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DHR DANAHER CORP

NYSEIndustrialsIndustrial Instruments For Measurement, Display, and ControlWashington, DCFY ends December 31

Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 24, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$24.6BYoYup 2.90%ended Dec 31, 2025
Net income
$3.61B14.7% margin
Diluted EPS
$5.05YoYdown 4.54%
Free cash flow
$5.26B21.4% margin
Cash
$4.62BNet debt $13.8B
Total debt
$18.4BD/E 0.35×
About DANAHER CORP

Overview

DANAHER CORP (DHR) is listed on NYSE; the SEC classifies it under "Industrial Instruments For Measurement, Display, and Control".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $24.57B, up 2.9% from fiscal 2024.

Net income was $3.61B, a net margin of 14.7%.

At fiscal year end it had total assets of $83.46B and stockholders' equity of $52.53B (62.9% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 24, 2026
Latest filing
8-KOct 21, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$16.9B$2.55B15.1%
FY2017$18.3B$2.49B13.6%
FY2018$19.9B$2.65B13.3%
FY2019$17.9B$3.01B16.8%
FY2020$22.3B$3.65B16.4%
FY2021$29.5B$6.43B21.8%
FY2022$31.5B$7.21B22.9%
FY2023$23.9B$4.76B19.9%
FY2024$23.9B$3.9B16.3%
FY2025$24.6B$3.61B14.7%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY201655.3%16.3%15.1%
FY201755.6%16.5%13.6%
FY201855.8%17.1%13.3%
FY201955.7%18.3%16.8%
FY202056.0%19.0%16.4%
FY202161.0%25.3%21.8%
FY202260.2%27.6%22.9%
FY202358.7%21.8%19.9%
FY202459.5%20.4%16.3%
FY202559.1%19.1%14.7%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$3.65
FY2017$3.53
FY2018$3.74
FY2019$4.05
FY2020$4.89
FY2021$8.61
FY2022$9.66
FY2023$6.38
FY2024$5.29
FY2025$5.05

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$2.93B$2.55B
FY2017$2.86B$2.49B
FY2018$3.37B$2.65B
FY2019$3.32B$3.01B
FY2020$5.42B$3.65B
FY2021$7.06B$6.43B
FY2022$7.37B$7.21B
FY2023$5.78B$4.76B
FY2024$5.3B$3.9B
FY2025$5.26B$3.61B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016700M
FY2017706M
FY2018710M
FY2019726M
FY2020719M
FY2021737M
FY2022737M
FY2023743M
FY2024737M
FY2025716M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$964M$9.67B
FY2017$630M$10.3B
FY2018$788M$9.69B
FY2019$19.9B$21.5B
FY2020$6.04B$21.2B
FY2021$2.59B$22.2B
FY2022$6B$19.1B
FY2023$5.86B$16.7B
FY2024$2.08B$15.5B
FY2025$4.62B$18.4B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
59.1%
Operating margin
19.1%
Net margin
14.7%
FCF margin
21.4%
Return on equity
7.1%
Return on assets
4.5%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 2.90%down 7.92%up 1.97%—
EPS (diluted)down 4.54%down 19.44%up 0.65%up 3.67%
Free cash flowdown 0.68%down 10.62%down 0.59%up 6.71%
Change in share count
-2.86%

Financial strength

Current ratio
1.87×
Debt / equity
0.35×
Net debt
$13.8B
Interest coverage
17.7×
Equity / assets
62.9%

Shareholder returns

Dividends paid
$878M
Buybacks
$3.09B
Payout ratio
24.3%
Stock comp. / revenue
1.2%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

7 of 9 checks passed

FY2025 vs FY2024

  • PassPositive return on assets4.7%
  • PassPositive operating cash flow$6.42B
  • PassReturn on assets improved4.7% vs 4.6%
  • PassOperating cash flow above net income8.3% vs 4.7%
  • FailLong-term debt / assets fell22.1% vs 20.0%
  • PassCurrent ratio improved1.87× vs 1.4×
  • PassNo increase in share count716M vs 737M
  • FailGross margin improved59.1% vs 59.5%
  • PassAsset turnover improved0.32× vs 0.28×

Altman Z''-Score

Needs current assets and liabilities, retained earnings, operating income, total assets, liabilities and equity from the latest 10-K.

