Financials · TMO

Thermo Fisher Scientific Inc (TMO) financials

For the twelve months ended Sep 26, 2026, Thermo Fisher Scientific Inc reported $47.35B of revenue and $7.07B of net income.

Revenue, TTM
$47.35B
Revenue growth, YoY
+8.3%
Net income, TTM
$7.07B
Net income growth, YoY
+7.6%
Net margin
14.9%
Free cash flow, TTM
$7.60B
EPS, diluted, TTM
$18.96
EPS growth, YoY
+9.5%
Cash
$5.46B
Total debt
$41.37B
P/E
36.40
P/S
5.44
Market cap
$257.42B
Annual revenue$44.56B
FY2016FY2025
Annual net income$6.70B
FY2016FY2025
Annual free cash flow$6.29B
FY2016FY2025

TMO revenue and earnings growth

TMO revenueQ3 2026$12.14B

Quarter YoY
+9.1%
QoQ
+1.2%
FY YoY
+3.9%
5Y CAGR
+6.7%
10Y CAGR
+10.1%

TMO revenue was $12.14B in fiscal Q3 2026 (ended Sep 26, 2026), up 9.1% from a year earlier and up 1.2% from the prior quarter. For the full fiscal 2025 it was $44.56B, up 3.9% from fiscal 2024. Compound annual growth was +6.7% over 5 years and +10.1% over 10 years. It rose in 9 of the last 10 fiscal years.

TMO net incomeQ3 2026$1.72B

Quarter YoY
+6.5%
QoQ
-0.9%
FY YoY
+5.8%
5Y CAGR
+1.0%
10Y CAGR
+13.0%

TMO net income was $1.72B in fiscal Q3 2026 (ended Sep 26, 2026), up 6.5% from a year earlier and down 0.9% from the prior quarter. For the full fiscal 2025 it was $6.70B, up 5.8% from fiscal 2024. Compound annual growth was +1.0% over 5 years and +13.0% over 10 years. It rose in 8 of the last 10 fiscal years.

TMO EPSQ3 2026$4.64

Quarter YoY
+8.7%
QoQ
-0.9%
FY YoY
+7.3%
5Y CAGR
+2.1%
10Y CAGR
+13.7%

TMO diluted EPS was $4.64 in fiscal Q3 2026 (ended Sep 26, 2026), up 8.7% from a year earlier and down 0.9% from the prior quarter. For the full fiscal 2025 it was $17.74, up 7.3% from fiscal 2024. Compound annual growth was +2.1% over 5 years and +13.7% over 10 years.

TMO free cash flowQ3 2026$2.11B

Quarter YoY
+15.1%
QoQ
+26.1%
FY YoY
-13.4%
5Y CAGR
-1.6%
10Y CAGR
+9.6%

TMO free cash flow was $2.11B in fiscal Q3 2026 (ended Sep 26, 2026), up 15.1% from a year earlier and up 26.1% from the prior quarter. For the full fiscal 2025 it was $6.29B, down 13.4% from fiscal 2024. Compound annual growth was -1.6% over 5 years and +9.6% over 10 years. It rose in 8 of the last 10 fiscal years.

Export CSV

Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$44.56B$42.88B$42.86B$44.91B$39.21B$32.22B$25.54B$24.36B$20.92B$18.27B
Cost of revenue--------$8.98B$8.21B
Gross profit--------$11.94B$10.06B
Research and development$1.40B$1.39B$1.34B$1.47B$1.41B$1.18B$1.00B$967.00M$887.00M$754.00M
Selling, general and admin$8.73B$8.60B$8.45B$8.99B$8.01B$6.93B$6.14B$6.06B$5.50B$4.97B
Operating income$7.75B$7.34B$6.86B$8.39B$10.03B$7.79B$4.59B$3.78B$2.96B$2.46B
Interest expense$1.42B$1.39B$1.38B$726.00M$536.00M$553.00M$676.00M$667.00M$592.00M$469.00M
Pre-tax income$7.31B$7.04B$6.30B$7.83B$8.84B$7.23B$4.07B$3.26B$2.43B$2.02B
Income tax$547.00M$657.00M$284.00M$703.00M$1.11B$850.00M$374.00M$324.00M$201.00M-$1.00M
Net income$6.70B$6.33B$6.00B$6.95B$7.72B$6.38B$3.70B$2.94B$2.23B$2.02B
EPS, basic$17.77$16.58$15.52$17.75$19.62$16.09$9.24$7.31$5.64$5.12
EPS, diluted$17.74$16.53$15.45$17.63$19.46$15.96$9.17$7.24$5.59$5.09
Diluted shares378.0M383.0M388.0M394.0M397.0M399.0M403.0M406.0M398.0M397.0M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$9.85B$4.04B$8.10B$8.54B$4.49B$10.34B$2.42B$2.12B$1.36B$811.00M
Short-term investments$253.00M$1.56B$3.00M-------
Receivables$8.90B$8.19B$8.22B$8.12B$7.98B$5.74B$4.35B$4.14B$3.88B$3.05B
Inventory$5.42B$4.98B$5.09B$5.63B$5.05B$4.03B$3.37B$3.00B$2.97B$2.21B
Current assets$28.71B$22.14B$24.59B$25.23B$20.11B$21.96B$11.89B$10.63B$9.42B$7.02B
Goodwill$49.36B$45.85B$44.02B$41.20B$41.92B$26.04B$25.71B$25.35B$25.29B$21.33B
Total assets$110.34B$97.32B$98.73B$97.15B$95.12B$69.05B$58.38B$56.23B$56.67B$45.91B
Current liabilities$15.19B$13.33B$14.01B$17.01B$13.44B$10.30B$6.20B$6.15B$7.05B$4.87B
Short-term debt$3.53B$2.21B$3.61B$5.58B$2.54B$2.63B$676.00M$1.27B$2.13B$1.25B
Long-term debt$35.85B$29.06B$31.31B$28.91B$32.33B$19.11B$17.08B$17.72B$18.87B$15.37B
Total debt$39.38B$31.27B$34.92B$34.49B$34.87B$21.73B$17.75B$18.99B$21.01B$16.63B
Total liabilities$56.93B$47.77B$52.00B$53.12B$54.27B$34.53B$28.70B$28.64B--
Shareholders' equity$53.41B$49.55B$46.72B$44.03B$40.85B$34.52B$29.68B$27.59B$25.41B$21.54B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$7.82B$8.67B$8.41B$9.15B$9.31B$8.29B$4.97B$4.54B$4.00B$3.26B
Capital expenditures$1.52B$1.40B$1.48B$2.24B$2.52B$1.47B$926.00M$758.00M$508.00M$444.00M
Free cash flow$6.29B$7.27B$6.93B$6.91B$6.79B$6.82B$4.05B$3.79B$3.50B$2.81B
Investing cash flow-$4.05B-$5.84B-$5.14B-$2.16B-$21.93B-$1.51B-$1.49B-$1.25B-$7.73B-$5.52B
Financing cash flow$1.80B-$6.79B-$3.62B-$2.81B$6.58B$959.00M-$3.12B-$2.24B$3.85B$2.76B
Dividends paid$636.00M$583.00M$523.00M$455.00M$395.00M$337.00M$297.00M$266.00M$237.00M$238.00M
Share repurchases$3.00B$4.00B$3.00B$3.00B$2.00B$1.50B$1.50B$500.00M$750.00M$1.25B
Stock-based compensation$310.00M$301.00M$278.00M$307.00M$230.00M$196.00M$181.00M$181.00M$159.00M$133.00M
Depreciation and amortization-------$2.27B$2.03B$1.76B

