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DHRDanaher Corporation · Insider ownership research

Danaher Corporation insiders sold $258M in the past 12 months. How much of their stake is that?

About 14% overall. As a group they ended with more shares than they started with. These figures leave out Mitchell Rales, the largest holder (most holdings were last confirmed in 2020).

Updated Oct 9, 2026 from SEC filings · covers Oct 10, 2025 to Oct 9, 2026
How this comparesMore of their stake sold than at 383 of the 490 other companies we can measure (#108 of 491)See ranking
0
buyers among officers and directors, past 12 months
0%
of sales were under disclosed trading plans, past 12 months
8 of 26
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 10, 2026 to Oct 9, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Aug 21, 2026Rainer Blair sold 58K shares ($12.7M) with no plan disclosed. That is 61% of the total stake held that day.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Rainer Blair
President & CEO, Director
58,255$218.6361%38KAug 21, 2026Aug 24, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? More than usual: about 1.8x the 5-year average. 8 insiders sold; the average is 10 a year. Year by year
Latest filing: Filed Aug 24 for a sale on Aug 21. Rainer Blair sold 58K shares ($12.7M) with no plan disclosed. Filing
106 SEC ownership filings in the period · See the evidence

What stands out

Rainer Blair sold 75% of vested holdings: 58K shares for $12.7M, none under a disclosed plan.Largest sale, Aug 21, 2026
Four officers sold $244M with no disclosed plan: Mitchell Rales ($235M), Brian Ellis ($4.8M) and Matthew McGrew ($3.5M), plus 1 more. The filings don't state a reason.Mitchell Rales: largest such sale, Oct 31, 2025 · Brian Ellis: largest such sale, Nov 12, 2025 · Matthew McGrew: largest such sale, Nov 11, 2025
Three insiders sold shares but ended with larger stakes, because more shares came in than were sold: Teri List (sold 3.3K, 16% of starting holdings; 4K added), Gregory Milosevich (sold 1.3K, 30% of starting holdings; 22K added) and Alan Spoon (sold 1.4K, 1.0% of starting holdings; 4.8K added).Teri List: largest sale, Nov 18, 2025 · Gregory Milosevich: largest sale, Feb 19, 2026 · Alan Spoon: largest sale, May 1, 2026

Percentages cover 17 of 26 officers and directors. 9 are left out

i
Left out: Steven Rales (most holdings were last confirmed in 2022); Mitchell Rales (most holdings were last confirmed in 2020); Matthew McGrew, Brian Ellis and Georgeann Couchara (most of their shares vested during the period, so a percentage would mislead); Raymond Stevens, Shane Sanders and Feroz Dewan (holdings couldn't be fully reconciled); Jonathan Leiken (held no vested shares at the start).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is 100% of that person's own stake; not comparable between people. The stake is the vested shares held at the start of the period (Oct 9, 2025); the gold part is what they sold.

SoldRest of starting stake
Mitchell Rales
Chairman of Exec. Committee, Director
Sold $235M (plan status beside the amount). Share of stake not shown: most holdings were last confirmed in 2020. Why
$235MNo plan disclosed
Rainer Blair
President & CEO, Director
75% · $12.7MNo plan disclosed
Brian Ellis
Senior Vice President
Sold $4.8M (plan status beside the amount). That is 59% of the shares held or received (after tax withholding) during the period†. A share of the starting stake is not shown: most of these shares arrived during the period. Why
$4.8MNo plan disclosed
Matthew McGrew
Executive Vice President
Sold $3.5M (plan status beside the amount). That is 30% of the shares held or received (after tax withholding) during the period†. A share of the starting stake is not shown: most of these shares arrived during the period. Why
$3.5MNo plan disclosed
Georgeann Couchara
SVP, Human Resources
Sold $1.1M (plan status beside the amount). That is 38% of the shares held or received (after tax withholding) during the period†. A share of the starting stake is not shown: most of these shares arrived during the period. Why
$1.1MNo plan disclosed
All 8 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

No plan disclosedOne dollar scale for every month; the tallest bar is labeled
Oct 2025: $130M no plan disclosed$130MOctNov 2025: $115M no plan disclosedNovDecJanFeb 2026: $275K no plan disclosedFebMarAprMay 2026: $237K no plan disclosedMayJunJulAug 2026: $12.7M no plan disclosedAugSepOct

Common questions

Is the Danaher Corporation CEO selling stock?

