Thermo Fisher Q3 2026 adjusted EPS rises 15% to $6.68
Organic revenue growth was 6%, while Thermo Fisher completed its previously announced microbiology business divestiture during the quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Thermo Fisher Scientific (TMO) reported third-quarter 2026 revenue of $12.14 billion, up 9% from $11.12 billion a year earlier; organic revenue growth was 6%. GAAP diluted EPS was $4.64, up 9%, and adjusted EPS was $6.68, up 15%. GAAP operating income rose 17% to $2.26 billion, with an 18.6% operating margin versus 17.4%; adjusted operating income rose 15% to $2.97 billion, and adjusted operating margin was 24.5% versus 23.3%. Adjusted measures are non-GAAP.
For the first nine months of 2026, net cash provided by operating activities was $5.867 billion versus $4.361 billion; free cash flow was $4.618 billion versus $3.319 billion. Specialty Diagnostics revenue was $1.098 billion, compared with $1.174 billion a year earlier. Thermo Fisher completed its previously announced microbiology business divestiture during the quarter and launched new products, including a U.S. FDA-cleared autoimmune test. Its Mayo Clinic initiative will combine data from more than one million patient samples with its proteomics ecosystem. The company said updated 2026 guidance would be provided on its earnings call that morning.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue grew 9%; GAAP diluted EPS grew 9%; adjusted EPS grew 15%.
- Moderate pointGAAP operating income increased 17% to $2.26 billion.
Negative
- Moderate pointSpecialty Diagnostics revenue fell to $1.098 billion from $1.174 billion.
Filing Explained
At September 26, 2026, cash and equivalents were $5,461 million versus $9,852 million at December 31, 2025; long-term obligations were $39,108 million versus $35,852 million.
The 8-K reports third-quarter results; for the nine months ended
The release defines free cash flow as operating cash flow less net capital expenditures; its nine-month
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $12.14 billion
Organic revenue growth: 6%
GAAP diluted EPS: $4.64
+5 more
8 metrics
Revenue
$12.14 billion
Third quarter 2026; up 9% from $11.12 billion in the third quarter of 2025
Organic revenue growth
6%
Third quarter 2026
GAAP diluted EPS
$4.64
Third quarter 2026; up 9% from $4.27 in the third quarter of 2025
Adjusted EPS
$6.68
Third quarter 2026; up 15% from $5.79 in the third quarter of 2025
GAAP operating income
$2.26 billion
Third quarter 2026; up 17% from the year-ago quarter
Adjusted operating income
$2.97 billion
Third quarter 2026; up 15% from the year-ago quarter
Free cash flow
$4.618 billion
First nine months of 2026; $3.319 billion in the first nine months of 2025
Specialty Diagnostics revenue
$1.098 billion
Third quarter 2026; $1.174 billion in the third quarter of 2025
Key Terms
Organic revenue growth, Adjusted EPS, Free cash flow
3 terms
Organic revenue growth financial
"Organic revenue growth (non-GAAP measure)"
Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.
Adjusted EPS financial
"Adjusted EPS (non-GAAP measure)"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
Free cash flow financial
"Free cash flow (non-GAAP measure)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Earnings Snapshot
Revenue: $12.14 billion · Guidance included
Third quarter ended September 26, 2026
Revenue
$12.14 billion
Up 9% from $11.12 billion in the third quarter of 2025
GAAP diluted EPS
$4.64
Up 9% from $4.27 in the third quarter of 2025
Adjusted EPS
$6.68
Up 15% from $5.79 in the third quarter of 2025
GAAP operating income
$2.26 billion
Up 17% from the year-ago quarter
Adjusted operating income
$2.97 billion
Up 15% from the year-ago quarter
Guidance
The company said updated 2026 financial guidance would be provided during its earnings conference call on October 21, 2026, at 7:00 a.m. Eastern Time.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did TMO report in the third quarter of 2026?
