Short answer
Danaher Corporation (DHR) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $24.6B (+2.9% year over year) and net income of $3.6B.
- Top risk flagged: IEEPA tariff authority struck down by U.S. Supreme Court Feb 2026; administration pursuing new tariffs under alternative authority: full impact still uncertain
FY2025 key financial metrics · XBRL
- Revenue
- $24.6B
- +2.9% YoY
- Net income
- $3.6B
- −7.3% YoY
- Operating margin
- 19.1%
- −1.3 pp YoY
- Gross margin
- 59.1%
- −0.4 pp YoY
- EPS (diluted)
- $5.05
- −4.5% YoY
- ROE
- 6.9%
- −1.0 pp YoY
- Operating cash flow
- $6.4B
- −4.1% YoY
Source: XBRL data from the Danaher Corporation (DHR) FY2025 10-K on SEC EDGAR. USD.
Danaher Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global science/technology platform across Biotechnology, Life Sciences, and Diagnostics segments; high recurring-revenue model via consumables and direct sales in ~50 countries
- ~60,000 employees (associates) as of Dec 31, 2025; ~22,000 in North America, ~20,000 Western Europe, ~15,000 high-growth markets
- US geographic concentration notable: North America represents 41% of sales in the United States alone; high-growth markets (Eastern Europe, Middle East, Africa, Latin America, Asia ex-Japan/AU/NZ) flagged as key future growth driver
- EU MDR/IVDR compliance deadlines extended to May 2026–Dec 2028 (MDR) and May 2026–May 2028 (IVDR), creating ongoing regulatory adaptation burden across Diagnostics and Life Sciences portfolios
- Life Sciences segment anchors on 2023 Abcam acquisition (protein consumables/antibodies), the most recent portfolio addition, reinforcing proteomics and drug-discovery consumables as strategic build-out priority
Management Discussion & Analysis
- Revenue $24.6B, up 3.0% YoY; core sales +2.0% driven by Biotechnology (+6.5% core) and Diagnostics (+1.5% core), offset by Life Sciences (-1.5% core)
- Operating margin 19.1% vs 20.4%; gross margin 59.1% vs 59.5%; SG&A 33.5% vs 32.5% of sales, pressured by $533M impairment charges
- Best segment: Biotechnology, sales $7.3B (+8.0%), operating margin 25.6% vs 24.9%; worst: Life Sciences, flat sales $7.3B, operating margin collapsed to 7.1% vs 12.0%
- Operating cash flow $6.4B; capex $1.2B; share buybacks $3.1B; dividends $878M; net debt rose to ~$18.4B total debt vs $16.0B in 2024
- 2026 outlook: Bioprocessing growth trend similar to 2025; Life Sciences modest improvement but below historical levels; Diagnostics higher growth as China headwinds ease; tariff costs <$300M in 2025 with ongoing uncertainty from trade policy shifts
Risk Factors
- IEEPA tariff authority struck down by U.S. Supreme Court Feb 2026; administration pursuing new tariffs under alternative authority: full impact still uncertain
- ~59% of 2025 sales from outside U.S.; China alone ~11% of sales, with government-mandated volume-based procurement programs actively suppressing prices
- Sole/limited-source suppliers for key components; supply interruptions cannot be quickly remedied due to regulatory qualification requirements
- $18.4B outstanding debt as of Dec 31, 2025; additional debt expected to finance pending Masimo Corporation acquisition
- FDA staffing reductions risk delays to 510(k) clearances and inspection schedules across Danaher's regulated medical device product lines
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