Thermo Fisher Scientific Inc. (TMO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$5.71	$6.03	+5.6%	—	—	—
Q3 26	$5.24	$5.44	+3.8%	—	—	—
Q2 26	$5.5	$5.79	+5.3%	—	—	—
Q1 26	$5.23	$5.36	+2.5%	—	—	—
Q4 25	$5.1	$5.15	+1.0%	—	—	—
Q3 25	$5.94	$6.1	+2.7%	—	—	—
Q2 25	$5.25	$5.28	+0.6%	—	—	—
Q1 25	$5.13	$5.37	+4.7%	—	—	—
Q4 24	$4.71	$5.11	+8.5%	—	—	—
Q3 24	$5.65	$5.67	+0.4%	—	—	—
Q2 24	$5.61	$5.69	+1.4%	—	—	—
Q1 24	$5.43	$5.15	-5.2%	—	—	—
Q4 23	$5.03	$5.03	0.0%	—	—	—
Q3 23	$5.2	$5.4	+3.8%	—	—	—
Q2 23	$4.82	$5.08	+5.4%	—	—	—
Q1 23	$4.98	$5.51	+10.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$17.8	—	—	$44.6B	—
FY24	—	$16.6	—	—	$42.9B	—
FY23	—	$15.5	—	—	$42.9B	—
FY22	—	$17.8	—	—	$44.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$18.3B	$20.9B	$24.4B	$25.5B	$32.2B	$39.2B	$44.9B	$42.9B	$42.9B	$44.6B
YoY change	+7.72%	+14.5%	+16.4%	+4.86%	+26.1%	+21.7%	+14.5%	-4.58%	+0.05%	+3.91%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	18.3B	20.9B	24.4B	25.5B	32.2B	39.2B	44.9B	42.9B	42.9B	44.6B
Cost of revenue	9.9B	11.5B	13.5B	14.2B	16.2B	19.6B	25.9B	25.8B	25.2B	26.3B
Gross profit	8.4B	9.4B	10.9B	11.3B	16B	19.6B	19B	17.1B	17.7B	18.2B
Gross margin	45.8%	45.2%	44.6%	44.4%	49.7%	50.1%	42.2%	39.9%	41.3%	40.9%
Research & development	754M	887M	967M	1B	1.2B	1.4B	1.5B	1.3B	1.4B	1.4B
Selling, general & administrative	5B	5.5B	6.1B	6.1B	6.9B	8B	9B	8.4B	8.6B	8.7B
Operating expenses	5.7B	6.4B	7B	7.1B	8.1B	9.4B	10.5B	9.8B	10B	10.1B
Operating income	2.6B	3.1B	3.8B	4.2B	7.9B	10.2B	8.5B	7.3B	7.7B	8.1B
Operating margin	14.5%	14.6%	15.7%	16.4%	24.5%	26.1%	18.9%	17.1%	18%	18.2%
Non-operating income, net	-202M	-117M	-41M	343M	-175M	-891M	-218M	-524M	-367M	-374M
Pretax income	2B	2.4B	3.3B	4.1B	7.2B	8.8B	7.8B	6.3B	7B	7.3B
Income tax	-1M	201M	324M	374M	850M	1.1B	703M	284M	657M	547M
Net income	2B	2.2B	2.9B	3.7B	6.4B	7.7B	7B	6B	6.3B	6.7B
Net margin	11.1%	10.6%	12.1%	14.5%	19.8%	19.7%	15.5%	13.9%	14.8%	15.1%
EBITDA	4.4B	5.2B	6.2B	6.6B	10.2B	12.2B	12.1B	11.5B	11.9B	11.9B
EPS	5.12	5.64	7.31	9.24	16.1	19.6	17.8	15.5	16.6	17.8
Diluted EPS	5.09	5.59	7.24	9.17	16	19.5	17.6	15.4	16.5	17.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	10.6B	10.9B	10.3B	10.5B	10.6B	11.4B	10.4B	10.9B	11.1B	12.2B	11B	12B