Thermo Fisher reported $12.14 billion in third-quarter 2026 revenue, up 9% from $11.12 billion in the third quarter of 2025. Organic revenue growth was 6%; the company defines the measure as revenue growth excluding acquisitions and divestitures and currency translation.
What were TMO's GAAP and adjusted EPS in Q3 2026?
GAAP diluted EPS was $4.64, up 9% from $4.27 in the year-ago quarter; adjusted EPS was $6.68, up 15% from $5.79. Adjusted EPS is a non-GAAP measure.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2026
(Exact name of Registrant as specified in its Charter)
| (State of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (781 ) 622-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 21, 2026, the Registrant announced its financial results for the fiscal quarter ended September 26, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
The information contained in this report and exhibits hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated October 21, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THERMO FISHER SCIENTIFIC INC. | |||||||||||
| Date: | October 21, 2026 | By: | /s/ Joseph R. Holmes | ||||||||
| Joseph R. Holmes | |||||||||||
| Vice President and Chief Accounting Officer | |||||||||||
3
Exhibit 99.1
News
Media Contact Information: Sandy Pound Thermo Fisher Scientific | Investor Contact Information: Rafael Tejada Thermo Fisher Scientific | ||||
Phone: 781-622-1223 | Phone: 781-622-1356 | ||||
E-mail: sandy.pound@thermofisher.com | E-mail: rafael.tejada@thermofisher.com | ||||
Thermo Fisher Scientific Reports Third Quarter 2026 Results
Revenue Grew 9% Including 6% Organic Revenue Growth
Grew GAAP Diluted EPS 9% and Adjusted EPS 15%
Outstanding performance driven by proven growth strategy and PPI Business System
WALTHAM, Mass. (October 21, 2026) – Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 26, 2026.
Third Quarter Highlights
•Third quarter revenue grew 9% to $12.14 billion
•Third quarter GAAP diluted earnings per share (EPS) grew 9% to $4.64
•Third quarter adjusted EPS grew 15% to $6.68
“We are very pleased to deliver another excellent quarter, with outstanding financial performance on both the top and bottom line,” said Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific. “We’re advancing our proven growth strategy, which is resonating strongly with our customers, and our PPI Business System is enabling outstanding execution across the company.”
Casper added, “Looking ahead, we’re well positioned to deliver an excellent 2026 as we continue to drive long-term value creation for all of our stakeholders and build an even brighter future for our company.”
Growth Strategy and Capital Deployment
•Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. Highlights include the Thermo Scientific™ Orbitrap™ Isora™ mass spectrometer, the first Orbitrap system designed for isotope ratio analysis, enabling faster, simplified workflows and providing deeper insights into the origin and composition of samples for environmental and life sciences research; the Thermo Scientific™ EMPAD™ G2 electron detector enabling faster, more detailed electron microscopy characterization of advanced materials to support the development of next-generation electronics, memory and energy technologies; the FDA-cleared EliA™ CTD 13 Screen in the U.S., a new autoimmune test for systemic connective tissue diseases, including lupus, helping laboratories streamline testing and providing clinicians with reliable information to inform patient care; and the Ion 560 Chip, the highest-throughput sequencing chip for the Ion
GeneStudio™ S5 platform, providing nearly twice the sequencing capacity of the prior offering to enable laboratories to process more samples and meet growing genomic profiling needs in oncology research.
•Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers. In partnership with Mayo Clinic, we launched Precure, a pioneering initiative that will combine data from more than one million patient samples with our differentiated proteomics ecosystem, including Orbitrap™ mass spectrometry and Olink™ technologies, to generate new insights into disease progression, enable earlier detection and advance precision medicine. In South Korea, we opened our first AI-Automation Innovation Center, bringing together our advanced analytical technologies, automation and AI to enable our customers to accelerate innovation and enhance R&D productivity. In our channel businesses, we also opened a highly automated distribution center in Kentucky, to enhance speed, flexibility and assurance of supply for our customers across North America.
