeared as a positive cash inflow of 2.6 billion USD in mid-2023, significantly affecting financing activity in that period.
- Cash and Exchange Rate Effects
- The effect of exchange rate changes on cash and cash equivalents shows alternating positive and negative impacts, with some quarters experiencing substantial currency-related cash flow swings exceeding 100 million USD in magnitude. The net change in cash and equivalents fluctuates widely, impacted by the combination of operating, investing, financing activities, and currency effects. There are periods of strong cash accumulation, such as mid-2022 and early 2023, contrasted with large decreases in late 2021 and late 2023.
- Summary Insights
- The financial data reveals a pattern of robust operating cash generation amidst substantial variability in earnings and significant corporate activity including acquisitions and divestitures. Capital expenditures and acquisitions represent major cash outflows that shape investing trends, while financing activity responds with dynamic borrowing, repayments, equity issuance, and share repurchases. The presence of discontinued operations adds complexity to income and cash flow patterns. Overall, liquidity shows resilience despite pronounced volatility in investments and financing, reflecting active financial management in a dynamic environment.