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  4. THERMO FISHER SCIENTIFIC INC.
Thermo Fisher Scientific Inc.
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Thermo Fisher quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Forecaster Analyst Estimates for Thermo Fisher share price target, revenues, EPS, net income and more

Thermo Fisher quarterly results: revenue, profit, and P&L – 13 quarter history

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  • POSITIVE

    Quarterly Revenue Thermo Fisher Jun-2026 Quarterly Revenue is $11,994 Million which is growth of 10.5% YoY.

  • POSITIVE

    Quarterly Net Profit Thermo Fisher Jun-2026 Quarterly Net Profit is $1,736 Million which is growth of 7.4% YoY.

Thermo Fisher Scientific Inc., Earnings Report - Quarterly Results, standalone, All financials are in USD Million and price data in USD
IndicatorGraphJun '26Mar '26Dec '25Sep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23
Operating Rev.
11,99411,00512,21511,12210,85410,36411,39510,59810,54110,34510,88610,57410,687
Cost Of Rev.
7,1126,5757,2046,5396,4466,1296,5736,2706,1946,1406,4936,2586,436
Gross Profit
4,8824,4305,0114,5834,4084,2354,8224,3284,3474,2054,3934,3164,251
⌄
2,6972,5172,7082,5082,4922,4202,5772,4442,4502,5142,4592,3682,490
Operating Profit
2,1851,9132,3032,0751,9161,8152,2451,8841,8971,6911,9341,9481,761
⌄
-194-121-107-113-107-100-90-79-59-84-81-113-148
Profit Before Tax
1,9241,7342,1531,8261,7091,6201,9411,7421,7651,5891,7401,7651,430
Tax
167701532079295150991282811335352
⌄
1,7361,6511,9641,6161,6171,5071,8301,6301,5481,3281,6301,7151,361
Diluted NI Avail to Com Stockholders Ann.
1,7361,6511,9641,6161,6171,5071,8301,6301,5481,3281,6301,7151,361
Basic EPS
4.74.45.24.34.344.84.34.13.54.24.43.5
Diluted EPS After ExtraOrdinary
4.94.65.34.64.54.25.34.44.23.54.44.64
Number Of Shares End
371372374378378378382382382382386386386
Net Income Continuing Discontinued Operations
1,7361,6511,9641,6161,6171,5071,8301,6301,5481,3281,6301,7151,361
Normalized Income
1,825.51,6981,994.71,735.71,694.61,599.32,0211,672.41,619.51,354.41,703.91,796.51,537.4
Interest Income
207233258234297203227277295279309246178
Interest
401354365347404303317356354363390359326
Net Interest Income
-194-121-107-113-107-100-90-79-59-84-81-113-148
EBIT
2,3252,0882,5182,1732,1131,9232,2582,0982,1191,9522,1302,1241,756
EBITDA
3,1422,8243,2462,8342,7992,6283,0002,8372,9102,7882,9692,9772,611
Reconciled Cost Of Rev.
7,1126,5757,2046,5396,4466,1296,5736,2706,1946,1406,4936,2586,436
Reconciled Depr.
817736728661686705742739791836839853855
Profit From Continuing Operations
1,7411,6561,9701,6211,6191,5111,8241,6291,5541,3311,6061,6951,362
Normalized EBITDA
3,2402,8733,2792,9692,8812,7263,2072,8822,9872,8173,0493,0612,794
*All financials are in USD Million and price data in USD
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Thermo Fisher competitor comparison and performance snapshot within industry

Thermo Fisher annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

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  • POSITIVE

    Annual Revenue Thermo Fisher Dec-2025 Annual Revenue is $44,557 Million which is growth of 3.9% YoY.

  • POSITIVE

    Annual Net Profit Thermo Fisher Dec-2025 Annual Net Profit is $6,704 Million which is growth of 5.8% YoY.