•Continued to successfully execute our capital deployment strategy. During the quarter, we completed our previously announced divestiture of our microbiology business.
Financial Results
Revenue for the third quarter of 2026 grew 9% to $12.14 billion, versus $11.12 billion in the same quarter of 2025. Organic revenue growth was 6%.
GAAP Earnings Results
GAAP diluted EPS in the third quarter of 2026 was $4.64, 9% growth versus the third quarter of 2025. GAAP operating income for the third quarter of 2026 was $2.26 billion, 17% higher than the year-ago quarter. GAAP operating margin was 18.6%, compared with 17.4% in the third quarter of 2025.
Non-GAAP Earnings Results
Adjusted EPS for the third quarter of 2026 was $6.68, 15% growth versus the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $2.97 billion, 15% higher than the year-ago quarter. Adjusted operating margin was 24.5%, compared with 23.3% in the third quarter of 2025.
Annual Guidance for 2026
The company will provide updated 2026 financial guidance during its earnings conference call this morning at 7:00 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.
Conference Call
Thermo Fisher Scientific will hold its earnings conference call today, October 21, 2026, at 7:00 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) 461-5787 within the U.S. or +1 (585) 542-9983 outside the U.S. The access code is 500554659.
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” until the next quarterly earnings call.
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 | ||||||||||||||||||||||||||
| September 26, | % of | September 27, | % of | |||||||||||||||||||||||
| (Dollars in millions except per share amounts) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | $ | 12,137 | $ | 11,122 | ||||||||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||
Cost of revenues (a) | 6,945 | 57.2 | % | 6,470 | 58.2 | % | ||||||||||||||||||||
Selling, general and administrative expenses (b) | 1,863 | 15.3 | % | 1,795 | 16.1 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 519 | 4.3 | % | 435 | 3.9 | % | ||||||||||||||||||||
| Research and development expenses | 348 | 2.9 | % | 346 | 3.1 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 199 | 1.6 | % | 135 | 1.2 | % | ||||||||||||||||||||
| Total costs and operating expenses | 9,874 | 81.4 | % | 9,182 | 82.6 | % | ||||||||||||||||||||
| Operating income | 2,263 | 18.6 | % | 1,941 | 17.4 | % | ||||||||||||||||||||
| Interest income | 252 | 234 | ||||||||||||||||||||||||
Interest expense | (417) | (347) | ||||||||||||||||||||||||
| Other income/(expense) (d) | (10) | (2) | ||||||||||||||||||||||||
| Income before income taxes | 2,088 | 1,826 | ||||||||||||||||||||||||
| Benefit from/(provision for) income taxes (e) | (352) | (207) | ||||||||||||||||||||||||
| Equity in earnings/(losses) of unconsolidated entities | (9) | 2 | ||||||||||||||||||||||||
| Net income | 1,727 | 1,621 | ||||||||||||||||||||||||
| Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest | 6 | 5 | ||||||||||||||||||||||||
| Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,721 | 14.2 | % | $ | 1,616 | 14.5 | % | ||||||||||||||||||
Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||||||||||||||||||||||||
| Basic | $ | 4.65 | $ | 4.28 | ||||||||||||||||||||||
| Diluted | $ | 4.64 | $ | 4.27 | ||||||||||||||||||||||
| Weighted average shares: | ||||||||||||||||||||||||||
| Basic | 370 | 378 | ||||||||||||||||||||||||
Diluted | 371 | 378 | ||||||||||||||||||||||||
| Reconciliation of adjusted operating income and adjusted operating margin | ||||||||||||||||||||||||||
| GAAP operating income | $ | 2,263 | 18.6 | % | $ | 1,941 | 17.4 | % | ||||||||||||||||||
| Cost of revenues adjustments (a) | 9 | 0.1 | % | 10 | 0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | (20) | -0.2 | % | 66 | 0.6 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 199 | 1.6 | % | 135 | 1.2 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 519 | 4.3 | % | 435 | 3.9 | % | ||||||||||||||||||||
