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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- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Danaher Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-26), 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).
Operational cash flow exhibits a pattern of resilience despite fluctuations in quarterly net earnings. Net earnings peaked in December 2022 at 2,232 million US$ before experiencing a general decline through 2023 and 2024, with a notable low of 555 million US$ in June 2025. Despite this volatility in earnings, net cash provided by operating activities remained consistently positive, generally ranging between 1,300 million US$ and 2,500 million US$ per quarter, indicating strong cash conversion and a significant contribution from non-cash adjustments such as amortization of intangible assets, which grew from 344 million US$ in early 2021 to 463 million US$ by June 2026.
- Investment Strategy and Inorganic Growth
- The investing activities are characterized by periodic, large-scale capital outlays for acquisitions rather than a steady investment stream. Major acquisition events occurred in October 2021 (9,563 million US$), December 2023 (5,610 million US$), and June 2026 (9,843 million US$). Capital expenditures for property, plant, and equipment remained relatively stable, typically fluctuating between 240 million US$ and 516 million US$ per quarter, demonstrating a consistent commitment to maintaining physical infrastructure alongside aggressive growth through acquisition.
- Capital Allocation and Shareholder Returns
- Shareholder returns are managed through a combination of steady dividends and episodic share repurchases. Dividend payments show a gradual upward trend, increasing from 169 million US$ in April 2021 to 283 million US$ by June 2026. A strategic shift toward aggressive common stock repurchases is evident starting in June 2024, with a significant outlay of 4,530 million US$ in that quarter, followed by continued buyback activity totaling several billion US$ through 2025 and 2026.
- Financing and Liquidity Management
- Financing activities demonstrate a tactical use of debt to fund large-scale acquisitions. Significant borrowings are synchronized with major investment outflows; for instance, the June 2026 acquisition of 9,843 million US$ was supported by a borrowing of 6,555 million US$ and other short-term credit facilities. The net change in cash and equivalents is highly volatile, reflecting the timing of these large-scale financing and investing cycles rather than operational instability.
- Working Capital Dynamics
- Changes in operating capital have been predominantly negative across the analyzed period, indicating that cash is frequently absorbed by working capital needs. However, periodic recoveries are noted, such as the 174 million US$ positive impact in December 2024. The fluctuations in trade accounts receivable and inventories suggest active management of the balance sheet to align with operational demands and acquisition integrations.