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DHR · Danaher Corp · Financials

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$230.00 -3.86 (-1.65%)
Market Cap
$164.40B
Shares
703.53M
Volume · Oct 22 4.2M Avg daily vol (3M) 4.5M

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Revenue
$24.57B +2.9%
FY2025 Revenue FY2007–FY2025
Net Income
$3.61B -7.3%
FY2025 Net Income FY2007–FY2025
Gross Margin
59.11% -0.4pp
FY2025 Gross Margin FY2008–FY2025
Operating Margin
19.09% -1.3pp
FY2025 Operating Margin FY2007–FY2025
Diluted EPS
$5.05 -4.5%
FY2025 Diluted EPS FY2007–FY2025
Operating Cash Flow
$6.42B -4.1%
FY2025 Operating Cash Flow FY2007–FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Line Item FY2026 (G) TTM FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007
— $25.61B $24.57B $23.88B $23.89B $26.64B $24.8B $22.28B $17.91B $19.89B $18.33B $16.88B $14.43B $12.87B $18.28B $18.26B $16.09B $12.55B $10.52B $12.7B $11.03B
— $10.6B $10.05B $9.67B $9.86B $10.46B $9.56B $9.81B $7.93B $7.54B $6.95B $7.55B $6.66B $6.02B $8.94B $8.85B $7.91B $6.15B $5.45B $6.76B $5.99B
— $15.01B $14.52B $14.21B $14.03B $16.19B $15.24B $12.48B $9.98B $9.51B $8.57B $9.33B $7.77B $6.85B $9.34B $9.41B $8.18B $6.4B $5.07B $5.94B —
— — 59.11% 59.5% 58.74% 60.76% 61.44% 55.98% 55.74% 47.78% 46.76% 55.29% 53.84% 53.23% 51.1% 51.56% 50.82% 51.03% 48.21% 46.78% —
— $1.67B $1.6B $1.58B $1.5B $1.53B $1.5B $1.35B $1.13B $1.06B $956.4M $975.1M $861.4M $769.4M $1.1B $1.14B $1.02B $774M $600.27M $725.44M $601.42M
— $8.12B $8.24B $7.76B $7.33B $7.12B $6.82B $6.9B $5.59B $5.39B $5.04B $5.62B $4.75B $4.04B $5.12B $5.18B $4.61B $3.6B $3.12B $3.35B $2.71B
— $1.84B $1.7B $1.63B $1.49B $1.43B $1.39B $1.14B $625M $616M $579M $583M $397M $269M $339M $342M $284M $199M $156M $145M —
— — — — $2.17B $2.13B $2.06B $1.78B $1.19B $1.18B $1.12B $1.13B $880.8M $718.1M $850.6M $839.8M $635M $388.3M $331.8M $339.3M —
— — — — — — — — — $70M $159.1M $152.4M $97.5M $102.3M — — — — $46M — —
— $10.01B — — — — — — — — — — — — — — — — $9.64B $10.83B $9.29B
— $5.22B $4.69B $4.86B $5.2B $7.54B $6.38B $4.23B $3.27B $3.06B $2.57B $2.74B $2.16B $2.05B $3.12B $3.17B $2.62B $2.05B $1.44B $1.87B $1.74B
— — 19.09% 20.37% 21.77% 28.29% 25.71% 18.99% 18.25% 15.36% 14.03% 16.2% 14.98% 15.89% 17.07% 17.33% 16.27% 16.33% 13.69% 14.72% 15.79%
— — — — $7.37B $9.67B $8.44B $6.01B $4.46B $4.23B $3.69B $3.86B $3.04B $2.76B $3.97B $4B $3.25B $2.44B $1.77B $2.21B —
— $360M $265M $278M $286M $204M $231M $275M $108M $137M $140.1M $184.4M $139.8M $94.7M $141.2M $157.5M $141.6M $117.1M $118.65M $130.17M $109.7M
