Danaher (DHR) FY2020 results: revenue $22.3 billion, up 24.4% on the year
Danaher Corp. (DHR) reported revenue of $22.3 billion for fiscal 2020, the year ended 31 December 2020, up 24.4% on the year before. Net income was $3.6 billion, up 21.2%, and diluted earnings per share $4.89. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$22.3 billion
+24.4% on the year
FY2013FY2020
Operating margin
19.0%
18.3% a year earlier
FY2013FY2020
Net income
$3.6 billion
+21.2% on the year
FY2013FY2020
Diluted EPS
$4.89
+20.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
22,284
17,911
17,049
+24.4%
Cost of revenue
9,809
7,927
7,544
+23.7%
Gross profit
12,475
9,984
9,505
+25.0%
Gross margin
56.0%
55.7%
55.8%
Research and development
1,348
1,126
1,059
+19.7%
Selling, general and administrative
6,896
5,588
5,391
+23.4%
Operating income
4,231
3,269
3,055
+29.4%
Operating margin
19.0%
18.3%
17.9%
Interest expense
275
108
137
+154.6%
Pre-tax income
4,495
3,305
2,962
+36.0%
Income tax
849
873
556
-2.7%
Effective tax rate
18.9%
26.4%
18.8%
Net income
3,646
3,008
2,651
+21.2%
Net margin
16.4%
16.8%
15.5%
Diluted EPS
$4.89
$4.05
$3.74
+20.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,208
3,952
4,022
+57.1%
Capital expenditure
791
636
584
+24.5%
Free cash flow
5,417
3,316
3,438
+63.4%
Free cash flow margin
24.3%
18.5%
20.2%
Cash from investing
-21,239
-1,238
-2,949
Cash from financing
1,006
16,366
-797
-93.9%
Depreciation and amortisation
1,775
1,190
1,178
+49.2%
Share-based compensation
187
159
138
+17.8%
Dividends paid
615
527
433
+16.8%
Diluted shares, weighted
719m
726m
710m
-0.9%
Shares outstanding at period end
711m
696m
702m
+2.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
39,766
30,271
28,214
+31.4%
Non-controlling interest
11.0
11.0
12.3
0.0%
Debt
21,204
21,729
9,740
-2.4%
Operating lease liabilities
785
639
0.0
+22.8%
Other liabilities
14,395
9,432
9,866
+52.6%
Total liabilities and equity
76,161
62,082
47,832
+22.7%
Fixed assets
3,262
2,302
2,250
+41.7%
Goodwill
35,420
22,712
22,581
+55.9%
Intangible assets
21,282
9,750
10,283
+118.3%
Securities held for sale or to maturity
27.0
34.0
38.3
-20.6%
Cash and equivalents
6,035
19,912
788
-69.7%
Receivables
4,045
3,191
3,030
+26.7%
Inventory
2,292
1,628
1,631
+40.8%
Other assets
3,798
2,551
7,231
+48.9%
Total assets
76,161
62,082
47,832
+22.7%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.