$DHR

DANAHER CORP /DE/

CIK:0000313616|SEC Filings

Consolidated Condensed Statements of Earnings - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 26, 2026

Jun. 27, 2025

Jun. 26, 2026

Jun. 27, 2025

Income Statement [Abstract]

Sales

$ 6,265

$ 5,936

$ 12,216

$ 11,677

Cost of sales

(2,654)

(2,413)

(5,014)

(4,643)

Gross profit

3,611

3,523

7,202

7,034

Operating costs:

Selling, general and administrative expenses

(2,072)

(2,360)

(3,932)

(4,218)

Research and development expenses

(412)

(403)

(799)

(782)

Operating profit

1,127

760

2,471

2,034

Nonoperating income (expense):

Other income (expense), net

(3)

(42)

(76)

(121)

Interest expense

(107)

(71)

(170)

(143)

Interest income

Earnings before income taxes

1,078

655

2,313

1,784

Income taxes

(208)

(100)

(414)

(275)

Net earnings

$ 870

$ 555

$ 1,899

$ 1,509

Net earnings per common share:

Basic (in usd per share)

$ 1.23

$ 0.77

$ 2.69

^[1]

$ 2.11

^[1]

Diluted (in usd per share)

$ 1.23

$ 0.77

$ 2.68

$ 2.10

^[1]

Average common stock and common equivalent shares outstanding:

Basic (in shares)

705.3

716.5

706.6

716.4

Diluted (in shares)

707.6

719.1

709.4

719.9

[1]	Net earnings per common share amounts for the relevant three-month periods do not add to the six-month period amount due to rounding.

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2026	Jun. 27, 2025
Cash flows from operating activities:
Net earnings	$ 1,899	$ 1,509
Noncash items:
Depreciation	389	366
Amortization of intangible assets	897	836
Amortization of acquisition-related inventory fair value step-up	46	0
Stock-based compensation expense	151	152
Investment losses and pretax gain on sale of product line	84	125
Impairment charges	0	447
Change in trade accounts receivable, net	137	134
Change in inventories	(178)	(248)
Change in trade accounts payable	(79)	(111)
Change in prepaid expenses and other assets	81	(99)
Change in accrued expenses and other liabilities	(571)	(474)
Net cash provided by operating activities	2,856	2,637
Cash flows from investing activities:
Cash paid for acquisitions	(9,843)	0
Payments for additions to property, plant and equipment	(506)	(493)
Proceeds from sales of property, plant and equipment	0	10
Payments for purchases of investments	(67)	(50)
Proceeds from sales of investments	0	10
Proceeds from sale of product line	0	9
All other investing activities	20	14
Total cash used in investing activities	(10,396)	(500)
Cash flows from financing activities:
(Payments for) proceeds from the issuance of common stock in connection with stock-based compensation, net	(1)	14
Payment of dividends	(509)	(423)
Net proceeds from (repayments of) borrowings (maturities of 90 days or less)	3,673	(1)
Borrowings (maturities longer than 90 days)	6,555	4
Repayments of borrowings (maturities longer than 90 days)	(1,434)	0
Payments for repurchase of common stock	(894)	(1,078)
All other financing activities	(71)	(18)
Total cash provided by (used in) financing activities	7,319	(1,502)
Effect of exchange rate changes on cash and equivalents	(46)	244
Net change in cash and equivalents	(267)	879
Beginning balance of cash and equivalents	4,615	2,078
Ending balance of cash and equivalents	4,348	2,957
Supplemental disclosures:
Cash interest payments	136	149
Cash income tax payments	$ 541	$ 531

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 26, 2026	Dec. 31, 2025
Current assets:
Cash and equivalents	$ 4,348	$ 4,615
Trade accounts receivable, less allowance for doubtful accounts of $121 and $114, respectively	3,965	3,913
Inventories:
Finished goods	1,813	1,287
Work in process	537	469
Raw materials	910	733
Total inventories	3,260	2,489
Prepaid expenses and other current assets	1,808	1,739
Total current assets	13,381	12,756
Property, plant and equipment, net of accumulated depreciation of $4,915 and $4,767, respectively	5,825	5,531
Other long-term assets	4,389	4,209
Goodwill	47,414	43,151
Other intangible assets, net	21,358	17,817
Total assets	92,367	83,464
Current liabilities:
Notes payable and current portion of long-term debt	1,411	2
Trade accounts payable	1,822	1,844
Accrued expenses and other liabilities	4,872	4,961
Total current liabilities	8,105	6,807
Other long-term liabilities	6,523	5,700
Long-term debt	25,147	18,416
Stockholders’ equity:
Common stock - $0.01 par value, 2.0 billion shares authorized; 888.2 million issued and 702.9 million outstanding as of June 26, 2026; 886.9 million issued and 706.9 million outstanding as of December 31, 2025	9	9
Additional paid-in capital	17,459	17,194
Treasury stock	(12,318)	(11,353)
Retained earnings	48,226	46,891
Accumulated other comprehensive income (loss)	(795)	(207)
Total Danaher stockholders’ equity	52,581	52,534
Noncontrolling interests	11	7
Total stockholders’ equity	52,592	52,541
Total liabilities and stockholders’ equity	$ 92,367	$ 83,464