— $132M $30M $117M $303M $41M $11M $71M $139M $9M $7.5M $200K $4.6M $13.3M $5.7M $3.2M $5.1M $6.1M $5.03M $10M $6.09M
— -$172M -$222M -$56M -$175M -$227M $450M $494M $12M $35M — — — — — — — — — — —
— — — — — — — — — — — — — $0 $0 $69.9M $66.8M $22.8M — — —
— -$196M -$248M -$57M -$182M -$271M $401M $18M $0 — — — — — — — — — — — —
— $4.82B $4.23B $4.65B $5.04B $7.15B $6.51B $4.5B $3.31B $2.96B $2.54B $2.61B $2.04B $2.09B $3.42B $3.01B $2.45B $2.23B $1.33B $1.75B $1.64B
— $529M $633M $747M $823M $818M $1.06B $849M $873M $556M $371M $457.9M $292.7M $447.5M $825.7M $711.5M $512.5M $511.4M $239.02M $431.68M $423.1M
— $4.33B $3.61B $3.9B $4.76B $7.21B $6.43B $3.65B $3.01B $2.65B $2.49B $2.55B $3.36B $2.6B $2.7B $2.39B $2.17B $1.79B $1.15B $1.32B $1.37B
— — 14.71% 16.33% 19.94% 27.06% 25.94% 16.36% 16.79% 13.33% 13.6% 15.13% 23.26% 20.19% 14.74% 13.1% 13.5% 14.29% 10.95% 10.38% 12.42%
— — $3.61B $3.9B $4.74B $7.1B $6.27B $3.51B $2.94B $2.65B $2.49B — — — — — — $1.79B $1.15B $1.32B —
— $4.06B $6.63B $2.43B $4.91B $5.36B $5.77B $6.35B $2.73B $2.01B $3.52B $1.86B $2.48B $950.2M $2.97B $2.37B $1.79B $1.79B — — —
USD/shares — $6.12 $5.07 $5.33 $6.44 $9.80 $8.77 $4.97 $4.11 $3.78 $3.58 $3.69 $4.81 $3.70 $3.87 $3.45 $3.21 $2.74 $1.80 $2.06 $4.40
USD/shares $8.35 – $8.50* $6.12 $5.05G $5.29 $6.38 $9.66 $8.61 $4.89 $4.05 $3.74 $3.53 $3.65 $4.74 $3.63 $3.80 $3.36 $3.11 $2.64 $1.73 $1.98 $4.19
shares — — 712.7M 731M 736.5M 725.1M 714.6M 706.2M 715M 700.6M 695.8M 691.2M 698.1M 702.2M 696M 693.4M 676.2M 653.2M 641.53M 638.72M 311.23M
shares — — 716.1M 737.2M 743.1M 737.1M 736.8M 718.7M 725.5M 710.2M 706.1M 699.8M 708.5M 716.1M 711M 713.1M 701.2M 683.3M 671.48M 671.73M 329.46M
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2007–FY2025: $9.91B in buybacks, $7.33B in dividends.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Latest reported total
USD 18,400,000,000
As of Dec 31, 2025
Tracked instruments
11
Loans, facilities and note series
Annual baseline
Dec 31, 2025
Latest approved annual total
Reported total debt history
As of Reported label Amount Source
2025-12-31 Total debt USD 18,400,000,000 10-K filed 2026-02-24
Total debt was approximately $18.4 billion and $16.0 billion as of December 31, 2025 and 2024, respectively, including notes payable and current portion of long-term debt of $2 million and $505 million as of December 31, 2025 and 2024, respectively.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Current debt and lease obligations 2026-06-26 USD 1,411,000,000 10-Q filed 2026-07-21
Long-term debt, including current maturities 2026-06-26 USD 26,558,000,000 10-Q filed 2026-07-21
Related accounting measures — not additional borrowing

Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.

Noncurrent debt carrying amount
USD 25,147,000,000
Operating lease liabilities 2026-06-26 USD 1,300,000,000 10-Q filed 2026-07-21
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
2 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

Floating Rate Senior Notes due 2028

Note · Danaher Corporation

Reference: Floating Rate Senior Notes due 2028

Active
Original principal
EUR 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Apr 29, 2028

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-04-29 Original principal EUR 500,000,000 Exact source document Parent 8-K filing · 2026-04-29
    On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Issuer evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Supporting evidence: The Floating Rate Notes will mature on April 29, 2028, the 2030 Notes will mature on April 29, 2030, the 2034 Notes will mature on April 29, 2034 and the 2038 Notes will mature on April 29, 2038. Interest on the Floating Rate Notes will be paid quarterly in arrears on January 29, April 29, July 29 and October 29 of each year, beginning on July 29, 2026. Interest on the 2030 Notes, the 2034 Notes and the 2038 Notes will be paid annually in arrears on April 29 of each year, commencing on April 29, 2027.
    Supporting evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.

3.250% Senior Notes due 2030

Note · Danaher Corporation

Reference: 3.250% Senior Notes due 2030

Active
Original principal
EUR 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Apr 29, 2030

Last reported interest terms: 3.25% Reported 2026-04-29 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-04-29 Original principal EUR 750,000,000 Exact source document Parent 8-K filing · 2026-04-29
    On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Issuer evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Supporting evidence: The Floating Rate Notes will mature on April 29, 2028, the 2030 Notes will mature on April 29, 2030, the 2034 Notes will mature on April 29, 2034 and the 2038 Notes will mature on April 29, 2038. Interest on the Floating Rate Notes will be paid quarterly in arrears on January 29, April 29, July 29 and October 29 of each year, beginning on July 29, 2026. Interest on the 2030 Notes, the 2034 Notes and the 2038 Notes will be paid annually in arrears on April 29 of each year, commencing on April 29, 2027.
    Supporting evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.

Series A Notes

Note · DH Masi Finance Inc.

Reference: Series A Notes

Active
Original principal
CHF 119,500,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 3, 2031

Last reported interest terms: 1.65% Reported 2026-06-03 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-03 Original principal CHF 119,500,000 Exact source document Parent 8-K filing · 2026-06-03
    (i) CHF 119,500,000 aggregate principal amount of the Issuer’s 1.65% Senior Notes, Series A due June 3, 2031 (the “Series A Notes”)
    Issuer evidence: On June 3, 2026, Danaher Corporation, a Delaware corporation (the “Company”), and its wholly owned subsidiary DH Masi Finance Inc., a Delaware corporation (the “Issuer”), entered into a note purchase and guaranty agreement among the Company, the Issuer and the institutional accredited investors named therein (the “Note Purchase Agreement”)
    Supporting evidence: (i) CHF 119,500,000 aggregate principal amount of the Issuer’s 1.65% Senior Notes, Series A due June 3, 2031 (the “Series A Notes”)

Series B Notes

Note · DH Masi Finance Inc.

Reference: Series B Notes

Active
Original principal
CHF 137,410,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 3, 2033

Last reported interest terms: 1.88% Reported 2026-06-03 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-03 Original principal CHF 137,410,000 Exact source document Parent 8-K filing · 2026-06-03
    (ii) CHF 137,410,000 aggregate principal amount of the Issuer’s 1.88% Senior Notes, Series B due June 3, 2033 (the “Series B Notes”)
    Issuer evidence: On June 3, 2026, Danaher Corporation, a Delaware corporation (the “Company”), and its wholly owned subsidiary DH Masi Finance Inc., a Delaware corporation (the “Issuer”), entered into a note purchase and guaranty agreement among the Company, the Issuer and the institutional accredited investors named therein (the “Note Purchase Agreement”)
    Supporting evidence: (ii) CHF 137,410,000 aggregate principal amount of the Issuer’s 1.88% Senior Notes, Series B due June 3, 2033 (the “Series B Notes”)

3.625% Senior Notes due 2034

Note · Danaher Corporation

Reference: 3.625% Senior Notes due 2034

Active
Original principal
EUR 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Apr 29, 2034

Last reported interest terms: 3.625% Reported 2026-04-29 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-04-29 Original principal EUR 750,000,000 Exact source document Parent 8-K filing · 2026-04-29
    On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Issuer evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Supporting evidence: The Floating Rate Notes will mature on April 29, 2028, the 2030 Notes will mature on April 29, 2030, the 2034 Notes will mature on April 29, 2034 and the 2038 Notes will mature on April 29, 2038. Interest on the Floating Rate Notes will be paid quarterly in arrears on January 29, April 29, July 29 and October 29 of each year, beginning on July 29, 2026. Interest on the 2030 Notes, the 2034 Notes and the 2038 Notes will be paid annually in arrears on April 29 of each year, commencing on April 29, 2027.
    Supporting evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.

Series C Notes

Note · DH Masi Finance Inc.

Reference: Series C Notes

Active
Original principal
CHF 221,300,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 3, 2036

Last reported interest terms: 2.1% Reported 2026-06-03 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-03 Original principal CHF 221,300,000 Exact source document Parent 8-K filing · 2026-06-03
    (iii) CHF 221,300,000 aggregate principal amount of the Issuer’s 2.10% Senior Notes, Series C due June 3, 2036 (the “Series C Notes”)
    Issuer evidence: On June 3, 2026, Danaher Corporation, a Delaware corporation (the “Company”), and its wholly owned subsidiary DH Masi Finance Inc., a Delaware corporation (the “Issuer”), entered into a note purchase and guaranty agreement among the Company, the Issuer and the institutional accredited investors named therein (the “Note Purchase Agreement”)
    Supporting evidence: (iii) CHF 221,300,000 aggregate principal amount of the Issuer’s 2.10% Senior Notes, Series C due June 3, 2036 (the “Series C Notes”)

4.000% Senior Notes due 2038

Note · Danaher Corporation

Reference: 4.000% Senior Notes due 2038

Active
Original principal
EUR 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Apr 29, 2038

