dhr-20250328

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________

FORM 10-Q

________________________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 28, 2025


☐			TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-08089

DANAHER CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		59-1995548
(State of Incorporation)		(I.R.S. Employer Identification Number)

2200 Pennsylvania Avenue, N.W., Suite 800W		20037-1701
Washington,	DC
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: 202-828-0850


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	DHR	New York Stock Exchange
0.200% Senior Notes due 2026	DHR/26	New York Stock Exchange
2.100% Senior Notes due 2026	DHR 26	New York Stock Exchange
1.200% Senior Notes due 2027	DHR/27	New York Stock Exchange
0.450% Senior Notes due 2028	DHR/28	New York Stock Exchange
2.500% Senior Notes due 2030	DHR 30	New York Stock Exchange
0.750% Senior Notes due 2031	DHR/31	New York Stock Exchange
1.350% Senior Notes due 2039	DHR/39	New York Stock Exchange
1.800% Senior Notes due 2049	DHR/49	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

The number of shares of common stock outstanding at April 16, 2025 was 715,669,594.

DANAHER CORPORATION

INDEX

FORM 10-Q


		Page
PART I -	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Condensed Balance Sheets	1

	Consolidated Condensed Statements of Earnings	2

	Consolidated Condensed Statements of Comprehensive Income	3

	Consolidated Condensed Statements of Stockholders’ Equity	4

	Consolidated Condensed Statements of Cash Flows	5

	Notes to Consolidated Condensed Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4.	Controls and Procedures	32

PART II -	OTHER INFORMATION

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 5.	Other Information	34

Item 6.	Exhibits	35

	Signatures	36

Table of Contents

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

($ in millions, except per share amount)

(unaudited)


	March 28, 2025		December 31, 2024
ASSETS
Current assets:
Cash and equivalents	$	1,993	$	2,078
Trade accounts receivable, less allowance for doubtful accounts of $115 and $113, respectively	3,506		3,537
Inventories:
Finished goods	1,272		1,145
Work in process	517		465
Raw materials	743		720
Total inventories	2,532		2,330
Prepaid expenses and other current assets	1,494		1,552
Total current assets	9,525		9,497
Property, plant and equipment, net of accumulated depreciation of $4,309 and $4,101, respectively	5,110		4,990
Other long-term assets	3,939		3,990
Goodwill	41,657		40,497
Other intangible assets, net	18,885		18,568
Total assets	$	79,116	$	77,542
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current portion of long-term debt	$	501	$	505
Trade accounts payable	1,722		1,753
Accrued expenses and other liabilities	4,422		4,540
Total current liabilities	6,645		6,798
Other long-term liabilities	5,638		5,694
Long-term debt	15,976		15,500
Stockholders’ equity:

Common stock - $0.01 par value, 2.0 billion shares authorized; 885.6 million issued and 715.6 million outstanding as of March 28, 2025; 884.3 million issued and 719.1 million outstanding as of December 31, 2024	9		9
Additional paid-in capital	16,845		16,727
Treasury stock	(9,306)		(8,163)
Retained earnings	44,913		44,188
Accumulated other comprehensive income (loss)	(1,612)		(3,218)
Total Danaher stockholders’ equity	50,849		49,543
Noncontrolling interests	8		7
Total stockholders’ equity	50,857		49,550
Total liabilities and stockholders’ equity	$	79,116	$	77,542

See the accompanying Notes to the Consolidated Condensed Financial Statements.

Table of Contents

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(unaudited)


	Three-Month Period Ended
	March 28, 2025		March 29, 2024
Sales	$	5,741	$	5,796
Cost of sales	(2,230)		(2,309)
Gross profit	3,511		3,487
Operating costs:
Selling, general and administrative expenses	(1,858)		(1,807)
Research and development expenses	(379)		(368)

Operating profit	1,274		1,312
Nonoperating income (expense):
Other income (expense), net	(79)		(36)


Interest expense	(72)		(65)
Interest income	6		60
Earnings before income taxes	1,129		1,271
Income taxes	(175)		(183)


Net earnings	$	954	$	1,088








Net earnings per common share:
Basic	$	1.33	$	1.47
Diluted	$	1.32	$	1.45
Average common stock and common equivalent shares outstanding:
Basic	716.3		740.6
Diluted	720.8		748.6

See the accompanying Notes to the Consolidated Condensed Financial Statements.

Table of Contents

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

($ in millions)

(unaudited)


	Three-Month Period Ended
	March 28, 2025		March 29, 2024
Net earnings	$	954	$	1,088
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	1,449		(948)
Pension and postretirement plan benefit adjustments	1		2

Cash flow hedge adjustments	156		(50)
Total other comprehensive income (loss), net of income taxes	1,606		(996)

Comprehensive income	$	2,560	$	92

See the accompanying Notes to the Consolidated Condensed Financial Statements.

Table of Contents

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

($ in millions)

(unaudited)


	Three-Month Period Ended
	March 28, 2025		March 29, 2024




Common stock:



Balance, beginning and end of period	$	9	$	9
Additional paid-in capital:
Balance, beginning of period	$	16,727	$	16,170
Common stock-based award activity	118		144








Balance, end of period	$	16,845	$	16,314
Treasury stock:
Balance, beginning of period	$	(8,163)	$	(2,019)
Repurchase of common stock, including excise tax	(1,089)		—
Common stock-based award activity	(54)		(80)
Balance, end of period	$	(9,306)	$	(2,099)
Retained earnings:
Balance, beginning of period	$	44,188	$	41,074

Net earnings	954		1,088
Common stock dividends declared	(229)		(200)

Balance, end of period	$	44,913	$	41,962
Accumulated other comprehensive income (loss):
Balance, beginning of period	$	(3,218)	$	(1,748)

Other comprehensive income (loss)	1,606		(996)
Balance, end of period	$	(1,612)	$	(2,744)
Noncontrolling interests:

SEC Form 10-Q filed by Danaher Corporation