Financial Analysis

ACQUISITIONS The Company continually evaluates potential acquisitions that either strategically fit with the Companys existing portfolio or expand the Companys portfolio into a new and attractive business area. The Company has completed a number of acquisitions that have been accounted for as purchases and have resulted in the recognition of goodwill in the Companys Consolidated Financial Statements. This goodwill arises because the purchase prices for these businesses exceeds the fair value of acquired identifiable net assets due to the purchase prices reflecting a number of factors including the future earnings and cash flow potential of these businesses, the multiple to earnings, cash flow and other factors at which similar businesses have been purchased by other acquirers, the competitive nature of the processes by which the Company acquired the businesses, the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance the Companys existing product offerings to key target markets and enter into new and profitable businesses and the complementary strategic fit and resulting synergies these businesses bring to existing operations. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and thro …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

FINANCING The components of the Companys debt as of December 31 were as follows (amounts in millions): Outstanding Amount Description and Aggregate Principal Amount 2025 2024 Euro-denominated commercial paper (933 million and 931 million, respectively) (a) $ 1,097 $ 965 3.35% senior unsecured notes due 9/15/2025 ($500 million) (the 2025 U.S. Notes) (b) 500 0.2% senior unsecured notes due 3/18/2026 (1.3 billion) (the 2026 Biopharma Euronotes) (c) 1,469 1,293 2.1% senior unsecured notes due 9/30/2026 (800 million) (the 2026 Euronotes) (b) 940 828 0.4773% senior unsecured bonds due 4/9/2027 (CHF 250 million) (the 2027 CHF Bonds) (d) 315 0.3% senior unsecured notes due 5/11/2027 (30.8 billion) (the 2027 Yen Notes) (e) 196 195 1.2% senior unsecured notes due 6/30/2027 (600 million) (the 2027 Euronotes) (f) 704 620 0.45% senior unsecured notes due 3/18/2028 (1.3 billion) (the 2028 Biopharma Euronotes) (c) 1,466 1,291 1.125% senior unsecured bonds due 12/08/2028 (CHF 210 million) (the 2028 CHF Bonds) (d) 267 233 0.8875% senior unsecured bonds due 10/10/2029 (CHF 325 million) (the 2029 CHF Bonds) (d) 409 2.6% senior unsecured notes due 11/15/2029 ($800 million) (the 2029 Biopharma Notes) (c) 798 797 2.5% senior unsecured notes due 3/30/2030 (800 million) (the 2030 Euronotes) (b) 940 829 0.75% senior unsecured notes due 9/18/2031 (1.8 billion) (the 2031 Biopharma Euronotes) (c) 2,050 1,805 0.65% senior unsecured notes due 5/11/2032 (53.2 billion) (the 2032 Yen Notes) (e) 339 337 1.265 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents the Companys revenues disaggregated by geographical region and revenue type ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue. Biotechnology Life Sciences Diagnostics Total Year ended December 31, 2025: Geographical region: North America (a) $ 2,418 $ 3,018 $ 4,920 $ 10,356 Western Europe 2,558 1,674 1,706 5,938 Other developed markets (b) 341 518 393 1,252 High-growth markets (c) 1,976 2,124 2,922 7,022 Total $ 7,293 $ 7,334 $ 9,941 $ 24,568 Revenue type: Recurring $ 6,424 $ 4,844 $ 8,859 $ 20,127 Nonrecurring 869 2,490 1,082 4,441 Total $ 7,293 $ 7,334 $ 9,941 $ 24,568 Year ended December 31, 2024: Geographical region: North America (a) $ 2,237 $ 3,199 $ 4,859 $ 10,295 Western Europe 2,296 1,574 1,587 5,457 Other developed markets (b) 335 510 408 1,253 High-growth markets (c) 1,891 2,046 2,933 6,870 Total $ 6,759 $ 7,329 $ 9,787 $ 23,875 Revenue type: Recurring $ 5,758 $ 4,889 $ 8,719 $ 19,366 Nonrecurring 1,001 2,440 1,068 4,509 Total $ 6,759 $ 7,329 $ 9,787 $ 23,875 Year ended December 31, 2023: Geographical region: North America (a) $ 2,454 $ 2,999 $ 4,508 $ 9,961 Western Europe 2,407 1,519 1,542 5,468 Other developed markets (b) 329 510 431 1,270 High-growth markets (c) 1,982 2,113 3,096 7,191 Total $ 7,172 $ 7,141 $ 9,577 $ 23,890 Revenue type: Recurring $ 5,897 $ 4,360 $ 8,425 $ 18,682 Nonrecurring 1,275 2,781 1,152 5,208 Total $ 7,172 $ 7,141 $ 9,577 $ 23,890 (a) The Company define …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION Stockholders Equity The Companys Board of Directors has approved the following programs to repurchase shares of the Companys common stock: Name of Program Date of Board of Director