Last reported interest terms: 4% Reported 2026-04-29 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-04-29 Original principal EUR 1,000,000,000 Exact source document Parent 8-K filing · 2026-04-29
    On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Issuer evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.
    Supporting evidence: The Floating Rate Notes will mature on April 29, 2028, the 2030 Notes will mature on April 29, 2030, the 2034 Notes will mature on April 29, 2034 and the 2038 Notes will mature on April 29, 2038. Interest on the Floating Rate Notes will be paid quarterly in arrears on January 29, April 29, July 29 and October 29 of each year, beginning on July 29, 2026. Interest on the 2030 Notes, the 2034 Notes and the 2038 Notes will be paid annually in arrears on April 29 of each year, commencing on April 29, 2027.
    Supporting evidence: On April 29, 2026, Danaher Corporation (“Danaher”) issued €500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028 (the “Floating Rate Notes”), €750,000,000 aggregate principal amount of 3.250% Senior Notes due 2030 (the “2030 Notes”), €750,000,000 aggregate principal amount of 3.625% Senior Notes due 2034 (the “2034 Notes”) and €1,000,000,000 aggregate principal amount of 4.000% Senior Notes due 2038 (the “2038 Notes” and, together with the 2030 Notes and the 2034 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Notes”), in an underwritten offering pursuant to a registration statement on Form S-3 (File No. 333-278426) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2024 (the “Registration Statement”) and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes.

Series D Notes

Note · DH Masi Finance Inc.

Reference: Series D Notes

Active
Original principal
CHF 372,660,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 3, 2038

Last reported interest terms: 2.25% Reported 2026-06-03 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-03 Original principal CHF 372,660,000 Exact source document Parent 8-K filing · 2026-06-03
    (iv) CHF 372,660,000 aggregate principal amount of the Issuer’s 2.25% Senior Notes, Series D due June 3, 2038 (the “Series D Notes”)
    Issuer evidence: On June 3, 2026, Danaher Corporation, a Delaware corporation (the “Company”), and its wholly owned subsidiary DH Masi Finance Inc., a Delaware corporation (the “Issuer”), entered into a note purchase and guaranty agreement among the Company, the Issuer and the institutional accredited investors named therein (the “Note Purchase Agreement”)
    Supporting evidence: (iv) CHF 372,660,000 aggregate principal amount of the Issuer’s 2.25% Senior Notes, Series D due June 3, 2038 (the “Series D Notes”)

Series E Notes

Note · DH Masi Finance Inc.

Reference: Series E Notes

Active
Original principal
CHF 648,010,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 3, 2041

Last reported interest terms: 2.38% Reported 2026-06-03 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-03 Original principal CHF 648,010,000 Exact source document Parent 8-K filing · 2026-06-03
    (v) CHF 648,010,000 aggregate principal amount of the Issuer’s 2.38% Senior Notes, Series E due June 3, 2041 (the “Series E Notes”)
    Issuer evidence: On June 3, 2026, Danaher Corporation, a Delaware corporation (the “Company”), and its wholly owned subsidiary DH Masi Finance Inc., a Delaware corporation (the “Issuer”), entered into a note purchase and guaranty agreement among the Company, the Issuer and the institutional accredited investors named therein (the “Note Purchase Agreement”)
    Supporting evidence: (v) CHF 648,010,000 aggregate principal amount of the Issuer’s 2.38% Senior Notes, Series E due June 3, 2041 (the “Series E Notes”)

Series F Notes

Note · DH Masi Finance Inc.

Reference: Series F Notes

Active
Original principal
CHF 502,060,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 3, 2046

Last reported interest terms: 2.51% Reported 2026-06-03 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-03 Original principal CHF 502,060,000 Exact source document Parent 8-K filing · 2026-06-03
    (vi) CHF 502,060,000 aggregate principal amount of the Issuer’s 2.51% Senior Notes, Series F due June 3, 2046 (the “Series F Notes”)
    Issuer evidence: On June 3, 2026, Danaher Corporation, a Delaware corporation (the “Company”), and its wholly owned subsidiary DH Masi Finance Inc., a Delaware corporation (the “Issuer”), entered into a note purchase and guaranty agreement among the Company, the Issuer and the institutional accredited investors named therein (the “Note Purchase Agreement”)
    Supporting evidence: (vi) CHF 502,060,000 aggregate principal amount of the Issuer’s 2.51% Senior Notes, Series F due June 3, 2046 (the “Series F Notes”)

Series G Notes

Note · DH Masi Finance Inc.

