Danaher (DHR) FY2018 results: revenue $17.0 billion, up 9.9% on the year
Danaher Corp. (DHR) reported revenue of $17.0 billion for fiscal 2018, the year ended 31 December 2018, up 9.9% on the year before. Net income was $2.7 billion, up 6.4%, and diluted earnings per share $3.74. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$17.0 billion
+9.9% on the year
FY2011FY2018
Operating margin
17.9%
16.6% a year earlier
FY2011FY2018
Net income
$2.7 billion
+6.4% on the year
FY2011FY2018
Diluted EPS
$3.74
+5.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
17,049
15,519
16,882
+9.9%
Cost of revenue
7,544
6,948
7,548
+8.6%
Gross profit
9,505
8,571
9,335
+10.9%
Gross margin
55.8%
55.2%
55.3%
Research and development
1,059
956
975
+10.7%
Selling, general and administrative
5,391
5,043
5,624
+6.9%
Operating income
3,055
2,572
2,735
+18.8%
Operating margin
17.9%
16.6%
16.2%
Interest expense
137
140
184
-2.2%
Pre-tax income
2,962
2,543
2,611
+16.5%
Income tax
556
371
458
+49.9%
Effective tax rate
18.8%
14.6%
17.5%
Net income
2,651
2,492
2,554
+6.4%
Net margin
15.5%
16.1%
15.1%
Diluted EPS
$3.74
$3.53
$3.65
+5.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,022
3,478
3,522
+15.6%
Capital expenditure
584
571
590
+2.3%
Free cash flow
3,438
2,907
2,932
+18.3%
Free cash flow margin
20.2%
18.7%
17.4%
Cash from investing
-2,949
-843
-5,243
Cash from financing
-797
-3,098
2,043
Depreciation and amortisation
1,178
1,117
1,128
+5.5%
Share-based compensation
138
127
130
+8.6%
Dividends paid
433
378
400
+14.6%
Diluted shares, weighted
710m
706m
700m
+0.6%
Shares outstanding at period end
702m
697m
692m
+0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
28,214
26,358
23,003
+7.0%
Non-controlling interest
12.3
9.6
74.0
+28.1%
Debt
9,740
10,522
12,269
-7.4%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
9,866
9,759
9,950
+1.1%
Total liabilities and equity
47,832
46,649
45,295
+2.5%
Fixed assets
2,250
2,223
2,354
+1.2%
Goodwill
22,581
21,769
23,827
+3.7%
Intangible assets
10,283
11,667
11,818
-11.9%
Securities held for sale or to maturity
38.3
45.4
n/a
-15.6%
Cash and equivalents
788
630
964
+25.0%
Receivables
3,030
3,522
3,186
-14.0%
Inventory
1,631
1,841
1,709
-11.4%
Other assets
7,231
4,951
1,437
+46.1%
Total assets
47,832
46,649
45,295
+2.5%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.