Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Danaher Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Federal U.S.	239)	559)	271)	183)	(321)
Non-U.S.	929)	1,271)	1,229)	1,134)	580)
State and local	62)	197)	142)	163)	72)
Current	1,230)	2,027)	1,642)	1,480)	331)
Federal U.S.	(300)	(737)	(331)	(156)	530)
Non-U.S.	(141)	(338)	(159)	(23)	(16)
State and local	(42)	(129)	(69)	(50)	4)
Deferred	(483)	(1,204)	(559)	(229)	518)
Income tax provision	747)	823)	1,083)	1,251)	849)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Download chart

Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Danaher Corp. current increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Danaher Corp. deferred decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Income tax provision	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Danaher Corp. income tax provision decreased from 2022 to 2023 and from 2023 to 2024.

Danaher Corp., effective income tax rate (EITR) reconciliation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	0.80%	1.20%	1.30%	1.10%	1.10%
Non-U.S. rate differential	-2.90%	-3.40%	-2.80%	-2.00%	-1.60%
Resolution and expiration of statutes of limitation of uncertain tax positions	-0.60%	-0.40%	-0.20%	-3.00%	-0.70%
Realignment of businesses	0.00%	0.60%	-4.90%	0.00%	0.00%
Research credits	-1.50%	-1.60%	0.00%	0.00%	0.00%
Foreign-derived intangible income, uncertain tax positions and other	0.30%	-0.80%	-0.80%	0.50%	0.70%
Excess tax benefits from stock-based compensation	-1.00%	-0.30%	-0.50%	-1.10%	-1.60%
Effective income tax rate	16.10%	16.30%	13.10%	16.50%	18.90%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Download chart

Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Danaher Corp. effective income tax rate increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Danaher Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Allowance for doubtful accounts	20)	18)	17)	19)	24)
Inventories	114)	120)	118)	93)	99)
Pension and postretirement benefits	—)	25)	17)	105)	259)
Environmental and regulatory compliance	38)	37)	39)	38)	27)
Other accruals and prepayments	631)	574)	406)	299)	341)
Stock-based compensation expense	122)	115)	105)	76)	68)
Operating lease liabilities	255)	252)	238)	252)	215)
Research and development expense	584)	441)	243)	49)	—)
Tax credit and loss carryforwards	760)	557)	479)	544)	569)
Deferred tax assets, before valuation allowances	2,524)	2,139)	1,662)	1,475)	1,602)
Valuation allowances	(232)	(234)	(236)	(242)	(264)
Deferred tax assets	2,292)	1,905)	1,426)	1,233)	1,338)
Pension and postretirement benefits	(9)	—)	—)	—)	—)
Property, plant and equipment	(136)	(125)	(92)	(79)	(50)
Insurance, including self-insurance	(400)	(315)	(803)	(520)	(713)
Basis difference in LYONs	—)	—)	—)	—)	(11)
Operating lease ROU assets	(238)	(228)	(219)	(235)	(204)
Goodwill and other intangibles	(3,300)	(3,429)	(3,270)	(3,962)	(3,814)
Deferred tax liabilities	(4,083)	(4,097)	(4,384)	(4,796)	(4,792)
Net deferred tax asset (liability)	(1,791)	(2,192)	(2,958)	(3,563)	(3,454)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Download chart

Item	Description	The company
Deferred tax assets, before valuation allowances	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Danaher Corp. deferred tax assets, before valuation allowances increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Danaher Corp. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Danaher Corp. net deferred tax asset (liability) increased from 2022 to 2023 and from 2023 to 2024.

Danaher Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Liabilities
Total liabilities (as reported)	27,992)	30,998)	34,260)	38,007)	36,384)
Less: Noncurrent deferred tax liabilities, net	1,791)	2,192)	2,958)	3,563)	3,454)
Total liabilities (adjusted)	26,201)	28,806)	31,302)	34,444)	32,930)
Adjustment to Total Danaher Stockholders’ Equity
Total Danaher stockholders’ equity (as reported)	49,543)	53,486)	50,082)	45,167)	39,766)
Less: Net deferred tax assets (liabilities)	(1,791)	(2,192)	(2,958)	(3,563)	(3,454)
Total Danaher stockholders’ equity (adjusted)	51,334)	55,678)	53,040)	48,730)	43,220)
Adjustment to Net Earnings
Net earnings (as reported)	3,899)	4,764)	7,209)	6,433)	3,646)
Add: Deferred income tax expense (benefit)	(483)	(1,204)	(559)	(229)	518)
Net earnings (adjusted)	3,416)	3,560)	6,650)	6,204)	4,164)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Danaher Corp., Financial Data: Reported vs. Adjusted

