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DANAHER CORP /DE/DHR

Sector
Industrial
Industry
Industrial Instruments For Measurement, Display, and Control
Exchange
NYSE

Stock Price $DHR

Latest filings

You are here#11 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K138

DHR filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 138 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’18Mar ’18
  2. Deal closed8-K · May ’20May ’20
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $24.57B
YoY changeLargest recent move+24.4%in FY20Latest +2.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All DHR Financial Metrics60 metrics

Income Statement16

Balance Sheet26

Cash Flow14

Per Share4

02—Overview

DANAHER CORP /DE/ Financial Overview 2021–2025

Updated Jul 10, 2026

After watching core sales plummet by 10.0% in FY2023 as pandemic-era diagnostics demand evaporated, Danaher executed a relentless portfolio transformation culminating in the $9.9 billiona pending acquisition of Masimo in FY2025. The company operates as a strict capital allocator, successfully navigating a prolonged bioprocessing slump by spinning off its legacy industrial water assets and buying up high-margin platforms like Abcam for $5.6 billion.

The company's financial trajectory reflects a deliberate, albeit painful, return to normalized growth. Diluted earnings per share compressed from $8.61 in FY2021 to $5.03b by FY2025 as the highly profitable COVID-19 testing boom faded. Despite this bottom-line contraction, underlying business health stabilized over time. Total sales reached $24.57 billion with core sales growing 2.0% in FY2025. The company defended its profitability to deliver a 19.1% operating profit margin for the year, supported by cost-saving initiatives and the efficiency of the Danaher Business System. Management also actively managed its capital structure when growth stalled, executing a massive $6.0 billion in stock buybacks during a flat-growth FY2024.

Investors paid a distinct premium for this strategic transition into a pure-play medical and life sciences business. At the close of FY2025, the market valued the company at a $161.8 billionc market capitalization, with the stock trading at $228.92 and carrying a steep price-to-earnings ratio of 45.3x.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Danaher delivered a 3.5% total sales increase to $5.95 billiond, boosted largely by a 3.0% currency tailwind. Core sales expanded a modest 0.5%. Despite this sluggish top-line expansion, operating profit margins improved 40 basis points to 22.6%, driving net earnings up to $1.0 billion, or $1.45 per share. To support corporate liquidity, the company secured a new $5.0 billion revolving credit facility in April 2026. Additionally, Dr. Jessica Mega retired from the Board of Directors in February 2026.

Bulls highlight the Biotechnology segment's robust 7.0% core sales growth driven by strong bioprocessing and consumables demand. Bears point to the Diagnostics segment's 4.0% core sales decline caused by ongoing pricing pressures in China and lower respiratory test volumes. Trading at a steep 38.5x earnings as of the Q1 2026 reporting date, the stock appears richly valued relative to its near-term, low-single-digit growth profile.

What to watch: stabilization of diagnostics pricing within the Chinese market; progress on antitrust approvals for pending transactions.