Yes. Rainer Blair sold 58K shares ($12.7M, 75% of starting holdings) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Danaher Corporation insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Danaher Corporation insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Danaher Corporation insiders sell?

About 14% overall. As a group they ended with more shares than they started with. These figures leave out Mitchell Rales, the largest holder (most holdings were last confirmed in 2020). That covers the 12 months to Oct 9, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold8 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Mitchell Rales
Chairman of Exec. Committee, Director
$235M
1.08M shares
i
No percentage: most holdings were last confirmed in 2020.
No plan disclosed
Rainer Blair
President & CEO, Director
$12.7M
58K shares
75%No plan disclosed
Brian Ellis
Senior Vice President
$4.8M
22K shares
59%†
i
† Most of the shares Brian Ellis sold arrived during the period, so this is shares sold as a share of the 15K held at the start plus the 23K received, less 1.3K withheld by the company for taxes.
No plan disclosed
Matthew McGrew
Executive Vice President
$3.5M
16K shares
30%†
i
† Most of the shares Matthew McGrew sold arrived during the period, so this is shares sold as a share of the 30K held at the start plus the 25K received, less 1.9K withheld by the company for taxes.
No plan disclosed
Georgeann Couchara
SVP, Human Resources
$1.1M
5.2K shares
38%†
i
† Most of the shares Georgeann Couchara sold arrived during the period, so this is shares sold as a share of the 3.6K held at the start plus the 10K received, less 495 withheld by the company for taxes.
No plan disclosed
Teri List
Director
$747K
3.3K shares
16%No plan disclosed
Gregory Milosevich
Executive Vice President
$275K
1.3K shares
30%No plan disclosed
Alan Spoon
Director
$237K
1.4K shares
1.0%No plan disclosed
The full ownership picture23 of 26 insiders fully reconciled · 26 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 9, 2025SoldHeld Oct 9, 2026Still held
Steven Rales
!
Most of this insider's holdings were last confirmed in 2022. Confirmed in the last three years: 34,626,719 shares. Not confirmed since: 168,727,641 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.
Chairman, Director
34.13M034.63Msee note
Vesting, gifts, unvested awards and holding lines for Steven Rales
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $.013,105,8083,605,808
Through single-member LLCsCommon Stock, par value $.0131,000,00031,000,000
401(k) PlanCommon Stock, par value $.0120,43220,911

Additional holdings last reported Oct 24, 2022, not confirmed since: 168,727,641 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,000,000$194.78Aug 4, 2036$24.6M

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 479 shares. Difference is under 0.5% of holdings.

Mitchell Rales
!
Most of this insider's holdings were last confirmed in 2020. Confirmed in the last three years: 27,537,453 shares. Not confirmed since: 207,783,572 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.
Chairman of Exec. Committee, Director
28.21M−1.08M27.54Msee note
Vesting, gifts, unvested awards and holding lines for Mitchell Rales
0shares vested or exercised
−94Kgifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $.011,590,228553,228
Through single-member LLCsCommon Stock, par value $.0125,671,00026,171,000
Through the Mitchell P. Rales Family TrustCommon Stock, par value $.01912,654778,352
SpouseCommon Stock, par value $.0127,56027,560
trust for daughterCommon Stock, par value $.016,5126,512
401(k) PlanCommon Stock, par value $.01199801

Additional holdings last reported May 12, 2020, not confirmed since: 207,783,572 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,000,000$194.78Aug 4, 2036$24.6M

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 602 shares. Difference is under 0.5% of holdings.

Alan Spoon
i
Minor difference of 846 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Includes unvested RSUs, amount not disclosed. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. An owner entity could not be identified from the footnotes. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
130K−1.4K133K+2.7%
Vesting, gifts, unvested awards and holding lines for Alan Spoon
+3.3Kshares vested or exercised
0gifted (net of own trusts)
30K → 31Kunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Unexplained small increases, consistent with stock unit vesting or reinvested dividends.
  • An owner entity could not be identified from the footnotes.
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock121,308124,774
LLCCommon Stock8,7008,700

Additional holdings last reported Nov 12, 2020, not confirmed since: 8,700 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 846 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Rainer Blair
President & CEO, Director
78K−58K38K49%
Vesting, gifts, unvested awards and holding lines for Rainer Blair
0shares vested or exercised
0gifted (net of own trusts)
−7.8Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock19,69837,988
TrustCommon Stock58,2550