Approval Number of Shares of Company Common Stock Approved for Repurchase Number of Shares Remaining Available for Repurchase as of December 31, 2025 2013 Repurchase Program July 16, 2013 20,000,000 2024 Repurchase Program July 22, 2024 20,000,000 2,000,000 2025 Repurchase Program September 9, 2025 35,000,000 35,000,000 In each case, the approved program authorized or authorizes the repurchase of up to the specified number of shares of the Companys common stock from time to time on the open market or in privately negotiated transactions. None of the repurchase programs were or are subject to an expiration date, and the timing and amount of any shares repurchased in the future will be determined by members of the Companys management based on its evaluation of market conditions and other factors. Any repurchase program with remaining availability may be suspended or discontinued at any time. Repurchased shares are and will be available for use in connection with the Companys equity compensation plans (or any successor plans) and for other corporate purposes. During the year ended December 31, 2024, the Company repurchased approximately 20.0 million shares of the Companys common stock for approximately $5.2 billion (inclusive of excise taxes) as part o …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Companys assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on the Companys assumptions. A financial asset or liabilitys classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A summary of financial assets that are measured at fair value on a recurring basis were as follows ($ in millions): Year Ended December 31 Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 2025 2024 2025 2024 2025 2024 202 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS As discussed in Note 2, goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired less assumed liabilities and noncontrolling interests. Management assesses the goodwill of each of its reporting units for impairment at least annually at the beginning of the fourth quarter and as triggering events occur that indicate that it is more likely than not that an impairment exists. The Company elected to bypass the optional qualitative goodwill assessment allowed by applicable accounting standards and performed a quantitative impairment test for all reporting units as this was determined to be the most effective method to assess for impairment across the reporting units. The Company estimates the fair value of its reporting units primarily using a market-based approach and an income approach in certain instances to corroborate value. The market-based approach relies on current trading multiples of EBITDA for companies operating in businesses similar to each of the Companys reporting units, in addition to recent available market sale transactions of comparable businesses. In determining the estimated fair value of each reporting unit, the Company also applies a control premium. The income approach relies on the discounted cash flow model, including assumptions about the amount and timing of future expected cash flows, terminal value growth rates and discount rates. If the est …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES Earnings from continuing operations before income taxes for the years ended December 31 were as follows ($ in millions): 2025 2024 2023 U.S. $ 971 $ 1,002 $ 1,310 Non-U.S. 3,262 3,644 3,734 Total $ 4,233 $ 4,646 $ 5,044 The provision for income taxes from continuing operations for the years ended December 31 were as follows ($ in millions): 2025 2024 2023 Current: Federal U.S. $ 207 $ 239 $ 559 Non-U.S. 775 929 1,271 State and local 91 62 197 Deferred: Federal U.S. (289) (300) (737) Non-U.S. (133) (141) (338) State and local (18) (42) (129) Income tax provision $ 633 $ 747 $ 823 Noncurrent deferred tax assets and noncurrent deferred tax liabilities are included in other assets and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets. Deferred income tax assets and liabilities as of December 31 were as follows ($ in millions): 2025 2024 Deferred tax assets: Allowance for doubtful accounts $ 20 $ 20 Inventories 107 114 Environmental and regulatory compliance 36 38 Other accruals and prepayments 908 631 Stock-based compensation expense 132 122 Operating lease liabilities 285 255 R&D expense 679 584 Tax credit and loss carryforwards 678 760 Valuation allowances (315) (232) Total deferred tax asset 2,530 2,292 Deferred tax liabilities: Pension