Thermo Fisher Scientific Inc. (NYSE:TMO), the world leader in serving science, today reported its financial results for the first quarter ended March 28, 2026.

First Quarter Highlights

First quarter revenue grew 6% to $11.01 billion.
First quarter GAAP diluted earnings per share (EPS) grew 11% to $4.43.
First quarter adjusted EPS grew 6% to $5.44.
Delivered excellent performance in the first quarter, demonstrating the strength of our proven growth strategy, the power of our PPI Business System, and the continued active management of our company.
Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. This included the Thermo Scientific™ Glacios™ 3 Cryo-TEM, a next-generation cryo-transmission electron microscope designed to enable installation in a broader range of lab spaces, democratizing access to cryo-EM for use in structural biology; the Thermo Scientific™ TSQ Certis™ triple quadrupole mass spectrometer, which enhances productivity and reliability by delivering faster, high-quality results to support analytical testing across pharmaceutical and applied laboratories; the Thermo Scientific™ Niton™ XL5e Handheld XRF Analyzer, which enables industrial and applied customers to improve the speed and accuracy of identifying materials in the field; and the Gibco™ CTS™ Compleo™ Fill and Finish System, which increases productivity and reliability in cell therapy manufacturing, supporting scalable production of advanced therapies.
Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers. During the quarter, we announced a strategic collaboration with NVIDIA, combining our leadership in laboratory technologies with NVIDIA's AI capabilities to advance scientific instrumentation, improve laboratory performance and accelerate scientific breakthroughs. We also announced a strategic collaboration with SHL Medical to deliver fully integrated sterile fill-finish and device assembly solutions, advancing our U.S. drug product manufacturing capabilities and helping pharma and biotech customers accelerate development and commercialization of important medicines.
Continued to successfully execute our capital deployment strategy. During the quarter, we completed the acquisition of Clario, an industry-leading provider of endpoint data solutions, repurchased $3.0 billion of stock and increased our dividend by 10%.

"We delivered a strong start to the year, reflecting excellent execution by our team, as we leveraged the PPI Business System to drive operational excellence and enable our customers' success," said Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific. "We continued to make great progress executing our strategy, further strengthening our capabilities with the addition of Clario."

Casper added, "Looking ahead, we are well positioned to deliver a strong year. As the trusted partner to our customers, we are uniquely equipped to help them accelerate their innovation and enhance their productivity. Through our global scale and the power of the PPI Business System, we will continue to actively manage the company to create value for our stakeholders and build an even brighter future for our company."

First Quarter 2026

Revenue for the first quarter of 2026 grew 6% to $11.01 billion, versus $10.36 billion in the same quarter of 2025. Organic revenue growth was 1%.

GAAP Earnings Results

GAAP diluted EPS in the first quarter of 2026 was $4.43, 11% growth versus the first quarter of 2025. GAAP operating income for the first quarter of 2026 was $1.86 billion, 9% higher than the year-ago quarter. GAAP operating margin was 16.9%, compared with 16.6% in the first quarter of 2025.

Non-GAAP Earnings Results

Adjusted EPS for the first quarter of 2026 was $5.44, 6% growth versus the first quarter of 2025. Adjusted operating income for the first quarter of 2026 was $2.40 billion, 6% higher than the year-ago quarter. Adjusted operating margin was 21.8%, compared with 21.9% in the first quarter of 2025.

Annual Guidance for 2026

The company will provide updated 2026 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern Time.

Use of Non-GAAP Financial Measures

Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, and organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading "Supplemental Information Regarding Non-GAAP Financial Measures." The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.

Note on Presentation

Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.

Conference Call

Thermo Fisher Scientific will hold its earnings conference call today, April 23, 2026, at 8:30 a.m. Eastern Time. During the call, the company will discuss its financial performance, as well as future expectations.

The call will be webcast live on the "Investors" section of our website, www.thermofisher.com. You can access the conference call by dialing (833) 470-1428 within the U.S. or +1 (646) 844-6383 outside the U.S. The access code is 723173.

The earnings press release and related information can also be found on the Investor Relations section of our website, under the heading "Financials". A replay of the call will be available under "News, Events & Presentations" through Wednesday, July 22, 2026.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $45 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Gibco, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.

Safe Harbor Statement

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent reports on Form 10-K and Form 10-Q under the heading "Risk Factors." These filings are on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." These forward-looking statements are based on our current expectations and speak only as of the date of this press release. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, in the event of new information, future developments or otherwise.

