Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Analysis of Revenues
- Analysis of Debt
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Danaher Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
- Gross Profit and Cost of Sales
- The gross profit as a percentage of sales exhibited an overall stable pattern, fluctuating mostly between approximately 53.8% and 62.0% over the periods analyzed. It reached a relative peak early in 2021 around 62.0% and subsequently maintained an average near 59%-60%. Conversely, the cost of sales showed a generally inverse trajectory ranging from about -46.15% to -37.98%, with some increase in cost noted in mid-2023 where it rose closer to -43.8%. This indicates a general control of production or acquisition costs contributing positively to gross profit margins during most of the interval.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a share of sales trended downward from nearly -33.6% at the start of the period to a low near -26.2% by the end of 2022, suggesting improved efficiencies or cost management. However, starting in early 2023, this ratio increased again, at times reaching over -39.7% by mid-2025, indicating a resurgence of increased spending or possibly inflationary pressures impacting these operating costs.
- Research and Development Expenses
- Research and development expenses consistently accounted for approximately 5.4% to 6.8% of sales throughout the timeframe, reflecting a relatively stable commitment to innovation and product development. Minor fluctuations were observed but no significant trend of expansion or contraction was evident.
- Operating Profit
- The operating profit percentage showed strong variation, ranging from a lower bound near 12.8% to a high exceeding 29% around early 2021. Following the peak in 2021, the operating margin generally declined or stabilized around the lower twenties percentage-wise, with some dips in 2024 and mid-2025, indicating episodic pressure on operating income likely influenced by SG&A and other cost variances.
- Nonoperating Income and Expenses
- Nonoperating items, including other income, interest, and losses on extinguishments, contributed variably to the overall profitability. Interest expense remained relatively low and stable, generally around -0.5% to -1.3% of sales, while interest income showed a slight upward trend early on before leveling and becoming more variable. Notably, other income and expenses exhibited volatility, sometimes contributing positively but more often representing a small drag, especially visible in the latter periods with negative nonoperating income effects.
- Earnings Before Income Taxes and Net Earnings
- Earnings before income taxes as a percentage of sales mirrored the operating profit trends, peaking near 30.4% in early 2021, then fluctuating but generally trending downward toward a range between approximately 11.0% and 27.3%. Net earnings displayed similar patterns, with notable highs exceeding 26% in late 2022 and early 2023, accompanied by intermittent declines down to about 9.3% in mid-2025. This variability suggests sensitivity to operating and nonoperating factors, including tax rate shifts and extraordinary items.
- Income Taxes
- Income taxes as a percent of sales varied considerably, ranging mostly between approximately -1.7% to -5.6%, although one positive anomaly occurred at the end of 2022 (0.47%). The fluctuations in tax expense relative to earnings before tax suggest changing effective tax rates or possible tax benefits or adjustments throughout different quarters.
- Net Earnings Attributable to Common Stockholders
- This metric closely tracked the overall net earnings trends, indicating that common stockholders captured the majority of profitability. The values ranged from about 9.3% to 24.2% of sales, peaking in the first half of 2021 and late 2022, with a subsequent cautious decline and variability through 2024 and 2025, reflecting mixed performance across the fiscal period.