Cost of revenue	6.3B	6.5B	6.1B	6.2B	6.3B	6.6B	6.1B	6.4B	6.5B	7.2B	6.6B	7.1B
Gross profit	4.3B	4.4B	4.2B	4.3B	4.3B	4.8B	4.2B	4.4B	4.6B	5B	4.4B	4.9B
Gross margin	40.8%	40.4%	40.6%	41.2%	40.8%	42.3%	40.9%	40.6%	41.2%	41%	40.3%	40.7%
Research & development	319M	327M	331M	339M	346M	374M	342M	352M	346M	356M	336M	364M
Selling, general & administrative	2B	2.1B	2.2B	2.1B	2.1B	2.2B	2.1B	2.1B	2.2B	2.4B	2.2B	2.3B
Operating expenses	2.4B	2.5B	2.5B	2.5B	2.4B	2.6B	2.4B	2.5B	2.5B	2.7B	2.5B	2.7B
Operating income	1.9B	1.9B	1.7B	1.9B	1.9B	2.2B	1.8B	1.9B	2.1B	2.3B	1.9B	2.2B
Operating margin	18.4%	17.8%	16.3%	18%	17.8%	19.7%	17.5%	17.7%	18.7%	18.9%	17.4%	18.2%
Non-operating income, net	-70M	-113M	-19M	-72M	-61M	-214M	-95M	-101M	-137M	-40M	-58M	-67M
Pretax income	1.8B	1.7B	1.6B	1.8B	1.7B	1.9B	1.6B	1.7B	1.8B	2.2B	1.7B	1.9B
Income tax	53M	133M	281M	128M	99M	150M	95M	92M	207M	153M	70M	167M
Net income	1.7B	1.6B	1.3B	1.6B	1.6B	1.8B	1.5B	1.6B	1.6B	2B	1.7B	1.7B
Net margin	16%	14.8%	12.9%	14.7%	15.4%	16%	14.6%	14.9%	14.6%	16.1%	15%	14.5%
EBITDA	3.1B	3B	2.8B	3B	2.9B	3.2B	2.7B	2.9B	3B	3.3B	2.9B	3.2B
EPS	4.44	4.22	3.47	4.05	4.26	4.79	3.99	4.28	4.28	5.22	4.44	4.68
Diluted EPS	4.42	4.2	3.46	4.04	4.25	4.78	3.98	4.28	4.27	5.21	4.43	4.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	55.7B	75B	90B	129.9B	184.4B	262.9B	215.9B	204.9B	198.7B	218.5B	250.9B
Enterprise value	71.5B	94.7B	106.9B	145.3B	195.9B	293.3B	241.8B	231.7B	224.4B	247.7B	288.2B
Shares outstanding	394.8M	395M	402M	400M	396M	394M	392M	386M	382M	377M	377M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	27.6	33.7	30.6	35.1	28.9	34	31	34.4	31.4	32.5	36.4
P/S	3.05	3.59	3.69	5.09	5.73	6.7	4.81	4.78	4.63	4.9	5.39
P/B	2.59	2.95	3.26	4.38	5.34	6.42	4.89	4.37	4	4.08	4.74
EV/EBITDA	16.1	18.4	17.1	22	19.2	24.1	20.1	20.1	18.9	20.9	24.6
EV/Sales	3.92	4.53	4.39	5.69	6.08	7.48	5.38	5.41	5.23	5.56	6.22
Earnings yield	3.63%	2.97%	3.27%	2.85%	3.46%	2.94%	3.22%	2.91%	3.19%	3.08%	2.75%
FCF yield	5.05%	4.66%	4.21%	3.11%	3.69%	2.58%	3.2%	3.38%	3.66%	2.88%	2.49%
PEG	—	—	—	—	—	—	—	—	—	—	3.89