Condensed Consolidated Statements of Income (unaudited)
	Three months ended
	March 28,			% of		March 29,			% of
(Dollars in millions except per share amounts)		2026		Revenues			2025		Revenues
Revenues	$	11,005				$	10,364
Costs and operating expenses:
Cost of revenues (a)		6,529		59.3	%		6,056		58.4	%
Selling, general and administrative expenses (b)		1,798		16.3	%		1,721		16.6	%
Amortization of acquisition-related intangible assets		430		3.9	%		429		4.1	%
Research and development expenses		336		3.1	%		342		3.3	%
Restructuring and other costs (c)		49		0.4	%		98		1.0	%
Total costs and operating expenses		9,142		83.1	%		8,648		83.4	%
Operating income		1,863		16.9	%		1,716		16.6	%
Interest income		233					203
Interest expense		(354	)				(303	)
Other income/(expense) (d)		(9	)				3
Income before income taxes		1,734					1,620
Benefit from/(provision for) income taxes (e)		(70	)				(95	)
Equity in earnings/(losses) of unconsolidated entities		(8	)				(14	)
Net income		1,656					1,511
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest		5					4
Net income attributable to Thermo Fisher Scientific Inc.	$	1,651		15.0	%	$	1,507		14.5	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	4.44				$	3.99
Diluted	$	4.43				$	3.98
Weighted average shares:
Basic		372					378
Diluted		373					379

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	1,863		16.9	%	$	1,716		16.6	%
Cost of revenues adjustments (a)		14		0.1	%		11		0.1	%
Selling, general and administrative expenses adjustments (b)		43		0.4	%		14		0.1	%
Restructuring and other costs (c)		49		0.4	%		98		1.0	%
Amortization of acquisition-related intangible assets		430		3.9	%		429		4.1	%
Adjusted operating income (non-GAAP measure)	$	2,399		21.8	%	$	2,269		21.9	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	1,651				$	1,507
Cost of revenues adjustments (a)		14					11
Selling, general and administrative expenses adjustments (b)		43					14
Restructuring and other costs (c)		49					98
Amortization of acquisition-related intangible assets		430					429
Other income/expense adjustments (d)		1					(1	)
Income taxes adjustments (e)		(168	)				(122	)
Equity in earnings/losses of unconsolidated entities		8					14
Adjusted net income (non-GAAP measure)	$	2,027				$	1,950

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	4.43				$	3.98
Cost of revenues adjustments (a)		0.04					0.03
Selling, general and administrative expenses adjustments (b)		0.12					0.04
Restructuring and other costs (c)		0.13					0.26
Amortization of acquisition-related intangible assets		1.15					1.13
Other income/expense adjustments (d)		0.00					0.00
Income taxes adjustments (e)		(0.45	)				(0.32	)
Equity in earnings/losses of unconsolidated entities		0.02					0.04
Adjusted EPS (non-GAAP measure)	$	5.44				$	5.15

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	1,192				$	723
Purchases of property, plant and equipment		(376	)				(362	)
Proceeds from sale of property, plant and equipment		9					12
Free cash flow (non-GAAP measure)	$	825				$	373

Business Segment Information	Three months ended
	March 28,			% of		March 29,			% of
(Dollars in millions)		2026		Revenues			2025		Revenues

Revenues
Life Sciences Solutions	$	2,636		23.9	%	$	2,341		22.6	%
Analytical Instruments		1,716		15.6	%		1,718		16.6	%
Specialty Diagnostics		1,142		10.4	%		1,148		11.1	%
Laboratory Products and Biopharma Services		6,036		54.8	%		5,640		54.4	%
Eliminations		(524	)	-4.8	%		(482	)	-4.7	%
Consolidated revenues	$	11,005		100.0	%	$	10,364		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	954		36.2	%	$	834		35.6	%
Analytical Instruments		355		20.7	%		399		23.2	%
Specialty Diagnostics		313		27.4	%		304		26.5	%
Laboratory Products and Biopharma Services		778		12.9	%		731		13.0	%
Subtotal reportable segments		2,399		21.8	%		2,269		21.9	%
Cost of revenues adjustments (a)		(14	)	-0.1	%		(11	)	-0.1	%
Selling, general and administrative expenses adjustments (b)		(43	)	-0.4	%		(14	)	-0.1	%
Restructuring and other costs (c)		(49	)	-0.4	%		(98	)	-1.0	%
Amortization of acquisition-related intangible assets		(430	)	-3.9	%		(429	)	-4.1	%
Consolidated GAAP operating income	$	1,863		16.9	%	$	1,716		16.6	%

(a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and charges/(credits) for the sale of inventory revalued at the date of acquisition. Adjusted results in 2026 also exclude $3 of transaction-related costs.