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY3.9%0.1%-4.6%14.5%21.7%26.1%4.9%16.4%14.5%7.7%
Net income growth, YoY5.8%5.7%-13.7%-10.0%21.2%72.5%25.8%32.0%10.0%2.4%
EPS growth, YoY7.3%7.0%-12.4%-9.4%21.9%74.0%26.7%29.5%9.8%3.5%
Gross margin--------57.1%55.1%
Operating margin17.4%17.1%16.0%18.7%25.6%24.2%18.0%15.5%14.2%13.5%
Net margin15.0%14.8%14.0%15.5%19.7%19.8%14.5%12.1%10.6%11.1%
Free cash flow margin14.1%16.9%16.2%15.4%17.3%21.2%15.8%15.5%16.7%15.4%
Return on equity12.6%12.8%12.8%15.8%18.9%18.5%12.5%10.6%8.8%9.4%
Return on assets6.1%6.5%6.1%7.2%8.1%9.2%6.3%5.2%3.9%4.4%
Current ratio1.891.661.751.481.502.131.921.731.341.44
Debt to equity0.740.630.750.780.850.630.600.690.830.77

Source: XBRL data Thermo Fisher Scientific Inc files with the SEC, latest filing dated Oct 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

TMO peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
TMO$47.35B+8.3%$7.07B14.9%$257.42B
ASML€32.67B+15.6%€9.61B29.4%$549.12B
LRCX$26.13B+33.4%$8.45B32.3%$250.38B
DE$47.98B+8.0%$4.87B10.2%$181.09B
DHR$25.61B+5.5%$4.33B16.9%$161.98B
ETN$31.98B+20.1%$3.90B12.2%$132.76B
JCI$24.43B+5.1%$3.53B14.5%$81.79B
ITW$16.65B+4.8%$3.23B19.4%$79.84B
NOC$43.59B+6.5%$4.52B10.4%$74.58B

TMO FAQ

8 questions
  • What is TMO revenue?
    Thermo Fisher Scientific Inc (TMO) reported $47.35B of revenue for the twelve months ended Sep 26, 2026. That is up 8.3% from the year before. Revenue for fiscal 2025 was $44.56B.
  • Is TMO profitable?
    Yes. Thermo Fisher Scientific Inc earned $7.07B in net income for the twelve months ended Sep 26, 2026, a net margin of 14.9%.
  • How much cash and debt does TMO have?
    Thermo Fisher Scientific Inc reported $5.46B in cash and cash equivalents and $41.37B of debt on its most recent balance sheet in SEC filings.
  • How fast is TMO revenue growing?
    Thermo Fisher Scientific Inc's revenue changed +3.9% in fiscal 2025, to $44.56B. Its compound annual growth rate was +6.7% over 5 years and +10.1% over 10 years.
  • What is TMO free cash flow?
    Thermo Fisher Scientific Inc generated $7.60B of free cash flow for the twelve months ended Sep 26, 2026, which is operating cash flow of $9.32B less capital expenditures.
  • What is TMO earnings per share?
    Diluted earnings per share were $18.96 for the twelve months ended Sep 26, 2026, from SEC filings, restated for any stock split those filings show.
  • When did TMO last report financial results?
    The latest statements here come from Thermo Fisher Scientific Inc's 10-Q filed on Oct 30, 2026, covering the period ended Sep 26, 2026.
  • Where does this TMO financial data come from?
    Quantisnow builds these statements from the structured XBRL data Thermo Fisher Scientific Inc files with the SEC. It is provided for information only and is not investment advice.