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Danaher DHR

US equityMarket cap rank #102Diagnostics & Research
$222.70
+$1.14 (+0.51%)
Market open · Sep 24, 2:00 pm ET
After hours $221.55 0.00%
Open$220.00
Prev close$221.56
Day range$219.00 – $226.64
Volume3.21M
Market cap$156.55B
P/E (TTM)39.6
Dividend yield0.65%

Fundamentals

Latest reported quarter: Q2, ended Jun 2026

Revenue$6.27B+5.5% YoY
Operating profit$1.13B+48.3% YoY
Net profit$870.00M+56.8% YoY
Diluted EPS$1.23+59.7% YoY
Free cash flow$1.27B+16.1% YoY
Operating cash flow$1.53B

Revenue, last 8 quarters

$5.8BSep '24$6.5BDec '24$5.7BMar '25$5.9BJun '25$6.1BSep '25$6.8BDec '25$6.0BMar '26$6.3BJun '26

Net profit, last 8 quarters

$818.0MSep '24$1.1BDec '24$954.0MMar '25$555.0MJun '25$908.0MSep '25$1.2BDec '25$1.0BMar '26$870.0MJun '26

Diluted EPS by quarter

1.12Sep '241.49Dec '241.32Mar '250.77Jun '251.27Sep '251.68Dec '251.45Mar '261.23Jun '26

Free cash flow by quarter

$1.2BSep '24$1.5BDec '24$1.1BMar '25$1.1BJun '25$1.4BSep '25$1.7BDec '25$1.1BMar '26$1.3BJun '26

Annual revenue

$22.3BFY20$24.8BFY21$26.6BFY22$23.9BFY23$23.9BFY24$24.6BFY25

Profitability & balance sheet

Gross margin58.5%
Operating margin20.4%
Net margin15.9%
Return on equity7.6%
Return on assets4.6%
Return on invested capital5.6%
Current ratio1.65
Liabilities / assets43.1%
Cash & investments$4.35B
Total debt$26.56B
Net cash (debt)-$22.21B
Free cash flow / sales21.8%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • Diagnostics$2.47B 39.4%
  • Biotechnology$1.92B 30.6%
  • Life sciences$1.88B 30.0%

Income statement

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Revenue as Reported $6.27B $5.95B $24.57B $6.84B $6.05B
Total Operating Revenue $6.27B $5.95B $24.57B $6.84B $6.05B
Cost of Revenue $2.65B $2.36B $10.05B $2.87B $2.53B
Gross Profit $3.61B $3.59B $14.52B $3.97B $3.52B
Operating Expense $2.48B $2.25B $9.83B $2.46B $2.37B
Selling and Admin Expenses $2.07B $1.86B $8.24B $2.03B $1.99B
Research & Development $412.00M $387.00M $1.60B $438.00M $378.00M
Operating Profit $1.13B $1.34B $4.69B $1.50B $1.15B
Net Non-Operating Interest Income (Expense) -$46.00M -$36.00M -$235.00M -$42.00M -$64.00M
Non-Operating Interest Income $61.00M $27.00M $30.00M $13.00M $3.00M
Non-Operating Interest Expense $107.00M $63.00M $265.00M $55.00M $67.00M
Other Income (Expense) -$3.00M -$73.00M -$222.00M -$87.00M -$14.00M
Gain on Sale of Security -$7.00M -$77.00M -$248.00M -$99.00M -$15.00M
Special Income (Charges) $0.00 $0.00 $20.00M $11.00M $0.00
-Gain on Sale Of Business $0.00 $0.00 $9.00M $0.00 $0.00
Other Non-Operating Income (Expenses) $4.00M $4.00M $6.00M $1.00M $1.00M
Pretax Profit $1.08B $1.24B $4.23B $1.37B $1.08B
Tax $208.00M $206.00M $633.00M $190.00M $168.00M
Net Profit $870.00M $1.03B $3.61B $1.20B $908.00M
Profit from Continuing Operations $870.00M $1.03B $3.60B $1.18B $908.00M
Net Income to Parent Company $870.00M $1.03B $3.61B $1.20B $908.00M
Net Income to Common Stockholders $870.00M $1.03B $3.61B $1.20B $908.00M
Basic EPS $1.23 $1.45 $5.07 $1.69 $1.28
Diluted EPS $1.23 $1.45 $5.05 $1.68 $1.27
Dividend Per Share $0.40 $0.40 $1.28 $0.32 $0.32
-Gain on Sale of Property/Plant/Equipment – – $11.00M – –
Net Income from Discontinuous Operations – – $14.00M – –