and postretirement benefits (58) (9) Property, plant and equipment (100) (136) Insurance, including self-insurance (304) (400) Operating lease ROU assets (265) (238) Goodwill and other …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company has operating leases for office space, warehouses, distribution centers, R&D facilities, manufacturing locations and certain equipment, primarily automobiles. Many leases include one or more options to renew, some of which include options to extend for up to 30 years, and some leases include options to terminate within 30 days. In certain of the Companys lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, utilities, inflation and/or changes in other indexes. The Companys finance leases were not material as of December 31, 2025 and 2024. ROU assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in notes payable and current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheets. The Consolidated Financial Statements include the following amounts related to operating leases where the Company is the lessee ($ in millions): 2025 2024 2023 Consolidated Statements of Earnings Fixed operating lease expense (a) $ 250 $ 239 $ 207 Variable operating lease expense 66 60 67 Total operating lease expense $ 316 $ 299 $ 274 Consolidated Statements of Cash Flows Cash paid for amounts included in the measurement of operating lease liabilities $ 250 $ 245 $ 214 ROU assets obtained in exchange for operating lease obligations 298 320 182 Consolidated Balance Sheets December 31, 2025 December 31, 20 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting Standards Recently Adopted In August 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-05, Business CombinationsJoint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement . The ASU requires that a joint venture apply a new basis of accounting upon formation in which the joint venture will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company early adopted the ASU effective September 30, 2023 on a prospective basis. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures . The ASU requires additional disclosures about reportable segments significant expenses on an interim and annual basis. The Company adopted the ASU effective January 1, 2024 on a retrospective basis. Refer to Note 6 for additional segment disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU expands disclosures in the income tax rate reconciliations table and cash taxes paid. The Company adopted the ASU effective January 1, 2025 on a prospective basis. This accounting standard increased the tax disclosures in this report but had no impact on reported income …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS The Company has noncontributory defined benefit pension plans which cover certain of its U.S. employees. During 2012, all remaining benefit accruals under the U.S. plans ceased. Defined benefit plans from acquisitions subsequent to 2012 are ceased as soon as practical. The Company also has noncontributory defined benefit pension plans which cover certain of its non-U.S. employees, and under certain of these plans, benefit accruals continue. In general, the Companys policy is to fund these plans based on considerations relating to legal requirements, underlying asset returns, the plans funded status, the anticipated tax deductibility of the contribution, local practices, market conditions, interest rates and other factors. In addition to providing pension benefits, the Company provides certain healthcare and life insurance benefits for some of its retired employees in the United States. Certain employees may become eligible for these benefits as they reach normal retirement age while working for the Company. The Company has the right to modify or terminate certain of these plans. The following sets forth the funded status of the U.S. pension, non-U.S. pension and postretirement benefit plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions): U.S. Pension Benefits Non-U.S. Pension Benefits Postretirement Benefits 2025 2024 2025 2024 2025 2024 Change in pension benefit obligat …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE The following table presents the Companys revenues disaggregated by geographical region and revenue type ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue. Biotechnology Life Sciences Diagnostics Total Year ended December 31, 2025: Geographical region: North America (a) $ 2,418 $ 3,018 $ 4,920 $ 10,356 