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Danaher

Danaher's sales grew slightly in 2025, while net income fell

Sales rose 2.9% to $24.6B. Net income fell 7.3% to $3.6B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Sep 25, 2026 (filed Oct 21, 2026) · Data pulled Oct 25, 2026

Key facts

Danaher (NYSE: DHR) reported sales of $24.6B for fiscal 2025, the year ended Dec 31, 2025, up 2.9% from fiscal 2024. Net income was $3.6B, down 7.3%. In its latest 10-Q, for the quarter ended Sep 25, 2026, sales were $6.6B, up 8.3% from the same quarter a year earlier, and net income was $1.2B. The largest piece by segment was Diagnostics, at 40% of fiscal 2025 sales. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 25, 2026 (filed Oct 21, 2026).

Sales$24.6BFY2025 · +2.9% vs FY2024
Net income$3.6BFY2025 · −7.3% vs FY2024
Operating cash flow$6.4BFY2025 · −4.1% vs FY2024
Cash & equivalents$5.7Bat Sep 25, 2026 · +23.1% vs FY2025 end
Total debt$26.5Bat Sep 25, 2026 · +43.8% vs FY2025 end
Diluted shares716MFY2025 avg · −2.9% vs FY2024
Sales and net income, three fiscal yearsBy fiscal year, $bn
SalesNet income
Sales and net income by fiscal yearSales FY2023: $23.9B23.9Net income FY2023: $4.8B4.8FY2023Sales FY2024: $23.9B23.9Net income FY2024: $3.9B3.9FY2024Sales FY2025: $24.6B24.6Net income FY2025: $3.6B3.6FY2025

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly sales: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly sales, fiscal 2026 vs 2025FY2025 Q1: $5.7B5.7FY2026 Q1: $6.0B6.0Q1FY2025 Q2: $5.9B5.9FY2026 Q2: $6.3B6.3Q2FY2025 Q3: $6.1B6.1FY2026 Q3: $6.6B6.6Q3

Source: 10-Q filed Apr 21, 2026 · 10-Q filed Jul 21, 2026 · 10-Q filed Oct 21, 2026

How it makes money

FY2025 total by categoryBiotechnology: $7.3B (30%)Life Sciences: $7.3B (30%)Diagnostics: $9.9B (40%)$24.6BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Biotechnology$7.3B30%+7.9%
  • Life Sciences$7.3B30%+0.1%
  • Diagnostics$9.9B40%+1.6%

Source: 10-K FY2025, XBRL breakdown

Diagnostics was 40% of 2025 sales, Biotechnology 30% and Life Sciences 30%. North America was 42% of sales.

By segment: three-year mixShare of the total each fiscal year
BiotechnologyLife SciencesDiagnostics

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Sales
$6.6B Q3 2026
$6.1B Q3 2025
8.3% increase
Net income
$1.2B Q3 2026
$908M Q3 2025
36.0% increase

Source: Danaher 10-Q for the quarter ended Sep 25, 2026, filed Oct 21, 2026

By segment

Diagnostics
$2.9B Q3 2026
$2.5B Q3 2025
17.0% increase
Life Sciences
$1.9B Q3 2026
$1.8B Q3 2025
4.1% increase
Biotechnology
$1.8B Q3 2026
$1.8B Q3 2025
0.5% increase

Source: Danaher 10-Q for the quarter ended Sep 25, 2026, filed Oct 21, 2026

  • Cash & equivalents $5.7B at Sep 25, 2026, vs $4.6B at FY2025 end.
  • Total debt $26.5B at Sep 25, 2026, vs $18.4B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $4.7B vs $4.3B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 7.3% in 2025 to $3.6B, down from $4.8B in 2023. 10-K, FY2025
  • Life Sciences sales were roughly flat in 2025. 10-K, FY2025
  • Total debt was $18.4B at the end of 2025 and $26.5B at Sep 25, 2026. 10-Q, quarter ended Sep 25, 2026
  • The 10-K lists biopharma and research spending, China, competition and acquisitions among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Danaher makes instruments, consumables and software for biopharma manufacturing, life sciences research and diagnostic testing, through companies such as Cytiva, Beckman Coulter, Leica and Cepheid.

Biotechnology sells tools used to develop and make biologic drugs. Life Sciences sells research instruments and consumables. Diagnostics sells clinical lab, molecular and pathology testing systems. Much of its revenue is recurring sales of consumables and service.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Danaher's latest 10-K. Read the original for the full list.