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	45.8%	45.2%	44.6%	44.4%	49.7%	50.1%	42.2%	39.9%	41.3%	40.9%	40.7%
Operating margin	14.5%	14.6%	15.7%	16.4%	24.5%	26.1%	18.9%	17.1%	18%	18.2%	18.8%
Net margin	11.1%	10.6%	12.1%	14.5%	19.8%	19.7%	15.5%	13.9%	14.8%	15.1%	15%
ROE	9.39%	8.76%	10.7%	12.5%	18.5%	18.9%	15.8%	12.7%	12.8%	12.6%	13.5%
ROA	4.4%	3.93%	5.22%	6.33%	9.24%	8.12%	7.16%	6.03%	6.51%	6.09%	5.13%
ROIC	7.08%	6.22%	7.76%	8.43%	15.2%	12.5%	11%	9.48%	9.28%	9.06%	8.56%
Return on tangible assets	-8.19%	-8.16%	-12%	-17.5%	-75.9%	-26.7%	-34.6%	-26.3%	-24.9%	-33.5%	-20.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.44	1.34	1.73	1.92	2.13	1.5	1.48	1.75	1.66	1.89	1.55
Quick ratio	0.99	0.92	1.24	1.38	1.74	1.12	1.15	1.39	1.29	1.53	1.18
Debt / equity	0.77	0.83	0.69	0.6	0.63	0.85	0.78	0.75	0.63	0.74	0.81
Debt / assets	0.36	0.37	0.34	0.3	0.31	0.37	0.35	0.35	0.32	0.36	0.38
Net debt / EBITDA	3.57	3.82	2.7	2.32	1.12	2.5	2.15	2.33	2.16	2.47	3.11
Interest coverage	5.32	5.1	5.89	7.02	14.1	17.5	11.8	5.58	6.06	6.15	6.21
Effective tax rate	0%	8.28%	9.93%	9.18%	11.8%	12.5%	8.97%	4.51%	9.34%	7.48%	7.82%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	46.3	53	60.6	63.9	81.4	99.5	114.6	111	112.2	118.2	123.9
EPS (basic)	5.12	5.64	7.31	9.24	16.1	19.6	17.8	15.5	16.6	17.8	17.8
EPS (diluted)	5.09	5.59	7.24	9.17	16	19.5	17.6	15.4	16.5	17.7	18.6
Book value per share	54.6	64.3	68.6	74.2	87.2	104	112.6	121.4	130	142	142.5
FCF per share	7.13	8.85	9.42	10.1	17.2	17.2	17.6	17.9	19	16.7	19.7
Cash per share	1.99	3.38	5.23	6	26.1	11.4	21.7	20.9	14.6	26.8	11
Capex per share	1.06	1.27	1.76	2.23	3.7	6.35	5.66	3.61	3.52	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.29%	2.4%	2.91%	3.48%	4.55%	6.38%	4.94%	3.25%	3.13%	—	—
Capex / operating cash flow	13%	13.2%	15.6%	17.5%	17.7%	29.3%	24.3%	16.6%	15.5%	—	—
Payout ratio	11.8%	10.7%	9.05%	8.03%	5.28%	5.11%	6.54%	8.78%	9.2%	9.46%	9.69%
Dividend yield	0.43%	0.32%	0.3%	0.23%	0.18%	0.15%	0.21%	0.26%	0.29%	0.29%	0.28%