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
74,443$255.87Mar 1, 2034$0
114,143$207.76Mar 1, 2035$1.3M
47,475$210.64Mar 1, 2036$413K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

John Schwieters
Director
56K056Kno sales
Vesting, gifts, unvested awards and holding lines for John Schwieters
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock19,81519,815
Family TrustCommon Stock36,24536,245

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Elias Zerhouni
i
Minor difference of 1,702 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. An owner entity could not be identified from the footnotes. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
48K053Kno sales
Vesting, gifts, unvested awards and holding lines for Elias Zerhouni
+3.3Kshares vested or exercised
0gifted (net of own trusts)
−1.2Kwithheld by the company for taxes
18K → 19Kunvested awards, start → end
  • Unexplained small increases, consistent with stock unit vesting or reinvested dividends.
  • An owner entity could not be identified from the footnotes.
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock40,80545,303
LLCCommon Stock7,5007,500

Additional holdings last reported Nov 3, 2020, not confirmed since: 33,561 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 1,702 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Linda Filler
i
Minor difference of 60 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
46K048Kno sales
Vesting, gifts, unvested awards and holding lines for Linda Filler
+3.3Kshares vested or exercised
0gifted (net of own trusts)
−1.2Kwithheld by the company for taxes
8.9K → 9Kunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock23,97226,829
TrustCommon Stock21,59021,590

Additional holdings last reported Jul 11, 2016, not confirmed since: 20,197 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 60 shares. Difference is under 0.5% of holdings.

Matthew McGrew
i
Minor difference of 73 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Executive Vice President
30K−16K37Knot meaningful
Vesting, gifts, unvested awards and holding lines for Matthew McGrew
+16Kshares vested or exercised
0gifted (net of own trusts)
−1.9Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock20,06226,825
401(k)Common Stock10,16610,239

Additional holdings last reported Jul 28, 2021, not confirmed since: 8,709 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
20,937$255.87Mar 1, 2034$0
30,943$207.76Mar 1, 2035$359K
16,039$210.64Mar 1, 2036$140K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 73 shares. Difference is under 0.5% of holdings.

Teri List
i
Minor difference of 40 shares. Difference is under 0.5% of holdings.
Director
21K−3.3K21K+3.5%
Vesting, gifts, unvested awards and holding lines for Teri List
+3.3Kshares vested or exercised
0gifted (net of own trusts)
7.6K → 7.7Kunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock20,75121,470

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 40 shares. Difference is under 0.5% of holdings.

Montgomery Sawyer
Executive Vice President
17K022Kno sales
Vesting, gifts, unvested awards and holding lines for Montgomery Sawyer
0shares vested or exercised
0gifted (net of own trusts)
−1.7Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock16,91822,221

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
11,910$75.51Jul 15, 2027$1.7M
8,702$88.24Feb 24, 2028$1.1M
8,600$100.81Feb 24, 2029$1.0M
3,321$125.35Jul 15, 2029$312K
11,145$139.30Feb 24, 2030$892K
7,430$198.09Feb 24, 2031$158K
5,922$241.22Feb 24, 2032$0
5,079$240.13Nov 15, 2032$0
9,160$221.29Feb 24, 2033$0
6,979$255.87Mar 1, 2034$0
24,067$207.76Mar 1, 2035$279K
34,381$207.76Mar 1, 2035$398K
16,681$210.64Mar 1, 2036$145K
245,701$194.78Aug 4, 2036$6.0M

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Christopher Riley
Executive Vice President
15K061Kno sales
Vesting, gifts, unvested awards and holding lines for Christopher Riley
0shares vested or exercised
0gifted (net of own trusts)
−2Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock15,17961,472

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
6,552$82.10Nov 15, 2027$899K
13,047$88.24Feb 24, 2028$1.7M
16,537$100.81Feb 24, 2029$2.0M
6,957$116.41May 15, 2029$716K
14,488$139.30Feb 24, 2030$1.2M
11,145$198.09Feb 24, 2031$237K
10,068$241.22Feb 24, 2032$0
8,883$241.22Feb 24, 2032$0
11,298$221.29Feb 24, 2033$0
11,632$255.87Mar 1, 2034$0
24,067$207.76Mar 1, 2035$279K
34,381$207.76Mar 1, 2035$398K
16,681$210.64Mar 1, 2036$145K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Brian Ellis
Senior Vice President
15K−22K15Knot meaningful
Vesting, gifts, unvested awards and holding lines for Brian Ellis
+22Kshares vested or exercised
0gifted (net of own trusts)
−1.3Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock14,55314,994