(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, and charges/credits for changes in estimates of contingent acquisition consideration. Adjusted results in 2026 also exclude $2 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.

(c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains/losses on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations.

(d) Adjusted results exclude net gains/losses on investments.

(e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements.

Note:

Consolidated depreciation expense is $306 and $276 in 2026 and 2025, respectively.

Organic revenue growth		Three months ended
		March 28, 2026
Revenue growth		6%
Acquisitions		3%
Currency translation		2%
Organic revenue growth (non-GAAP measure)		1%

Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Condensed Consolidated Balance Sheets (unaudited)

	March 28,		December 31,
(In millions)		2026		2025

Assets
Current assets:
Cash and cash equivalents	$	3,254	$	9,852
Short-term investments		2		253
Accounts receivable, net		9,204		8,900
Inventories		5,496		5,425
Other current assets		4,361		4,278
Total current assets		22,316		28,707
Property, plant and equipment, net		10,658		10,565
Acquisition-related intangible assets, net		19,146		15,838
Other assets		5,973		5,871
Goodwill		55,187		49,362
Total assets	$	113,281	$	110,343

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	3,090	$	3,533
Other current liabilities		11,531		11,656
Total current liabilities		14,621		15,189
Other long-term liabilities		6,527		5,766
Long-term obligations		40,071		35,852
Redeemable noncontrolling interest		121		122
Total equity		51,940		53,415
Total liabilities, redeemable noncontrolling interest and equity	$	113,281	$	110,343

Condensed Consolidated Statements of Cash Flows (unaudited)

	Three months ended
	March 28,			March 29,
(In millions)		2026			2025

Operating activities
Net income	$	1,656		$	1,511
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		736			706
Change in deferred income taxes		(258	)		(279	)
Other non-cash expenses, net		171			210
Changes in assets and liabilities, excluding the effects of acquisitions		(1,112	)		(1,425	)
Net cash provided by operating activities		1,192			723
Investing activities
Purchases of property, plant and equipment		(376	)		(362	)
Proceeds from sale of property, plant and equipment		9			12
Proceeds from cross-currency interest rate swap interest settlements		96			87
Acquisitions, net of cash acquired		(8,872	)		—
Purchases of investments		(14	)		(264	)
Proceeds from sales and maturities of investments		250			2
Other investing activities, net		(55	)		(1	)
Net cash used in investing activities		(8,961	)		(527	)
Financing activities
Net proceeds from issuance of debt		5,238			2,840
Repayment of debt		(1,412	)		(838	)
Proceeds from issuance of commercial paper		389			—
Purchases of company common stock		(3,000	)		(2,000	)
Dividends paid		(162	)		(149	)
Other financing activities, net		39			45
Net cash provided by (used in) financing activities		1,093			(102	)
Exchange rate effect on cash		78			37
Increase/(decrease) in cash, cash equivalents and restricted cash		(6,599	)		132
Cash, cash equivalents and restricted cash at beginning of period		9,879			4,040
Cash, cash equivalents and restricted cash at end of period	$	3,280		$	4,172


Free cash flow (non-GAAP measure)	$	825		$	373



Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Supplemental Information Regarding Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company's short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, and/or foreign currency translation on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.

We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

Certain transaction-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction-related third-party costs, changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs.

Costs/income associated with restructuring activities and large-scale abandonments of product lines, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs.

Equity in earnings/losses of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

The expense associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.

The noncontrolling interest and tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate/law changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods.

We report free cash flow, which is operating cash flow less net capital expenditures, to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions, transaction-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results computed in accordance with GAAP.

The non-GAAP financial measures of Thermo Fisher Scientific's results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.

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Media Contact Information:

Sandy Pound

Thermo Fisher Scientific

Phone: 781-622-1223

E-mail: sandy.pound@thermofisher.com

Investor Contact Information:

Rafael Tejada

Thermo Fisher Scientific

Phone: 781-622-1356

E-mail: rafael.tejada@thermofisher.com

Thermo Fisher Scientific Reports First Quarter 2026 Results