Thermo Fisher Scientific Inc., Earnings Report - Annual Results, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsTTMDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
⌄
-0.3%
6.7%
 44,55742,87942,85744,91539,21132,21825,54224,35820,91818,274.116,965.4
Cost Of Rev. Ann.
0.5%
10.2%
27,43026,31825,17725,75725,94419,57316,21414,21413,50111,4739,9059,209.5
Gross Profit Ann.
-1.3%
2.6%
18,90618,23917,70217,10018,97119,63816,00411,32810,8579,4458,369.17,755.9
Operating Exp. Ann.
-1.1%
4.5%
10,43010,1299,9859,78210,4649,4138,1117,1477,0246,3805,730.75,304.4
Operating Profit Ann.
-1.6%
0.5%
8,4768,1107,7177,3188,50710,2257,8934,1813,8333,0652,638.42,451.5
⌄
-
-
-535-426-312-496-454-493-488-452-530-511-421.2-384.3
Other Exp. Ann.
-
-
 -374-367-524-218-891-180341-41-125-193.3-130.8
PBT Ann.
-2.3%
0.2%
7,6377,3087,0376,2987,8358,8417,2254,0703,2622,4292,023.91,936.4
Tax Ann.
-8%
-8.4%
5975476572847031,109850374324201-1.4-43.9
⌄
-1.2%
1%
6,9676,7046,3355,9956,9507,7256,3753,6962,9382,2252,021.81,975.4
Diluted NI Avail to Com Stockholders Ann.
-1.2%
1%
6,9676,7046,3355,9956,9507,7256,3753,6962,9382,2252,021.81,975.4
EPS Ann.
0%
2%
 17.816.615.517.819.616.19.27.35.65.15
Diluted EPS Ann.
0.2%
2%
 17.716.515.517.619.5169.27.25.65.14.9
Number Of Shares End
-1.6%
-1.1%
 374382386392394396400402402.8394.8399.6
Total Exp. Ann.
0%
8.4%
 36,44735,16235,53936,40828,98624,32521,36120,52517,85315,635.714,513.9
Net Income Continuing Discontinued Operations Ann.
-1.2%
1%
6,9676,7046,3355,9956,9507,7256,3753,6962,9382,2252,021.81,975.4
Normalized Income Ann.
-0.1%
1.7%
7,253.97,026.86,659.76,433.47,053.77,897.46,462.33,3212,9832,3172,138.82,049.5
Interest Income Ann.
54%
72.5%
9329931,07887927243652241378148.430.6
Interest Ann.
25%
20.7%
1,4671,4191,3901,375726536553676667592469.6414.9
EBITDA Ann.
-1.2%
2.6%
12,04611,50711,53511,07911,94211,96910,1037,0236,1965,0544,251.54,039.5
Reconciled Cost Of Rev. Ann.
0.5%
10.2%
27,43026,31825,17725,75725,94419,57316,21414,21413,50111,4739,9059,209.5
Reconciled Depr. Ann.
-6.3%
3.6%
2,9422,7803,1083,4063,3812,5922,3252,2772,2672,0331,7581,688.2
Profit From Continuing Operations Ann.
-1.2%
1.1%
6,9886,7216,3385,9556,9607,7286,3753,6962,9382,2282,025.31,980.3
Normalized EBITDA Ann.
-0.6%
3.1%
12,36111,85611,89311,53812,05612,16610,2026,6106,2465,1514,440.74,154.8
*All financials are in USD Million and price data in USD
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Total Rev. Ann.
1Y CHG
3.9%
2Y CAGR
2%
3Y CAGR
-0.3%
5Y CAGR
6.7%
7Y CAGR
9%
10Y CAGR
10.1%
Total Revenue Annual growth is stable compared to historical averages.
Net Profit Ann.
1Y CHG
5.8%
2Y CAGR
5.7%
3Y CAGR
-1.2%
5Y CAGR
1%
7Y CAGR
12.5%
10Y CAGR
13%
Net Profit Annual growth is stable compared to historical averages.
Operating Exp. Ann.
1Y CHG
1.4%
2Y CAGR
1.8%
3Y CAGR
-1.1%
5Y CAGR
4.5%
7Y CAGR
5.4%
10Y CAGR
6.7%
Operating Expenses Annual Cr growth is stable compared to historical averages.