Adjusted operating income (non-GAAP measure) | $ | 2,968 | 24.5 | % | $ | 2,587 | 23.3 | % | ||||||||||||||||||
| Reconciliation of adjusted net income | ||||||||||||||||||||||||||
GAAP net income attributable to Thermo Fisher Scientific Inc. | $ | 1,721 | $ | 1,616 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 9 | 10 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | (20) | 66 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 199 | 135 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 519 | 435 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | 14 | (5) | ||||||||||||||||||||||||
| Income taxes adjustments (e) | 27 | (64) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 9 | (2) | ||||||||||||||||||||||||
| Adjusted net income (non-GAAP measure) | $ | 2,477 | $ | 2,190 | ||||||||||||||||||||||
| Reconciliation of adjusted earnings per share | ||||||||||||||||||||||||||
| GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $ | 4.64 | $ | 4.27 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 0.02 | 0.03 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | (0.06) | 0.17 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 0.54 | 0.36 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1.40 | 1.15 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | 0.04 | (0.01) | ||||||||||||||||||||||||
| Income taxes adjustments (e) | 0.07 | (0.17) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 0.02 | (0.01) | ||||||||||||||||||||||||
| Adjusted EPS (non-GAAP measure) | $ | 6.68 | $ | 5.79 | ||||||||||||||||||||||
| Reconciliation of free cash flow | ||||||||||||||||||||||||||
| GAAP net cash provided by operating activities | $ | 2,551 | $ | 2,239 | ||||||||||||||||||||||
Purchases of property, plant and equipment | (437) | (404) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 1 | 5 | ||||||||||||||||||||||||
| Free cash flow (non-GAAP measure) | $ | 2,115 | $ | 1,840 | ||||||||||||||||||||||
| Business Segment Information | Three months ended | |||||||||||||||||||||||||
| September 26, | % of | September 27, | % of | |||||||||||||||||||||||
| (Dollars in millions) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 2,719 | 22.4 | % | $ | 2,588 | 23.3 | % | ||||||||||||||||||
| Analytical Instruments | 2,002 | 16.5 | % | 1,893 | 17.0 | % | ||||||||||||||||||||
| Specialty Diagnostics | 1,098 | 9.1 | % | 1,174 | 10.6 | % | ||||||||||||||||||||
| Laboratory Products and Biopharma Services | 6,863 | 56.5 | % | 5,970 | 53.7 | % | ||||||||||||||||||||
| Eliminations | (546) | -4.5 | % | (503) | -4.5 | % | ||||||||||||||||||||
| Consolidated revenues | $ | 12,137 | 100.0 | % | $ | 11,122 | 100.0 | % | ||||||||||||||||||
| Segment income and segment income margin | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 1,022 | 37.6 | % | $ | 968 | 37.4 | % | ||||||||||||||||||
| Analytical Instruments | 538 | 26.9 | % | 429 | 22.6 | % | ||||||||||||||||||||
| Specialty Diagnostics | 341 | 31.0 | % | 321 | 27.4 | % | ||||||||||||||||||||
| Laboratory Products and Biopharma Services | 1,067 | 15.5 | % | 868 | 14.5 | % | ||||||||||||||||||||
| Subtotal reportable segments | 2,968 | 24.5 | % | 2,587 | 23.3 | % | ||||||||||||||||||||
| Cost of revenues adjustments (a) | (9) | -0.1 | % | (10) | -0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 20 | 0.2 | % | (66) | -0.6 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | (199) | -1.6 | % | (135) | -1.2 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | (519) | -4.3 | % | (435) | -3.9 | % | ||||||||||||||||||||
Consolidated GAAP operating income | $ | 2,263 | 18.6 | % | $ | 1,941 | 17.4 | % | ||||||||||||||||||
(a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2026 also exclude $7 of transaction-related costs. Adjusted results in 2025 also exclude $8 of charges for the sale of inventory revalued at the date of acquisition.
