Revenue growth recovered to 5.5% in 2026Q2, with gross margin at 57.6% and operating margin at 18.0%, reflecting stabilization after a -19.8% contraction in 2024Q2.
Danaher Corporation (DHR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 25.61B | 24.57B | 23.88B | 23.89B | 26.64B | 29.45B | 22.28B | 17.91B | 17.05B | 18.33B | 16.88B | 14.43B | 19.91B | 19.12B | 18.26B | 16.09B | 13.2B | 11.18B | 12.7B | 11.03B | 9.6B | 7.98B | 6.89B | 5.29B | 4.58B | 3.78B | 3.78B | 3.2B | 2.91B | 2.05B | 1.81B |
| Revenue Growth % | 5.52% | 2.9% | -0.06% | -10.33% | -9.54% | 32.17% | 24.41% | 5.06% | -6.99% | 8.57% | 16.97% | -27.52% | 4.16% | 4.7% | 13.49% | 21.87% | 18.04% | -11.91% | 15.16% | 14.9% | 20.18% | 15.9% | 30.14% | 15.66% | 21.01% | 0.12% | 18.16% | 9.87% | 41.88% | 13.2% | 21.87% |
| Cost of Goods Sold | 10.6B | 9.6B | 9.67B | 9.86B | 10.46B | 11.5B | 9.81B | 7.93B | 7.54B | 8.1B | 7.5B | 6.52B | 9.43B | 9.13B | 8.81B | 7.85B | 6.58B | 5.78B | 6.72B | 5.99B | 5.35B | 4.54B | 4B | 3.15B | 2.79B | 2.34B | 2.17B | 1.83B | 1.71B | 1.31B | 1.17B |
| COGS % of Revenue | - | 39.07% | 40.5% | 41.26% | 39.24% | 39.05% | 44.02% | 44.26% | 44.25% | 44.19% | 44.42% | 45.17% | 47.33% | 47.78% | 48.26% | 48.76% | 49.81% | 51.7% | 52.96% | 54.28% | 55.78% | 56.85% | 58.01% | 59.59% | 60.98% | 61.81% | 57.34% | 57.38% | 58.85% | 63.7% | 64.64% |
| Gross Profit | 15.01B | 14.97B | 14.21B | 14.03B | 16.19B | 17.95B | 12.47B | 9.98B | 9.51B | 10.23B | 9.38B | 7.91B | 10.49B | 9.98B | 9.45B | 8.24B | 6.63B | 5.4B | 5.97B | 5.04B | 4.24B | 3.45B | 2.89B | 2.14B | 1.79B | 1.44B | 1.61B | 1.36B | 1.2B | 744.6M | 640.7M |
| Gross Margin % | 58.59% | 60.93% | 59.5% | 58.74% | 60.76% | 60.95% | 55.98% | 55.74% | 55.75% | 55.81% | 55.58% | 54.83% | 52.67% | 52.22% | 51.74% | 51.24% | 50.19% | 48.3% | 47.04% | 45.72% | 44.22% | 43.15% | 41.99% | 40.41% | 39.02% | 38.19% | 42.66% | 42.62% | 41.15% | 36.3% | 35.36% |
| Gross Profit Growth % | - | 5.38% | 1.23% | -13.31% | -9.83% | 43.9% | 24.95% | 5.03% | -7.09% | 9.03% | 18.56% | -24.55% | 5.05% | 5.67% | 14.6% | 24.41% | 22.67% | -9.56% | 18.5% | 18.79% | 23.17% | 19.09% | 35.23% | 19.76% | 23.65% | -10.38% | 18.27% | 13.79% | 60.84% | 16.22% | 26.7% |
| Operating Expenses | 9.79B | 9.83B | 9.02B | 8.76B | 8.65B | 9.9B | 8.16B | 6.62B | 6.44B | 7.08B | 6.4B | 5.5B | 6.89B | 6.62B | 6.25B | 5.51B | 4.39B | 3.67B | 4.02B | 3.31B | 2.74B | 2.17B | 1.8B | 1.29B | 1.09B | 872.68M | 1.06B | 904.8M | 830.8M | 477.7M | 414.5M |
| OpEx % of Revenue | - | 40.02% | 37.79% | 36.65% | 32.47% | 33.62% | 36.63% | 36.97% | 37.75% | 38.63% | 37.88% | 38.08% | 34.58% | 34.61% | 34.24% | 34.22% | 33.28% | 32.8% | 31.67% | 30.06% | 28.52% | 27.19% | 26.06% | 24.43% | 23.84% | 23.07% | 28.05% | 28.3% | 28.55% | 23.29% | 22.88% |
