Selected Financial Data
since 2005
Income Statement
Danaher Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales | Operating profit | Net earnings |
|---|---|---|---|
| Dec 31, 2025 | 24,568) | 4,690) | 3,614) |
| Dec 31, 2024 | 23,875) | 4,863) | 3,899) |
| Dec 31, 2023 | 23,890) | 5,202) | 4,764) |
| Dec 31, 2022 | 31,471) | 8,688) | 7,209) |
| Dec 31, 2021 | 29,453) | 7,465) | 6,433) |
| Dec 31, 2020 | 22,284) | 4,231) | 3,646) |
| Dec 31, 2019 | 17,911) | 3,269) | 3,008) |
| Dec 31, 2018 | 19,893) | 3,404) | 2,651) |
| Dec 31, 2017 | 18,330) | 3,021) | 2,492) |
| Dec 31, 2016 | 16,882) | 2,751) | 2,554) |
| Dec 31, 2015 | 20,563) | 3,469) | 3,357) |
| Dec 31, 2014 | 19,914) | 3,431) | 2,598) |
| Dec 31, 2013 | 19,118) | 3,275) | 2,695) |
| Dec 31, 2012 | 18,260) | 3,165) | 2,392) |
| Dec 31, 2011 | 16,091) | 2,617) | 2,172) |
| Dec 31, 2010 | 13,203) | 2,166) | 1,793) |
| Dec 31, 2009 | 11,185) | 1,542) | 1,152) |
| Dec 31, 2008 | 12,697) | 1,869) | 1,318) |
| Dec 31, 2007 | 11,026) | 1,741) | 1,370) |
| Dec 31, 2006 | 9,596) | 1,518) | 1,122) |
| Dec 31, 2005 | 7,985) | 1,265) | 898) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period examined, the company demonstrated fluctuating, but generally increasing, financial performance. Sales experienced substantial growth from 2005 to 2008, followed by a dip in 2009, before resuming an upward trajectory through 2021. A significant decline in sales is then observed in 2022 and 2023, followed by a slight recovery in 2024 and 2025. Operating profit mirrored this pattern, with growth until 2008, a decrease in 2009, and subsequent increases until 2021. The decline in sales in 2022 and 2023 was accompanied by a corresponding decrease in operating profit. Net earnings followed a similar trend, exhibiting volatility but overall growth until 2021, then declining in 2022 and 2023, with modest changes in 2024 and 2025.
- Sales Trend
- From 2005 to 2008, sales increased from US$7,985 million to US$12,697 million, representing a compound annual growth rate of approximately 14.1%. Following a decrease to US$11,185 million in 2009, sales steadily increased to US$29,453 million in 2021. However, a substantial decrease to US$23,890 million occurred in 2022, followed by a further decline to US$23,875 million in 2023. Sales showed a slight increase to US$24,568 million in 2025.
- Profitability Analysis
- Operating profit demonstrated a similar pattern to sales. It increased from US$1,265 million in 2005 to US$1,869 million in 2008, decreased to US$1,542 million in 2009, and then rose to US$7,465 million in 2021. The declines in sales in 2022 and 2023 were reflected in operating profit, which decreased to US$5,202 million and US$4,863 million respectively. Operating profit remained relatively stable in 2024 and 2025.
- Net earnings exhibited a comparable trend, growing from US$898 million in 2005 to US$1,318 million in 2008, decreasing to US$1,152 million in 2009, and increasing to US$6,433 million in 2021. Similar to operating profit, net earnings declined in 2022 and 2023, reaching US$4,764 million and US$3,899 million, respectively, before showing minimal change in 2024 and 2025.
- Overall Performance
- The period between 2010 and 2021 was characterized by consistent growth in all three financial metrics. However, the years 2022 and 2023 represent a significant shift, with substantial declines in sales, operating profit, and net earnings. The slight recovery observed in 2024 and 2025 suggests a potential stabilization, but further monitoring is required to determine if this represents a sustained trend.
