Danaher maintains structural resilience with gross margins consistently near 60.3% as of 2026Q1, despite revenue growth volatility that saw a 1.9% decline in 2024Q2.
| 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 | 24.78B | 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 % | 4.02% | 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 | 9.74B | 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 | 15.04B | 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 % | 60.68% | 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 | 9.84B | 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 | 8.24B | 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 | 1.61B | 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 | 5.19B | 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 % | 20.95% | 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 | 7.24B | 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 % | 29.22% | 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 % | -3.68% | 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) | 2.05B | 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 | 4.64B | 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 | -205M | -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 | 51M | 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 | 256M | 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 | -853M | -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 | 4.34B | 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 % | 17.51% | 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 | 650M | 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 % | 14.98% | 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 | 3.69B | 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 % | 14.89% | 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 % | -2.02% | -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) | 3.69B | 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 | 8M | 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) | 5.19 | 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 % | 0.39% | -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 | 711.2M | 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 | 707.9M | 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% |
Bioprocessing demand normalization
According to the latest quarterly income statements, Danaher's revenue growth has remained modest, fluctuating between a 1.9% decline and a 4.6% increase over the last ten quarters, reflecting the ongoing challenges of post-pandemic normalization and the strategic transition toward a pure-play life sciences and diagnostics model.
The top-line performance suggests that the company is navigating a period of structural adjustment rather than aggressive expansion. Investors should monitor whether the recent 3.7% growth in 2026Q1 signals a sustainable recovery or if the bioprocessing segment remains constrained by lingering inventory destocking cycles.
As reported in financial filings, Danaher has maintained a robust gross margin profile, consistently hovering near 60%, which underscores the pricing power inherent in its proprietary consumable-heavy business model despite the recent volatility observed in operating margins during the 2025 fiscal year transition.
The ability to sustain gross margins above 60% even during periods of revenue contraction suggests that the Danaher Business System effectively protects the core value proposition. However, the variability in operating margins, which dipped to 16.5% in 2024Q3, indicates that the company is still absorbing the costs associated with right-sizing its diagnostic infrastructure.
Based on the provided income statement data, Danaher's operating leverage appears inconsistent, as evidenced by operating income scaling from $958 million in 2024Q3 to $1.3 billion in 2026Q1, suggesting that SG&A expenses are not always perfectly aligned with the fluctuations in gross profit generation.
The lack of a linear relationship between gross profit and operating income implies that management is actively managing overhead to offset revenue volatility. Analysts should investigate whether the recent uptick in SG&A spending is a strategic investment in future growth or a sign of difficulty in scaling costs down during softer demand periods.
Data from recent quarterly reports indicates that EPS has experienced significant swings, such as the 36.9% decline in 2025Q2, which appears largely disconnected from top-line performance and suggests that non-operating items or tax anomalies are creating noise in the reported bottom-line profitability metrics.
The discrepancy between revenue stability and EPS volatility warrants further investigation into the impact of stock-based compensation and acquisition-related amortization. Investors should look past GAAP net income to assess whether the underlying cash-generating capacity of the business remains as strong as the historical DBS-driven narrative suggests.
While the market often prices Danaher as a defensive compounder, the income statement reveals a sensitivity to biopharma funding lulls that may challenge the sustainability of historical growth rates, as evidenced by the inconsistent quarterly revenue performance observed throughout the 2024 and 2025 fiscal periods.
Short-sellers might focus on the potential for margin compression if the bioprocessing segment fails to return to historical growth levels. The reliance on high-premium acquisitions to drive future earnings growth may also face scrutiny if the company struggles to replicate its past success in integrating new technologies into the DBS framework.
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.