| Selling, General & Admin | 8.12B | 8.23B | 7.44B | 7.25B | 7.12B | 8.16B | 6.82B | 5.5B | 5.38B | 5.95B | 5.42B | 4.63B | 5.57B | 5.37B | 5.11B | 4.49B | 3.58B | 3.04B | 3.3B | 2.71B | 2.29B | 1.79B | 1.5B | 1.32B | 1.09B | 872.68M | 909.9M | 778.4M | 722.1M | 401.6M | 345.9M |
| SG&A % of Revenue | - | 33.52% | 31.15% | 30.36% | 26.74% | 27.71% | 30.58% | 30.68% | 31.53% | 32.47% | 32.11% | 32.11% | 27.98% | 28.07% | 28.01% | 27.89% | 27.14% | 27.15% | 25.96% | 24.61% | 23.88% | 22.44% | 21.8% | 24.85% | 23.84% | 23.07% | 24.09% | 24.35% | 24.81% | 19.58% | 19.09% |
| Research & Development | 1.67B | 1.6B | 1.58B | 1.5B | 1.53B | 1.74B | 1.35B | 1.13B | 1.06B | 1.13B | 975.1M | 861.4M | 1.31B | 1.25B | 1.14B | 1.02B | 809.48M | 632.65M | 725.44M | 601.42M | 446M | 379M | 294M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 6.5% | 6.63% | 6.29% | 5.74% | 5.91% | 6.05% | 6.29% | 6.21% | 6.16% | 5.78% | 5.97% | 6.6% | 6.54% | 6.23% | 6.33% | 6.13% | 5.66% | 5.71% | 5.45% | 4.65% | 4.75% | 4.27% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.5M | 0 | 0 | 149.72M | 126.4M | 108.7M | 76.1M | 68.6M |
| Operating Income | 5.22B | 5.14B | 5.18B | 5.28B | 7.54B | 8.05B | 4.31B | 3.36B | 3.07B | 3.15B | 2.99B | 2.42B | 3.6B | 3.37B | 3.2B | 2.74B | 2.23B | 1.73B | 1.95B | 1.73B | 1.51B | 1.27B | 1.1B | 846M | 701.12M | 502.01M | 552.15M | 458M | 366.8M | 266.9M | 226.2M |
| Operating Margin % | 20.38% | 20.91% | 21.71% | 22.1% | 28.29% | 27.33% | 19.35% | 18.77% | 18.01% | 17.18% | 17.69% | 16.75% | 18.09% | 17.62% | 17.5% | 17.01% | 16.92% | 15.49% | 15.37% | 15.66% | 15.69% | 15.96% | 15.92% | 15.98% | 15.32% | 13.27% | 14.62% | 14.32% | 12.6% | 13.01% | 12.48% |
| Operating Income Growth % | - | -0.91% | -1.8% | -29.95% | -6.39% | 86.69% | 28.24% | 9.52% | -2.52% | 5.43% | 23.56% | -32.89% | 6.96% | 5.38% | 16.73% | 22.57% | 28.9% | -11.2% | 13.04% | 14.62% | 18.19% | 16.16% | 29.67% | 20.66% | 39.66% | -9.08% | 20.56% | 24.86% | 37.43% | 17.99% | 25.46% |
| EBITDA | 6.71B | 7.58B | 7.54B | 7.45B | 9.67B | 10.22B | 6.09B | 4.55B | 4.25B | 4.39B | 4.12B | 3.3B | 4.54B | 4.26B | 4.04B | 3.37B | 2.63B | 2.07B | 2.29B | 1.99B | 1.72B | 1.45B | 1.25B | 979.43M | 830.69M | 680.4M | 701.87M | 584.4M | 475.5M | 343M | 294.8M |
| EBITDA Margin % | 26.22% | 30.87% | 31.56% | 31.16% | 36.29% | 34.69% | 27.32% | 25.41% | 24.92% | 23.94% | 24.38% | 22.85% | 22.8% | 22.3% | 22.1% | 20.96% | 19.93% | 18.55% | 18.04% | 18.09% | 17.96% | 18.18% | 18.19% | 18.5% | 18.15% | 17.99% | 18.58% | 18.28% | 16.34% | 16.72% | 16.27% |
| EBITDA Growth % | -13.74% | 0.64% | 1.22% | -22.99% | -5.38% | 67.87% | 33.72% | 7.16% | -3.19% | 6.62% | 24.77% | -27.36% | 6.52% | 5.63% | 19.66% | 28.21% | 26.81% | -9.44% | 14.83% | 15.76% | 18.75% | 15.81% | 27.94% | 17.91% | 22.09% | -3.06% | 20.1% | 22.9% | 38.63% | 16.35% | 23.45% |
| D&A (Non-Cash Add-back) | 1.48B | 2.45B | 2.35B | 2.17B | 2.13B | 2.17B | 1.77B | 1.19B | 1.18B | 1.24B | 1.13B | 880.8M | 938.5M | 895M | 839.8M | 634.93M | 397.08M | 341.59M | 339.29M | 268.49M | 217.19M | 176.97M | 156.13M | 133.44M | 129.56M | 178.39M | 149.72M | 126.4M | 108.7M | 76.1M | 68.6M |