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
12,795$255.87Mar 1, 2034$0
18,910$207.76Mar 1, 2035$219K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Bradley Gray
SVP Strategic Development
13K014Kno sales
Vesting, gifts, unvested awards and holding lines for Bradley Gray
0shares vested or exercised
0gifted (net of own trusts)
−1.4Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock13,01614,463

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
17,191$207.76Mar 1, 2035$199K
7,699$210.64Mar 1, 2036$67K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Raymond Stevens
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +687.079 shares on May 15, 2026 (Direct). See the filing Sales and other transactions for Raymond Stevens are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Raymond Stevens
0shares vested or exercised
0gifted (net of own trusts)
6.7K → 7.4Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +687.079 shares on May 15, 2026 (Direct). The balances below are as reported, not verified totals.

Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock12,36113,728

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Jose-Carlos Gutierrez-Ramos
SVP, Chief Science Officer
12K032Kno sales
Vesting, gifts, unvested awards and holding lines for Jose-Carlos Gutierrez-Ramos
0shares vested or exercised
0gifted (net of own trusts)
−1.5Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock12,15632,495

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
16,285$255.87Mar 1, 2034$0
6,979$255.87Mar 1, 2034$0
24,067$207.76Mar 1, 2035$279K
17,964$210.64Mar 1, 2036$156K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Christopher Bouda
i
Minor difference of 4 shares. Difference is under 0.5% of holdings.
VP, Chief Accounting Officer
9K09.8Kno sales
Vesting, gifts, unvested awards and holding lines for Christopher Bouda
0shares vested or exercised
0gifted (net of own trusts)
−465withheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock8,3259,107
401(k)Common Stock675679

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
2,327$255.87Mar 1, 2034$0
3,610$207.76Mar 1, 2035$42K
3,369$210.64Mar 1, 2036$29K
12,286$194.78Aug 4, 2036$302K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Reconciliation: minor difference of 4 shares. Difference is under 0.5% of holdings.

Matthew Gugino
i
Started reporting during the period; starting holdings are from the Form 3.
EVP & Chief Financial Officer
7.8K012Kno sales
Vesting, gifts, unvested awards and holding lines for Matthew Gugino
0shares vested or exercised
0gifted (net of own trusts)
−231withheld by the company for taxes
none reportedunvested awards, start → end
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock7,64411,401
401(k)Common Stock112112

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
4,210$76.47Feb 24, 2027$602K
3,478$88.24Feb 24, 2028$456K
3,309$100.81Feb 24, 2029$392K
1,339$127.02Nov 15, 2029$124K
3,343$139.30Feb 24, 2030$268K
7,430$198.09Feb 24, 2031$158K
2,420$198.09Feb 24, 2031$51K
2,221$241.22Feb 24, 2032$0
5,079$240.13Nov 15, 2032$0
2,535$221.29Feb 24, 2033$0
1,931$255.87Mar 1, 2034$0
5,158$207.76Mar 1, 2035$60K
10,410$221.21Nov 15, 2035$0
10,778$210.64Mar 1, 2036$94K
153,563$194.78Aug 4, 2036$3.8M

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Shashanka Muppaneni
i
Started reporting during the period; starting holdings are from the Form 3.
SVP, Chief Strategy Officer
5.9K05.9Kno sales
Vesting, gifts, unvested awards and holding lines for Shashanka Muppaneni
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock5,9015,901

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
6,877$207.76Mar 1, 2035$80K
3,569$221.21Nov 15, 2035$0
6,416$210.64Mar 1, 2036$56K
36,856$194.78Aug 4, 2036$906K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Heathre Moler
i
Started reporting during the period; starting holdings are from the Form 3.
SVP, Chief HR Officer
5.4K05.4Kno sales
Vesting, gifts, unvested awards and holding lines for Heathre Moler
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock5,3565,356

