Danaher Corporation (DHR) financials

NYSE · Healthcare · Medical - Diagnostics & Research · 59,000 employees · CEO Julie Sawyer Montgomery

Price: $232.23 -2.00%
Market cap: $163B
Enterprise value: $184B
Last report: Q3 '26 filed 2026-10-21
Next report: 2027-01-27 EPS est. $2.49

Revenue (TTM)$25.6B+5.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)20.4%-1.7 pp vs a year agoOperating income $5.22B

Net income (TTM)$4.33B+23.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$5.73B+14.2% vs a year agoCapex $1.13B

Diluted EPS (TTM)$6.11+26.0% vs a year agoSum of the last 4 quarters

Net cash-$20.8B-35.7% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $163B
Revenue: $25.6B
Revenue growth: +7%
Profit margin: 16.9%
P/E: 37.9×
P/S: 6.4×
EV / EBITDA: 26.0×
Free cash flow: $5.73B
Net income: $4.33B
Revenue estimate: $26.3B
Earnings: 2027-01-27
Dividend: $1.44

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-21): revenue in line, EPS beat by 9.9%Revenue $6.55B vs $6.56B expected (-0.1%); EPS $2.11 vs $1.92 (+9.9%).
Revenue growth accelerating: 8.3% year on yearQ3 '26 revenue $6.55B, against an average of 4.5% over the four quarters before.
Operating margin 20.4% (TTM), -1.7 pp on a year agoOperating income grew -2.8% while revenue grew 5.5%.
Capex 4.4% of revenue (a year ago 5.4%)$1.13B invested in the last 4 quarters (-13.0% on a year earlier). Free cash flow $5.73B = 132.2% of net income.
Returned $1.94B to shareholders = 33.8% of free cash flowBuybacks $919M (a year earlier $3.87B), dividends $1.02B, stock-based pay $297M (TTM).
Diluted share count down 1.0% in a year707M diluted shares in Q3 '26, 714M a year earlier.
Net debt $20.8BCash + short-term investments $5.68B, debt incl. leases $26.5B; a year ago net debt $15.3B.

Last quarter: Q3 '26

Quarter ended 2026-09-25. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$6.55B	$6.05B	+8.3%
Gross margin	58.5%	58.2%	+0.3 pp
Operating income	$1.25B	$1.15B	+7.9%
Operating margin	19.0%	19.1%	-0.1 pp
Net income	$1.24B	$908M	+36.0%
Diluted EPS	$1.75	$1.27	+37.8%
Operating cash flow	$1.89B	$1.66B	+13.5%
Capex	$255M	$292M	-12.7%
Free cash flow	$1.63B	$1.37B	+19.1%
R&D	$433M	$378M	+14.6%
Stock-based compensation	$0	$83M	-100.0%

Reported vs consensus

2026-10-21

	Actual	Consensus	vs consensus
Revenue	$6.55B	$6.56B	-0.1%
EPS (as estimated)	$2.11	$1.92	+9.9%

From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Revenue from Contract with Customer, Measurement, Recurring	$5.4B	+7.6%	82.4%	$21B	+5.3%
Revenue from Contract with Customer, Measurement, Nonrecurring	$1.16B	+11.5%	17.6%	$4.65B	+6.7%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Other developed markets	–	–	–	–	–
North America	$2.74B	+6.2%	64.8%	–	–
Western Europe	$1.49B	+6.7%	35.2%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Biotechnology Segment	–	–	$477M	+35.5%	–	–	$2.11B
Life Sciences	–	–	–	–	–	–	–
Diagnostics	–	–	–	–	–	–	–
Corporate (unallocated)	–	–	-$105M	-23.5%	–	–	-$370M
Life Sciences Segment	–	–	$259M	+16.7%	–	–	$1.06B
Diagnostics Segment	–	–	$614M	-7.7%	–	–	$2.42B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $6.86B
Capex: -$1.13B
Buybacks: -$919M
Dividends: -$1.02B
Acquisitions: -$9.84B
Net debt issued: $8.31B
Stock-based compensation: $297M
Free cash flow: $5.73B
Returned to shareholders / FCF: 33.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	37.9×	36.3×	24.0× – 45.2×
EV / EBITDA	26.0×	23.5×	19.5× – 25.3×
EV / Sales	7.2×	7.4×	7.0× – 7.8×
Price / FCF	28.5×	28.9×	23.2× – 31.7×
Price / Book	3.0×	3.5×	3.1× – 4.6×
FCF yield	3.5%	3.5%	3.2% – 4.3%
Return on invested capital	5.4%	7.0%	5.7% – 8.9%
Return on equity	8.2%	10.5%	6.9% – 14.4%

