Danaher Corporation (DHR) Cash Flow Statement
Where DHR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.42B −4.1% vs 2024
- Capital expenditures
- $1.16B 4.7% of revenue
- Free cash flow
- $5.26B 21.4% margin
- Returned to shareholders
- $3.97B 75% of free cash flow
- Change in cash
- $2.54B cash at year-end $4.62B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DHR operating cash flow, capex and free cash flow
DHR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.52B2016 | $6.42B2025 | +6.9%/yr | |
| Capital expenditures | $589.6M2016 | $1.16B2025 | +7.8%/yr | |
| Free cash flow | $2.93B2016 | $5.26B2025 | +6.7%/yr | |
| Free cash flow margin | 17.4%2016 | 21.4%2025 | +4.0 pts | |
| Operating cash flow / net income | 1.642016 | 1.782025 | +0.14 | |
| Stock-based compensation | $129.8M2016 | $298.0M2025 | +9.7%/yr | |
| Dividends paid | $399.8M2016 | $878.0M2025 | +9.1%/yr | |
| Share buybacks (net) | $02016 | $3.09B2025 | — | |
| Capex / revenue | 3.5%2016 | 4.7%2025 | +1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DHR cash flow by activity
DHR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DHR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.61B | $3.90B | $4.22B | $7.21B | $6.35B | $3.65B | $2.43B | $2.65B | $2.47B | $2.15B |
| Depreciation & amortization | $2.45B | $2.35B | $2.17B | $2.22B | $2.17B | $1.77B | $1.19B | $1.18B | $1.24B | $1.13B |
| Stock-based compensation | $298.0M | $288.0M | $306.0M | $336.0M | $218.0M | $187.0M | $158.8M | $151.4M | $139.4M | $129.8M |
| Change in working capital | −$710.0M | $266.0M | −$393.0M | −$1.52B | −$658.0M | $605.0M | −$123.2M | −$90.1M | −$353.0M | −$279.2M |
| Other non-cash items | $767.0M | −$117.0M | $864.0M | $271.0M | $283.0M | −$5.0M | $294.2M | $131.8M | −$16.7M | $389.7M |
| Cash from operating activities | $6.42B | $6.69B | $7.16B | $8.52B | $8.36B | $6.21B | $3.95B | $4.02B | $3.48B | $3.52B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.16B | −$1.39B | −$1.38B | −$1.15B | −$1.29B | −$791.0M | −$635.5M | −$584.0M | −$570.7M | −$589.6M |
| Investments (net) | −$115.0M | −$1.98B | −$1.88B | −$2.23B | −$808.0M | −$329.0M | −$241.0M | −$126.7M | $138.0M | $264.8M |
| Acquisitions & other investing | $75.0M | $1.39B | −$3.82B | $1.15B | −$10.88B | −$20.12B | −$361.6M | −$2.24B | −$410.7M | −$4.92B |
| Cash from investing activities | −$1.20B | −$1.98B | −$7.08B | −$2.23B | −$12.99B | −$21.24B | −$1.24B | −$2.95B | −$843.4M | −$5.24B |
| Financing activities | ||||||||||
| Dividends paid | −$878.0M | −$768.0M | −$821.0M | −$818.0M | −$742.0M | −$615.0M | −$750.7M | −$433.4M | −$378.3M | −$399.8M |
| Share repurchases & issuance (net) | −$3.09B | −$5.98B | $1.01B | $934.0M | $3.25B | $5.70B | $16.51B | $411.8M | $599.6M | $2.50B |
| Net borrowing (repayment) | $1.04B | −$1.67B | −$1.63B | −$1.69B | $2.06B | −$1.93B | $13.34B | −$442.1M | −$2.66B | $2.79B |
| Shares issued | $85.0M | $162.0M | $68.0M | $31.0M | $86.0M | $3.55B | $3.82B | $96.0M | $0 | $0 |
| Other financing | −$125.0M | −$131.0M | $1.10B | −$1.03B | −$3.36B | −$5.71B | −$16.56B | −$429.3M | −$655.0M | −$2.85B |
| Cash from financing activities | −$2.96B | −$8.38B | −$273.0M | −$2.57B | $1.29B | $1.01B | $16.37B | −$797.0M | −$3.10B | $2.04B |
| Summary | ||||||||||
| Net change in cash | $2.54B | −$3.79B | −$131.0M | $3.41B | −$3.45B | −$13.88B | $19.12B | $157.7M | −$333.4M | $172.9M |
| Cash at end of period | $4.62B | $2.08B | $5.86B | $6.00B | $2.59B | $6.04B | $19.91B | $788.0M | $630.3M | $963.7M |
| Free cash flow | $5.26B | $5.30B | $5.78B | $7.37B | $7.06B | $5.42B | $3.32B | $3.44B | $2.91B | $2.93B |
| Free cash flow margin | 21.4% | 22.2% | 24.2% | 27.7% | 24.0% | 24.3% | 18.5% | 20.2% | 15.9% | 17.4% |
| Capex / revenue | 4.7% | 5.8% | 5.8% | 4.3% | 4.4% | 3.5% | 3.5% | 3.4% | 3.1% | 3.5% |
| Operating cash flow / net income | 1.78 | 1.72 | 1.70 | 1.18 | 1.32 | 1.70 | 1.62 | 1.52 | 1.41 | 1.64 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $870.0M | $1.03B | $1.20B | $908.0M | $555.0M | $954.0M | $1.09B | $818.0M | $907.0M | $1.09B | $536.0M | $1.13B |
| Depreciation & amortization | $659.0M | $627.0M | $623.0M | $622.0M | $611.0M | $591.0M | $595.0M | $591.0M | $580.0M | $586.0M | $493.0M | $554.0M |
