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Danaher cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.6B in Q3 2026 · $5.7B over twelve months

Operating cash flow$1.9B
Capital spending−$255M
Free cash flow+$1.6B
Cash / net income1.5×
Cash conversion cycle104 days

Analysis

In Q3 2026, Danaher generated $1.9B of operating cash flow and spent $255M on capital projects, leaving free cash flow of $1.6B.

Over the twelve months to Sep 25, 2026, operating cash flow was $6.9B; the largest uses were acquisitions ($9.9B), capital spending ($1.1B), dividends ($1.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($10.3B), asset & business sales ($24.0M); the cash balance rose by $4.2B.

Operating cash flow was $1.9B against net income of $1.2B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$721M, receivables −$160M, stock-based pay +$115M.

Its cash conversion cycle was 104 days (receivables 56 + inventory 107 − payables 60).

Free cash flow

Danaher: free cash flow by quarterDanaher: free cash flow by quarter$1.5BQ4 2024$1.1BQ1 2025$1.1BQ2 2025$1.4BQ3 2025$1.7BQ4 2025$1.1BQ1 2026$1.3BQ2 2026$1.6BQ3 2026
Operating cash flow less capital spending.
Danaher: operating cash flow against capital spendingDanaher: operating cash flow against capital spendingOperating cash flowCapital spending$2.0B$516MQ4 2024$1.3B$245MQ1 2025$1.3B$248MQ2 2025$1.7B$292MQ3 2025$2.1B$371MQ4 2025$1.3B$237MQ1 2026$1.5B$269MQ2 2026$1.9B$255MQ3 2026
Latest (Q3 2026): Operating cash flow $1.9B, Capital spending $255M.

Capital allocation, year by year

Danaher: where the cash came from (up) and went (down), by fiscal yearDanaher: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $8.4BFY2021: Net borrowing $2.1BFY2021: Shares issued $167MFY2021: Asset sales $13.0MFY2021: Capital spending −$1.2BFY2021: Acquisitions −$10.9BFY2021: Dividends −$742M$10.6BFY2021FY2022: Operating cash flow $8.5BFY2022: Net borrowing −$1.7BFY2022: Shares issued $130MFY2022: Asset sales $9.0MFY2022: Capital spending −$1.1BFY2022: Acquisitions −$582MFY2022: Dividends −$818M$8.7BFY2022FY2023: Operating cash flow $7.2BFY2023: Net borrowing −$1.6BFY2023: Shares issued $148MFY2023: Asset sales $12.0MFY2023: Capital spending −$1.4BFY2023: Acquisitions −$5.6BFY2023: Dividends −$821M$7.3BFY2023FY2024: Operating cash flow $6.7BFY2024: Net borrowing −$1.7BFY2024: Shares issued $259MFY2024: Asset sales $13.0MFY2024: Capital spending −$1.4BFY2024: Acquisitions −$558MFY2024: Buybacks −$6.0BFY2024: Dividends −$768M$7.0BFY2024FY2025: Operating cash flow $6.4BFY2025: Net borrowing $1.0BFY2025: Shares issued $154MFY2025: Asset sales $33.0MFY2025: Capital spending −$1.2BFY2025: Buybacks −$3.1BFY2025: Dividends −$878M$7.6BFY2025
Over these 5 years operating cash flow totalled $37.1B; the largest uses were acquisitions ($17.7B) and buybacks ($9.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.7B
Debt$26.5B
Net debt$20.8B
Due within a year$2.4B

Danaher funds itself: free cash flow was $5.7B over the last twelve months, and $5.7B of cash and investments stands against $26.5B of debt ($2.4B due within a year, 2.4× covered by cash).

Danaher: debt maturities by year (FY2025)Danaher: debt maturities by year (FY2025)$2.4BYear 1$2.3BYear 2$1.7BYear 3$1.2BYear 4$935MYear 5$9.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $5.7B of cash and investments now.

Where the cash came from and went

Danaher: sources (+) and uses (−) of cash, Q3 2026Danaher: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.9BCash drawn (+) / kept (−)−$1.3BDividends−$281MCapital spending−$255MAcquisitions−$38.0MOther financing$26.0MExchange rates$10.0MOther investing−$8.0MNet borrowing (+) / repaid (−)−$7.0MAsset & business sales$1.0M
Danaher: sources (+) and uses (−) of cash, TTM to Q3 2026Danaher: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$10.3BAcquisitions−$9.9BOperating cash flow$6.9BCash drawn (+) / kept (−)−$4.2BCapital spending−$1.1BDividends−$1.0BBuybacks−$894MOther investing−$91.0MAsset & business sales$24.0MOther financing−$17.0MExchange rates−$4.0M

From profit to cash

Danaher: net income to operating cash flow, Q3 2026Danaher: net income to operating cash flow, Q3 2026Net income$1.2BDepreciation & amortization$721MStock-based pay$115MImpairments$52.0MGains on investments$13.0MReceivables−$160MInventory−$51.0MPayables−$81.0MPrepaid and other assets−$44.0MOperating cash flow$1.9B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265610760104
Q2 2026571016295
Q1 202656936683
Q4 202554865981
Q3 202555966290
Q2 202554986588
Q1 202553956880
Q4 202451906081

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.9B−$255M−$38.0M—−$281M−$7.0M−$1.3B$1.6B
Q2 2026$1.5B−$269M—−$894M−$283M$8.5B$1.4B$1.3B
Q1 2026$1.3B−$237M——−$226M$309M−$1.1B$1.1B
Q4 2025$2.1B−$371M——−$226M$1.5B−$3.1B$1.7B
Q3 2025$1.7B−$292M—−$2.0B−$229M−$477M$1.4B$1.4B
Q2 2025$1.3B−$248M——−$229M$2.0M−$964M$1.1B
Q1 2025$1.3B−$245M—−$1.1B−$194M−$3.0M$85.0M$1.1B
Q4 2024$2.0B−$516M−$33.0M−$809M−$195M−$696M$549M$1.5B

Danaher: income statement and cash flow

Danaher, Q3 2026: revenue $6.6B (+8% year over year), operating margin 19.0%. The chart follows the revenue to costs, profit and cash.

Danaher: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.