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
2,404$76.47Feb 24, 2027$343K
2,442$88.24Feb 24, 2028$320K
2,487$100.81Feb 24, 2029$295K
1,902$139.30Feb 24, 2030$152K
1,373$198.09Feb 24, 2031$29K
740$225.25May 15, 2031$0
1,174$266.20Nov 15, 2031$0
1,658$241.22Feb 24, 2032$0
1,412$221.35May 15, 2032$0
1,016$240.13Nov 15, 2032$0
2,137$221.29Feb 24, 2033$0
1,723$201.59May 15, 2033$31K
1,629$255.87Mar 1, 2034$0
2,821$246.23Jul 15, 2034$0
4,520$230.50Nov 15, 2034$0
2,407$207.76Mar 1, 2035$28K
2,567$210.64Mar 1, 2036$22K
9,829$194.78Aug 4, 2036$241K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Gregory Milosevich
Executive Vice President
4.5K−1.3K24K+449%
Vesting, gifts, unvested awards and holding lines for Gregory Milosevich
+1.3Kshares vested or exercised
0gifted (net of own trusts)
−342withheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock4,45524,467

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
2,405$76.47Feb 24, 2027$344K
482$76.47Feb 24, 2027$69K
3,918$88.24Feb 24, 2028$514K
5,629$100.81Feb 24, 2029$667K
5,097$125.35Jul 15, 2029$479K
5,572$139.30Feb 24, 2030$446K
4,458$198.09Feb 24, 2031$95K
2,348$266.20Nov 15, 2031$0
5,034$241.22Feb 24, 2032$0
7,328$221.29Feb 24, 2033$0
6,107$221.29Feb 24, 2033$0
3,490$255.87Mar 1, 2034$0
6,049$255.87Mar 1, 2034$0
13,753$207.76Mar 1, 2035$159K
11,548$210.64Mar 1, 2036$101K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Shane Sanders
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +796.691 shares on May 15, 2026 (Direct). See the filing Sales and other transactions for Shane Sanders are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Shane Sanders
0shares vested or exercised
0gifted (net of own trusts)
2.4K → 3.2Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +796.691 shares on May 15, 2026 (Direct). The balances below are as reported, not verified totals.

Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock4,4375,914

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Georgeann Couchara
SVP, Human Resources
3.6K−5.2K8.3Knot meaningful
Vesting, gifts, unvested awards and holding lines for Georgeann Couchara
+4.2Kshares vested or exercised
0gifted (net of own trusts)
−495withheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock3,6238,291

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
11,632$255.87Mar 1, 2034$0
3,490$255.87Mar 1, 2034$0
17,191$207.76Mar 1, 2035$199K
12,831$210.64Mar 1, 2036$112K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Feroz Dewan
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +653.093 shares on May 15, 2026 (Direct). See the filing Sales and other transactions for Feroz Dewan are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Feroz Dewan
0shares vested or exercised
0gifted (net of own trusts)
2.7K → 3.4Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +653.093 shares on May 15, 2026 (Direct). The balances below are as reported, not verified totals.

Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock3,3534,686

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Jessica Mega
Director
3.3K03.3Kno sales
Vesting, gifts, unvested awards and holding lines for Jessica Mega
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock3,3023,302

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
1,081$263.46May 15, 2034$0
1,478$190.95May 15, 2035$42K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Charles Lamanna
Director
67901.4Kno sales
Vesting, gifts, unvested awards and holding lines for Charles Lamanna
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock6791,359

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
290$207.76Mar 1, 2035$3K
1,478$190.95May 15, 2035$42K
1,699$161.91May 15, 2036$98K

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

Jonathan Leiken
SVP-Chief Legal Officer
0013Kno sales
Vesting, gifts, unvested awards and holding lines for Jonathan Leiken
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock012,546

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
26,767$221.21Nov 15, 2035$0
6,416$210.64Mar 1, 2036$56K
92,138$194.78Aug 4, 2036$2.3M

Estimate: options held × ($219.35 − strike price), using the most recent insider trade price on Form 4 (Aug 21, 2026), not a market close.

