Cash Flow Statement

Operating Cash Flow

-25%

+3%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Apr-2004	Jul-2004	Oct-2004	Dec-2004	Apr-2005	Jul-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Apr-2009	Jul-2009	Oct-2009	Dec-2009	Apr-2010	Jul-2010	Oct-2010	Dec-2010	Apr-2011	Jul-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Apr-2015	Jul-2015	Oct-2015	Dec-2015	Apr-2016	Jul-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Apr-2020	Jul-2020	Oct-2020	Dec-2020	Apr-2021	Jul-2021	Oct-2021	Dec-2021	Apr-2022	Jul-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	124	134	162	290	485	506	529	537	579	636	698	746	789	836	864	898	925	1 011	1 050	1 122	1 161	1 158	1 373	1 370	1 392	1 444	1 332	1 318	1 279	1 211	1 190	1 152	1 214	1 291	1 586	1 793	1 922	2 198	2 075	2 172	2 356	2 307	2 333	2 392	2 471	2 488	2 536	2 695	2 583	2 642	2 726	2 598	2 589	2 608	3 331	3 357	3 546	3 507	2 495	2 554	2 301	2 202	2 383	2 492	2 553	2 669	2 761	2 651	2 418	2 476	2 486	3 008	2 694	2 890	3 099	3 646	4 753	5 611	5 885	6 433	6 456	6 351	6 765	7 209	6 934	6 360	5 917	4 764	4 402	4 203	3 892	3 899	3 765	3 413	3 503	3 614
Depreciation & Amortization	168	158	147	130	132	133	134	133	136	140	148	156	137	143	146	175	176	147	158	216	242	244	254	268	293	312	333	339	333	336	337	332	344	356	366	388	399	421	533	635	733	821	824	840	854	866	881	851	859	874	853	718	900	902	834	881	913	954	1 095	1 128	1 166	1 192	1 226	1 238	1 254	1 285	1 295	1 308	1 315	1 312	1 318	1 190	1 159	1 305	1 469	1 775	1 979	2 027	2 090	2 168	2 231	2 258	2 244	2 222	2 214	2 224	2 238	2 166	2 195	2 213	2 250	2 352	2 357	2 388	2 419	2 447
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	0	0	176	0	0	0	103	0	0	0	24	0	0	0	30	0	0	0	28	0	0	0	(156)	0	0	0	38	0	0	0	271	0	0	0	185	0	0	0	276	0	0	0	202	0	0	0	(184)	0	0	0	(384)	0	0	0	(427)	0	0	0	(195)	0	0	0	(415)	0	0	0	518	0	0	0	(229)	0	0	0	(559)	0	0	0	(1 204)	0	0	0	(483)	0	0	0	(440)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	67	17	35	51	73	77	81	87	86	89	89	89	87	80	83	86	88	94	93	94	96	97	100	103	110	114	116	116	110	111	109	107	85	86	88	79	104	103	110	123	130	134	136	138	127	127	129	134	138	140	141	144	159	169	175	179	187	196	202	209	184	210	258	295	295	285	280	270	306	296	287	292	288	289	293	292	0
Other Non-Cash Items	174	174	174	144	(30)	(30)	(30)	0	0	0	0	8	10	12	0	10	26	39	62	71	72	74	(140)	(136)	(130)	(126)	87	86	89	89	4	16	(1)	9	(198)	(235)	(244)	(594)	(302)	(266)	(348)	(54)	(68)	(96)	(146)	(93)	(72)	(242)	(77)	(99)	(113)	90	28	62	(704)	(550)	(763)	(707)	233	119	331	321	165	100	122	75	80	154	159	166	172	(123)	452	(2)	416	182	125	387	407	415	538	883	553	607	560	502	489	627	692	697	760	635	670	1 091	1 087	1 074