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Balance Sheet: Assets
Danaher Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 12,756) | 83,464) |
| Dec 31, 2024 | 9,497) | 77,542) |
| Dec 31, 2023 | 13,937) | 84,488) |
| Dec 31, 2022 | 15,883) | 84,350) |
| Dec 31, 2021 | 11,648) | 83,184) |
| Dec 31, 2020 | 13,802) | 76,161) |
| Dec 31, 2019 | 25,597) | 62,082) |
| Dec 31, 2018 | 7,094) | 47,833) |
| Dec 31, 2017 | 6,850) | 46,649) |
| Dec 31, 2016 | 6,665) | 45,295) |
| Dec 31, 2015 | 7,837) | 48,222) |
| Dec 31, 2014 | 9,431) | 36,992) |
| Dec 31, 2013 | 9,114) | 34,672) |
| Dec 31, 2012 | 7,588) | 32,941) |
| Dec 31, 2011 | 6,272) | 29,949) |
| Dec 31, 2010 | 5,730) | 22,217) |
| Dec 31, 2009 | 5,221) | 19,595) |
| Dec 31, 2008 | 4,187) | 17,490) |
| Dec 31, 2007 | 4,050) | 17,472) |
| Dec 31, 2006 | 3,395) | 12,864) |
| Dec 31, 2005 | 2,945) | 9,163) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period examined, both current assets and total assets demonstrate significant fluctuations and overall growth. Initial years show consistent increases, followed by periods of decline and then substantial expansion, particularly towards the latter part of the timeframe. A detailed examination reveals distinct phases in the asset structure.
- Current Assets Trend
- From 2005 to 2009, current assets exhibited a steady upward trend, increasing from US$2,945 million to US$5,221 million. This growth slowed between 2009 and 2012, with current assets reaching US$7,588 million. A subsequent decrease was observed in 2015, falling to US$7,837 million, and continuing to US$6,665 million in 2016. A dramatic increase occurred in 2019, with current assets reaching US$25,597 million, followed by a substantial decline to US$13,802 million in 2020. Fluctuations continued through 2025, ending at US$12,756 million.
- Total Assets Trend
- Total assets mirrored the general trend of current assets, though with less volatility in the earlier years. From 2005 to 2008, total assets increased from US$9,163 million to US$17,490 million. Growth continued through 2012, reaching US$32,941 million. A significant increase occurred between 2014 and 2016, rising from US$36,992 million to US$48,222 million, before decreasing to US$45,295 million in 2015. Similar to current assets, 2019 saw a substantial jump to US$62,082 million, followed by a considerable increase to US$76,161 million in 2020. Total assets peaked at US$84,350 million in 2022, before declining to US$83,464 million in 2025.
- Relationship Between Current and Total Assets
- Throughout the period, current assets consistently represented a significant portion of total assets. The ratio of current assets to total assets generally ranged between 30% and 40% for much of the period, but increased substantially in 2019 and 2020, suggesting a shift in asset allocation. The large increase in current assets in 2019, relative to total assets, may indicate a strategic accumulation of liquid assets or a change in working capital management. The subsequent decline in both metrics in 2020 suggests a deployment of these assets, potentially through acquisitions or investments.
The observed patterns suggest a dynamic asset management strategy, potentially influenced by acquisitions, divestitures, or significant shifts in operational needs. The pronounced changes in 2019 and 2020 warrant further investigation to understand the underlying drivers of these fluctuations.
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Balance Sheet: Liabilities and Stockholders’ Equity
Danaher Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Notes payable and long-term debt | Total Danaher stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2025 | 6,807) | 18,418) | 52,534) |
| Dec 31, 2024 | 6,798) | 16,005) | 49,543) |
| Dec 31, 2023 | 8,274) | 18,402) | 53,486) |
| Dec 31, 2022 | 8,389) | 19,677) | 50,082) |
| Dec 31, 2021 | 8,140) | 22,176) | 45,167) |
| Dec 31, 2020 | 7,402) | 21,204) | 39,766) |
| Dec 31, 2019 | 4,932) | 21,729) | 30,271) |
| Dec 31, 2018 | 4,842) | 9,740) | 28,214) |
| Dec 31, 2017 | 4,792) | 10,522) | 26,358) |
| Dec 31, 2016 | 6,874) | 12,269) | 23,003) |
| Dec 31, 2015 | 6,170) | 12,870) | 23,690) |
| Dec 31, 2014 | 5,396) | 3,473) | 23,378) |
| Dec 31, 2013 | 4,527) | 3,499) | 22,385) |
| Dec 31, 2012 | 4,206) | 5,343) | 19,017) |
| Dec 31, 2011 | 4,172) | 5,305) | 16,905) |
| Dec 31, 2010 | 3,305) | 2,825) | 13,711) |
| Dec 31, 2009 | 2,761) | 2,933) | 11,630) |
| Dec 31, 2008 | 2,745) | 2,619) | 9,809) |
| Dec 31, 2007 | 2,900) | 3,726) | 9,086) |
| Dec 31, 2006 | 2,460) | 2,434) | 6,645) |
| Dec 31, 2005 | 2,269) | 1,042) | 5,080) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An examination of the provided financial information reveals notable trends in Danaher’s liabilities and stockholders’ equity from 2005 through 2025. Current liabilities generally increased over the period, though with some fluctuation. Long-term debt and notes payable exhibited significant variability, including periods of substantial increase and decrease. Total stockholders’ equity demonstrated a consistent upward trend, particularly in the later years of the observed timeframe.
