Danaher Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	3,614	3,899	4,764	7,209	6,433
Depreciation & Amortization	2,447	2,352	2,166	2,132	2,062
Loss (Gain) From Sale of Assets	-	-	-	-	-5
Asset Writedown & Restructuring Costs	562	265	77	-	-
Loss (Gain) From Sale of Investments	228	57	182	271	-401
Stock-Based Compensation	298	288	306	295	184
Other Operating Activities	-14	25	-535	-881	-289
Change in Accounts Receivable	-216	331	322	-389	-597
Change in Inventory	-58	147	185	-448	-427
Change in Accounts Payable	9	19	-149	-18	484
Change in Other Net Operating Assets	-14	-212	376	24	81
Operating Cash Flow	6,416	6,688	7,164	8,519	8,358
Operating Cash Flow Growth	-4.07%	-6.64%	-15.91%	1.93%	34.63%
Capital Expenditures	-1,156	-1,392	-1,383	-1,118	-1,240
Sale of Property, Plant & Equipment	33	13	12	9	13
Cash Acquisitions	-	-558	-5,610	-582	-10,901
Divestitures	9	-	-	-	-
Investment in Securities	-115	-78	-111	-505	-799
Other Investing Activities	33	34	11	-38	-60
Investing Cash Flow	-1,196	-1,981	-7,081	-2,234	-12,987
Short-Term Debt Issued	-	5	-	-	2,265
Long-Term Debt Issued	1,556	-	-	-	984
Total Debt Issued	1,556	5	-	-	3,249
Short-Term Debt Repaid	-11	-	-1,006	-723	-
Long-Term Debt Repaid	-500	-1,674	-620	-965	-1,186
Total Debt Repaid	-511	-1,674	-1,626	-1,688	-1,186
Net Debt Issued (Repaid)	1,045	-1,669	-1,626	-1,688	2,063
Issuance of Common Stock	85	162	68	31	86
Repurchase of Common Stock	-3,088	-5,979	-	-	-
Preferred Dividends Paid	-	-	-43	-	-
Common Dividends Paid	-878	-768	-778	-	-
Dividends Paid	-878	-768	-821	-818	-742
Other Financing Activities	-125	-131	2,106	-95	-112
Financing Cash Flow	-2,961	-8,385	-273	-2,570	1,295
Foreign Exchange Rate Adjustments	278	-108	59	-306	-115
Net Cash Flow	2,537	-3,786	-131	3,409	-3,449
Free Cash Flow	5,260	5,296	5,781	7,401	7,118
Free Cash Flow Growth	-0.68%	-8.39%	-21.89%	3.98%	31.40%
Free Cash Flow Margin	21.41%	22.18%	24.20%	27.78%	28.70%
Free Cash Flow Per Share	7.34	7.18	7.78	10.04	9.66
Cash Interest Paid	-	370	392	347	452
Cash Income Tax Paid	-	1,300	1,800	1,800	1,700
Levered Free Cash Flow	4,318	4,671	4,856	4,799	4,716
Unlevered Free Cash Flow	4,483	4,844	5,035	4,927	4,860
Change in Working Capital	-719	-198	-470	-1,413	-561

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.