Danaher (DHR) FY2016 results: revenue $16.9 billion, up 17.0% on the year
Danaher Corp. (DHR) reported revenue of $16.9 billion for fiscal 2016, the year ended 31 December 2016, up 17.0% on the year before. Net income was $2.6 billion, down 23.9%, and diluted earnings per share $3.65. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$16.9 billion
+17.0% on the year
FY2009FY2016
Operating margin
16.2%
15.0% a year earlier
FY2009FY2016
Net income
$2.6 billion
-23.9% on the year
FY2009FY2016
Diluted EPS
$3.65
-23.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
16,882
14,434
12,867
+17.0%
Cost of revenue
7,548
6,663
6,017
+13.3%
Gross profit
9,335
7,771
6,850
+20.1%
Gross margin
55.3%
53.8%
53.2%
Research and development
975
861
769
+13.2%
Selling, general and administrative
5,624
4,748
4,035
+18.5%
Operating income
2,735
2,162
2,045
+26.5%
Operating margin
16.2%
15.0%
15.9%
Interest expense
184
140
94.7
+31.9%
Pre-tax income
2,611
2,039
2,086
+28.0%
Income tax
458
293
448
+56.4%
Effective tax rate
17.5%
14.4%
21.5%
Net income
2,554
3,357
2,598
-23.9%
Net margin
15.1%
23.3%
20.2%
Diluted EPS
$3.65
$4.74
$3.63
-23.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
3,522
3,802
3,758
-7.4%
Capital expenditure
590
513
465
+15.0%
Free cash flow
2,932
3,289
3,293
-10.8%
Free cash flow margin
17.4%
22.8%
25.6%
Cash from investing
-5,243
-14,951
-3,444
Cash from financing
2,043
9,050
-218
-77.4%
Depreciation and amortisation
1,128
881
718
+28.1%
Share-based compensation
130
104
84.7
+25.0%
Buybacks
n/a
n/a
0.0
Dividends paid
400
354
228
+12.9%
Diluted shares, weighted
700m
708m
716m
-1.2%
Shares outstanding at period end
692m
687m
704m
+0.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
23,003
23,690
23,378
-2.9%
Non-controlling interest
74.0
73.7
71.7
+0.4%
Debt
12,269
12,870
3,473
-4.7%
Other liabilities
9,950
11,588
10,068
-14.1%
Total liabilities and equity
45,295
48,222
36,992
-6.1%
Fixed assets
2,354
2,303
1,666
+2.2%
Goodwill
23,827
21,015
11,575
+13.4%
Intangible assets
11,818
10,545
7,060
+12.1%
Cash and equivalents
964
791
3,006
+21.9%
Receivables
3,186
2,985
3,446
+6.7%
Inventory
1,709
1,573
1,783
+8.7%
Other assets
1,437
9,010
8,457
-84.0%
Total assets
45,295
48,222
36,992
-6.1%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.