Danaher Corporation (DHR) Income Statement
DHR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDHR revenue and net income
Where DHR's revenue goes
2025Each bar shows an amount and its share of revenue. DHR kept 14.7% of revenue as net income.
DHR profit margins
DHR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.9% | −2.7% | +2.0% | +5.5% |
| Gross profit | +5.4% | −2.6% | +3.7% | +6.6% |
| Operating income | −0.9% | −12.0% | +3.6% | +7.8% |
| Net income | −7.3% | −20.6% | −0.2% | +3.4% |
| EPS (diluted) | +4.1% | −10.7% | +4.4% | +6.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DHR quarterly EPS vs estimates
Danaher beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 21, 2026 (estimate $1.92).
DHR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.57B | $23.88B | $23.89B | $26.64B | $29.45B | $22.28B | $17.91B | $17.05B | $18.33B | $16.88B |
| Cost of revenue | $9.60B | $9.67B | $12.22B | $10.46B | $11.50B | $9.81B | $7.93B | $7.54B | $8.10B | $7.50B |
| Gross profit | $14.97B | $14.21B | $14.03B | $16.19B | $17.95B | $12.47B | $9.98B | $9.51B | $10.23B | $9.38B |
| Research & development | $1.60B | $1.58B | $1.50B | $1.53B | $1.74B | $1.35B | $1.13B | $1.06B | $1.13B | $975.1M |
| Sales, general & admin | $8.23B | $7.76B | $8.68B | $8.52B | $8.20B | $6.90B | $5.59B | $6.47B | $6.04B | $5.61B |
| Total operating expenses | $9.83B | $9.02B | $8.83B | $8.65B | $9.90B | $8.16B | $6.62B | $6.44B | $7.08B | $6.40B |
| Operating income | $5.14B | $5.18B | $5.20B | $7.54B | $8.05B | $4.31B | $3.36B | $3.07B | $3.15B | $2.99B |
| Interest income | $235.0M | $117.0M | $215.0M | $170.0M | $227.0M | $204.0M | $139.0M | $9.2M | $7.5M | $200,000 |
| Interest expense | $265.0M | $278.0M | $286.0M | $207.0M | $241.0M | $273.0M | $108.6M | $136.9M | $162.7M | $184.4M |
| Income before taxes | $4.23B | $4.65B | $5.04B | $7.15B | $7.60B | $4.50B | $3.31B | $2.96B | $2.94B | $2.61B |
| Income taxes | $619.0M | $747.0M | $301.0M | $818.0M | $1.25B | $849.0M | $873.0M | $555.6M | $469.0M | $457.9M |
| Net income | $3.61B | $3.90B | $4.74B | $7.21B | $6.43B | $3.65B | $2.56B | $2.65B | $2.49B | $2.55B |
| EBITDA | $6.95B | $7.28B | $5.20B | $9.48B | $10.01B | $6.54B | $4.60B | $4.28B | $4.34B | $3.92B |
| EPS (diluted) | $7.80 | $7.49 | $8.52 | $10.95 | $10.06 | $6.29 | $4.70 | $4.52 | $4.03 | $4.25 |
| Gross margin | 60.9% | 59.5% | 58.7% | 60.8% | 61.0% | 56.0% | 55.7% | 55.8% | 55.8% | 55.6% |
| Operating margin | 20.9% | 21.7% | 21.8% | 28.3% | 27.3% | 19.4% | 18.8% | 18.0% | 17.2% | 17.7% |
| Net margin | 14.7% | 16.3% | 19.9% | 27.1% | 21.8% | 16.4% | 14.3% | 15.5% | 13.6% | 15.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.26B | $5.95B | $6.84B | $6.05B | $5.94B | $5.74B | $6.54B | $5.80B | $5.74B | $5.80B | $6.41B | $5.62B |
| Cost of revenue | $2.65B | $2.36B | $2.87B | $2.53B | $1.98B | $2.23B | $2.65B | $2.40B | $2.31B | $2.31B | $2.63B | $2.35B |
| Gross profit | $3.61B | $3.59B | $3.97B | $3.52B | $3.96B | $3.51B | $3.89B | $3.40B | $3.43B | $3.49B | $3.78B | $3.27B |
| Research & development | $412.0M | $387.0M | $438.0M | $378.0M | $403.0M | $379.0M | $442.0M | $383.0M | $391.0M | $368.0M | $407.0M | $362.0M |