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, accelerated depreciation on fixed assets to be abandoned due to facility consolidations, and charges for product liability litigation.
(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. Adjusted results in 2026 exclude $72 of gain on the sale of a business and $244 for a held-for-sale loss. Adjusted results in 2025 also exclude $51 of charges for disposition of a consolidated joint venture.
(d) Adjusted results exclude net gains/losses on investments and settlement charges for pension plans.
(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 $307 and $227 in 2026 and 2025, respectively.
| Organic revenue growth | Three months ended | |||||||
| September 26, 2026 | ||||||||
| Revenue growth | 9 | % | ||||||
| Acquisitions/divestitures | 3 | % | ||||||
| Currency translation | 0 | % | ||||||
| Organic revenue growth (non-GAAP measure) | 6 | % | ||||||
| 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 Statements of Income (unaudited) | ||||||||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||||||||
| September 26, | % of | September 27, | % of | |||||||||||||||||||||||
| (Dollars in millions except per share amounts) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | $ | 35,136 | $ | 32,341 | ||||||||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||
| Cost of revenues (a) | 20,525 | 58.4 | % | 18,905 | 58.5 | % | ||||||||||||||||||||
| Selling, general and administrative expenses (b) | 5,570 | 15.9 | % | 5,295 | 16.4 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,433 | 4.1 | % | 1,294 | 4.0 | % | ||||||||||||||||||||
| Research and development expenses | 1,048 | 3.0 | % | 1,041 | 3.2 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 346 | 1.0 | % | 316 | 1.0 | % | ||||||||||||||||||||
| Total costs and operating expenses | 28,923 | 82.3 | % | 26,850 | 83.0 | % | ||||||||||||||||||||
| Operating income | 6,213 | 17.7 | % | 5,491 | 17.0 | % | ||||||||||||||||||||
| Interest income | 693 | 735 | ||||||||||||||||||||||||
| Interest expense | (1,172) | (1,054) | ||||||||||||||||||||||||
| Other income/(expense) (d) | 13 | (18) | ||||||||||||||||||||||||
| Income before income taxes | 5,746 | 5,155 | ||||||||||||||||||||||||
| Benefit from/(provision for) income taxes (e) | (590) | (394) | ||||||||||||||||||||||||
| Equity in earnings/(losses) of unconsolidated entities | (32) | (9) | ||||||||||||||||||||||||
| Net income | 5,124 | 4,751 | ||||||||||||||||||||||||
| Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) | 16 | 11 | ||||||||||||||||||||||||
| Net income attributable to Thermo Fisher Scientific Inc. | $ | 5,108 | 14.5 | % | $ | 4,740 | 14.7 | % | ||||||||||||||||||
| Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||||||||||||||||||||||||
| Basic | $ | 13.77 | $ | 12.55 | ||||||||||||||||||||||
| Diluted | $ | 13.75 | $ | 12.53 | ||||||||||||||||||||||
Weighted average shares: | ||||||||||||||||||||||||||
| Basic | 371 | 378 | ||||||||||||||||||||||||
| Diluted | 372 | 378 | ||||||||||||||||||||||||
| Reconciliation of adjusted operating income and adjusted operating margin | ||||||||||||||||||||||||||
| GAAP operating income | $ | 6,213 | 17.7 | % | $ | 5,491 | 17.0 | % | ||||||||||||||||||
| Cost of revenues adjustments (a) | 51 | 0.1 | % | 31 | 0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 59 | 0.2 | % | 99 | 0.3 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 346 | 1.0 | % | 316 | 1.0 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,433 | 4.1 | % | 1,294 | 4.0 | % | ||||||||||||||||||||
| Adjusted operating income (non-GAAP measure) | $ | 8,102 | 23.1 | % | $ | 7,231 | 22.4 | % | ||||||||||||||||||
| Reconciliation of adjusted net income | ||||||||||||||||||||||||||