Western Europe 2,558 1,674 1,706 5,938 Other developed markets (b) 341 518 393 1,252 High-growth markets (c) 1,976 2,124 2,922 7,022 Total $ 7,293 $ 7,334 $ 9,941 $ 24,568 Revenue type: Recurring $ 6,424 $ 4,844 $ 8,859 $ 20,127 Nonrecurring 869 2,490 1,082 4,441 Total $ 7,293 $ 7,334 $ 9,941 $ 24,568 Year ended December 31, 2024: Geographical region: North America (a) $ 2,237 $ 3,199 $ 4,859 $ 10,295 Western Europe 2,296 1,574 1,587 5,457 Other developed markets (b) 335 510 408 1,253 High-growth markets (c) 1,891 2,046 2,933 6,870 Total $ 6,759 $ 7,329 $ 9,787 $ 23,875 Revenue type: Recurring $ 5,758 $ 4,889 $ 8,719 $ 19,366 Nonrecurring 1,001 2,440 1,068 4,509 Total $ 6,759 $ 7,329 $ 9,787 $ 23,875 Year ended December 31, 2023: Geographical region: North America (a) $ 2,454 $ 2,999 $ 4,508 $ 9,961 Western Europe 2,407 1,519 1,542 5,468 Other developed markets (b) 329 510 431 1,270 High-growth markets (c) 1,982 2,113 3,096 7,191 Total $ 7,172 $ 7,141 $ 9,577 $ 23,890 Revenue type: Recurring $ 5,897 $ 4,360 $ 8,425 $ 18,682 Nonrecurring 1,275 2,781 1,152 5,208 Total $ 7,172 $ 7,141 $ 9,577 $ 23,890 (a) The Compan …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION The Company operates and reports its results in three separate business segments consisting of the Biotechnology, Life Sciences and Diagnostics segments. Operating profit represents total revenues less operating expenses, excluding nonoperating income and expense, interest and income taxes. The identifiable assets by segment are those used in each segments operations. Intersegment amounts are not significant and are eliminated to arrive at consolidated totals. The Companys President and Chief Executive Officer is the chief operating decision maker (CODM). The CODM uses segment sales and operating profit to allocate resources (including employees and financial or capital resources), predominantly through the annual budget process, to evaluate and assess the performance of the segments and to evaluate the performance of certain employees for the determination of compensation. The CODM reviews forecast-to-actual variances in segment sales and operating profit on a monthly basis when making decisions about allocating capital and personnel to the segments. The table below reconciles segment sales to segment operating profit with the expense categories presented reflecting the expenses that the Company has determined to be significant segment expenses. Significant segment expenses are the expense category details regularly provided to the CODM to allocate resources to the segments and to evaluate segment performance. Detailed segment data is as follows ($ in mil …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

ACQUISITIONS The Company continually evaluates potential acquisitions that either strategically fit with the Companys existing portfolio or expand the Companys portfolio into a new and attractive business area. The Company has completed a number of acquisitions that have been accounted for as purchases and have resulted in the recognition of goodwill in the Companys financial statements. This goodwill arises because the purchase prices for these businesses exceed the fair value of acquired identifiable net assets due to the purchase prices reflecting a number of factors including the future earnings and cash flow potential of these businesses, the multiple to earnings, cash flow and other factors at which similar businesses have been purchased by other acquirers, the competitive nature of the processes by which the Company acquired the businesses, the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance the Companys existing product offerings to key target markets and enter into new and profitable businesses and the complementary strategic fit and resulting synergies these businesses bring to existing operations. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and through other sour …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Hawkins Litigation On July 17, 2023, a putative securities class action was filed in the United States District Court for the District of Columbia, captioned Hawkins v. Danaher Corporation et al., Case No. 1:23-cv-02055 (Hawkins Action). The complaint was amended on December 29, 2023 and names the Company and certain of its current or former officers. The complaint asserts claims under Section 10(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act), SEC Rule 10b-5, and Section 20(a) of the Exchange Act, purportedly on behalf of persons and entities who acquired our securities between January 27, 2022 and October 23, 2023 (the Class Period). Plaintiffs allege that, during the Class Period, defendants made material misrepresentations or omissions regarding, among other things, the Companys anticipated revenues for its bioprocessing business that artificially inflated the Companys stock price. Plaintiffs seek, among other things, damages in an unspecified amount, as well as fees and costs. Defendants moved to dismiss the amended complaint on February 27, 2024, and on August 4, 2025, the court granted in part and denied in part defendants motion to dismiss. The parties have executed a settlement agreement to resolve this matter, and based on the terms of the agreement, the Company recorded a settlement liability as well as an offsetting insurance receivable. On June 1, 2026, the court preliminarily approved the settlement and set …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

FINANCING As of June 26, 2026, the Company was in compliance with all of its debt covenants. The components of the Companys debt were as follows ($ in millions): Outstanding Amount Description and Aggregate Principal Amount June 26, 2026 December 31, 2025 Euro-denominated commercial paper (4.1 billion and 933 million, respectively) (a) $ 4,703 $ 1,097 0.2% senior unsecured notes due 3/18/2026 (1.3 billion) (the 2026 Biopharma Euronotes) (b) 1,469 2.1% senior unsecured notes due 9/30/2026 (800 million) (the 2026 Euronotes) (c) 912 940 0.4773% senior unsecured notes due 4/9/2027 (CHF 250 million) (the 2027 CHF Notes) (f) 308 315 0.3% senior unsecured notes due 5/11/2027 (30.8 billion) (the 2027 Yen Notes) (d) 190 196 1.2% senior unsecured notes due 6/30/2027 (600 million) (the 2027 Euronotes) (e) 683 704 0.45% senior unsecured notes due 3/18/2028 (1.3 billion) (the 2028 Biopharma Euronotes) (b) 1,421 1,466 Floating rate senior unsecured notes due 4/29/2028 (500 million) (the 2028 Floating Rate Notes) (c) 567 1.125% senior unsecured bonds due 12/08/2028 (CHF 210 million) (the 2028 CHF Bonds) (f) 261 267 0.8875% senior unsecured notes due 10/10/2029 (CHF 325 million) (the 2029 CHF Notes) (f) 400 409 2.6% senior unsecured notes due 11/15/2029 ($800 million) (the 2029 Biopharma Notes) (b) 798 798 2.5% senior unsecured notes due 3/30/2030 (800 million) (the 2030 Euronotes) (c) 911 940 3.250% senior unsecured notes due 4/29/2030 (750 million) (the 2030 Euronotes II) (c) 849 1.65% sen …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Companys revenues disaggregated by geographical region and revenue type for the three and six-month periods ended June 26, 2026 and June 27, 2025 ($ in millions) . Sales taxes and other usage-based taxes collected from customers are excluded from revenue. Biotechnology Life Sciences Diagnostics Total For the Three-Month Period Ended June 26, 2026: Geographical region: North America (a) $ 583 $ 759 $ 1,132 $ 2,474 Western Europe 689 421 430 1,540 Other developed markets (b) 74 126 93 293 High-growth markets (c) 574 573 811 1,958 Total $ 1,920 $ 1,879 $ 2,466 $ 6,265 Revenue type: Recurring $ 1,722 $ 1,268 $ 2,210 $ 5,200 Nonrecurring 198 611 256 1,065 Total $ 1,920 $ 1,879 $ 2,466 $ 6,265 For the Three-Month Period Ended June 27, 2025: Geographical region: North America (a) $ 612 $ 762 $ 1,064 $ 2,438 Western Europe 708 394 405 1,507 Other developed markets (b) 82 118 94 294 High-growth markets (c) 448 503 746 1,697 Total $ 1,850 $ 1,777 $ 2,309 $ 5,936 Revenue type: Recurring $ 1,694 $ 1,214 $ 2,062 $ 4,970 Nonrecurring 156 563 247 966 Total $ 1,850 $ 1,777 $ 2,309 $ 5,936 Biotechnology Life Sciences Diagnostics Total For the Six-Month Period Ended June 26, 2026: Geographical region: North America (a) $ 1,107 $ 1,448 $ 2,397 $ 4,952 Western Europe 1,415 829 861 3,105 Other developed markets (b) 131 267 179 577 High-growth markets (c) 1,064 1,072 1,446 3,582 Total $ 3,717 $ 3,616 $ 4,883 $ 12,216 Revenue type: Recurring $ 3,364 $ 2,471 $ 4,396 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION Stockholders Equity The Companys Board of Directors has approved the following programs to repurchase shares of the Companys common stock: Name of program Date of Board of Directors approval Number of shares of Company common stock approved for repurchase Number of shares remaining available for repurchase as of June 26, 2026 2024 Repurchase Program July 22, 2024 20,000,000 2025 Repurchase Program September 9, 2025 