| EBIT | 5.18B | 4.5B | 4.92B | 5.33B | 7.35B | 7.84B | 4.77B | 3.41B | 3.1B | 3.1B | 2.8B | 2.18B | 3.6B | 3.71B | 3.17B | 2.59B | 2.46B | 1.55B | 1.88B | 1.75B | 1.53B | 1.28B | 1.11B | 846M | 694.85M | 571.74M | 552.15M | 458M | 384.2M | 319.3M | 267.4M |
| Net Interest Income | -14M | -235M | -161M | 14M | -166M | -230M | -202M | 30.4M | -127.7M | -155.2M | -184.2M | -135.2M | -106M | -140.2M | -154.3M | -136.49M | -114.71M | -117.62M | -120.17M | -103.61M | -71.82M | -30.23M | -47.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 132M | 30M | 117M | 303M | 41M | 11M | 71M | 139M | 9.2M | 7.5M | 200K | 4.6M | 16.7M | 5.7M | 3.2M | 5.15M | 6.07M | 5.03M | 10M | 6.09M | 8.01M | 14.71M | 7.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 146M | 265M | 278M | 289M | 207M | 241M | 273M | 108.6M | 136.9M | 162.7M | 184.4M | 139.8M | 122.7M | 145.9M | 157.5M | 141.64M | 120.78M | 122.66M | 130.17M | 109.7M | 79.83M | 44.93M | 54.98M | 0 | 43.65M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -400M | -904M | -538M | -235M | -390M | -452M | 183M | -57.1M | -108.2M | -210.7M | -376M | -378.3M | -120.6M | 198.1M | -185.1M | -289.9M | 109.1M | -308M | -202.13M | -89.28M | -59.94M | -39.82M | -39.27M | -48.96M | -43.65M | -25.75M | -29.23M | -28.5M | -49.8M | -12.9M | -16.8M |
| Pretax Income | 4.82B | 4.23B | 4.65B | 5.04B | 7.15B | 7.6B | 4.5B | 3.31B | 2.96B | 2.94B | 2.61B | 2.04B | 3.48B | 3.57B | 3.01B | 2.45B | 2.34B | 1.42B | 1.75B | 1.64B | 1.45B | 1.23B | 1.06B | 797.03M | 657.47M | 476.26M | 522.92M | 429.5M | 301.1M | 253.8M | 209.8M |
| Pretax Margin % | 18.81% | 17.23% | 19.46% | 21.11% | 26.82% | 25.8% | 20.17% | 18.45% | 17.37% | 16.03% | 15.47% | 14.13% | 17.48% | 18.65% | 16.49% | 15.21% | 17.74% | 12.74% | 13.78% | 14.85% | 15.07% | 15.46% | 15.35% | 15.06% | 14.36% | 12.59% | 13.84% | 13.43% | 10.35% | 12.37% | 11.58% |
| Income Tax | 487M | 619M | 747M | 823M | 818M | 1.25B | 849M | 873M | 555.6M | 469M | 457.9M | 292.7M | 883.4M | 871M | 711.5M | 512.56M | 549.71M | 273.15M | 431.68M | 423.1M | 324.14M | 336.64M | 311.72M | 260.2M | 223.33M | 178.6M | 198.71M | 167.9M | 118.2M | 99M | 81.8M |
| Effective Tax Rate % | 10.11% | 14.62% | 16.08% | 16.32% | 11.45% | 16.46% | 18.89% | 26.41% | 18.76% | 15.96% | 17.54% | 14.35% | 25.37% | 24.43% | 23.63% | 20.94% | 23.46% | 19.17% | 24.68% | 25.84% | 22.41% | 27.27% | 29.47% | 32.65% | 33.97% | 37.5% | 38% | 39.09% | 39.26% | 39.01% | 38.99% |
| Net Income | 4.33B | 3.61B | 3.9B | 4.76B | 7.21B | 6.43B | 3.65B | 2.56B | 2.65B | 2.49B | 2.55B | 2.6B | 2.6B | 2.69B | 2.3B | 1.97B | 1.79B | 1.15B | 1.32B | 1.22B | 1.12B | 897.8M | 746M | 536.83M | 290.39M | 297.67M | 324.21M | 261.6M | 182.9M | 154.8M | 207.8M |