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue24,56823,87523,89031,47129,45322,28417,91119,89318,33016,882
YoY (Revenue)+2.90%-0.06%-24.09%+6.85%+32.17%+24.41%——+8.57%—
Gross profit14,52314,20614,03418,94917,95212,4759,98411,10710,1939,335
Research & development1,5981,5841,5031,7451,7421,3481,1261,2311,129975
Selling, general & admin.8,2357,7597,3298,5168,1986,8965,5886,4726,0435,609
Operating income4,6904,8635,2028,6887,4654,2313,2693,4043,0212,751
Interest expense265278286211238275109157163184
Pretax income4,2334,6465,0448,2927,5984,4953,3053,2932,9392,611
Income tax6337478231,0831,251849873642469458
Net income3,6143,8994,7647,2096,4333,6463,0082,6512,4922,554
YoY (Net income)-7.31%-18.16%-33.92%+12.06%+76.44%+21.20%+13.48%+6.37%-2.41%—
EPS (basic)5.075.336.449.808.774.974.113.783.583.69
EPS (diluted)5.055.296.389.668.614.894.053.743.533.65
YoY (EPS (diluted))-4.54%-17.08%-33.95%+12.20%+76.07%+20.74%+8.29%+5.95%-3.29%—
Diluted shares (weighted)716737743737737719726710706700

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents4,6152,0785,8645,9952,5866,03519,912788630964
Receivables3,9133,5373,9224,9184,6314,0453,1913,4903,5223,186
Inventory2,4892,3302,5943,1102,7672,2921,6281,9101,8411,709
Current assets12,7569,49713,93715,88311,64813,80225,5977,0946,8506,665
Goodwill43,15140,49741,60839,75241,18435,42022,71325,90625,13923,827
Intangible assets17,81718,56820,74620,30022,84321,2829,75011,67311,66711,818
Total assets83,46477,54284,48884,35083,18476,16162,08247,83346,64945,295
Current liabilities6,8076,7988,2748,3898,1407,4024,9324,8424,7926,874
Long-term debt18,41615,50016,70719,08622,16821,19321,5179,68910,3279,674
Retained earnings46,89144,18841,07439,20532,82727,15924,16625,16322,80620,704
Stockholders' equity52,53449,54353,48650,08245,16739,76630,27128,21426,35823,003
Shares outstanding707719739728715711696702697692

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow6,4166,6887,1648,5198,3586,2083,9524,0223,4783,522
Capital expenditures1,1561,3921,3831,1521,294791636656620590
Free cash flow5,2605,2965,7817,3677,0645,4173,3163,3662,8582,932
YoY (Free cash flow)-0.68%-8.39%-21.53%+4.29%+30.40%+63.35%-1.49%+17.78%-2.52%—
Depreciation & amortization——2,1662,2222,1681,7751,1901,3081,2381,128
Stock-based compensation298288306336218187159151139130
Share repurchases3,0885,979————————
Dividends paid878768821818742615527433378400
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$5.05
Revenue per share
$34.31
FCF per share
$7.35
Book value per share
$73.36
Tangible book per share
-$11.78
Cash per share
$6.44
Public floatas of Jun 30, 2025
$126B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-K
    Current report· Oct 21, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  2. 10-Q
    Quarterly report· Sep 25, 2026(SEC EDGAR)
  3. 8-K
    Current report· Oct 9, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 8.01Other events
  4. 8-K
    Current report· Jul 31, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 8.01Other events
    • 9.01Financial statements and exhibits
  5. 8-K
    Current report· Jul 21, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  6. 10-Q
    Quarterly report· Jun 26, 2026(SEC EDGAR)
  7. 8-K
    Current report· Jun 3, 2026(SEC EDGAR)
    • 2.03New financial obligation
    • 8.01Other events
  8. 8-K
    Current report· May 5, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 9.01Financial statements and exhibits
  9. 8-K
    Current report· Apr 22, 2026(SEC EDGAR)
    • 1.01Material agreement
    • 8.01Other events
    • 9.01Financial statements and exhibits
  10. 8-K
    Current report· Apr 21, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR

Frequently asked questions

What does DANAHER CORP do?

The SEC classifies DANAHER CORP under Standard Industrial Classification (SIC) code 3823, "Industrial Instruments For Measurement, Display, and Control". It is headquartered in Washington, DC. It is incorporated in DE. In fiscal 2025 it reported revenue of $24.57B and net income of $3.61B in its annual 10-K report.

What was DANAHER CORP's revenue in 2025?

DANAHER CORP reported revenue of $24.57B for fiscal 2025, which ended Dec 31, 2025, up 2.9% from $23.88B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 24, 2026.

What was DANAHER CORP's net income in 2025?

DANAHER CORP reported net income of $3.61B for fiscal 2025, a net margin of 14.7% of revenue.

Where is DANAHER CORP listed?

According to the SEC, DANAHER CORP's ticker DHR is listed on NYSE.

When does DANAHER CORP's fiscal year end?

According to the SEC, DANAHER CORP's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.