Download chart

Danaher Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	16.33%	19.94%	22.91%	21.84%	16.36%
Adjusted net profit margin	14.31%	14.90%	21.13%	21.06%	18.69%
Financial Leverage
Reported financial leverage	1.57	1.58	1.68	1.84	1.92
Adjusted financial leverage	1.51	1.52	1.59	1.71	1.76
Return on Equity (ROE)
Reported ROE	7.87%	8.91%	14.39%	14.24%	9.17%
Adjusted ROE	6.65%	6.39%	12.54%	12.73%	9.63%
Return on Assets (ROA)
Reported ROA	5.03%	5.64%	8.55%	7.73%	4.79%
Adjusted ROA	4.41%	4.21%	7.88%	7.46%	5.47%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Danaher Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Danaher Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Danaher Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Danaher Corp. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Danaher Corp., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Sales	23,875)	23,890)	31,471)	29,453)	22,284)
Profitability Ratio
Net profit margin¹	16.33%	19.94%	22.91%	21.84%	16.36%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings	3,416)	3,560)	6,650)	6,204)	4,164)
Sales	23,875)	23,890)	31,471)	29,453)	22,284)
Profitability Ratio
Adjusted net profit margin²	14.31%	14.90%	21.13%	21.06%	18.69%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Net profit margin = 100 × Net earnings ÷ Sales
= 100 × 3,899 ÷ 23,875 = 16.33%

² Adjusted net profit margin = 100 × Adjusted net earnings ÷ Sales
= 100 × 3,416 ÷ 23,875 = 14.31%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Danaher Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	77,542)	84,488)	84,350)	83,184)	76,161)
Total Danaher stockholders’ equity	49,543)	53,486)	50,082)	45,167)	39,766)
Solvency Ratio
Financial leverage¹	1.57	1.58	1.68	1.84	1.92
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Total assets	77,542)	84,488)	84,350)	83,184)	76,161)
Adjusted total Danaher stockholders’ equity	51,334)	55,678)	53,040)	48,730)	43,220)
Solvency Ratio
Adjusted financial leverage²	1.51	1.52	1.59	1.71	1.76

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Danaher stockholders’ equity
= 77,542 ÷ 49,543 = 1.57

² Adjusted financial leverage = Total assets ÷ Adjusted total Danaher stockholders’ equity
= 77,542 ÷ 51,334 = 1.51

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Danaher Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Total Danaher stockholders’ equity	49,543)	53,486)	50,082)	45,167)	39,766)
Profitability Ratio
ROE¹	7.87%	8.91%	14.39%	14.24%	9.17%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings	3,416)	3,560)	6,650)	6,204)	4,164)
Adjusted total Danaher stockholders’ equity	51,334)	55,678)	53,040)	48,730)	43,220)
Profitability Ratio
Adjusted ROE²	6.65%	6.39%	12.54%	12.73%	9.63%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net earnings ÷ Total Danaher stockholders’ equity
= 100 × 3,899 ÷ 49,543 = 7.87%

² Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total Danaher stockholders’ equity
= 100 × 3,416 ÷ 51,334 = 6.65%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Danaher Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Total assets	77,542)	84,488)	84,350)	83,184)	76,161)
Profitability Ratio
ROA¹	5.03%	5.64%	8.55%	7.73%	4.79%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings	3,416)	3,560)	6,650)	6,204)	4,164)
Total assets	77,542)	84,488)	84,350)	83,184)	76,161)
Profitability Ratio
Adjusted ROA²	4.41%	4.21%	7.88%	7.46%	5.47%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net earnings ÷ Total assets
= 100 × 3,899 ÷ 77,542 = 5.03%

² Adjusted ROA = 100 × Adjusted net earnings ÷ Total assets
= 100 × 3,416 ÷ 77,542 = 4.41%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Danaher Corp. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Danaher Corp. (NYSE:DHR)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Adjustments to Financial Statements: Removal of Deferred Taxes

Danaher Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Danaher Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)