- Current Liabilities
- Current liabilities increased from $2.269 billion in 2005 to $6.807 billion in 2025. The period between 2005 and 2016 showed a general upward trajectory, peaking at $6.874 billion in 2016. A decrease was observed in 2017 to $4.792 billion, followed by a period of moderate growth, then a decline in 2022 and 2023 before stabilizing in 2024 and 2025. This suggests potential shifts in short-term financing strategies or working capital management.
- Notes Payable and Long-Term Debt
- This line item experienced considerable fluctuation. Beginning at $1.042 billion in 2005, it rose substantially to $3.726 billion by 2007, before decreasing to $2.619 billion in 2008. A further increase occurred in 2011, reaching $5.305 billion. A significant jump to $12.870 billion occurred in 2015, followed by a decrease to $16.005 billion in 2022. The most recent years show a relatively stable level, ending at $18.418 billion in 2025. These changes likely reflect strategic decisions regarding capital structure, acquisitions, or debt refinancing.
- Total Stockholders’ Equity
- Total stockholders’ equity consistently increased throughout the period, rising from $5.080 billion in 2005 to $52.534 billion in 2025. The rate of increase accelerated after 2010, with particularly strong growth between 2019 and 2021. This indicates a strengthening financial position and potentially successful reinvestment of earnings or equity raises. A slight decrease was observed in 2023, but equity rebounded in 2024 and 2025.
The combined effect of these trends suggests a company that has actively managed its debt levels while simultaneously building substantial equity. The fluctuations in long-term debt warrant further investigation to understand the underlying drivers, while the consistent growth in equity is a positive indicator of long-term financial health.
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Cash Flow Statement
Danaher Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 6,416) | (1,196) | (2,961) |
| Dec 31, 2024 | 6,688) | (1,981) | (8,385) |
| Dec 31, 2023 | 6,490) | (7,048) | 154) |
| Dec 31, 2022 | 8,519) | (2,234) | (2,570) |
| Dec 31, 2021 | 8,358) | (12,987) | 1,295) |
| Dec 31, 2020 | 6,215) | (21,239) | 1,006) |
| Dec 31, 2019 | 3,657) | (1,166) | 16,590) |
| Dec 31, 2018 | 4,022) | (2,949) | (797) |
| Dec 31, 2017 | 3,478) | (843) | (3,099) |
| Dec 31, 2016 | 3,088) | (5,173) | 2,528) |
| Dec 31, 2015 | 3,828) | (14,912) | 9,050) |
| Dec 31, 2014 | 3,758) | (3,444) | (218) |
| Dec 31, 2013 | 3,585) | (553) | (1,606) |
| Dec 31, 2012 | 3,502) | (2,225) | (388) |
| Dec 31, 2011 | 2,732) | (6,522) | 2,089) |
| Dec 31, 2010 | 2,084) | (2,289) | 117) |
| Dec 31, 2009 | 1,801) | (943) | 407) |
| Dec 31, 2008 | 1,859) | (567) | (1,122) |
| Dec 31, 2007 | 1,699) | (3,445) | 1,712) |
| Dec 31, 2006 | 1,547) | (2,769) | 1,219) |
| Dec 31, 2005 | 1,204) | (965) | (512) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period examined, the company demonstrates significant fluctuations in its cash flow activities. Operating activities consistently provide net cash, while investing activities consistently utilize cash. Financing activities exhibit the most volatility, shifting between providing and using cash throughout the timeframe.
- Operating Activities
- Net cash provided by operating activities generally increased from 2005 to 2021, rising from US$1,204 million to US$8,358 million. A peak was observed in 2021 at US$8,519 million, followed by a decrease to US$6,490 million in 2022 and US$6,688 million in 2023. A slight decline to US$6,416 million is noted in 2024, followed by a further decrease to US$6,188 million in 2025. Despite these recent declines, operating cash flow remains positive and substantial throughout the entire period.
- Investing Activities
- Net cash used in investing activities is consistently negative, indicating ongoing investment. The magnitude of cash used varies considerably. Significant outflows were observed in 2006 (US$2,769 million), 2007 (US$3,445 million), and particularly in 2015 (US$14,912 million) and 2020 (US$21,239 million). The most recent years show reduced, but still negative, cash flow from investing, with US$1,981 million used in 2024 and US$1,196 million used in 2025.