35,000,000 32,000,000 In each case, the approved program authorized or authorizes the repurchase of up to the specified number of shares of the Companys common stock from time to time on the open market or in privately negotiated transactions. None of the repurchase programs were or are subject to an expiration date, and the timing and amount of any shares repurchased in the future will be determined by members of the Companys management based on its evaluation of market conditions and other factors. Any repurchase program with remaining availability may be suspended or discontinued at any time. Repurchased shares are and will be available for use in connection with the Companys equity compensation plans (or any successor plans) and for other corporate purposes. During both the three and six-month periods ended June 26, 2026, the Company repurchased approximately 5.0 million shares of the Companys common stock for $903 million, inclusive of excise taxes. Approximately 2.0 million of these shares were repurchased und …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Companys assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on the Companys assumptions. A financial asset or liabilitys classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A summary of financial assets that are measured at fair value on a recurring basis were as follows ($ in millions): Balance Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 26, 2026 December 31, 2025 June 26, 2026 De …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The following is a rollforward of the Companys goodwill ($ in millions): Balance, December 31, 2025 $ 43,151 Attributable to the 2026 acquisition 4,960 Foreign currency translation and other (697) Balance, June 26, 2026 $ 47,414 The carrying value of goodwill by segment is summarized as follows ($ in millions): June 26, 2026 December 31, 2025 Biotechnology $ 22,725 $ 23,313 Life Sciences 12,783 12,856 Diagnostics 11,906 6,982 Total $ 47,414 $ 43,151 The Company has not identified any triggering events which indicate an impairment of goodwill in the second quarter of 2026. The Company has not identified any impairment triggers that resulted in impairments of intangible assets in the second quarter of 2026. The Company will continue to review goodwill and other intangible assets for impairment when events or changes in circumstances, including evolving market conditions and regulatory environment, indicate related carrying amounts may not be recoverable. During the second quarter of 2025, the Company decided to reorganize and integrate certain businesses within its Life Sciences segment to better serve the Companys customers in new market segments and to respond to current market conditions. As a result of these plans, the Company concluded that an indefinite-lived trade name within the genomics consumables business was no longer considered to be indefinite-lived, resulting in an impairment indicator. The Company engaged a third-party valuat …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The following table summarizes the Companys effective tax rate: Three-Month Period Ended Six-Month Period Ended June 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 Effective tax rate 19.3 % 15.3 % 17.9 % 15.4 % The Company operates globally, including in certain jurisdictions with lower tax rates than the United States (U.S.) federal statutory rate. Therefore, the impact of Danahers global operations and benefits from tax credits and incentives contributes to a lower effective tax rate compared to the U.S. federal statutory tax rate. For each period presented, the effective tax rate differs from the U.S. federal statutory rate of 21.0% principally due to the impact of the Companys global operations, research tax credits, foreign-derived intangible income and aggregate net discrete benefits or charges. For the three-month period ended June 26, 2026, net discrete tax charges of $21 million increased the effective tax rate by 1.9% and related primarily to changes in estimates associated with prior period uncertain tax positions, partially offset by benefits from the release of reserves for uncertain tax positions resulting from audit settlements. For the three-month period ended June 27, 2025, the effective tax rate was reduced by the tax effect from an intangible asset impairment in a jurisdiction with a higher statutory tax rate than the Companys effective tax rate, partially offset by changes in uncertain tax