Thermo Fisher balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

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  • POSITIVE

    Total Shareholders Fund Thermo Fisher Dec-2025 Total Shareholders Fund is $53,407 Million which is growth of 7.7% YoY.

  • POSITIVE

    Total Assets Thermo Fisher Dec-2025 Total Assets is $110,343 Million which is growth of 13.4% YoY.

Thermo Fisher Scientific Inc., Balance Sheet, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
⌄
4.3%
9.8%
110,34397,32198,72697,15495,12369,05258,38156,23256,66945,907.540,889
⌄
2.3%
10.5%
56,80747,64951,88453,00654,14634,54528,70628,64631,25624,368.219,538.8
⌄
6.7%
9.1%
53,40749,58546,73543,97840,79334,50729,67527,58625,41321,539.321,350.2
Total Capitalization Ann.
7%
10.7%
89,25978,64678,04372,88773,12653,61446,75145,30544,28636,911.732,824.1
Tangible Assets Ann.
-
-
-11,793-11,801-13,955-14,660-21,244-4,219-10,053-12,739-16,561-13,757.5-10,235.7
Working Capital Ann.
18%
3%
13,5188,80510,5778,2196,67711,6535,6964,4782,3732,155.21,593.9
Invested Capital Ann.
5.7%
10.5%
92,79280,86081,65278,46675,66356,24247,42746,57646,42138,167.233,876.9
Tangible Book Value Ann.
-
-
-11,793-11,801-13,955-14,660-21,244-4,219-10,053-12,739-16,561-13,757.5-10,235.7
Borrowings Ann.
4.5%
12.6%
39,38531,27534,91734,48834,87021,73517,75218,99021,00816,627.912,526.7
Net Debt Ann.
4.4%
20.9%
29,53327,26626,84025,96430,39311,41015,35316,88719,67315,841.712,074.6
Share Issued Ann.
0.3%
0.4%
445.2443.8442.2440.7439.2437.1434.4431.6428.3415.1411.9
Number Of Shares End
-1.6%
-1.1%
374382386392394396400402402.8394.8399.6
*All financials are in USD Million and price data in USD
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Total Assets Ann.
1Y CHG
13.4%
2Y CAGR
5.7%
3Y CAGR
4.3%
5Y CAGR
9.8%
7Y CAGR
10.1%
10Y CAGR
10.4%
Total Assets Annual growth is higher than historical averages.
Total Current Liabilities Ann.
1Y CHG
13.9%
2Y CAGR
4.1%
3Y CAGR
-3.7%
5Y CAGR
8.1%
7Y CAGR
13.8%
10Y CAGR
13.9%
Total Current Liabilities Annual Cr growth is higher than historical averages.
Total ShareHolders Funds Ann.
1Y CHG
7.7%
2Y CAGR
6.9%
3Y CAGR
6.7%
5Y CAGR
9.1%
7Y CAGR
9.9%
10Y CAGR
9.6%
Total ShareHolders Funds Annual growth is stable compared to historical averages.

Thermo Fisher ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

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  • POSITIVE

    Book Value Per Share Thermo Fisher Book Value Per Share is $144 which is growth of 7.5% YoY.

  • NEUTRAL

    ROE Thermo Fisher ROE is 0% which is growth of 0% YoY.

