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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Price to Earnings (P/E) 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: 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).
- Net Earnings and Continuing Operations
- Net earnings display significant volatility over the periods, peaking notably in the fourth quarter of 2022 at 2232 million USD, followed by a decline in subsequent quarters with a low of 555 million USD in the second quarter of 2025. Earnings from discontinued operations, though sporadically reported, tend to be negative, impacting total net earnings. Continuing operations closely track net earnings, reflecting the effects of discontinued operations primarily in later periods.
- Depreciation and Amortization
- Depreciation expenses remain relatively stable, fluctuating modestly between approximately 141 and 201 million USD each quarter. Amortization of intangible assets shows an increasing trend, rising from 156 million USD in early 2020 to peaks over 400 million USD in the last quarters noted, indicating ongoing intangible asset consumption. Amortization related to acquisition inventory fair value step-ups is irregular, appearing sporadically with moderate values.
- Stock-based Compensation and Other Charges
- Stock-based compensation expense generally increases over time, reaching above 100 million USD in mid-2022 before varying in subsequent quarters. Contract settlement expenses are minimal and isolated in occurrence, with a significant one-time charge in late 2020. Impairment charges appear primarily in recent periods, peaking notably at 432 million USD in one quarter, suggesting asset write-down activities.
- Investment Gains and Losses
- Investment gains and losses demonstrate considerable variability, with significant negative values early on, large positive gains in mid-2020 and fluctuations throughout the timeline. This volatility indicates active investment management with varying realized gains and losses.
- Working Capital Changes
- Changes in operating capital components such as trade accounts receivable, inventories, and payables show fluctuations. Trade receivables fluctuate significantly, with large positive and negative swings indicating changing collection efficiency or sales patterns. Inventories mostly trend down with occasional increases, possibly reflecting changes in inventory management or supply chain dynamics. Payables exhibit notable volatility, with periods of substantial increases and decreases influencing working capital financing. Overall change in operating capital is erratic, sometimes draining cash and other times providing it.
- Operating Cash Flows
- Net cash provided by operating activities remains robust and generally positive across all quarters, peaking above 2500 million USD in late 2022. While fluctuations occur, operating cash generation remains strong relative to net earnings, indicating efficient cash conversion from operations.
- Investing Activities
- Cash flows from investing activities reveal considerable outflows linked to acquisitions, with a massive acquisition payment exceeding 20 billion USD in early 2020. Subsequent periods show frequent but smaller acquisition-related expenses. Capital expenditures (payments for additions to property, plant, and equipment) vary but consistently represent a substantial cash outflow. Proceeds from sales of assets and investments are sporadic and modest in comparison. Overall, investing activities tend to consume cash.
- Financing Activities
- Financing cash flows are erratic, featuring large inflows from stock issuances early in the data series followed by significant outflows for share repurchases in later periods, with repurchase payments increasing sharply in recent quarters. Dividends are consistently paid, generally increasing over time. Borrowing activities vary, with both issuance and repayments recorded, impacting financing cash flows timing and magnitude. Other financing activities remain minor contributors to cash flows.
- Discontinued Operations
- Cash flows related to discontinued operations appear occasionally, with positive cash provided in some mid-to-late periods, but also significant distributions to related entities resulting in cash outflows in later periods. The impact of discontinued segments on overall cash flow is noticeable but limited to specific intervals.
- Foreign Exchange Effects and Cash Position Changes
- Exchange rate effects on cash and equivalents fluctuate widely, sometimes positively and sometimes negatively affecting the cash position. Net changes in cash and equivalents generally trend positively except for intermittent large negative shifts, especially linked to large investing or financing transactions, reflecting active liquidity and currency management.
- Summary Insights
- The data reflect a company experiencing considerable fluctuations in earnings and a dynamic operational environment marked by substantial acquisition activities and variable investment performance. Operating cash generation remains strong relative to earnings, supporting ongoing capital investments and financing strategies including dividend payments and share repurchases. Working capital components exhibit variability, influencing cash flows inconsistently. The financial activities suggest active portfolio and capital structure management, with significant intermittent transactions impacting cash balances and financial results over time.