01—Abstract
Summary
Summary of the 10-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.
Danaher Corporation (DHR) reported solid performance for the fiscal year ending December 31, 2025, with total sales increasing by 3.0% to $24.57 billiona.
The company's core sales, excluding currency impacts and acquisitions, grew by 2.0%, primarily driven by strength in the Biotechnology and Diagnostics segments, though the Life Sciences segment saw a slight decline. Net earnings from continuing operations were $3.60 billionb, or $5.03 per diluted share, a decrease from the prior year primarily due to intangible asset impairments. Despite these impairments, Danaher maintained robust operating profit margins of 19.1%.
The company's strategic focus on strengthening competitive advantages through the Danaher Business System (DBS), enhancing its portfolio via strategic capital allocation, and attracting top talent continues to guide its operations. Danaher also announced a significant pending acquisition of Masimo Corporation for approximately $9.9 billionc, further underscoring its commitment to strategic growth in attractive science and technology markets.
02—Key points
Key Highlights
- Total sales increased 3.0% to $24.57 billion in fiscal year 2025.
- Core sales grew 2.0%, reflecting underlying business growth driven by the Biotechnology and Diagnostics segments.
- Net earnings from continuing operations were $3.60 billion, or $5.03 per diluted share.
- Operating profit margin remained strong at 19.1%, despite the impact of intangible asset impairments.
- The company announced a significant pending acquisition of Masimo Corporation for approximately $9.9 billion.
- Biotechnology segment sales grew 8.0%, driven by strong consumable demand.
- Life Sciences segment experienced a core sales decline of 1.5% due to lower funding levels in academic and government markets.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Danaher Corp kept $0.15.
- Revenue$24.57B100.0%
- Cost of revenue−$10.04B40.9%
- Gross profit$14.52B59.1%
- Operating costs−$9.83B40.0%
- Operating income$4.69B19.1%
- Interest, other & tax−$1.08B4.4%
- Net income$3.61B14.7%
Where FY2025 revenue went
$24.57B- Cost of revenue: $10.04B, 41% of revenue
- SG&A: $8.23B, 34% of revenue
- Net income: $3.61B, 15% of revenue
- R&D: $1.60B, 6.5% of revenue
- Interest, other & tax: $1.08B, 4.4% of revenue
Kept 15% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 24, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $24.57B$23.88B | +2.9% |
| Cost of Revenue | $10.04B$9.67B | +3.9% |
| Gross Profit | $14.52B$14.21B | +2.2% |
| R&D Expenses | $1.60B$1.58B | +0.9% |
| SG&A Expenses | $8.23B$7.76B | +6.1% |
| Operating Income | $4.69B$4.86B | −3.6% |
| Net Income | $3.61B$3.90B | −7.3% |
| EPS (Basic) | $5.07$5.33 | −4.9% |
| EPS (Diluted) | $5.05$5.29 | −4.5% |
| Shares Outstanding (Basic) | 712.70M731.00M | −2.5% |
| Shares Outstanding (Diluted) | 716.10M737.20M | −2.9% |
05—Questions
Frequently Asked Questions
What was Danaher's overall financial performance in 2025?
Danaher reported a 3.0% increase in total sales for fiscal year 2025, reaching $24.57 billion. Core sales, which exclude currency fluctuations and acquisition impacts, grew by 2.0%. Net earnings from continuing operations were $3.60 billion, or $5.03 per diluted share.
What are the key segment performances for 2025?
The Biotechnology segment saw an 8.0% increase in total sales, primarily driven by strong demand for consumables. The Diagnostics segment's total sales grew by 1.5%, with increased demand for consumables also contributing. The Life Sciences segment's total sales remained flat, with a 1.5% decline in core sales due to lower demand in academic and government markets.
What is the significance of the pending Masimo Corporation acquisition?
Danaher announced a definitive agreement to acquire Masimo Corporation for approximately $9.9 billion. Masimo is a leader in specialty diagnostics, particularly in pulse oximetry and patient monitoring systems. This acquisition is expected to further strengthen Danaher's Diagnostics segment and aligns with its strategy of portfolio enhancement in attractive science and technology markets.
What were the main factors impacting Danaher's profitability in 2025?
Danaher's operating profit margin was 19.1%. The company experienced intangible asset impairments totaling $562 million, which negatively impacted the operating profit margin by 120 basis points. Other factors included currency exchange rates, changes in operational costs, and the dilutive effect of acquired businesses and product line dispositions.
06—Continue