positions. The net impact reduced the effective ta …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Standards Recently Adopted In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-05, Measurement of Credit Loss for Accounts Receivable and Contract Assets. The ASU provides a practical expedient for the calculation of current expected credit losses for current accounts receivable and contract assets, allowing entities to assume that current conditions as of the balance sheet date will persist through the forecast period. The Company adopted the ASU effective January 1, 2026 on a prospective basis and elected the practical expedient for the calculation of current expected credit losses. The adoption did not have a material impact on the Companys allowance for doubtful accounts. Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses . The ASU requires disclosure of disaggregated information about certain income statement expenses, including specific expense categories. The ASU is effective for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. This accounting standard will increase disclosures in the Companys annual and interim reporting when adopted. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The ASU updates the requirements for capitalization of internal-use software, removing all reference to …

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REVENUE The following tables present the Companys revenues disaggregated by geographical region and revenue type for the three and six-month periods ended June 26, 2026 and June 27, 2025 ($ in millions) . Sales taxes and other usage-based taxes collected from customers are excluded from revenue. Biotechnology Life Sciences Diagnostics Total For the Three-Month Period Ended June 26, 2026: Geographical region: North America (a) $ 583 $ 759 $ 1,132 $ 2,474 Western Europe 689 421 430 1,540 Other developed markets (b) 74 126 93 293 High-growth markets (c) 574 573 811 1,958 Total $ 1,920 $ 1,879 $ 2,466 $ 6,265 Revenue type: Recurring $ 1,722 $ 1,268 $ 2,210 $ 5,200 Nonrecurring 198 611 256 1,065 Total $ 1,920 $ 1,879 $ 2,466 $ 6,265 For the Three-Month Period Ended June 27, 2025: Geographical region: North America (a) $ 612 $ 762 $ 1,064 $ 2,438 Western Europe 708 394 405 1,507 Other developed markets (b) 82 118 94 294 High-growth markets (c) 448 503 746 1,697 Total $ 1,850 $ 1,777 $ 2,309 $ 5,936 Revenue type: Recurring $ 1,694 $ 1,214 $ 2,062 $ 4,970 Nonrecurring 156 563 247 966 Total $ 1,850 $ 1,777 $ 2,309 $ 5,936 Biotechnology Life Sciences Diagnostics Total For the Six-Month Period Ended June 26, 2026: Geographical region: North America (a) $ 1,107 $ 1,448 $ 2,397 $ 4,952 Western Europe 1,415 829 861 3,105 Other developed markets (b) 131 267 179 577 High-growth markets (c) 1,064 1,072 1,446 3,582 Total $ 3,717 $ 3,616 $ 4,883 $ 12,216 Revenue type: Recurring $ 3,364 $ 2,471 …

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SEGMENT INFORMATION The Company operates and reports its results in three separate business segments consisting of the Biotechnology, Life Sciences and Diagnostics segments. Operating profit represents total revenues less operating expenses, excluding nonoperating income and expense, interest and income taxes. The identifiable assets by segment are those used in each segments operations. Intersegment amounts are not significant and are eliminated to arrive at consolidated totals. The chief operating decision maker (CODM) uses segment sales and operating profit to allocate resources (including employees and financial or capital resources), predominantly through the annual budget process, to evaluate and assess the performance of the segments and to evaluate the performance of certain employees for the determination of compensation. The CODM reviews forecast-to-actual variances in segment sales and operating profit on a monthly basis when making decisions about allocating capital and personnel to the segments. The table below reconciles segment sales to segment operating profit with the expense categories presented reflecting the expenses that the Company has determined to be significant segment expenses. Significant segment expenses are the expense category details regularly provided to the CODM to allocate resources to the segments and to evaluate segment performance. Detailed segment data for the three and six-month periods ended June 26, 2026 and June 27, 2025 is as follows …

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