Yield

0.28%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.47

ex-dividend Sep 15, 2026

Payout ratio

10%

of earnings

Dividend growth

8 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.47
Jun 15, 2026	$0.47
Mar 13, 2026	$0.47

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$10.6B	$10.9B	$10.3B	$10.5B	$10.6B	$11.4B	$10.4B	$10.9B	$11.1B	$12.2B	$11B	$12B
YoY change	-0.96%	-4.93%	-3.41%	-1.37%	+0.23%	+4.68%	+0.18%	+2.97%	+4.94%	+7.2%	+6.18%	+10.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	786M	1.3B	2.1B	2.4B	10.3B	4.5B	8.5B	8.1B	5.6B	10.1B
Receivables	3B	3.9B	4.1B	4.3B	5.7B	8B	8.1B	8.2B	8.2B	8.9B
Inventory	2.2B	3B	3B	3.4B	4B	5.1B	5.6B	5.1B	5B	5.4B
Total current assets	7B	9.4B	10.6B	11.9B	22B	20.1B	25.2B	24.6B	22.1B	28.7B
Property, plant & equipment	1.4B	2.4B	2.4B	2.9B	3.7B	5.8B	6.1B	5.9B	5.6B	6B
Goodwill & intangibles	70.6B	83.9B	80.7B	79.5B	77.5B	124.1B	117.3B	121.4B	122.8B	130.4B
Total assets	45.9B	56.7B	56.2B	58.4B	69.1B	95.1B	97.2B	98.7B	97.3B	110.3B
Accounts payable	926M	1.4B	1.6B	1.9B	2.2B	2.9B	3.4B	2.9B	3.1B	3.6B
Short-term debt	1.3B	2.1B	1.3B	676M	2.6B	2.5B	5.6B	3.6B	2.2B	3.5B
Total current liabilities	4.9B	7B	6.1B	6.2B	10.3B	13.4B	17B	14B	13.3B	15.2B
Long-term debt	15.4B	18.9B	17.7B	17.1B	19.1B	32.3B	28.9B	31.3B	29.1B	35.9B
Total liabilities	24.4B	31.3B	28.6B	28.7B	34.5B	54.1B	53B	51.9B	47.6B	56.8B
Shareholders' equity	21.5B	25.4B	27.6B	29.7B	34.5B	41B	44.1B	46.8B	49.7B	53.5B
Total debt	16.6B	21B	19B	17.8B	21.7B	34.9B	34.5B	34.9B	31.3B	39.4B
Net debt	15.8B	19.7B	16.9B	15.4B	11.4B	30.4B	26B	26.8B	27.3B	29.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.2B	8.1B	7.3B	8.8B	6.6B	5.6B	5.9B	6.4B	3.5B	10.1B	3.3B	4.1B
Receivables	8.4B	8.2B	7.9B	7.9B	8.3B	8.2B	8.5B	8.6B	8.9B	8.9B	9.2B	9.5B
Inventory	5.4B	5.1B	5.1B	5.2B	5.4B	5B	5.2B	5.6B	5.7B	5.4B	5.5B	5.6B
Total current assets	23.1B	24.6B	23.6B	25.5B	23.8B	22.1B	23.4B	24.6B	22.3B	28.7B	22.3B	23.4B
Property, plant & equipment	—	5.9B	—	—	—	5.6B	—	—	—	6B	—	—
Goodwill & intangibles	121.3B	121.4B	119.8B	118.7B	126B	122.8B	123.6B	124.8B	131.1B	130.4B	148.7B	146.9B
Total assets	97.1B	98.7B	97.1B	98.5B	100.4B	97.3B	99B	101.2B	103B	110.3B	113.3B	113.2B
Accounts payable	2.5B	2.9B	2.6B	2.5B	2.6B	3.1B	3B	3B	3.1B	3.6B	3.3B	3.3B
Short-term debt	4.8B	3.6B	4.5B	5.1B	4.1B	2.2B	2.8B	2.2B	3.8B	3.5B	3.1B	3.4B
Total current liabilities	14.2B	14B	13.9B	14.8B	14.6B	13.3B	13.2B	12.7B	14.9B	15.2B	14.6B	15.1B
