Friday 6 November 2026 Export DHR’s income statement to Excel — free account

Danaher Corporation

Danaher Corporation’s revenue for fiscal 2025 (year ended December 2025) was $24.6 billion, up 2.90% from fiscal 2024.

Revenue: +8.28%
EPS: +36.7%
Free cash flow: +19.1%
Total debt: +44.9%

Quarter to September 2026, against a year earlier

S&P 500

227.87 1.53 +0.68%

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Market cap: $159.2B
P/E: 37.0×
Fwd P/E: 36.9×
Dividend yield: 0.67%
F-score: 6/9
Altman Z: 4.52
Beneish M: −2.57
Dividend safety: 69/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Danaher Corporation (DHR) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Diagnostics	9,941	40.46%
Life Sciences	7,334	29.85%
Biotechnology	7,293	29.68%
Gross margin		59.11%
Operating margin		19.09%
Pre-tax margin		17.23%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Recurring revenue	20,127 81.92%	19,366 81.11%	18,682 78.20%	20,876 78.35%	19,135 77.15%	15,978 71.70%	12,307 68.71%	11,684 68.53%	—	—	—	—	—	—	—	—	—	—
Nonrecurring revenue	4,441 18.08%	4,509 18.89%	5,208 21.80%	5,767 21.65%	5,667 22.85%	6,306 28.30%	5,604 31.29%	5,365 31.47%	—	—	—	—	—	—	—	—	—	—
Dental products	—	—	—	—	—	—	—	—	—	2,785 16.50%	2,737 18.96%	2,193 17.04%	—	—	—	—	—	—
Medical And Dental Products	—	—	—	—	—	—	—	—	—	—	—	—	8,958 49.00%	8,509 46.60%	6,654 41.35%	4,123 32.85%	3,142 29.88%	3,277 25.81%
Motion And Industrial Automation Controls	—	—	—	—	—	—	—	—	—	—	—	—	1,559 8.53%	1,592 8.72%	1,677 10.42%	1,518 12.09%	1,107 10.53%	1,721 13.55%
All Other Products	—	—	—	—	—	—	—	—	—	—	—	—	771 4.22%	748 4.10%	677 4.21%	294 2.34%	—	—
Mechanics And Related Hand Tools	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	591 4.71%	844 8.02%	891 7.02%
All Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	153 1.45%	315 2.48%
Aerospace And Defense	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	126 1.20%	696 5.48%
Also reported: a second breakdown of the same revenue
Research and medical products	—	—	—	—	—	17,979 80.68%	13,512 75.44%	12,686 74.41%	11,512 74.18%	10,367 61.41%	8,111 56.19%	7,095 55.14%	—	—	—	—	—	—
Analytical And Physical Instrumentation	—	—	—	—	—	2,443 10.96%	2,464 13.76%	2,437 14.29%	2,233 14.39%	2,089 12.37%	2,014 13.96%	1,968 15.29%	5,444 29.77%	6,001 32.86%	5,921 36.80%	5,206 41.48%	4,365 41.50%	4,925 38.79%
Product Identification	—	—	—	—	—	1,862 8.36%	1,935 10.80%	1,926 11.30%	1,774 11.43%	1,641 9.72%	1,572 10.89%	1,611 12.52%	1,552 8.49%	1,410 7.72%	1,162 7.22%	818 6.52%	780 7.42%	872 6.87%
Total Sales By Major Product Group	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	10,517	12,698
Revenue	24,568	23,875	23,890	26,643	24,802	22,284	17,911	17,049	15,519	16,882	14,434	12,867	18,283	18,260	16,091	12,550	10,517	12,697

