v3.26.1
Stockholders' Equity and Stock-Based Compensation
 6 Months Ended
Jun. 26, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity and Stock-Based Compensation STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION
Stockholders’ Equity
The Company’s Board of Directors has approved the following programs to repurchase shares of the Company’s common stock:
Name of programDate of Board of Directors approvalNumber of shares of Company common stock approved for repurchase
Number of shares remaining available for repurchase as of June 26, 2026
2024 Repurchase ProgramJuly 22, 202420,000,000 — 
2025 Repurchase ProgramSeptember 9, 202535,000,000 32,000,000 
In each case, the approved program authorized or authorizes the repurchase of up to the specified number of shares of the Company’s 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 Company’s 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 Company’s 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 Company’s common stock for $903 million, inclusive of excise taxes. Approximately 2.0 million of these shares were repurchased under the 2024 Repurchase Program and approximately 3.0 million of these shares were repurchased under the 2025 Repurchase Program.
During the six-month period ended June 27, 2025, the Company repurchased approximately 4.5 million shares of the Company’s common stock for approximately $1.1 billion, inclusive of excise taxes as part of the 2024 Repurchase Program.
In the second quarters of 2026 and 2025 the Company paid $27 million and $56 million in excise taxes related to the 2025 and 2024 share repurchases, respectively. Cash paid for excise taxes on share repurchases is included in all other financing activities in the accompanying Consolidated Condensed Statements of Cash Flows.
The following table summarizes the activity of the Company’s issued shares (shares in millions):
Three-Month Period EndedSix-Month Period Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Common stock - shares issued:
Balance, beginning of period888.0 885.6 886.9 884.3 
Common stock-based compensation awards0.2 0.3 1.3 1.6 
Balance, end of period888.2 885.9 888.2 885.9 
Stock-Based Compensation
For a full description of the Company’s stock-based compensation programs, refer to Note 18 of the Company’s financial statements as of and for the year ended December 31, 2025 included in the Company’s 2025 Annual Report. As of June 26, 2026, approximately 38 million shares of the Company’s common stock were reserved for issuance under the Amended and Restated Danaher Corporation Omnibus Incentive Plan.
The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):
 Three-Month Period EndedSix-Month Period Ended
 June 26, 2026June 27, 2025June 26, 2026June 27, 2025
RSUs/PSUs:
Pretax compensation expense$64 $53 $100 $88 
Income tax benefit(13)(11)(20)(18)
RSU/PSU expense, net of income taxes51 42 80 70 
Stock options:
Pretax compensation expense29 38 51 64 
Income tax benefit(6)(8)(11)(13)
Stock option expense, net of income taxes23 30 40 51 
Total stock-based compensation:
Pretax compensation expense93 91 151 152 
Income tax benefit(19)(19)(31)(31)
Total stock-based compensation expense, net of income taxes$74 $72 $120 $121 
Stock-based compensation has been recognized as a component of SG&A and R&D expenses in the accompanying Consolidated Condensed Statements of Earnings. As of June 26, 2026, $357 million of total unrecognized compensation cost related to RSUs/PSUs is expected to be recognized over a weighted average period of approximately two years. As of June 26, 2026, $168 million of total unrecognized compensation cost related to stock options is expected to be
recognized over a weighted average period of approximately two years. Future compensation amounts will be adjusted for any changes in estimated forfeitures.
Accumulated Other Comprehensive Income
Accumulated OCI refers to certain gains and losses that under U.S. GAAP are included in comprehensive income (loss) but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity. Foreign currency translation adjustments generally relate to indefinite investments in non-U.S. subsidiaries, as well as the impact from the Company’s hedges of its net investment in foreign operations, including the Company’s cross-currency swap derivatives, net of any income tax impacts.
The changes in accumulated OCI by component are summarized below ($ in millions).
Foreign Currency Translation AdjustmentsPension and Postretirement Plan Benefit AdjustmentsCash Flow Hedge AdjustmentsAccumulated Comprehensive Income (Loss)
For the Three-Month Period Ended June 26, 2026:
Balance, March 27, 2026$(633)$(184)$224 $(593)
OCI before reclassifications:
Increase (decrease)(150)— (25)(175)
Income tax impact1 — — 1 
OCI before reclassifications, net of income taxes(149)— (25)(174)
Reclassification adjustments:
Increase (decrease)— 1 (a)(28)(b)(27)
Income tax impact— (1)— (1)
Reclassification adjustments, net of income taxes— — (28)(28)
Net OCI, net of income taxes(149)— (53)(202)
Balance, June 26, 2026$(782)$(184)$171 $(795)
For the Three-Month Period Ended June 27, 2025:
Balance, March 28, 2025$(1,455)$(299)$142 $(1,612)
OCI before reclassifications:
Increase (decrease)979 — (200)779 
Income tax impact49 — — 49 
OCI before reclassifications, net of income taxes1,028 — (200)828 
Reclassification adjustments:
Increase (decrease)— 2 (a)213 (b)215 
Income tax impact— — — — 
Reclassification adjustments, net of income taxes— 2 213 215 
Net OCI, net of income taxes1,028 2 13 1,043 
Balance, June 27, 2025
$(427)$(297)$155 $(569)
Foreign Currency Translation AdjustmentsPension and Postretirement Plan Benefit AdjustmentsCash Flow Hedge AdjustmentsAccumulated Comprehensive Income (Loss)
For the Six-Month Period Ended June 26, 2026:
Balance, December 31, 2025$(239)$(185)$217 $(207)
OCI before reclassifications:
Increase (decrease)(533)— 33 (500)
Income tax impact(10)— — (10)
OCI before reclassifications, net of income taxes(543)— 33 (510)
Reclassification adjustments:
Increase (decrease)— 2 (a)(79)(b)(77)
Income tax impact— (1)— (1)
Reclassification adjustments, net of income taxes— 1 (79)(78)
Net OCI, net of income taxes(543)1 (46)(588)
Balance, June 26, 2026$(782)$(184)$171 $(795)
For the Six-Month Period Ended June 27, 2025:
Balance, December 31, 2024$(2,904)$(300)$(14)$(3,218)
OCI before reclassifications:
Increase (decrease)2,415 — (161)2,254 
Income tax impact62 — — 62 
OCI before reclassifications, net of income taxes2,477 — (161)2,316 
Reclassification adjustments:
Increase (decrease)— 4 (a)330 (b)334 
Income tax impact— (1)— (1)
Reclassification adjustments, net of income taxes— 3 330 333 
Net OCI, net of income taxes2,477 3 169 2,649 
Balance, June 27, 2025
$(427)$(297)$155 $(569)
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 7 for additional details).
(b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 11 for additional details).