23 of 26 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (15 exactly, 8 with a minor or footnoted difference). For 3 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 17 of 26 officers and directors. Left out: Steven Rales (most holdings were last confirmed in 2022); Mitchell Rales (most holdings were last confirmed in 2020); Matthew McGrew, Brian Ellis and Georgeann Couchara (most of their shares vested during the period, so a percentage would mislead); Raymond Stevens, Shane Sanders and Feroz Dewan (holdings couldn't be fully reconciled); Jonathan Leiken (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$258M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $258M across 1,184,978 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $258M

Sales with no 10b5-1 plan and no tax reference in the filing. $235M of it is Mitchell Rales. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Mitchell Rales, Oct 31, 2025

Taxes

21,351 shares ($4.6M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Mitchell Rales
Chairman of Exec. Committee, Director
1.08M$235M0%91%Oct 31, 2025 to Nov 25, 2025
Rainer Blair
President & CEO, Director
58K$12.7M0%5%Aug 21, 2026 to Aug 21, 2026
Brian Ellis
Senior Vice President
22K$4.8M0%2%Nov 12, 2025 to Nov 12, 2025
Matthew McGrew
Executive Vice President
16K$3.5M0%1%Nov 11, 2025 to Nov 11, 2025
Georgeann Couchara
SVP, Human Resources
5.2K$1.1M0%0.4%Nov 10, 2025 to Nov 10, 2025
Teri List
Director
3.3K$747K0%0.3%Nov 18, 2025 to Nov 18, 2025
Gregory Milosevich
Executive Vice President
1.3K$275K0%0.1%Feb 19, 2026 to Feb 19, 2026
Alan Spoon
Director
1.4K$237K0%0.1%May 1, 2026 to May 1, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$130M$0$0$130M
Nov 2025$115M$0$0$115M
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$275K$0$0$275K
Mar 2026$0$0$0$0
Apr 2026$0$0$0$0
May 2026$237K$0$0$237K
Jun 2026$0$0$0$0
Jul 2026$0$0$0$0
Aug 2026$12.7M$0$0$12.7M
Sep 2026$0$0$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 1.8x the 5-year average. 8 insiders sold; the average is 10 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 9, 2026
Latest 12 months
1.18M8$258M
Oct 9, 2025
1 year earlier
1.31M6$259M
Oct 9, 2024
2 years earlier
236K10$60.8M
Oct 10, 2023
3 years earlier
130K11$33.4M
Oct 10, 2022
4 years earlier
1.38M11$426M
Oct 10, 2021
5 years earlier
233K11$58.9M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty3 insiders whose holdings couldn't be fully reconciled

Raymond Stevens: holdings couldn't be fully reconciled (difference of 687 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +687.079 shares on May 15, 2026 (Direct). Filing, May 15, 2026

Footnote: "On the date indicated, Danaher Corporation granted the reporting person restricted stock units (RSUs) in the amount indicated. Since the RSUs are payable solely in common stock, they are being reported in Table I of this Form 4. The RSUs vest on the earlier of the first anniversary of the grant date, or the date of (and immediately prior to) the next annual meeting of Danaher's shareholders following the grant date, but the underlying shares are not issued until the earlier of the director's death or the first day of the seventh month following the director's retirement from the Board."

Shane Sanders: holdings couldn't be fully reconciled (difference of 797 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +796.691 shares on May 15, 2026 (Direct). Filing, May 15, 2026

Footnote: "On the date indicated, Danaher Corporation granted the reporting person restricted stock units (RSUs) in the amount indicated. Since the RSUs are payable solely in common stock, they are being reported in Table I of this Form 4. The RSUs vest on the earlier of the first anniversary of the grant date, or the date of (and immediately prior to) the next annual meeting of Danaher's shareholders following the grant date, but the underlying shares are not issued until the earlier of the director's death or the first day of the seventh month following the director's retirement from the Board."

Feroz Dewan: holdings couldn't be fully reconciled (difference of 653 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +653.093 shares on May 15, 2026 (Direct). Filing, May 15, 2026

Footnote: "On the date indicated, Danaher Corporation granted the reporting person restricted stock units (RSUs) in the amount indicated. Since the RSUs are payable solely in common stock, they are being reported in Table I of this Form 4. The RSUs vest on the earlier of the first anniversary of the grant date, or the date of (and immediately prior to) the next annual meeting of Danaher's shareholders following the grant date, but the underlying shares are not issued until the earlier of the director's death or the first day of the seventh month following the director's retirement from the Board."

Steven Rales: minor difference of 479 shares. Difference is under 0.5% of holdings.

Mitchell Rales: minor difference of 602 shares. Difference is under 0.5% of holdings.

