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Danaher (DHR) FY2024 results: revenue $23.9 billion, down 0.1% on the year

Danaher Corp. (DHR) reported revenue of $23.9 billion for fiscal 2024, the year ended 31 December 2024, down 0.1% on the year before. Net income was $3.9 billion, down 18.2%, and diluted earnings per share $5.29. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue
$23.9 billion
-0.1% on the year
FY2017FY2024
Operating margin
20.4%
21.8% a year earlier
FY2017FY2024
Net income
$3.9 billion
-18.2% on the year
FY2017FY2024
Diluted EPS
$5.29
-17.1% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue23,87523,89026,643-0.1%
Cost of revenue9,6699,85610,455-1.9%
Gross profit14,20614,03416,188+1.2%
Gross margin59.5%58.7%60.8%
Research and development1,5841,5031,528+5.4%
Selling, general and administrative7,7597,3297,124+5.9%
Operating income4,8635,2027,536-6.5%
Operating margin20.4%21.8%28.3%
Interest expense278286204-2.8%
Pre-tax income4,6465,0447,146-7.9%
Income tax747823818-9.2%
Effective tax rate16.1%16.3%11.4%
Net income3,8994,7647,209-18.2%
Net margin16.3%19.9%27.1%
Diluted EPS$5.29$6.38$9.66-17.1%
$ 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow6,6887,1648,519-6.6%
Capital expenditure1,3921,3831,118+0.7%
Free cash flow5,2965,7817,401-8.4%
Free cash flow margin22.2%24.2%27.8%
Cash from investing-1,981-7,081-2,234
Cash from financing-8,385-273-2,570
Depreciation and amortisation2,3522,1662,132+8.6%
Share-based compensation288306295-5.9%
Buybacks5,9790.00.0
Dividends paid768821818-6.5%
Diluted shares, weighted737m743m737m-0.8%
Shares outstanding at period end719m739m728m-2.7%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity49,54353,48650,082-7.4%
Non-controlling interest7.04.08.0+75.0%
Debt16,00518,40219,677-13.0%
Operating lease liabilities968954772+1.5%
Other liabilities11,01911,64213,811-5.4%
Total liabilities and equity77,54284,48884,350-8.2%
Fixed assets4,9904,5533,709+9.6%
Goodwill40,49741,60837,276-2.7%
Intangible assets18,56820,74619,821-10.5%
Securities held for sale or to maturity0.05.011.0
Cash and equivalents2,0785,8645,995-64.6%
Receivables3,5373,9224,102-9.8%
Inventory2,3302,5942,765-10.2%
Other assets5,5425,19610,671+6.7%
Total assets77,54284,48884,350-8.2%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.