Reference: Series G Notes

Active
Original principal
CHF 382,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 3, 2056

Last reported interest terms: 2.5% Reported 2026-06-03 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-03 Original principal CHF 382,000,000 Exact source document Parent 8-K filing · 2026-06-03
    (vii) CHF 382,000,000 aggregate principal amount of the Issuer’s 2.50% Senior Notes, Series G due June 3, 2056 (the “Series G Notes”
    Issuer evidence: On June 3, 2026, Danaher Corporation, a Delaware corporation (the “Company”), and its wholly owned subsidiary DH Masi Finance Inc., a Delaware corporation (the “Issuer”), entered into a note purchase and guaranty agreement among the Company, the Issuer and the institutional accredited investors named therein (the “Note Purchase Agreement”)
    Supporting evidence: (vii) CHF 382,000,000 aggregate principal amount of the Issuer’s 2.50% Senior Notes, Series G due June 3, 2056 (the “Series G Notes”

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue
7.23×
Peer median 6.75×
EV/EBIT
35.49×
Peer median 30.92×
P/E (TTM)
38.18×
Peer median 37.26×

Peer medians compare against the 14 similar-size Diagnostics & Research companies (of 50 listed).

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Diagnostics Segment $9,941,000,000 $9,787,000,000 $9,577,000,000 $10,849,000,000 $9,844,000,000 $7,403,000,000 $6,561,000,000 $6,258,000,000
Life Sciences Segment $7,334,000,000 $7,329,000,000 $7,141,000,000 $7,036,000,000 $6,388,000,000 $5,300,000,000 $6,951,000,000 $6,471,000,000
Biotechnology Segment $7,293,000,000 $6,759,000,000 $7,172,000,000 $8,758,000,000 $8,570,000,000 $5,276,000,000 — —
Environmental Applied Solutions — — — — — $4,305,000,000 $4,399,000,000 $4,320,000,000

By Geography (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
North America $10,356,000,000 $10,295,000,000 $9,961,000,000 $11,730,000,000 $9,798,000,000 $9,011,000,000 $7,012,000,000 $6,470,000,000
High Growth Markets $7,022,000,000 $6,870,000,000 $7,191,000,000 $7,709,000,000 $7,770,000,000 $6,651,000,000 $5,730,000,000 $5,443,000,000
Western Europe $5,938,000,000 $5,457,000,000 $5,468,000,000 $5,859,000,000 $5,877,000,000 $5,323,000,000 $4,057,000,000 $4,061,000,000
Other Developed Markets $1,252,000,000 $1,253,000,000 $1,270,000,000 $1,345,000,000 $1,357,000,000 $1,299,000,000 $1,112,000,000 $1,075,000,000

By Product & Service (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Revenue from Contract with Customer Measurement Recurring $20,127,000,000 $19,366,000,000 $18,682,000,000 $20,876,000,000 $19,135,000,000 — — —
Revenue from Contract with Customer Measurement Nonrecurring $4,441,000,000 $4,509,000,000 $5,208,000,000 $5,767,000,000 $5,667,000,000 — — —
Analytical and Physical Instrumentation — — — — — $2,443,000,000 $2,464,000,000 $2,437,000,000
Product Identification — — — — — $1,862,000,000 $1,935,000,000 $1,926,000,000
Research and Medical Products — — — — — $17,979,000,000 $13,512,000,000 $12,686,000,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Diagnostics Segment $2,650,000,000 $2,625,000,000 $2,406,000,000 $3,436,000,000 $2,313,000,000 $1,538,000,000 $1,134,000,000 $1,074,000,000
Biotechnology Segment $1,864,000,000 $1,685,000,000 $1,909,000,000 $3,008,000,000 $3,074,000,000 $1,082,000,000 — —
Life Sciences Segment $520,000,000 $879,000,000 $1,209,000,000 $1,414,000,000 $1,293,000,000 $972,000,000 $1,401,000,000 $1,229,000,000
Environmental Applied Solutions — — — $1,135,000,000 $1,054,000,000 $979,000,000 $1,052,000,000 $988,000,000

Operating Margin by Segment (%)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Diagnostics Segment 26.7% 26.8% 25.1% 31.7% 23.5% 20.8% 17.3% 17.2%
Life Sciences Segment 7.1% 12% 16.9% 20.1% 20.2% 18.3% 20.2% 19%
Biotechnology Segment 25.6% 24.9% 26.6% 34.3% 35.9% 20.5% — —
Environmental Applied Solutions — — — — — 22.7% 23.9% 22.9%
Key facts CIK 313616 CUSIP 235851102 13F (30d) 538 filings 475 filers Visit website Investor relations