Danaher (DHR) Q4 FY2021 earnings: revenue $8.1 billion, up 20.5% on the year

Danaher Corp. (DHR) reported revenue of $8.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 20.5% on the same quarter a year earlier. Net income was $1.8 billion, up 44.2% on the year, and diluted earnings per share $2.39. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$8.1 billion

+20.5% on the year · +12.7% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

26.4%

23.7% a year earlier

Q1 FY2020Q4 FY2021

Net income

$1.8 billion

+44.2% on the year · +54.4% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$2.39

+42.3% on the year · +55.2% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	8,148	7,229	6,760	+12.7%	+20.5%
Cost of revenue	3,205	n/a	n/a
Gross profit	4,943	n/a	n/a
Gross margin	60.7%	n/a	n/a
Research and development	495	n/a	n/a
Selling, general and administrative	2,294	n/a	n/a
Operating income	2,154	1,309	1,601	+64.6%	+34.5%
Operating margin	26.4%	18.1%	23.7%
Interest expense	56.0	n/a	n/a
Pre-tax income	2,085	n/a	n/a
Income tax	297	n/a	n/a
Effective tax rate	14.2%	n/a	n/a
Net income	1,788	1,158	1,240	+54.4%	+44.2%
Net margin	21.9%	n/a	n/a
Diluted EPS	$2.39	$1.54	$1.68	+55.2%	+42.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	2,333	n/a	n/a
Capital expenditure	420	n/a	n/a
Free cash flow	1,913	n/a	n/a
Free cash flow margin	23.5%	n/a	n/a
Cash from investing	-879	n/a	n/a
Cash from financing	-1,422	n/a	n/a
Depreciation and amortisation	587	554	509	+6.0%	+15.4%
Share-based compensation	59.0	n/a	n/a
Dividends paid	191	n/a	n/a
Diluted shares, weighted	738m	727m	719m	+1.6%	+2.7%
Shares outstanding at period end	715m	714m	711m	+0.1%	+0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	45,167	43,451	39,766	+3.9%	+13.6%
Non-controlling interest	10.0	n/a	n/a
Debt	22,176	23,598	21,204	-6.0%	+4.6%
Operating lease liabilities	889	n/a	n/a
Other liabilities	14,942	n/a	n/a
Total liabilities and equity	83,184	n/a	n/a
Fixed assets	3,790	n/a	n/a
Goodwill	41,184	n/a	n/a
Intangible assets	22,843	n/a	n/a
Securities held for sale or to maturity	20.0	n/a	n/a
Cash and equivalents	2,586	2,552	6,035	+1.3%	-57.1%
Receivables	4,631	n/a	n/a
Inventory	2,767	n/a	n/a
Other assets	5,363	n/a	n/a
Total assets	83,184	n/a	n/a

Questions

What was Danaher's revenue in Q4 FY2021?

Danaher (DHR) reported revenue of $8.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 20.5% on the same quarter a year earlier.

How much did Danaher earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.8 billion, up 44.2% on the year, and diluted earnings per share $2.39.

When did Danaher report Q4 FY2021 results?

Danaher filed its 10-K for the year that ended with the quarter on 23 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,148	6,526	6,528	6,455	7,134	5,949	5,912	5,624	6,405	5,796	5,743	5,798	6,538	5,741	5,936	6,053	6,838	5,951	6,265	6,554
Cost of revenue	3,205	2,983	3,030	3,079	3,430	2,287	2,594	2,349	2,626	2,309	2,315	2,397	2,648	2,230	2,413	2,530	2,872	2,360	2,654	2,717
Gross profit	4,943	4,058	4,013	3,891	4,226	3,662	3,318	3,275	3,779	3,487	3,428	3,401	3,890	3,511	3,523	3,523	3,966	3,591	3,611	3,837
Gross margin	61%	62%	61%	60%	59%	62%	56%	58%	59%	60%	60%	59%	59%	61%	59%	58%	58%	60%	58%	59%
R&D	495	441	431	420	453	373	361	362	407	368	391	383	442	379	403	378	438	387	412	433
SG&A	2,294	2,092	2,085	2,149	2,190	1,772	1,794	1,728	2,035	1,807	1,869	2,060	2,023	1,858	2,360	1,991	2,026	1,860	2,072	2,159
Operating income	2,154	1,931	1,891	1,717	1,997	1,517	1,163	1,185	1,337	1,312	1,168	958	1,425	1,274	760	1,154	1,502	1,344	1,127	1,245
Operating margin	26%	30%	29%	27%	28%	26%	20%	21%	21%	23%	20%	17%	22%	22%	13%	19%	22%	23%	18%	19%
Interest expense	56.0	54.0	51.0	42.0	64.0	66.0	67.0	73.0	n/a	65.0	65.0	87.0	61.0	72.0	71.0	67.0	55.0	63.0	107	135
Pre-tax income	2,085	2,099	2,069	1,931	2,193	1,523	1,142	1,147	1,232	1,271	1,083	977	1,315	1,129	655	1,076	1,373	1,235	1,078	1,132
Tax rate	14%	18%	19%	19%	-2%	19%	19%	18%	9%	14%	16%	16%	17%	16%	15%	16%	14%	17%	19%	-7%
Net income	1,788	1,725	1,680	1,572	2,210	1,450	1,106	1,129	1,079	1,088	907	818	1,086	954	555	908	1,197	1,029	870	1,235
Net margin	22%	26%	26%	24%	31%	24%	19%	20%	17%	19%	16%	14%	17%	17%	9%	15%	18%	17%	14%	19%
Diluted EPS	$2.39	$2.31	$2.25	$2.10	$2.99	$1.94	$1.49	$1.51	$1.45	$1.45	$1.22	$1.12	$1.49	$1.32	$0.77	$1.27	$1.68	$1.45	$1.23	$1.75
Operating cash flow	2,333	1,968	2,000	2,010	2,541	1,947	1,926	1,672	1,619	1,739	1,417	1,513	2,019	1,299	1,338	1,662	2,117	1,322	1,534	1,886
Capital expenditure	420	250	296	277	329	266	341	365	402	291	287	298	516	245	248	292	371	237	269	255
Free cash flow	1,913	1,718	1,704	1,733	2,212	1,681	1,585	1,307	1,217	1,448	1,130	1,215	1,503	1,054	1,090	1,370	1,746	1,085	1,265	1,631
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	0.0	4,530	640	809	1,078	0.0	2,010	0.0	0.0	894	0.0
Dividends paid	191	191	220	204	203	204	218	199	200	177	200	196	195	194	229	229	226	226	283	281
Shares outstanding	715m	716m	727m	728m	728m	729m	738m	739m	739m	741m	724m	722m	719m	716m	716m	706m	707m	708m	703m	703m
Filing	10-K	10-K	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 23 February 2022: the filing.