Cash Taxes Paid	51	44	48	99	93	106	167	94	121	128	82	127	122	163	172	168	138	154	178	204	233	345	371	335	336	270	293	390	396	342	296	283	242	298	301	282	382	330	472	303	264	289	161	358	361	392	483	529	540	585	559	569	602	556	514	584	570	592	589	767	822	800	815	689	680	733	813	673	533	559	666	847	914	984	996	1 100	1 161	1 335	1 542	1 700	1 805	1 757	1 708	1 800	1 801	1 869	1 876	1 800	1 794	1 724	1 563	1 300	1 279	1 213	1 175	0
Cash Interest Paid	39	39	45	44	45	44	46	47	49	47	47	46	45	47	46	43	43	45	36	48	58	61	57	95	103	103	116	72	70	54	98	88	108	109	107	107	107	106	111	133	135	156	151	150	149	149	150	151	151	151	121	118	118	115	118	126	165	170	228	212	184	168	130	130	130	137	142	140	134	124	124	129	126	198	251	331	375	363	375	452	453	469	423	347	345	365	386	392	352	383	383	370	391	343	321	0
Change in Working Capital	233	225	261	147	75	157	132	191	184	135	165	(53)	(46)	(65)	(54)	18	3	(71)	(24)	114	44	87	27	114	72	209	139	88	114	83	256	458	477	431	409	100	12	189	28	(187)	(177)	(164)	82	94	42	(150)	(223)	5	(180)	(142)	(145)	150	55	102	149	298	539	669	466	105	(106)	(293)	(98)	74	245	170	(90)	105	199	274	298	292	178	563	529	87	(115)	(608)	(654)	(429)	(541)	(928)	(1 022)	(960)	(651)	(103)	1	811	871	538	590	285	(61)	(240)	(208)	(279)
Cash from Operating Activities	698 N/A	691 -1%	744 +8%	710 -4%	661 -7%	766 +16%	764 0%	862 +13%	899 +4%	911 +1%	1 011 +11%	1 033 +2%	1 093 +6%	1 129 +3%	1 167 +3%	1 204 +3%	1 229 +2%	1 261 +3%	1 385 +10%	1 547 +12%	1 533 -1%	1 587 +4%	1 538 -3%	1 646 +7%	1 656 +1%	1 869 +13%	1 921 +3%	1 859 -3%	1 843 -1%	1 746 -5%	1 815 +4%	1 801 -1%	1 878 +4%	1 930 +3%	2 006 +4%	2 084 +4%	2 127 +2%	2 252 +6%	2 372 +5%	2 626 +11%	2 835 +8%	3 181 +12%	3 442 +8%	3 415 -1%	3 406 0%	3 297 -3%	3 307 +0%	3 585 +8%	3 460 -3%	3 553 +3%	3 597 +1%	3 758 +4%	3 771 +0%	3 873 +3%	3 810 -2%	3 802 0%	4 051 +7%	4 239 +5%	4 104 -3%	3 522 -14%	3 309 -6%	3 038 -8%	3 292 +8%	3 478 +6%	3 747 +8%	3 772 +1%	3 619 -4%	4 022 +11%	3 896 -3%	4 032 +3%	4 078 +1%	3 952 -3%	4 067 +3%	4 341 +7%	5 098 +17%	6 208 +22%	7 260 +17%	7 935 +9%	8 246 +4%	8 358 +1%	8 455 +1%	8 335 -1%	8 311 0%	8 519 +3%	8 498 0%	8 424 -1%	8 086 -4%	7 164 -11%	6 956 -3%	6 447 -7%	6 288 -2%	6 688 +6%	6 248 -7%	6 169 -1%	6 318 +2%	6 416 +2%
Investing Cash Flow
Capital Expenditures	(73)	(62)	(72)	(65)	(71)	(87)	(75)	(80)	(84)	(86)	(96)	(116)	(123)	(130)	(133)	(120)	(121)	(122)	(131)	(136)	(140)	(147)	(138)	(162)	(170)	(176)	(180)	(194)	(191)	(194)	(191)	(175)	(176)	(181)	(200)	(191)	(200)	(207)	(266)	(334)	(406)	(458)	(453)	(458)	(457)	(482)	(517)	(538)	(553)	(564)	(556)	(465)	(567)	(555)	(523)	(513)	(519)	(533)	(583)	(590)	(626)	(623)	(613)	(620)	(599)	(605)	(615)	(656)	(674)	(701)	(733)	(636)	(612)	(587)	(592)	(791)	(910)	(1 059)	(1 190)	(1 294)	(1 293)	(1 284)	(1 243)	(1 152)	(1 177)	(1 222)	(1 310)	(1 383)	(1 399)	(1 345)	(1 278)	(1 392)	(1 346)	(1 307)	(1 301)	(1 156)
