Danaher (DHR) FY2019 results: revenue $17.9 billion, up 5.1% on the year
Danaher Corp. (DHR) reported revenue of $17.9 billion for fiscal 2019, the year ended 31 December 2019, up 5.1% on the year before. Net income was $3.0 billion, up 13.5%, and diluted earnings per share $4.05. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$17.9 billion
+5.1% on the year
FY2012FY2019
Operating margin
18.3%
17.9% a year earlier
FY2012FY2019
Net income
$3.0 billion
+13.5% on the year
FY2012FY2019
Diluted EPS
$4.05
+8.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
17,911
17,049
15,519
+5.1%
Cost of revenue
7,927
7,544
6,948
+5.1%
Gross profit
9,984
9,505
8,571
+5.0%
Gross margin
55.7%
55.8%
55.2%
Research and development
1,126
1,059
956
+6.3%
Selling, general and administrative
5,588
5,391
5,043
+3.7%
Operating income
3,269
3,055
2,572
+7.0%
Operating margin
18.3%
17.9%
16.6%
Interest expense
108
137
140
-21.2%
Pre-tax income
3,305
2,962
2,543
+11.6%
Income tax
873
556
371
+57.0%
Effective tax rate
26.4%
18.8%
14.6%
Net income
3,008
2,651
2,492
+13.5%
Net margin
16.8%
15.5%
16.1%
Diluted EPS
$4.05
$3.74
$3.53
+8.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,952
4,022
3,478
-1.8%
Capital expenditure
636
584
571
+8.8%
Free cash flow
3,316
3,438
2,907
-3.5%
Free cash flow margin
18.5%
20.2%
18.7%
Cash from investing
-1,238
-2,949
-843
Cash from financing
16,366
-797
-3,098
Depreciation and amortisation
1,190
1,178
1,117
+1.0%
Share-based compensation
159
138
127
+15.1%
Dividends paid
527
433
378
+21.5%
Diluted shares, weighted
726m
710m
706m
+2.2%
Shares outstanding at period end
696m
702m
697m
-0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
30,271
28,214
26,358
+7.3%
Non-controlling interest
11.0
12.3
9.6
-10.6%
Debt
21,729
9,740
10,522
+123.1%
Operating lease liabilities
639
0.0
n/a
Other liabilities
9,432
9,866
9,759
-4.4%
Total liabilities and equity
62,082
47,832
46,649
+29.8%
Fixed assets
2,302
2,250
2,223
+2.3%
Goodwill
22,712
22,581
21,769
+0.6%
Intangible assets
9,750
10,283
11,667
-5.2%
Securities held for sale or to maturity
34.0
38.3
45.4
-11.2%
Cash and equivalents
19,912
788
630
+2,427.6%
Receivables
3,191
3,030
3,522
+5.3%
Inventory
1,628
1,631
1,841
-0.2%
Other assets
2,551
7,231
4,951
-64.7%
Total assets
62,082
47,832
46,649
+29.8%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.