Thermo Fisher Scientific Inc., Ratios, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
RoA Ann. %
-
-
-6.46%6.12%7.23%9.41%10.01%6.45%5.20%4.34%4.66%4.72%
ROE Ann. %
-
-
-13.15%13.22%16.40%20.52%19.87%12.91%11.09%9.48%9.43%9.43%
ROIC %
-
-
-2.32.12.22.64.82.32.21.31.91.9
OPM Ann. %
-1.3%
-5.8%
18.20%18.00%17.08%18.94%26.08%24.50%16.37%15.74%14.65%14.44%14.45%
Inventory Turnover Ratio Ann.
-
-
-54.84.94.34.44.54.54.44.74.8
Asset Turnover Ann. %
-
-
-0.40.40.50.50.50.50.40.40.40.4
Working Capital Turnover Ann.
-15.7%
3.3%
3.34.94.15.55.92.84.55.48.88.510.6
Quick Ratio Ann.
-
-
-1.11.31.111.61.210.80.90.7
Current Ratio Ann.
-
-
-1.71.81.51.52.11.91.71.31.41.4
Interest Coverage Ratio Ann.
-
-
-6.15.611.817.514.175.95.15.35.7
LT Debt To Equity Ann.
-
-
-0.60.70.70.80.60.60.60.70.70.5
*All financials are in USD Million and price data in USD
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Thermo Fisher cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

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  • NEGATIVE

    Cash From Operating Activity Thermo Fisher Dec-2025 Cash From Operating Activity is $7,819 Million which is growth of -9.8% YoY.

  • POSITIVE

    Net Cash Flow Thermo Fisher Dec-2025 Net Cash Flow is $5,573 Million which is growth of 240.6% YoY.

Thermo Fisher Scientific Inc., Cash Flow, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
⌄
-5.1%
-1.2%
7,8198,6678,4069,1549,3128,2894,9734,5434,0063,158.32,825.6
⌄
-
-
-4,047-5,841-5,142-2,159-21,932-1,510-1,487-1,253-7,729-5,532.1-1,087.4
⌄
-
13.4%
1,801-6,791-3,622-2,8106,581959-3,118-2,2373,8542,860.6-2,491.3
Cash Plus Cash Eqv. End Of Year Ann.
5%
-0.9%
9,8794,0408,0978,5374,49110,3362,4222,1171,361786.2452.1
Net Increase In Cash Plus Cash Eqv.s Ann.
10%
-6.4%
5,572-3,966-3584,185-6,0397,7383681,053130484.8-761.8
Cash Plus Cash Eqv. Begin Of Year Ann.
-3.5%
10.8%
4,0408,0978,5374,49110,3362,4222,1171,361811452.11,343.5
Income Tax Paid Supplemental Data Ann.
12.9%
6.1%
1,7761,8341,4821,234-1,324-----
Interest Paid Supplemental Data Ann.
34.2%
27.9%
1,6121,5701,385667-471-----
Capex Ann.
-
-
-1,525-1,400-1,479-2,243-2,523-1,474-926-758-508-444.4-422.9
Issuance Of Capital Stock Ann.
-
-
------1,690
Issuance Of Debt Ann.
23.3%
18.1%
8,8541,2047,5624,71920,6493,8478,4195,75014,8397,6041,847.5
Repayment Of Debt Ann.
-
-
-3,507-3,607-7,717-4,065-11,738-1,100-9,824-7,306-11,813-4,334.2-3,780.2
Repurchase Of Capital Stock Ann.
-
-
-3,000-4,000-3,000-3,000-2,000-1,500-1,500-500-750-1,250-500
Free Cash Flow Ann.
-3.1%
-1.6%
6,2937,2676,9276,9116,7896,8154,0473,7853,4972,711.92,394
*All financials are in USD Million and price data in USD
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Cash from Operating Act. Ann.
1Y CHG
-9.8%
2Y CAGR
-3.6%
3Y CAGR
-5.1%
5Y CAGR
-1.2%
7Y CAGR
8.1%
10Y CAGR
10.7%
Cash from Operating Activity Annual is falling faster than historical averages.
Cash from Financing Act. Ann.
5Y CAGR
13.4%
Cash from Financing Annual Activity growth is stable compared to historical averages.
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