Analysts

Consensus target $238.77 (+2.8%)
range $195.00 – $275.00 · rating Buy

Strong buy1

Buy30

Hold11

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$26.3B	+6.9%	$8.59	+70.4%	27.0×	13
FY2027	$28.3B	+7.6%	$9.31	+8.4%	24.9×	14
FY2028	$30.1B	+6.4%	$10.24	+9.9%	22.7×	7
FY2029	$32.2B	+7.1%	$11.25	+9.9%	20.6×	2
FY2030	$33.6B	+4.2%	$12.21	+8.5%	19.0×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 288 figures Danaher Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Trade, Current	$1.74B	$1.7B	+2.6%	$1.84B	$1.75B	+5.2%
Accounts Receivable, after Allowance for Credit Loss, Current	$4.13B	$3.76B	+9.9%	$3.91B	$3.54B	+10.6%
Accounts Receivable, Allowance for Credit Loss, Current	$122M	$119M	+2.5%	$114M	$113M	+0.9%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$45M	$37M	+21.6%
Accrual for Environmental Loss Contingencies	$182M2025-12-31	$175M	+4.0%	$182M	$175M	+4.0%
Accrued Environmental Loss Contingencies, Noncurrent	$157M2025-12-31	$150M	+4.7%	$157M	$150M	+4.7%
Accrued Income Taxes, Current	$532M2025-12-31	$568M	-6.3%	$532M	$568M	-6.3%
Accrued Income Taxes, Noncurrent	$3.01B2025-12-31	$3.14B	-4.0%	$3.01B	$3.14B	-4.0%
Accrued Liabilities, Current	$5.21B	$4.6B	+13.3%	$4.96B	$4.54B	+9.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$5.04B	$4.67B	+8.1%	$4.77B	$4.1B	+16.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$865M	-$590M	-46.6%	-$207M	-$3.22B	+93.6%
Additional Paid in Capital, Common Stock	$17.6B	$17.1B	+3.2%	$17.2B	$16.7B	+2.8%
Amortization of Intangible Assets	$513M	$433M	+18.5%	$1.7B	$1.63B	+4.0%
Asset Impairment Charges	$52M	$101M	-48.5%	$562M	$265M	+112.1%
Assets	$93.3B	$79.9B	+16.8%	$83.5B	$77.5B	+7.6%
Assets, Current	$14.8B	$9.61B	+53.9%	$12.8B	$9.5B	+34.3%
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$1.80	$1.13	+59.3%	$3.742018-12-31	$3.47	+7.8%
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax	–	–	–	$3.6B	$3.91B	-7.9%
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Diluted	–	–	–	$5.03	$5.30	-5.1%
Business Acquisition, Pro Forma Net Income (Loss)	$1.27B	$808M	+57.5%	$2.65B2018-12-31	$2.45B	+8.3%
Business Acquisition, Pro Forma Revenue	$6.56B	$6.43B	+2.0%	$24.6B	$23.9B	+2.7%
Business Combination, Acquisition Related Costs	$84M	–	–	$57M2011-12-31	$36M	+58.3%
Cash Provided by (Used in) Financing Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash Provided by (Used in) Investing Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash Provided by (Used in) Operating Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$5.68B	$1.53B	+271.9%	$4.62B	$2.08B	+122.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.33B	-$1.43B	+193.4%	$2.54B	-$3.79B	+167.0%
Common Stock, Capital Shares Reserved for Future Issuance	50M	43M	+16.3%	54M2020-12-31	60M	-10.0%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	2B	2B	0.0%	2B	2B	0.0%
Common Stock, Shares, Issued	889M	886M	+0.3%	887M	884M	+0.3%
Common Stock, Shares, Outstanding	703M	706M	-0.4%	707M	719M	-1.7%
Common Stock, Value, Issued	$9M	$9M	0.0%	$9M	$9M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.17B	$887M	+31.3%	$6.63B	$2.43B	+172.7%
Contract with Customer, Liability	$1.7B	$1.6B	+6.3%	$1.6B	$1.5B	+6.7%
Contract with Customer, Liability, Current	$1.35B2025-12-31	$1.3B	+4.2%	$1.35B	$1.3B	+4.2%
Contract with Customer, Liability, Noncurrent	$231M2025-12-31	$232M	-0.4%	$231M	$232M	-0.4%
Contract with Customer, Liability, Revenue Recognized	$196M	$204M	-3.9%	$1.2B	$1.3B	-7.7%
Cost of Goods and Services Sold	$2.72B	$2.53B	+7.4%	$10B	$9.67B	+3.9%
Current Federal Tax Expense (Benefit)	–	–	–	$207M	$239M	-13.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$775M	$929M	-16.6%
Current State and Local Tax Expense (Benefit)	–	–	–	$91M	$62M	+46.8%
Debt Instrument, Face Amount	1,250,000,000 CHF2025-10-10	–	–	1,250,000,000 CHF2025-10-10	–	–
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$126M	$88M	+43.2%	$93M	$96M	-3.1%
Debt, Current	$2.09B	$23M	+9,004.3%	$2M	$505M	-99.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$289M	-$300M	+3.7%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$133M	-$141M	+5.7%
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	$3.9B2026-06-26	–	–	–	–	–
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$18M	-$42M	+57.1%
Deferred Tax Assets, in Process Research and Development	$679M2025-12-31	$584M	+16.3%	$679M	$584M	+16.3%
Deferred Tax Assets, Inventory	$107M2025-12-31	$114M	-6.1%	$107M	$114M	-6.1%
Deferred Tax Assets, Net of Valuation Allowance	$2.53B2025-12-31	$2.29B	+10.4%	$2.53B	$2.29B	+10.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$132M2025-12-31	$122M	+8.2%	$132M	$122M	+8.2%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts	$20M2025-12-31	$20M	0.0%	$20M	$20M	0.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$908M2025-12-31	$631M	+43.9%	$908M	$631M	+43.9%
Deferred Tax Assets, Valuation Allowance	$315M2025-12-31	$232M	+35.8%	$315M	$232M	+35.8%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$3.27B2025-12-31	$3.3B	-0.9%	$3.27B	$3.3B	-0.9%
Deferred Tax Liabilities, Gross	$4B2025-12-31	$4.08B	-2.1%	$4B	$4.08B	-2.1%
Deferred Tax Liabilities, Leasing Arrangements	$265M2025-12-31	$238M	+11.3%	$265M	$238M	+11.3%
Deferred Tax Liabilities, Net	$1.47B2025-12-31	$1.79B	-18.1%	$1.47B	$1.79B	-18.1%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-25, 10-Q 2026-06-26, 10-Q 2026-03-27, 10-K 2025-12-31, 10-Q 2025-09-26, 10-Q 2025-06-27, 10-Q 2025-03-28, 10-K 2024-12-31, 10-Q 2024-09-27

Data as of 2026-11-01