Other Items	(1 143)	(1 037)	(1 003)	(1 079)	(369)	(357)	(325)	(288)	(990)	(1 516)	(1 476)	(1 518)	(917)	(450)	(939)	(846)	(850)	(2 690)	(2 223)	(2 633)	(2 718)	(886)	(982)	(3 284)	(3 000)	(2 974)	(2 975)	(374)	(393)	(510)	(511)	(768)	(1 998)	(1 980)	(1 966)	(2 098)	(1 352)	(6 074)	(5 960)	(5 513)	(4 710)	(729)	(736)	(1 429)	(1 043)	(472)	(997)	(14)	(839)	(948)	(423)	(2 979)	(3 284)	(2 978)	(16 614)	(14 438)	(13 734)	(13 646)	4	(4 653)	(4 789)	(4 827)	(4 838)	(224)	(204)	(2 231)	(2 352)	(2 294)	(2 652)	(611)	(537)	(603)	(20 996)	(20 253)	(20 332)	(20 448)	(454)	(1 911)	(11 500)	(11 693)	(11 204)	(10 546)	(1 054)	(1 082)	(858)	(844)	(570)	(5 698)	(5 699)	(5 682)	(6 026)	(589)	(556)	(493)	(205)	(40)
Cash from Investing Activities	(1 216) N/A	(1 098) +10%	(1 075) +2%	(1 145) -6%	(440) +62%	(443) -1%	(400) +10%	(368) +8%	(1 074) -192%	(1 602) -49%	(1 573) +2%	(1 634) -4%	(1 040) +36%	(580) +44%	(1 072) -85%	(965) +10%	(971) -1%	(2 812) -190%	(2 354) +16%	(2 769) -18%	(2 858) -3%	(1 032) +64%	(1 120) -9%	(3 446) -208%	(3 170) +8%	(3 151) +1%	(3 155) 0%	(567) +82%	(585) -3%	(704) -20%	(702) +0%	(943) -34%	(2 174) -131%	(2 160) +1%	(2 166) 0%	(2 289) -6%	(1 553) +32%	(6 281) -305%	(6 225) +1%	(5 847) +6%	(5 116) +13%	(1 187) +77%	(1 189) 0%	(1 888) -59%	(1 500) +21%	(955) +36%	(1 514) -59%	(553) +64%	(1 392) -152%	(1 513) -9%	(979) +35%	(3 444) -252%	(3 850) -12%	(3 533) +8%	(17 137) -385%	(14 951) +13%	(14 252) +5%	(14 179) +1%	(580) +96%	(5 243) -804%	(5 415) -3%	(5 450) -1%	(5 451) 0%	(843) +85%	(802) +5%	(2 836) -253%	(2 968) -5%	(2 949) +1%	(3 325) -13%	(1 312) +61%	(1 269) +3%	(1 238) +2%	(21 608) -1 645%	(20 840) +4%	(20 924) 0%	(21 239) -2%	(1 363) +94%	(2 970) -118%	(12 689) -327%	(12 987) -2%	(12 497) +4%	(11 830) +5%	(2 297) +81%	(2 234) +3%	(2 035) +9%	(2 066) -2%	(1 880) +9%	(7 081) -277%	(7 098) 0%	(7 027) +1%	(7 304) -4%	(1 981) +73%	(1 902) +4%	(1 800) +5%	(1 506) +16%	(1 196) +21%
Financing Cash Flow
Net Issuance of Common Stock	479	475	501	512	37	39	32	50	56	59	57	46	48	(3)	(47)	(198)	(182)	(112)	(61)	98	107	(18)	68	616	606	714	640	8	(2)	12	33	174	187	220	195	178	199	1 136	1 121	1 113	1 133	167	(63)	(436)	(453)	(431)	(172)	177	153	128	104	133	165	204	256	249	231	262	208	165	141	56	57	69	72	83	97	96	3 153	3 172	3 820	3 816	747	4 156	3 537	3 550	3 528	109	91	86	52	38	38	31	43	50	67	68	101	(4 382)	(5 010)	(5 817)	(6 899)	(2 427)	(3 839)	(3 003)
