Filing Flows › Danaher (DHR) › Q2 2025
Danaher (DHR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 22, 2025
Danaher (DHR) reported revenue of $5.9B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +3% from the quarter before. Operating margin was 12.8%, net earnings $555M (9.3% of revenue).
Danaher, Q2 2025: revenue $5.9B (+3% year over year), operating margin 12.8%, net earnings $555M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.9B | +3% | +3% |
| Gross profit | $3.5B | +0.3% | +3% |
| Operating profit | $760M | -40% | -35% |
| Net earnings | $555M | -42% | -39% |
| Operating cash flow | $1.3B | +3% | -6% |
| Free cash flow | $1.1B | +3% | -4% |
What changed
Revenue was $5.9B in Q2 2025, up 3% year over year and up 3% from the previous quarter. Recurring revenue was the largest line at 84% of revenue. Recurring revenue added $0.28B year over year (up 6%), 146% of the total change. Nonrecurring revenue declined 8%.
Gross margin was 59.3%, down 0.3 points from a year earlier. Operating profit was $0.76B, a 12.8% margin (down 7.5 points year over year). Operating profit fell $0.41B even though revenue rose $0.19B versus a year earlier, so costs grew faster than sales. Operating expenses grew 22% against revenue growth of 3%. The fastest-growing cost line was SG&A (+26%). Net earnings were $0.56B, down 39% year over year. The effective tax rate was 15.3%.
Operating cash flow was $1.3B (down 6% year over year), 241% of net earnings. Non-cash charges added back $0.61B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.25B left free cash flow of $1.1B.
Questions
What was Danaher's revenue in the second quarter 2025?
Danaher (DHR) reported revenue of $5.9B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +3% from the quarter before.
Was Danaher profitable in the second quarter 2025?
Operating profit was $760M (12.8% of revenue) and net earnings $555M.
Source: Danaher 10-Q on SEC EDGAR.