| Net Margin % | 16.91% | 14.71% | 16.33% | 19.94% | 27.06% | 21.84% | 16.36% | 14.28% | 15.55% | 13.6% | 15.13% | 17.99% | 13.05% | 14.1% | 12.59% | 12.25% | 13.58% | 10.3% | 10.38% | 11.07% | 11.69% | 11.24% | 10.83% | 10.14% | 6.34% | 7.87% | 8.58% | 8.18% | 6.29% | 7.55% | 11.47% |
| Net Income Growth % | 23.64% | -7.31% | -18.16% | -33.92% | 12.06% | 76.44% | 42.58% | -3.53% | 6.37% | -2.41% | -1.66% | -0.06% | -3.58% | 17.25% | 16.64% | 9.9% | 55.68% | -12.59% | 7.98% | 8.76% | 24.98% | 20.35% | 38.96% | 84.87% | -2.44% | -8.19% | 23.93% | 43.03% | 18.15% | -25.51% | 91.7% |
| Net Income (Continuing) | 4.33B | 3.61B | 3.9B | 4.22B | 6.33B | 6.35B | 3.65B | 2.43B | 2.41B | 2.47B | 2.15B | 1.75B | 2.6B | 2.69B | 2.3B | 1.94B | 1.79B | 1.15B | 1.32B | 1.21B | 1.12B | 897.8M | 746M | 536.83M | 434.14M | 297.67M | 324.21M | 261.6M | 192.2M | 188.6M | 154.4M |
| Discontinued Operations | 0 | 14M | 0 | 543M | 881M | 86M | 0 | 124.9M | 244.6M | 22.3M | 400.3M | 850.2M | 0 | 0 | -800K | 35.28M | 0 | 0 | 0 | 6.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12M | 7M | 7M | 4M | 8M | 10M | 11M | 11.3M | 12.3M | 9.6M | 74M | 73.7M | 71.7M | 66.1M | 67.4M | 66.98M | 61.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.13 | 5.04 | 5.29 | 6.38 | 9.64 | 8.61 | 4.89 | 3.43 | 3.73 | 3.53 | 3.65 | 4.74 | 3.63 | 3.80 | 3.36 | 3.11 | 2.64 | 1.73 | 1.98 | 2.10 | 1.74 | 1.38 | 1.15 | 0.84 | 0.47 | 0.50 | 0.56 | 0.45 | 0.33 | 0.32 | 0.43 |
| EPS Growth % | 25.98% | -4.73% | -17.08% | -33.82% | 11.96% | 76.07% | 42.57% | -8.04% | 5.67% | -3.29% | -23% | 30.58% | -4.47% | 13.1% | 8.04% | 17.8% | 52.6% | -12.63% | -5.71% | 20.69% | 26.09% | 20% | 36.9% | 78.72% | -6% | -10.71% | 24.44% | 36.36% | 3.13% | -25.58% | 86.96% |
| EPS (Basic) | - | 5.07 | 5.33 | 6.44 | 9.80 | 8.77 | 4.97 | 3.48 | 3.78 | 3.58 | 3.69 | 4.81 | 3.70 | 3.87 | 3.45 | 3.21 | 2.74 | 1.80 | 2.07 | 2.20 | 1.82 | 1.46 | 1.21 | 0.88 | 0.48 | 0.52 | 0.57 | 0.46 | 0.34 | 0.33 | 0.44 |
| Diluted Shares Outstanding | 706.8M | 711M | 737.2M | 743.1M | 737.1M | 736.8M | 718.7M | 725.5M | 710.2M | 706.1M | 699.8M | 708.5M | 716.1M | 711M | 713.1M | 701.2M | 683.3M | 671.48M | 671.73M | 658.92M | 650.5M | 655.97M | 655.4M | 646.28M | 633.93M | 607.39M | 582M | 584.36M | 575.95M | 589.38M | 544.65M |
| Basic Shares Outstanding | 703.8M | 707.3M | 731M | 736.5M | 725.1M | 714.6M | 706.2M | 715M | 700.6M | 695.8M | 691.2M | 698.1M | 702.2M | 696M | 693.4M | 676.2M | 653.2M | 641.53M | 638.72M | 622.45M | 615.97M | 617.81M | 617.93M | 613.58M | 600.9M | 574.52M | 569.88M | 567.33M | 559.26M | 571.52M | 532.27M |
| Dividend Payout Ratio | - | 24.29% | 19.7% | 17.23% | 11.35% | 11.53% | 16.87% | 20.61% | 16.35% | 15.18% | 15.66% | 13.64% | 8.76% | 1.93% | 3.76% | 3.11% | 2.91% | 3.62% | 2.9% | 2.81% | 2.19% | 2.4% | 2.38% | - | 4.65% | 3.92% | 3.09% | 3.78% | 7% | 3.81% | 2.45% |
Quick answers to the most common questions about buying DHR stock.