Alan Spoon: minor difference of 846 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Elias Zerhouni: minor difference of 1,702 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Linda Filler: minor difference of 60 shares. Difference is under 0.5% of holdings.

Matthew McGrew: minor difference of 73 shares. Difference is under 0.5% of holdings.

Teri List: minor difference of 40 shares. Difference is under 0.5% of holdings.

Christopher Bouda: minor difference of 4 shares. Difference is under 0.5% of holdings.

Inferred rename: "family partnership" is treated as the same holder as "limited partnership", because the old name was never reported again and the new one opened with the same balance (704,480 shares). Old name, new name

Inferred rename: "daughter" is treated as the same holder as "trust for daughter", because the old name was never reported again and the new one opened with the same balance (3,256 shares). Old name, new name

Inferred typo: the share class "Common Stock par value $.01 per share" is treated as the same class as "Common Stock, par value $.01 per share" on 2 holding lines, because the two spellings are nearly identical and each balance carried over exactly. Example (Mitchell Rales, 16,510,424 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology2,486 filings from SEC EDGAR, and how we read them

All 2,486 Forms 3, 4 and 5 filed for Danaher Corporation (SEC CIK 313616) from Nov 4, 1996 to Oct 2, 2026, retrieved from SEC EDGAR on Oct 9, 2026. Prices are the ones reported in each filing, often weighted averages. 14 filings were left out because Danaher Corporation filed them as an owner of another company's stock. 7 older filings exist only on paper and could not be read.

Probable 2-for-1 stock split on or before Dec 14, 2004 (first filing that shows post-split balances). Splits aren't reported as transactions; 4 holding lines changed by exactly this ratio, so earlier share counts are restated.

Probable 2-for-1 stock split on or before Jun 10, 2010 (split date stated in a footnote). Splits aren't reported as transactions; 16 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (27)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Daniel RaskasFeb 4, 202510,524 shares, last reported balance as of Feb 3, 2025
Pardis SabetiOct 28, 20245,283 shares, last reported balance as of May 15, 2024
William KingMay 17, 202448,215 shares, last reported balance as of May 15, 2024
Joakim WeidemanisMay 17, 202487,333 shares, last reported balance as of May 15, 2024
Walter LohrFeb 16, 2024405,129 shares, last reported balance as of Feb 15, 2024
Jennifer HoneycuttMay 17, 202330,140 shares, last reported balance as of May 15, 2023
Angela LalorFeb 28, 202247,962 shares, last reported balance as of Feb 24, 2022
Robert LutzJan 31, 202216,155 shares, last reported balance as of Aug 13, 2021
Daniel ComasOct 27, 2020147,720 shares, last reported balance as of Oct 23, 2020
Thomas Joyce Jr.Jul 28, 2020213,139 shares, last reported balance as of Jul 24, 2020
William DanielMar 12, 202094,724 shares, last reported balance as of Mar 6, 2020
Donald EhrlichFeb 11, 2020173,803 shares, last reported balance as of Feb 10, 2020
Robert HuginMay 17, 20173,576 shares, last reported balance as of May 15, 2017
James LicoMay 10, 2016133,204 shares, last reported balance as of May 10, 2016
Mark BeckJul 29, 2015No balance on record
Jonathan GrahamMay 20, 201534,606 shares, last reported balance as of May 19, 2015
James DitkoffFeb 23, 2015963,146 shares, last reported balance as of Feb 21, 2015
Lawrence Culp Jr.Jul 22, 20141,839,985 shares, last reported balance as of Jul 18, 2014
Mortimer CaplinApr 29, 20131,984,413 shares, last reported balance as of Dec 13, 2012
Mortimer CaplinApr 29, 201328,296 shares, last reported balance as of Feb 4, 2008
Philip KniselyFeb 1, 201019,718 shares, last reported balance as of Jan 4, 2010
Emmet Stephenson Jr.Nov 30, 2007736,480 shares, last reported balance as of Nov 30, 2007
Steve SimmsOct 29, 200723,506 shares, last reported balance as of Aug 1, 2007
Patrick AllenderFeb 2, 20071,485,122 shares, last reported balance as of Feb 1, 2007
Daniel PryorMay 6, 20055,844 shares, last reported balance as of Aug 14, 2003
Donald DolesSep 1, 2004No balance on record
Chris McMahonJan 5, 200448,116 shares, last reported balance as of Nov 11, 2003

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