| Stock-based compensation | $93.0M | $58.0M | $146.0M | $83.0M | $91.0M | $61.0M | $57.0M | $84.0M | $87.0M | $60.0M | $26.0M | $92.0M |
| Change in working capital | $69.0M | −$147.0M | $155.0M | −$67.0M | −$395.0M | −$403.0M | $174.0M | −$99.0M | −$216.0M | −$57.0M | −$242.0M | −$151.0M |
| Other non-cash items | −$157.0M | −$245.0M | −$4.0M | $116.0M | $476.0M | $96.0M | $107.0M | $119.0M | $59.0M | $62.0M | $806.0M | $48.0M |
| Cash from operating activities | $1.53B | $1.32B | $2.12B | $1.66B | $1.34B | $1.30B | $2.02B | $1.51B | $1.42B | $1.74B | $1.62B | $1.67B |
| Investing activities | ||||||||||||
| Capital expenditures | −$269.0M | −$237.0M | −$371.0M | −$292.0M | −$248.0M | −$245.0M | −$516.0M | −$298.0M | −$287.0M | −$291.0M | −$402.0M | −$365.0M |
| Investments (net) | −$47.0M | −$20.0M | −$48.0M | −$312.0M | −$258.0M | −$242.0M | −$694.0M | −$606.0M | −$360.0M | −$321.0M | −$6.02B | −$329.0M |
| Acquisitions & other investing | −$9.83B | $8.0M | $35.0M | $292.0M | $248.0M | $245.0M | $516.0M | $298.0M | $287.0M | $291.0M | $402.0M | −$370.0M |
| Cash from investing activities | −$10.15B | −$249.0M | −$384.0M | −$312.0M | −$258.0M | −$242.0M | −$694.0M | −$606.0M | −$360.0M | −$321.0M | −$6.02B | −$1.06B |
| Financing activities | ||||||||||||
| Dividends paid | −$283.0M | −$226.0M | −$226.0M | −$229.0M | −$229.0M | −$194.0M | −$195.0M | −$196.0M | −$200.0M | −$177.0M | −$200.0M | −$199.0M |
| Share repurchases & issuance (net) | −$885.0M | −$9.0M | −$25.0M | −$1.99B | −$1.06B | −$1.08B | −$809.0M | −$640.0M | −$4.53B | $0 | −$38.0M | $51.0M |
| Net borrowing (repayment) | $8.48B | $309.0M | $1.52B | −$477.0M | $2.0M | $1.0M | −$696.0M | −$14.0M | — | — | — | $2.60B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$44.0M | −$28.0M | −$3.0M | −$33.0M | $1.04B | $16.0M | $8.0M | $5.0M | −$985.0M | $44.0M | −$2.01B | −$12.0M |
| Cash from financing activities | $7.27B | $46.0M | $1.26B | −$2.72B | −$247.0M | −$1.25B | −$1.69B | −$845.0M | −$5.71B | −$133.0M | −$2.25B | $2.44B |
| Summary | ||||||||||||
| Net change in cash | −$1.35B | $1.09B | $3.10B | −$782.0M | $964.0M | −$85.0M | −$549.0M | $253.0M | −$4.66B | $1.17B | −$6.41B | $3.70B |
| Cash at end of period | $4.35B | $5.70B | $4.62B | $1.52B | $2.96B | $1.99B | $2.08B | $2.63B | $2.37B | $7.03B | $5.86B | $12.28B |
| Free cash flow | $1.26B | $1.08B | $1.75B | $1.37B | $1.09B | $1.05B | $1.50B | $1.22B | $1.13B | $1.45B | $1.22B | $1.31B |
| Free cash flow margin | 20.2% | 18.2% | 25.5% | 22.6% | 18.4% | 18.4% | 23.0% | 21.0% | 19.7% | 25.0% | 19.0% | 23.2% |
| Capex / revenue | 4.3% | 4.0% | 5.4% | 4.8% | 4.2% | 4.3% | 7.9% | 5.1% | 5.0% | 5.0% | 6.3% | 6.5% |
| Operating cash flow / net income | 1.76 | 1.28 | 1.77 | 1.83 | 2.41 | 1.36 | 1.86 | 1.85 | 1.56 | 1.60 | 3.02 | 1.48 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DHR cash generation
In fiscal 2025 (ended December 31, 2025), Danaher generated $6.4 billion of cash from operations (down 4.1%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $5.3 billion, 21.4% of revenue. It returned $4.0 billion to shareholders through dividends ($878.0 million) and net share buybacks ($3.1 billion). Cash and equivalents rose by $2.5 billion over the year.
Related: DHR income statement, DHR balance sheet, DHR dividend history. See the DHR stock overview for the latest quote and news.
DHR cash flow FAQ
What is Danaher's free cash flow?
Danaher's free cash flow was $5.3 billion in fiscal 2025: $6.4 billion of operating cash flow minus $1.2 billion of capital expenditures It was $5.3 billion a year earlier..
How much cash does Danaher generate from operations?
Danaher generated $6.4 billion of cash from operating activities in fiscal 2025, 1.78 times its net income of $3.6 billion.
How much does Danaher spend on capital expenditures?
Danaher spent $1.2 billion on capital expenditures in fiscal 2025, 4.7% of revenue, compared with $1.4 billion the year before.
How much stock does Danaher buy back?
Danaher spent $3.1 billion on net share repurchases in fiscal 2025.
How much does Danaher pay in dividends?
Danaher paid $878.0 million in dividends in fiscal 2025, 16.7% of free cash flow.