Company: DHR
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000313616-25-000182
Chunk: 58

Company: DANAHER CORP /DE/
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 1
Chunk 58
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 and manage its capital structure on a short-term and long-term basis.

The Company has relied primarily on borrowings under its commercial paper program to address liquidity requirements that exceed the capacity provided by its operating cash flows and cash on hand, while also accessing the capital markets from time to time including to secure financing for more significant acquisitions or to take advantage of favorable interest rate environments or other market conditions.  Subject to any limitations that may result from market disruptions, the Company anticipates following the same approach in the future.

Overview of Cash Flows and Liquidity

Following is an overview of the Company’s cash flows and liquidity ($ in millions):

Nine-Month Period EndedSeptember 26, 2025September 27, 2024Net cash provided by operating activities$4,299 $4,669 Cash paid for acquisitions$— $(525)Payments for additions to property, plant and equipment(785)(876)Proceeds from sales of property, plant and equipment10 12 Payments for purchases of investments(79)(188)Proceeds from sales of investments12 251 Proceeds from sale of product line9 — All other investing activities21 39 Total cash used in investing activities$(812)$(1,287)Proceeds from the issuance of common stock in connection with stock-based compensation, net$39 $143 Payment of dividends(652)(573)Net proceeds from borrowings (maturities of 90 days or less)22 1 Borrowings (maturities longer than 90 days)4 — Repayments of borrowings (maturities longer than 90 days)(500)(974)Payments for repurchase of common stock (3,088)(5,170)All other financing activities(108)(120)Total cash used in financing activities$(4,283)$(6,693)

As of September 26, 2025, the Company held approximately $1.5 billion of cash and cash equivalents.

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Operating Activities

Cash flows from operating activities can fluctuate significantly from period-to-period as working capital needs and the timing of payments for income taxes, restructuring activities and productivity improvement initiatives and other items impact reported cash flows.

Operating cash flows were approximately $4.3 billion for the first nine months of 2025, a decrease of $370 million, or 8%, as compared to the comparable period of 2024.  The year-over-year change in operating cash flows from 2024 to 2025 was primarily