03—Filings

Recent SEC Filings

  1. 8-KDANAHER CORP /DE/ 8-K Report, Executive Changes (Oct 13, 2026)Danaher Corporation (DHR) announced significant changes to its Board of Directors via an 8-K filing on October 13, 2026. The Board's size was increased to thirteen members with the immediate appointment of two new directors: Daniel L. Comas and Robert M. Hershberg. Mr. Comas brings extensive financial and corporate development experience from his long tenure at Danaher, including serving as CFO. Dr. Hershberg adds deep scientific and executive leadership expertise from the biotechnology sector. Both will serve until the next annual shareholder meeting and will receive compensation consistent with the Company's non-employee director program, including prorated cash and equity awards. In addition to these appointments, the filing notes the upcoming retirement of director Alan G. Spoon, who will not seek re-election at the 2027 annual meeting, a decision not driven by any disagreements. Furthermore, Steven M. Rales and Mitchell P. Rales, the Company's co-founders and key board members, have waived their rights to significant restricted stock unit grants previously awarded to them. These board changes and director actions reflect ongoing governance and refreshment processes at Danaher.
  2. 8-KDANAHER CORP /DE/ 8-K Report, Executive Changes (Aug 3, 2026)Danaher Corporation (NYSE: DHR) announced on August 3, 2026 a CEO succession. Julie Sawyer Montgomery, a Danaher executive since 2017 who currently leads the Diagnostics platform as Executive Vice President, will become President and CEO effective October 1, 2026, and will join the Board and its Executive, Finance and Science & Technology Committees. Rainer M. Blair steps down as CEO and director on the same date, moving to a Senior Advisor role through December 31, 2026 and then a consultancy through March 31, 2027. The filing states there is no change to previously communicated third quarter and full-year 2026 guidance. Compensation for the new CEO is substantial. Her base salary rises to $1.5 million, with a 200% target annual cash incentive and a 2027 long-term incentive target of $13.2 million. She also receives a one-time $20 million stock option award (ten-year term, 50% vesting at years four and five), and her severance package includes 12 months of salary plus target bonus amounts. Chairman Steven Rales and Mitchell Rales, co-founders, also received special option and RSU grants (1,000,000 options and 500,000 RSUs each) under a Long-Term Growth Program. The company expects to exclude the stock-based compensation expense for this program from Adjusted Diluted EPS, which is a notable point for investors reviewing non-GAAP earnings. For investors, the key items are continuity of the Diagnostics-led strategy, an orderly transition with Blair remaining available through the advisory period, and the scale of equity incentives tied to long-term growth. Investors should watch execution on the pending StatLab acquisition and the Masimo integration, as well as how the Adjusted EPS exclusion is presented going forward.
  3. 8-KDANAHER CORP /DE/ 8-K Report, Financial Results (Jul 21, 2026)Danaher reported second quarter 2026 results for the period ended June 26, 2026, with GAAP net earnings of $870 million, or $1.23 per diluted share, up 60% year-over-year, and revenue up 5.5% to $6.3 billion. The GAAP improvement is flattered by a sharp drop in SG&A expense and by a prior-year impairment charge of $432 million on a trade name, so the cleaner comparison is the non-GAAP measure. Adjusted diluted EPS rose 8.0% to $1.94, and non-GAAP core revenue grew 3.0%, or 4.5% excluding respiratory testing. Operating cash flow was $1.5 billion and free cash flow was $1.3 billion. Interest expense rose and interest income increased sharply, reflecting the debt raised to finance the Masimo acquisition, which Danaher completed earlier than anticipated. Management raised full-year 2026 adjusted diluted EPS guidance to $8.45 to $8.60 from $8.35 to $8.55, while narrowing the organic growth outlook to 3.0% to 4.0% core revenue growth. The third-quarter core growth outlook is 2.0% to 3.0%. Bioprocessing was a bright spot in orders, growing in the mid-teens, but reported bioprocessing revenue was affected by customer project timing. Management expects to exit 2026 at a mid-single-digit core growth rate. Danaher also disclosed a pending acquisition of StatLab (about $250 million in 2025 revenue, more than 85% recurring) by Leica Biosystems, expected to close by year-end 2026 and to be accretive in its first full year. For investors, the key questions are the durability of the core growth recovery, the pace of deleveraging after the Masimo financing, and how much of the EPS raise reflects operations versus the lower share count and tax and interest items. Respiratory testing revenue, which is highly sensitive to flu severity, continues to distort reported Diagnostics growth, and the company has added a new non-GAAP measure to address this. Management also plans to exclude tariff refunds from core sales beginning in the third quarter, a change that could make future growth comparisons harder to read.
  4. 8-KDANAHER CORP /DE/ 8-K Report, Financial Obligation (Jun 3, 2026)On June 3, 2026, Danaher Corporation and its wholly owned subsidiary DH Masi Finance Inc. closed a private placement of seven series of Swiss franc senior notes under a Note Purchase Agreement with institutional accredited investors. The notes total approximately CHF 2.38 billion (about CHF 2,382.9 million) across maturities from 2031 to 2056. The Issuer is DH Masi Finance Inc., and Danaher fully and unconditionally guarantees the notes. The notes are unsecured and were sold in an offering exempt from Securities Act registration. The coupons range from 1.65% for the 5-year Series A notes to 2.50% for the 30-year Series G notes, with a principal-weighted average coupon of roughly 2.3%. Because the notes are denominated in Swiss francs, the low coupons reflect Swiss rates rather than U.S. dollar rates. Interest is payable semi-annually beginning December 3, 2026. The filing states that net proceeds will fund general corporate purposes, including working capital, acquisitions, and share repurchases. Investors should note that this transaction adds to Danaher's long-term debt load, though the filing does not disclose the USD equivalent, hedging arrangements, or pro forma leverage impact. The filing describes the covenants and events of default as customary and broadly consistent with Danaher's existing debt, including its credit facilities. It does not indicate any material change to the company's financial condition. Overall, the filing reflects a low-cost, long-dated financing that extends Danaher's maturity profile and diversifies its funding sources into the Swiss franc market.
  5. 8-KDANAHER CORP /DE/ 8-K Report, Executive Changes (May 7, 2026)Danaher Corporation (DHR) filed an 8-K on May 7, 2026, detailing outcomes from its Annual Meeting of Shareholders held on May 5, 2026. The most significant event for investors is the shareholder approval of the Amended and Restated Danaher Corporation Omnibus Incentive Plan. This plan was updated to increase the share reserve by 20 million shares of Common Stock and extend its term to May 5, 2036, indicating continued focus on executive and employee compensation through equity incentives. Additionally, the filing confirms the election of all eleven director nominees and the ratification of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. Shareholders also approved, on an advisory basis, the compensation of the company's named executive officers. These approvals reflect shareholder confidence in the company's governance and executive compensation strategies.
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04—See also

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