Balance sheet

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Assets $92.37B $83.54B $83.46B $83.46B $79.90B
Total Current Assets $13.38B $13.94B $12.76B $12.76B $9.61B
Cash and Cash Equivalents & Short-Term Investments $4.35B $5.70B $4.62B $4.62B $1.53B
-Cash and Cash Equivalents $4.35B $5.70B $4.62B $4.62B $1.53B
Receivables $3.97B $3.82B $3.91B $3.91B $3.76B
-Accounts Receivable $3.97B $3.82B $3.91B $3.91B $3.76B
Inventory $3.26B $2.61B $2.49B $2.49B $2.67B
Other Current Assets $1.81B $1.81B $1.74B $1.74B $1.65B
Total Non-Current Assets $78.99B $69.61B $70.71B $70.71B $70.29B
Net PPE $5.83B $5.47B $5.53B $5.53B $5.38B
-Gross PPE $10.74B $10.30B $10.30B $10.30B $10.04B
-Accumulated Depreciation -$4.92B -$4.83B -$4.77B -$4.77B -$4.67B
Goodwill and Other Intangible Assets $68.77B $59.93B $60.97B $60.97B $61.05B
-Goodwill $47.41B $42.77B $43.15B $43.15B $42.95B
-Other Intangible Assets $21.36B $17.17B $17.82B $17.82B $18.10B
Other Non-Current Assets $4.39B $4.21B $4.21B $4.21B $3.87B
Total Liabilities $39.78B $30.59B $30.92B $30.92B $28.82B
Total Current Liabilities $8.11B $7.46B $6.81B $6.81B $6.32B
Payables $1.82B $1.79B $2.45B $2.45B $1.70B
-Accounts Payable $1.82B $1.79B $1.84B $1.84B $1.70B
Current Accrued Expenses $4.87B $4.75B – – $4.60B
Short-Term Debt and Capital Lease Obligation $1.41B $923.00M $201.00M $201.00M $23.00M
-Current Debt $1.41B $923.00M $2.00M $2.00M $23.00M
Total Non-Current Liabilities $31.67B $23.13B $24.12B $24.12B $22.49B
Long Term Debt and Capital Lease Obligation $25.15B $17.56B $19.50B $19.50B $16.83B
-Long Term Debt $25.15B $17.56B $18.42B $18.42B $16.83B
Other Non-Current Liabilities $6.52B $5.57B $184.00M $184.00M $5.66B
Total Equity $52.59B $52.96B $52.54B $52.54B $51.08B
Stockholders' Equity $52.58B $52.95B $52.53B $52.53B $51.07B
Capital Stock $9.00M $9.00M $9.00M $9.00M $9.00M
-Common Stock $9.00M $9.00M $9.00M $9.00M $9.00M
Additional Paid-In Capital $17.46B $17.30B $17.19B $17.19B $17.08B
Retained Earnings $48.23B $47.64B $46.89B $46.89B $45.92B
Less: Treasury Stock $12.32B $11.41B $11.35B $11.35B $11.34B
Gains/Losses Not Affecting Retained Earnings -$795.00M -$593.00M -$207.00M -$207.00M -$590.00M
Minority Interests $11.00M $8.00M $7.00M $7.00M $9.00M
-Total Tax Payable – – $532.00M $532.00M –
-Other Payable – – $75.00M $75.00M –
-Current Capital Lease Obligation – – $199.00M $199.00M –
Current Provisions – – $187.00M $187.00M –
Current Deferred Liabilities – – $1.35B $1.35B –
Other Current Liabilities – – $1.37B $1.37B –
Long Term Accounts Payable and Other Payables – – $3.23B $3.23B –
-Long Term Capital Lease Obligation – – $1.08B $1.08B –
Derivative Product Liabilities – – $0.00 $0.00 –
Non-Current Liabilities – – $7.00M $7.00M –
Non-Current Deferred Liabilities – – $231.00M $231.00M –
Employee Benefits – – $968.00M $968.00M –

Cash flow

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Operating Cash Flow $1.53B $1.32B $6.42B $2.12B $1.66B
Net cash flow from continuing operations $1.53B $1.32B $6.42B $2.12B $1.66B
Net Income from Continuing Operations $870.00M $1.03B $3.60B $1.18B $908.00M
Gain/Loss from Continuing Operations $7.00M $77.00M $228.00M $88.00M $15.00M
Depreciation & Depletion & Amortization $659.00M $627.00M $2.45B $623.00M $622.00M
Change in Working Capital -$141.00M -$469.00M -$719.00M $146.00M -$67.00M
-Change in Receivables $71.00M $66.00M -$216.00M -$151.00M -$199.00M
-Change in Inventory -$46.00M -$132.00M -$58.00M $184.00M $6.00M
-Change in Prepaid Assets $121.00M -$40.00M -$55.00M -$2.00M $46.00M
-Change in Payables and Accrued Expense -$287.00M -$363.00M $50.00M $555.00M $80.00M
Net cash flow from investing -$10.15B -$249.00M -$1.20B -$384.00M -$312.00M
Net Cash Flow from Continuing Investing Activities -$10.15B -$249.00M -$1.20B -$384.00M -$312.00M
Net PPE Purchase and Sale -$269.00M -$237.00M -$1.12B -$348.00M -$292.00M
Net Business Purchase and Sale -$9.84B $0.00 $9.00M $0.00 $0.00
Net Investment Purchase and Sale -$47.00M -$20.00M -$115.00M -$48.00M -$27.00M
Net Other Investing Changes $12.00M $8.00M $33.00M $12.00M $7.00M
Financing Cash Flow $7.27B $46.00M -$2.96B $1.32B -$2.78B
Net Cash Flow from Continuing Financing Activities $7.27B $46.00M -$2.96B $1.32B -$2.78B
Net Issuance Payments Of Debt $8.49B $309.00M $1.05B $1.52B -$477.00M
Net Common Stock Issuance -$894.00M $0.00 -$3.00B $85.00M -$2.01B
Cash Dividends Paid -$283.00M -$226.00M -$878.00M -$226.00M -$229.00M
Proceeds from Stock Option Exercised $8.00M -$9.00M – – $25.00M
Net Other Financing Charges -$43.00M -$28.00M -$125.00M -$17.00M -$90.00M
Ending Cash Balance $4.35B $5.70B $4.62B $4.62B $1.53B
Net Change in Cash -$1.34B $1.12B $2.26B $3.06B -$1.43B
Beginning Cash Balance $5.70B $4.62B $2.08B $1.53B $2.96B
Effect of Exchange Rate Changes -$13.00M -$33.00M $278.00M $32.00M $2.00M
Free Cash Flow $1.27B $1.09B $5.26B $1.75B $1.37B
-Change In Other Working Capital – – -$440.00M – –
Cash Flow from Discontinued Operating Activities – – $0.00 – –
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