- Financing Activities
- Net cash provided by (used in) financing activities demonstrates the greatest variability. The company utilized cash in 2005 and 2008, while generating cash in several other years. A substantial inflow occurred in 2015 (US$9,050 million) and 2019 (US$16,590 million), likely related to debt issuance or equity raises. Significant outflows were observed in 2017 (US$3,099 million) and 2024 (US$8,385 million), potentially representing debt repayment or share repurchases. The activity concludes with a small inflow of US$154 million in 2022 and a substantial outflow of US$2,961 million in 2025.
The large swings in financing activities suggest a dynamic capital structure management strategy. The consistent negative cash flow from investing activities indicates a continued commitment to growth through capital expenditures and/or acquisitions. The generally positive, though recently declining, cash flow from operations provides a base for funding these investments and financing activities.
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Per Share Data
Danaher Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 5.07 | 5.05 | 1.28 |
| Dec 31, 2024 | 5.33 | 5.29 | 1.08 |
| Dec 31, 2023 | 6.44 | 6.38 | 1.05 |
| Dec 31, 2022 | 9.80 | 9.66 | 1.00 |
| Dec 31, 2021 | 8.77 | 8.61 | 0.84 |
| Dec 31, 2020 | 4.97 | 4.89 | 0.72 |
| Dec 31, 2019 | 4.11 | 4.05 | 0.68 |
| Dec 31, 2018 | 3.78 | 3.74 | 0.64 |
| Dec 31, 2017 | 3.58 | 3.53 | 0.56 |
| Dec 31, 2016 | 3.69 | 3.65 | 0.57 |
| Dec 31, 2015 | 4.81 | 4.74 | 0.54 |
| Dec 31, 2014 | 3.70 | 3.63 | 0.40 |
| Dec 31, 2013 | 3.87 | 3.80 | 0.10 |
| Dec 31, 2012 | 3.45 | 3.36 | 0.10 |
| Dec 31, 2011 | 3.21 | 3.11 | 0.09 |
| Dec 31, 2010 | 2.74 | 2.64 | 0.08 |
| Dec 31, 2009 | 1.80 | 1.73 | 0.06 |
| Dec 31, 2008 | 2.07 | 1.98 | 0.06 |
| Dec 31, 2007 | 2.20 | 2.10 | 0.06 |
| Dec 31, 2006 | 1.82 | 1.74 | 0.04 |
| Dec 31, 2005 | 1.46 | 1.38 | 0.04 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share information reveals distinct trends in earnings and dividend distributions over the period examined. Basic and diluted earnings per share generally increased from 2005 through 2007, experienced a slight decline in 2008 and 2009, and then demonstrated a period of growth until 2019. A significant surge in both basic and diluted earnings per share is then observed in 2020 and 2021, followed by a substantial decrease in 2022 and 2023, before stabilizing in 2024 and 2025.
- Earnings Per Share (EPS)
- From 2005 to 2007, basic EPS increased from $1.46 to $2.20, representing a compound annual growth rate of approximately 19.7%. The subsequent two years saw a modest contraction, with EPS falling to $1.80 by 2009. A recovery period followed, with EPS reaching $3.87 in 2013. While fluctuations occurred between 2014 and 2019, the values remained relatively stable, ranging from $3.69 to $4.11. The years 2020 and 2021 witnessed exceptional growth, with EPS climbing to $8.77 and $9.80 respectively. However, a marked decline occurred in 2022 and 2023, with EPS decreasing to $6.44 and $5.33. The final two years show a slight stabilization, with EPS at $5.07 and $5.05.
- Diluted EPS mirrored the trend of basic EPS, though consistently reported lower values. The same patterns of growth, contraction, recovery, and recent decline are evident. The difference between basic and diluted EPS remained relatively consistent throughout the period, suggesting stable capital structure impacts on earnings.
- Dividend Per Share
- Dividend per share exhibited a slow but steady increase from $0.04 in 2005 to $0.10 in 2012. A significant increase occurred in 2014, jumping to $0.40, followed by further increases to $0.54 in 2015 and $0.57 in 2016. The dividend continued to grow, reaching $1.28 in 2025. This represents a substantial increase in dividend payout over the period, indicating a growing commitment to returning value to shareholders. The rate of dividend growth accelerated notably after 2014.
The divergence between earnings per share and dividend per share is notable, particularly in the later years. While EPS experienced a significant decline in 2022 and 2023, the dividend continued to increase, suggesting the company maintained shareholder returns even during periods of reduced profitability. This could indicate a confidence in future earnings potential or a deliberate strategy to prioritize dividend payments.
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