DANAHER CORP /DE/

During 2025, Danaher operated in a dynamic environment marked by significant policy and regulatory shifts across geographies and continued macro-economic challenges for the healthcare industry. Notwithstanding these hurdles, we continued to invest in Danaher’s future growth, investing approximately $1.6 billion in research and development and approximately $1.2 billion in capital expenditures to support future core growth. In addition, in February 2026, the Company entered into a definitive agreement to acquire all of the outstanding shares of Masimo Corporation, a leading specialty diagnostics provider of pulse oximetry and other patient monitoring systems, for an aggregate cash purchase price of approximately $9.9 billion, including assumed indebtedness and net of acquired cash. The Masimo transaction is subject to customary closing conditions, including receipt of applicable regulatory clearances and Masimo shareholder approval. Even as we made these significant growth investments, in 2025 we returned approximately $4.0 billion to our shareholders through stock buybacks and dividends and notwithstanding the dynamic environment we generated $24.6 billion in sales, $4.7 billion in operating profit and $6.4 billion in operating cash flow.

For a further discussion of Danaher's business performance, please see "Proxy Summary — Business Highlights."