GAAP net income attributable to Thermo Fisher Scientific Inc. | $ | 5,108 | $ | 4,740 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 51 | 31 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 59 | 99 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 346 | 316 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,433 | 1,294 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | (15) | (1) | ||||||||||||||||||||||||
| Income taxes adjustments (e) | (269) | (320) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 32 | 9 | ||||||||||||||||||||||||
| Noncontrolling interests adjustments (f) | — | (1) | ||||||||||||||||||||||||
Adjusted net income (non-GAAP measure) | $ | 6,745 | $ | 6,167 | ||||||||||||||||||||||
| Reconciliation of adjusted earnings per share | ||||||||||||||||||||||||||
| GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $ | 13.75 | $ | 12.53 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 0.14 | 0.08 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 0.16 | 0.26 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 0.93 | 0.83 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 3.86 | 3.42 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | (0.04) | 0.00 | ||||||||||||||||||||||||
| Income taxes adjustments (e) | (0.72) | (0.85) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 0.09 | 0.02 | ||||||||||||||||||||||||
| Noncontrolling interests adjustments (f) | — | 0.00 | ||||||||||||||||||||||||
| Adjusted EPS (non-GAAP measure) | $ | 18.15 | $ | 16.30 | ||||||||||||||||||||||
| Reconciliation of free cash flow | ||||||||||||||||||||||||||
GAAP net cash provided by operating activities | $ | 5,867 | $ | 4,361 | ||||||||||||||||||||||
Purchases of property, plant and equipment | (1,263) | (1,060) | ||||||||||||||||||||||||
| Proceeds from sale of property, plant and equipment | 14 | 17 | ||||||||||||||||||||||||
| Free cash flow (non-GAAP measure) | $ | 4,618 | $ | 3,319 | ||||||||||||||||||||||
| Business Segment Information | Nine months ended | |||||||||||||||||||||||||
| September 26, | % of | September 27, | % of | |||||||||||||||||||||||
| (Dollars in millions) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 8,170 | 23.3 | % | $ | 7,428 | 23.0 | % | ||||||||||||||||||
| Analytical Instruments | 5,564 | 15.8 | % | 5,339 | 16.5 | % | ||||||||||||||||||||
| Specialty Diagnostics | 3,445 | 9.8 | % | 3,456 | 10.7 | % | ||||||||||||||||||||
Laboratory Products and Biopharma Services | 19,592 | 55.8 | % | 17,605 | 54.4 | % | ||||||||||||||||||||
| Eliminations | (1,635) | -4.7 | % | (1,487) | -4.6 | % | ||||||||||||||||||||
| Consolidated revenues | $ | 35,136 | 100.0 | % | $ | 32,341 | 100.0 | % | ||||||||||||||||||
| Segment income and segment income margin | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 3,017 | 36.9 | % | $ | 2,722 | 36.6 | % | ||||||||||||||||||
| Analytical Instruments | 1,317 | 23.7 | % | 1,153 | 21.6 | % | ||||||||||||||||||||
| Specialty Diagnostics | 987 | 28.7 | % | 932 | 27.0 | % | ||||||||||||||||||||
| Laboratory Products and Biopharma Services | 2,781 | 14.2 | % | 2,425 | 13.8 | % | ||||||||||||||||||||
| Subtotal reportable segments | 8,102 | 23.1 | % | 7,231 | 22.4 | % | ||||||||||||||||||||
| Cost of revenues adjustments (a) | (51) | -0.1 | % | (31) | -0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | (59) | -0.2 | % | (99) | -0.3 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | (346) | -1.0 | % | (316) | -1.0 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | (1,433) | -4.1 | % | (1,294) | -4.0 | % | ||||||||||||||||||||
| Consolidated GAAP operating income | $ | 6,213 | 17.7 | % | $ | 5,491 | 17.0 | % | ||||||||||||||||||
(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 $16 of transaction-related costs.