For fiscal year 2025, Danaher Corporation (DHR) reported total revenue of $24.57B. This represents a 1255.9% increase compared to $1.81B in 1996.
Danaher Corporation (DHR) is profitable, generating $3.61B in net income for the fiscal year ending 2025 with a net profit margin of 14.7%.
Danaher Corporation (DHR) reported an operating income of $5.14B, resulting in an operating profit margin of 20.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Danaher Corporation (DHR) generated $14.97B in gross profit for the year, representing a gross profit margin of 60.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth deceleration
Metrics are mathematically derived from official filings.
Stabilizing Growth After Cyclical Dip
Danaher's revenue growth has recovered from a -19.8% contraction in 2024Q2 to a steady 5.5% in 2026Q2, according to recent financial statements, suggesting a cyclical trough has passed.
The sharp decline in 2024Q2 was likely due to post-pandemic normalization in bioprocessing and diagnostics, but sequential improvements through 2025 and into 2026 indicate a gradual recovery. However, growth remains in the low single digits, well below historical double-digit rates, implying a mature portfolio with limited organic momentum. Investors should monitor whether this stabilization can translate into sustained acceleration, especially given the company's reliance on M&A for growth.
Gross Margin Resilience Amid Mix Shifts
Gross margin fluctuated between 57.6% and 66.6% over the past ten quarters, with the latest at 57.6%, as reported in Danaher's income statements, reflecting product mix and pricing dynamics.
The peak of 66.6% in 2025Q2 likely benefited from a favorable mix of high-margin consumables and services, while the recent dip to 57.6% suggests a higher proportion of lower-margin instrument sales. Despite this volatility, Danaher's gross margin remains well above peers like Thermo Fisher (37.7%) and Agilent (52.4%), indicating strong pricing power and cost control. The sustainability of this margin depends on the company's ability to maintain its mix of recurring revenue streams.
Operating Leverage Muted by SG&A
Operating margin has ranged from 16.5% to 26.7% over the last ten quarters, with the latest at 18.0%, based on Danaher's reported figures, indicating inconsistent operating leverage.
While gross profit has grown modestly, operating income has not scaled proportionally due to elevated SG&A expenses, which spiked to $2.4B in 2025Q2. This suggests that the company is investing heavily in commercial infrastructure and R&D, potentially to support future growth. The lack of consistent operating leverage may indicate that cost discipline is not a primary focus, but rather strategic investments are being prioritized.
Earnings Volatility from Non-Operating Items
Net income and EPS have shown significant volatility, with EPS swinging from $0.77 in 2025Q2 to $1.68 in 2025Q4, as per Danaher's financial statements, suggesting non-operating influences.
The EPS decline in 2025Q2 was not mirrored by operating income, which remained stable, implying that below-the-line items such as impairments, restructuring, or tax effects impacted net income. Stock-based compensation has been relatively modest, averaging around $80M per quarter, but it still represents a drag on earnings. Investors should scrutinize the quality of earnings, as the volatility may not fully reflect underlying operational performance.
R&D and SG&A Investment Intensity
R&D spending has remained steady at around $400M per quarter, while SG&A has fluctuated between $1.7B and $2.4B, according to Danaher's income statement data, indicating a focus on innovation and commercial expansion.
R&D intensity is consistent with a diagnostics and research leader, but the variability in SG&A suggests that the company adjusts spending based on market conditions. The spike in SG&A in 2025Q2 may reflect investments in sales force or marketing to drive growth, but it also compressed operating margins. Management appears to be balancing cost control with growth initiatives, though the efficiency of these investments remains to be seen.
Growth Sustainability Questioned
Despite a recovery to 5.5% revenue growth in 2026Q2, Danaher's growth remains below peers like Waters (7.0%) and Agilent (6.7%), as per recent financial data, raising concerns about competitive positioning.
Short-sellers might argue that Danaher's growth is heavily dependent on acquisitions, as organic growth appears muted. The company's high valuation (P/E of 32.7 vs. peers) implies expectations of accelerated growth, which may not materialize given the mature markets. Additionally, the volatility in margins and earnings quality could signal underlying operational challenges that are not yet fully reflected in the stock price.