What is the primary revenue source for Danaher (DHR)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze DHR's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Danaher's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Danaher Makes Money: DHR Revenue Breakdown (2025)

Operations

Where did the money come from, and where was it spent?

Watch

Revenue grew while operating profit fell, so growth did not translate into better earnings.

The largest revenue segment accounts for 81.92% of revenue, indicating concentration.

Operating margin declined by 1.28 percentage points year over year.

Revenue: USD 24.57B
Largest revenue segment share (Revenue from Contract with Customer, Measurement, Recurring): 81.92%
Cost of revenue: USD 10.04B
Selling, general and administrative: USD 8.23B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

RevenueSales · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of product and service sold · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expense · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Revenue from Contract with Customer, Measurement, Recurring)Revenue from Contract with Customer, Measurement, Recurring · segment_value / revenue * 100
Operating marginOperating profit · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Goodwill accounts for 51.7% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 43.15B
Property, plant and equipment: USD 5.53B
Cash and cash equivalents: USD 4.62B
Shareholder equity: USD 52.54B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

Shareholder equityTotal stockholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Cash and cash equivalentsCash and equivalents · CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 177.53% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 3.61B
Operating cash flow: USD 6.42B
Cash conversion: 177.53%
Free cash flow: USD 5.26B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

Net incomeNet earnings · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionTotal operating cash provided by continuing operations · operating_cash_flow / net_income * 100
Operating cash flowTotal operating cash provided by continuing operations · NetCashProvidedByUsedInOperatingActivitiesContinuingOperations

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 878.00M
Share repurchases: USD 3.09B
Net shareholder return: USD 3.97B

View calculation evidence

YoY periods: FY 2025 compared with FY 2024

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?