Danaher (DHR) FY2015 results: revenue $14.4 billion, up 12.2% on the year
Danaher Corp. (DHR) reported revenue of $14.4 billion for fiscal 2015, the year ended 31 December 2015, up 12.2% on the year before. Net income was $3.4 billion, up 29.2%, and diluted earnings per share $4.74. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$14.4 billion
+12.2% on the year
FY2008FY2015
Operating margin
15.0%
15.9% a year earlier
FY2008FY2015
Net income
$3.4 billion
+29.2% on the year
FY2008FY2015
Diluted EPS
$4.74
+30.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
14,434
12,867
18,283
+12.2%
Cost of revenue
6,663
6,017
8,941
+10.7%
Gross profit
7,771
6,850
9,342
+13.5%
Gross margin
53.8%
53.2%
51.1%
Research and development
861
769
1,104
+12.0%
Selling, general and administrative
4,748
4,035
5,117
+17.7%
Operating income
2,162
2,045
3,120
+5.7%
Operating margin
15.0%
15.9%
17.1%
Interest expense
140
94.7
141
+47.6%
Pre-tax income
2,039
2,086
3,416
-2.2%
Income tax
293
448
826
-34.6%
Effective tax rate
14.4%
21.5%
24.2%
Net income
3,357
2,598
2,695
+29.2%
Net margin
23.3%
20.2%
14.7%
Diluted EPS
$4.74
$3.63
$3.80
+30.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
3,802
3,758
3,585
+1.2%
Capital expenditure
513
465
538
+10.2%
Free cash flow
3,289
3,293
3,047
-0.1%
Free cash flow margin
22.8%
25.6%
16.7%
Cash from investing
-14,951
-3,444
-552
Cash from financing
9,050
-218
-1,606
Depreciation and amortisation
881
718
851
+22.7%
Share-based compensation
104
84.7
110
+22.6%
Buybacks
n/a
0.0
0.0
Dividends paid
354
228
52.1
+55.5%
Diluted shares, weighted
708m
716m
711m
-1.1%
Shares outstanding at period end
687m
704m
698m
-2.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
23,690
23,378
22,385
+1.3%
Non-controlling interest
73.7
71.7
66.1
+2.8%
Debt
12,870
3,473
3,499
+270.5%
Other liabilities
11,588
10,068
8,722
+15.1%
Total liabilities and equity
48,222
36,992
34,672
+30.4%
Fixed assets
2,303
1,666
2,184
+38.2%
Goodwill
21,015
11,575
14,717
+81.6%
Intangible assets
10,545
7,060
5,898
+49.4%
Cash and equivalents
791
3,006
3,115
-73.7%
Receivables
2,985
3,446
3,292
-13.4%
Inventory
1,573
1,783
1,734
-11.8%
Other assets
9,010
8,457
3,732
+6.5%
Total assets
48,222
36,992
34,672
+30.4%
10-K for the year ended 31 December 2015, filed 24 February 2016: the filing.