| Sales, general & admin | $2.07B | $1.86B | $2.03B | $1.99B | $2.36B | $1.86B | $2.02B | $2.06B | $1.87B | $1.81B | $766.0M | $2.15B |
| Total operating expenses | $2.48B | $2.25B | $2.46B | $2.37B | $2.76B | $2.24B | $2.14B | $2.44B | $2.26B | $2.17B | $2.37B | $2.09B |
| Operating income | $1.13B | $1.34B | $1.50B | $1.15B | $1.19B | $1.27B | $1.75B | $958.0M | $1.17B | $1.31B | $1.41B | $1.19B |
| Interest income | $61.0M | $27.0M | $42.0M | $3.0M | $8.0M | $6.0M | $14.0M | $4.0M | $39.0M | $60.0M | $117.0M | $79.0M |
| Interest expense | $107.0M | $63.0M | $55.0M | $67.0M | $71.0M | $72.0M | $61.0M | $87.0M | $65.0M | $65.0M | $85.0M | $70.0M |
| Income before taxes | $1.08B | $1.24B | $1.37B | $1.08B | $655.0M | $1.13B | $1.31B | $977.0M | $1.08B | $1.27B | $1.23B | $1.15B |
| Income taxes | $208.0M | $206.0M | $176.0M | $168.0M | $100.0M | $175.0M | $229.0M | $159.0M | $176.0M | $183.0M | $111.0M | $207.0M |
| Net income | $870.0M | $1.03B | $1.20B | $908.0M | $555.0M | $954.0M | $1.09B | $818.0M | $907.0M | $1.09B | $1.08B | $1.13B |
| EBITDA | $1.84B | $1.93B | $2.05B | $1.76B | $1.34B | $1.79B | $1.97B | $1.66B | $1.73B | $1.92B | $1.81B | $1.75B |
| EPS (diluted) | $1.94 | $2.06 | $2.23 | $1.89 | $1.80 | $1.88 | $2.14 | $1.71 | $1.72 | $1.92 | $2.09 | $2.02 |
| Gross margin | 57.6% | 60.3% | 58.0% | 58.2% | 66.6% | 61.2% | 59.5% | 58.7% | 59.7% | 60.2% | 59.0% | 58.2% |
| Operating margin | 18.0% | 22.6% | 22.0% | 19.1% | 20.1% | 22.2% | 26.7% | 16.5% | 20.3% | 22.6% | 22.1% | 21.1% |
| Net margin | 13.9% | 17.3% | 17.5% | 15.0% | 9.3% | 16.6% | 16.6% | 14.1% | 15.8% | 18.8% | 16.8% | 20.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DHR's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DHR financial results
In fiscal year 2025 (ended December 31, 2025), Danaher reported revenue of $24.6 billion, up 2.9% from the year before. It had net income of $3.6 billion (down 7.3%), a net profit margin of 14.7%. Diluted earnings per share came to $7.80. Over five years revenue grew at an average rate of 2.0% a year.
See the DHR stock overview for the latest quote and news, or the DHR chart for price history and technical indicators.
DHR income statement FAQ
What is Danaher's annual revenue?
Danaher reported total revenue of $24.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.9% from $23.9 billion the previous year.
Is Danaher profitable?
Yes. Danaher reported net income of $3.6 billion in fiscal 2025, a net profit margin of 14.7%; its operating margin was 20.9%.
What is Danaher's gross margin?
Danaher's gross margin was 60.9% in fiscal 2025: for every $100 of revenue, Danaher kept $61 after the direct cost of its products and services.
How much does Danaher spend on research and development?
Danaher spent $1.6 billion on research and development in fiscal 2025, 6.5% of revenue.
How fast is Danaher growing?
Revenue grew 2.0% a year on average over the last five fiscal years, from $22.3 billion to $24.6 billion.
What are Danaher's earnings per share?
Danaher earned $7.80 per diluted share in fiscal 2025, compared with $7.49 a year earlier.
When will Danaher report its next earnings?
Danaher is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does Danaher's fiscal year end?
Danaher's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.