Net Issuance of Debt	(45)	(38)	(12)	18	68	(10)	(109)	(146)	(158)	(133)	(66)	(66)	(65)	(15)	(282)	(292)	(460)	1 151	1 036	1 145	1 176	(620)	(516)	1 131	973	708	706	(1 092)	(470)	(65)	223	275	(55)	24	(15)	(9)	16	2 215	1 607	1 037	658	(1 521)	(1 068)	134	(266)	(632)	(1 102)	(1 731)	(964)	(1 070)	(412)	(103)	(353)	53	11 410	9 159	8 592	10 979	(3 386)	2 978	3 359	154	2 228	(2 665)	(2 467)	(373)	(89)	(442)	(292)	(873)	7 380	13 350	18 198	13 319	4 502	(1 900)	(6 942)	(2 730)	1 965	2 063	2 353	1 395	(2 138)	(1 688)	(1 702)	(761)	1 892	(1 626)	(1 554)	(2 578)	(5 195)	(1 669)	(1 736)	(707)	(1 170)	1 045
Cash Paid for Dividends	(12)	(12)	(12)	(14)	(14)	(15)	(16)	(15)	(15)	(16)	(17)	(18)	(19)	(19)	(20)	(22)	(23)	(25)	(25)	(25)	(25)	(28)	(31)	(34)	(38)	(38)	(38)	(38)	(38)	(38)	(38)	(42)	(45)	(49)	(52)	(52)	(53)	(53)	(57)	(61)	(65)	(69)	(69)	(86)	(69)	(69)	(69)	(52)	(70)	(122)	(175)	(228)	(281)	(306)	(332)	(354)	(376)	(391)	(406)	(400)	(394)	(381)	(368)	(378)	(389)	(404)	(419)	(433)	(448)	(458)	(497)	(527)	(553)	(576)	(587)	(615)	(646)	(692)	(721)	(742)	(764)	(793)	(806)	(818)	(831)	(829)	(824)	(821)	(794)	(776)	(773)	(768)	(785)	(814)	(847)	(878)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(21)	(24)	(24)	(24)	(3)	(27)	(27)	(700)	(700)	(763)	(775)	(115)	(124)	(45)	(39)	(26)	(18)	(11)	(7)	(7)	(274)	(270)	(270)	(271)	(29)	(17)	(15)	(38)	(112)	(171)	(191)	(180)	(95)	(68)	(66)	(68)	2 106	2 103	2 085	2 039	(131)	(87)	(91)	(119)	(125)
Cash from Financing Activities	423 N/A	426 +1%	476 +12%	516 +8%	91 -82%	13 -85%	(92) N/A	(110) -20%	(117) -6%	(90) +23%	(26) +71%	(38) -45%	(36) +6%	(36) -1%	(349) -860%	(512) -47%	(665) -30%	1 014 N/A	951 -6%	1 219 +28%	1 258 +3%	(666) N/A	(479) +28%	1 712 N/A	1 541 -10%	1 384 -10%	1 308 -5%	(1 122) N/A	(510) +55%	(91) +82%	218 N/A	407 +87%	88 -78%	195 +123%	128 -35%	117 -9%	162 +39%	3 298 +1 931%	2 671 -19%	2 089 -22%	1 726 -17%	(1 423) N/A	(1 200) +16%	(388) +68%	(788) -103%	(1 132) -44%	(1 344) -19%	(1 606) -20%	(881) +45%	(1 064) -21%	(484) +55%	(218) +55%	(494) -126%	(74) +85%	11 310 N/A	9 050 -20%	8 420 -7%	10 824 +29%	(4 284) N/A	2 043 N/A	2 343 +15%	(947) N/A	1 802 N/A	(3 099) N/A	(2 830) +9%	(732) +74%	(436) +40%	(797) -83%	2 402 N/A	1 835 -24%	10 695 +483%	16 366 +53%	18 122 +11%	16 629 -8%	7 181 -57%	1 006 -86%	(4 077) N/A	(3 328) +18%	1 297 N/A	1 295 0%	1 470 +14%	449 -69%	(3 086) N/A	(2 570) +17%	(2 558) +0%	(1 606) +37%	1 067 N/A	(273) N/A	(144) +47%	(5 651) -3 824%	(8 939) -58%	(8 385) +6%	(9 507) -13%	(4 039) +58%	(5 975) -48%	(2 961) +50%
Change in Cash