Long-term debt	30.5B	31.3B	31.2B	30.3B	31.2B	29.1B	31.4B	33B	31.9B	35.9B	40.1B	39.2B
Total liabilities	51.6B	51.9B	51.5B	51B	51.3B	47.6B	49.6B	50.6B	51.9B	56.8B	61.2B	60.4B
Shareholders' equity	45.5B	46.8B	45.6B	47.5B	49.1B	49.7B	49.5B	50.6B	51.2B	53.5B	52.1B	52.8B
Total debt	35.3B	34.9B	35.6B	35.4B	35.3B	31.3B	34.2B	35.2B	35.7B	39.4B	43.2B	42.5B
Net debt	29.1B	26.8B	30.1B	28.3B	30.7B	27.3B	30.1B	30.7B	33.7B	29.5B	39.9B	38.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2B	2.2B	2.9B	3.7B	6.4B	7.7B	7B	6B	6.3B	6.7B
Depreciation & amortization	1.8B	2B	2.3B	2.3B	2.3B	2.6B	3.4B	3.4B	3.1B	2.8B
Stock-based compensation	133M	159M	181M	181M	196M	230M	307M	278M	301M	310M
Change in working capital	-178M	494M	-465M	-813M	-299M	-1.5B	-1B	-495M	-334M	-1.8B
Operating cash flow	3.2B	3.8B	4.6B	5.1B	8.3B	8.5B	9.1B	8.4B	8.7B	7.8B
Capital expenditure	-418M	-501M	-708M	-890M	-1.5B	-2.5B	-2.2B	-1.4B	-1.3B	—
Investing cash flow	-5.4B	-7.7B	-1.3B	-1.5B	-1.5B	-21.9B	-2.2B	-5.1B	-5.8B	-2.6B
Dividends paid	-238M	-237M	-266M	-297M	-337M	-395M	-455M	-523M	-583M	-636M
Share repurchases	-1.3B	-750M	-500M	-1.5B	-1.5B	-2B	-3B	-3B	-4B	-3B
Financing cash flow	-5.6B	-4.8B	-7.6B	-6.7B	376M	6.6B	-6.5B	-5.6B	-6.8B	706M
Net change in cash	-7.8B	-8.7B	-4.3B	-3.1B	7.2B	-6.8B	469M	-2.3B	-4B	6B
Free cash flow	2.8B	3.5B	3.8B	4B	6.8B	6.8B	6.9B	6.9B	7.3B	6.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.7B	1.6B	1.3B	1.6B	1.6B	1.8B	1.5B	1.6B	1.6B	2B	1.7B	1.7B
Depreciation & amortization	853M	839M	836M	791M	739M	742M	705M	686M	661M	728M	736M	817M
Stock-based compensation	67M	61M	70M	84M	68M	79M	75M	81M	70M	84M	83M	82M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	2.4B	2B	2B	2.2B	2.1B	2.7B	2.1B	2.1B	2.2B	3.5B	1.2B	2.1B
Capital expenditure	-266M	-394M	-343M	-285M	-252M	-463M	-350M	-293M	—	—	—	—
Investing cash flow	-1.3B	-446M	-2B	-253M	-3.6B	20M	-527M	-288M	-3.7B	1.3B	-8.6B	610M
Dividends paid	-135M	-136M	-135M	-149M	-150M	-149M	-149M	-162M	-163M	-162M	-162M	-175M
Share repurchases	0	0	-3B	0	0	-1B	-2B	0	-963M	-37M	-3B	-1B
Financing cash flow	1.4B	-1.4B	-1.8B	-115M	-1.2B	-3.7B	-102M	-991M	-1.2B	3B	1.1B	-2B
Net change in cash	2.5B	84M	-1.8B	1.8B	-2.6B	-995M	1.5B	846M	-2.7B	7.8B	-6.3B	775M
Free cash flow	2.1B	3.3B	904M	1.7B	1.9B	2.8B	361M	1.1B	1.8B	3B	816M	1.7B

Date	Ratio
Jun 6, 1996	3:2
May 25, 1995	3:2
Oct 29, 1993	3:2
Nov 3, 1986	3:2
Sep 17, 1985	3:2
Jan 4, 1984	3:2

Thermo Fisher Scientific Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history