  1. Customer spendingBiopharma and research budgets drive demand for its tools.
  2. ChinaSales in China face pricing policies and economic pressure.
  3. CompetitionIt competes with other large life sciences and diagnostics companies.
  4. AcquisitionsIt grows partly by buying companies, which carries integration risk.
  5. RegulationDiagnostic products need regulatory approvals.
  6. InternationalCurrencies and trade rules affect results.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Sales$23.9B$23.9B$24.6B
Net income$4.8B$3.9B$3.6B
Operating cash flow$7.2B$6.7B$6.4B
Cash & equivalents (year end)$5.9B$2.1B$4.6B
Total debt (year end)$18.4B$16.0B$18.4B
Diluted shares743M737M716M
  • Sales: Sales of instruments, consumables, software and services used in biopharma production, life sciences research and diagnostic testing.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and equivalents as shown on the balance sheet.
  • Total debt: Notes payable and current portion of long-term debt plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment figures are sales as reported for each segment, which add up to total sales.
  • Regional figures are sales by region as reported, which add up to total sales.

Recent filings

FormFiledPeriod
10-QOct 21, 2026Sep 25, 2026
10-QJul 21, 2026Jun 26, 2026
10-QApr 21, 2026Mar 27, 2026
DEF 14AMar 25, 2026May 5, 2026
10-KFeb 24, 2026Dec 31, 2025

Latest filings

  1. Oct 205:43 PM ET

    8-K

    Danaher files an 8-K on quarterly results

    Danaher filed a Form 8-K on Oct 20, 2026 at 5:43 PM ET under Item 2.02 (Results of Operations and Financial Condition).

  2. Oct 144:30 PM ET

    Form 4

    Danaher Chairman of Exec. Committee Mitchell P. Rales reports a disposition to the company of 500,000 shares

    The filing reports 500,000 shares in a disposition to the company (code D).

  3. Oct 144:30 PM ET

    Form 4

    Danaher Chairman Steven M. Rales reports a disposition to the company of 500,000 shares

    The filing reports 500,000 shares in a disposition to the company (code D).

  4. Oct 138:53 AM ET

    8-K

    Danaher files an 8-K on director or officer changes and other events

    Danaher filed a Form 8-K on Oct 13, 2026 at 8:53 AM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers), Item 8.01 (Other Events).

All Danaher filings notes →

Common questions about Danaher

How does Danaher make money?

Danaher's sales were $24.6B in fiscal 2025. Diagnostics was 40% of 2025 sales, Biotechnology 30% and Life Sciences 30%. North America was 42% of sales. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was Danaher's revenue in fiscal 2025?

$24.6B of sales for the fiscal year ended Dec 31, 2025, up 2.9% from $23.9B in fiscal 2024. Fiscal 2023 was $23.9B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is Danaher profitable?

Danaher reported net income of $3.6B for fiscal 2025, down 7.3% from $3.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 25, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did Danaher report in its latest quarterly filing?

Sales were $6.6B in the quarter ended Sep 25, 2026, up 8.3% from $6.1B a year earlier. Net income was $1.2B, up 36.0% from $908M. Source: 10-Q for the quarter ended Sep 25, 2026, filed Oct 21, 2026.

How much cash and debt does Danaher have?

Danaher had $5.7B in cash and cash equivalents and $26.5B of total debt on Sep 25, 2026. Total debt here is notes payable and current portion of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 21, 2026.

What are the main risks Danaher lists?

Danaher's 10-K for fiscal 2025, filed Feb 24, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Customer spending; china; competition; acquisitions; regulation; international. The first: Biopharma and research budgets drive demand for its tools. Source: 10-K, Item 1A Risk Factors.

Where do these Danaher numbers come from?

From Danaher's own SEC filings: the 10-K for fiscal 2025 (filed Feb 24, 2026) and the 10-Q for the quarter ended Sep 25, 2026 (filed Oct 21, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in DHR
The editor holds no position in Danaher (DHR). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell DHR from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold DHR, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
DanaherDHRFY2025$24.6B+2.9%$3.6B
Thermo FisherTMOFY2025$44.6B+3.9%$6.7B
AbbottABTFY2025$44.3B+5.7%$6.5B
Intuitive SurgicalISRGFY2025$10.1B+20.5%$2.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.