Effect of Foreign Exchange Rates	(2)	12	12	22	28	27	29	37	23	15	14	17	13	(8)	(2)	(20)	(5)	13	5	6	4	0	7	9	9	8	3	(16)	(5)	23	19	64	39	9	31	(1)	50	50	31	36	5	(5)	4	3	(11)	(4)	5	10	8	20	(105)	(206)	(262)	(245)	(175)	(116)	(66)	(128)	(103)	(149)	(97)	(12)	34	131	127	(26)	(88)	(118)	(109)	(26)	(28)	45	(123)	(24)	80	148	143	145	10	(115)	(41)	(292)	(330)	(306)	(243)	(161)	(146)	59	(62)	30	305	(108)	123	253	64	278
Net Change in Cash	(98) N/A	30 N/A	157 +426%	104 -34%	340 +227%	363 +7%	302 -17%	420 +39%	(269) N/A	(765) -184%	(573) +25%	(621) -8%	31 N/A	505 +1 552%	(256) N/A	(294) -15%	(412) -40%	(524) -27%	(12) +98%	2 N/A	(63) N/A	(111) -75%	(55) +51%	(79) -44%	36 N/A	110 +203%	77 -30%	154 +99%	742 +383%	974 +31%	1 350 +39%	1 329 -2%	(170) N/A	(25) +85%	(1) +95%	(89) -7 374%	787 N/A	(681) N/A	(1 151) -69%	(1 096) +5%	(550) +50%	567 N/A	1 057 +87%	1 142 +8%	1 107 -3%	1 207 +9%	454 -62%	1 437 +216%	1 196 -17%	996 -17%	2 030 +104%	(110) N/A	(836) -662%	21 N/A	(2 192) N/A	(2 215) -1%	(1 847) +17%	756 N/A	(862) N/A	173 N/A	140 -19%	(3 371) N/A	(323) +90%	(333) -3%	242 N/A	178 -27%	128 -28%	158 +23%	2 864 +1 719%	4 530 +58%	13 476 +198%	19 125 +42%	458 -98%	106 -77%	(8 564) N/A	(13 877) -62%	1 963 N/A	1 783 -9%	(3 135) N/A	(3 449) -10%	(2 613) +24%	(3 338) -28%	2 598 N/A	3 409 +31%	3 662 +7%	4 591 +25%	7 127 +55%	(131) N/A	(348) -166%	(6 201) -1 682%	(9 650) -56%	(3 786) +61%	(5 038) -33%	583 N/A	(1 099) N/A	2 537 N/A
Free Cash Flow
Free Cash Flow	625 N/A	629 +1%	671 +7%	645 -4%	590 -8%	680 +15%	690 +1%	781 +13%	815 +4%	825 +1%	915 +11%	917 +0%	971 +6%	999 +3%	1 034 +3%	1 084 +5%	1 108 +2%	1 139 +3%	1 254 +10%	1 411 +12%	1 393 -1%	1 441 +3%	1 400 -3%	1 484 +6%	1 486 +0%	1 693 +14%	1 741 +3%	1 665 -4%	1 651 -1%	1 553 -6%	1 624 +5%	1 625 +0%	1 702 +5%	1 750 +3%	1 806 +3%	1 893 +5%	1 927 +2%	2 045 +6%	2 107 +3%	2 292 +9%	2 429 +6%	2 723 +12%	2 989 +10%	2 957 -1%	2 949 0%	2 814 -5%	2 790 -1%	3 047 +9%	2 907 -5%	2 988 +3%	3 042 +2%	3 293 +8%	3 204 -3%	3 318 +4%	3 287 -1%	3 289 +0%	3 533 +7%	3 706 +5%	3 521 -5%	2 932 -17%	2 684 -8%	2 415 -10%	2 679 +11%	2 858 +7%	3 148 +10%	3 167 +1%	3 004 -5%	3 366 +12%	3 223 -4%	3 331 +3%	3 345 +0%	3 316 -1%	3 455 +4%	3 754 +9%	4 506 +20%	5 417 +20%	6 351 +17%	6 876 +8%	7 057 +3%	7 064 +0%	7 162 +1%	7 051 -2%	7 068 +0%	7 367 +4%	7 321 -1%	7 202 -2%	6 776 -6%	5 781 -15%	5 557 -4%	5 102 -8%	5 010 -2%	5 296 +6%	4 902 -7%	4 862 -1%	5 017 +3%	5 260 +5%

Income Statement Balance Sheet Cash Flow Statement

Danaher Corp
BMV:DHR

Cash Flow Statement

Cash Flow Statement
Danaher Corp

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Danaher Corp BMV:DHR

Cash Flow Statement

Cash Flow Statement Danaher Corp

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Danaher Corp
BMV:DHR

Cash Flow Statement
Danaher Corp