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2013	FY2012	FY2011	FY2010	FY2009
Diagnostics	9,941 40.46%	9,787 40.99%	9,577 40.09%	10,849 40.72%	9,844 39.69%	7,403 33.22%	6,561 36.63%	6,258 36.71%	5,840 37.63%	5,038 29.84%	4,833 33.48%	—	—	—	—	—
Life Sciences	7,334 29.85%	7,329 30.70%	7,141 29.89%	7,036 26.41%	6,388 25.76%	5,300 23.78%	6,951 38.81%	6,471 37.96%	5,710 36.79%	5,366 31.78%	3,315 22.96%	—	—	—	—	—
Biotechnology	7,293 29.68%	6,759 28.31%	7,172 30.02%	8,758 32.87%	8,570 34.55%	5,276 23.68%	—	—	—	—	—	—	—	—	—	—
Environmental & Applied Solutions	—	—	—	—	—	4,305 19.32%	4,399 24.56%	4,320 25.34%	3,969 25.57%	3,693 21.87%	3,550 24.59%	—	—	—	—	—
Dental / Envista	—	—	—	—	—	—	—	—	—	2,785 16.50%	2,737 18.96%	2,095 11.46%	2,023 11.08%	2,011 12.50%	1,825 14.54%	1,657 15.76%
Life Sciences And Diagnostics	—	—	—	—	—	—	—	—	—	—	—	6,856 37.50%	6,485 35.51%	4,627 28.76%	2,298 18.31%	1,485 14.12%
Industrial Technologies	—	—	—	—	—	—	—	—	—	—	—	3,433 18.77%	3,308 18.12%	3,121 19.40%	2,541 20.24%	2,127 20.22%
Environmental	—	—	—	—	—	—	—	—	—	—	—	3,317 18.14%	3,064 16.78%	2,940 18.27%	2,738 21.82%	2,419 23.00%
Test And Measurement	—	—	—	—	—	—	—	—	—	—	—	2,582 14.12%	3,381 18.52%	3,391 21.07%	2,833 22.57%	2,221 21.12%
Businesses Contributed To Apex Joint Venture	—	—	—	—	—	—	—	—	—	—	—	—	—	—	316 2.51%	608 5.78%
Revenue	24,568	23,875	23,890	26,643	24,802	22,284	17,911	17,049	15,519	16,882	14,434	18,283	18,260	16,091	12,550	10,517

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2013	FY2012	FY2011	FY2010	FY2009
Diagnostics	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Biotechnology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Life Sciences	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Environmental & Applied Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Dental / Envista	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Life Sciences And Diagnostics	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Industrial Technologies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Environmental	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Test And Measurement	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Equity method earnings related to Apex joint venture	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Attributable To Periods Prior To Contribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Equity Method Earnings Subsequent To Jv Formation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Businesses Contributed To Apex Joint Venture	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2012	FY2011	FY2010	FY2009
North America	10,356 42.15%	10,295 43.12%	9,961 41.70%	11,730 44.03%	9,798 39.50%	9,011 40.44%	7,012 39.15%	6,470 37.95%	—	—	—	—
High-growth markets	7,022 28.58%	6,870 28.77%	7,191 30.10%	7,709 28.93%	7,770 31.33%	6,651 29.85%	5,730 31.99%	5,443 31.93%	—	—	—	—
Western Europe	5,938 24.17%	5,457 22.86%	5,468 22.89%	5,859 21.99%	5,877 23.70%	5,323 23.89%	4,057 22.65%	4,061 23.82%	—	—	—	—
Other developed markets	1,252 5.10%	1,253 5.25%	1,270 5.32%	1,345 5.05%	1,357 5.47%	1,299 5.83%	1,112 6.21%	1,075 6.31%	—	—	—	—
All Other Countries	—	—	—	—	—	—	—	—	7,896 43.24%	—	—	—
United States	—	—	—	—	—	—	—	—	7,810 42.77%	6,788 42.19%	5,703 45.44%	4,964 47.20%
China	—	—	—	—	—	—	—	—	1,444 7.91%	1,133 7.04%	749 5.97%	562 5.34%
Delaware	—	—	—	—	—	—	—	—	1,111 6.09%	1,189 7.39%	929 7.40%	802 7.63%
Other Segments	—	—	—	—	—	—	—	—	—	6,171 38.35%	4,566 36.38%	3,779 35.93%
Japan	—	—	—	—	—	—	—	—	—	809 5.03%	603 4.80%	410 3.90%
Revenue	24,568	23,875	23,890	26,643	24,802	22,284	17,911	17,049	18,260	16,091	12,550	10,517

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q3 FY2026	$7.4B	$4.9B	+51.02%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.