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, accelerated depreciation on fixed assets to be abandoned due to facility consolidations, and charges for product liability litigation.
(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. Adjusted results in 2026 exclude $72 of gain on the sale of a business and $244 for a held-for-sale loss. Adjusted results in 2025 also exclude $51 of charges for disposition of a consolidated joint venture.
(d) Adjusted results exclude net gains/losses on investments and settlement charges for pension plans. Adjusted results in 2026 also exclude $6 of business interruption recoveries.
(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.
(f) Adjusted results in 2025 exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.
Note:
Consolidated depreciation expense is $945 and $758 in 2026 and 2025, respectively.
| Organic revenue growth | Nine months ended | |||||||
| September 26, 2026 | ||||||||
| Revenue growth | 9 | % | ||||||
| Acquisitions/divestitures | 4 | % | ||||||
| Currency translation | 1 | % | ||||||
| Organic revenue growth (non-GAAP measure) | 4 | % | ||||||
| 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) | ||||||||||||||
| September 26, | December 31, | |||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 5,461 | $ | 9,852 | ||||||||||
| Short-term investments | 600 | 253 | ||||||||||||
| Accounts receivable, net | 9,625 | 8,900 | ||||||||||||
| Inventories | 5,643 | 5,425 | ||||||||||||
| Other current assets | 4,285 | 4,278 | ||||||||||||
Total current assets | 25,615 | 28,707 | ||||||||||||
| Property, plant and equipment, net | 10,577 | 10,565 | ||||||||||||
| Acquisition-related intangible assets, net | 18,077 | 15,838 | ||||||||||||
Other assets | 5,701 | 5,871 | ||||||||||||
| Goodwill | 54,263 | 49,362 | ||||||||||||
Total assets | $ | 114,233 | $ | 110,343 | ||||||||||
| Liabilities, redeemable noncontrolling interest and equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
Short-term obligations and current maturities of long-term obligations | $ | 2,262 | $ | 3,533 | ||||||||||
| Other current liabilities | 11,908 | 11,656 | ||||||||||||
Total current liabilities | 14,170 | 15,189 | ||||||||||||
| Other long-term liabilities | 6,059 | 5,766 | ||||||||||||
Long-term obligations | 39,108 | 35,852 | ||||||||||||
| Redeemable noncontrolling interest | 128 | 122 | ||||||||||||
| Total equity | 54,767 | 53,415 | ||||||||||||
| Total liabilities, redeemable noncontrolling interest and equity | $ | 114,233 | $ | 110,343 | ||||||||||
| Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||||||||
| Nine months ended | ||||||||||||||
| September 26, | September 27, | |||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||
| Operating activities | ||||||||||||||
| Net income | $ | 5,124 | $ | 4,751 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 2,378 | 2,053 | ||||||||||||
| Change in deferred income taxes | (676) | (728) | ||||||||||||
| Other net non-cash expenses | 621 | 540 | ||||||||||||
| Changes in assets and liabilities, excluding the effects of acquisitions | (1,580) | (2,255) | ||||||||||||
| Net cash provided by operating activities | 5,867 | 4,361 | ||||||||||||
| Investing activities | ||||||||||||||
| Purchases of property, plant and equipment | (1,263) | (1,060) | ||||||||||||
| Proceeds from sale of property, plant and equipment | 14 | 17 | ||||||||||||
| Proceeds from cross-currency interest rate swap interest settlements | 284 | 218 | ||||||||||||
| Acquisitions, net of cash acquired | (8,877) | (4,037) | ||||||||||||
| Purchases of investments | (668) | (351) | ||||||||||||
| Proceeds from sales and maturities of investments | 253 | 254 | ||||||||||||
| Proceeds from sale of business, net of cash divested | 1,021 | — | ||||||||||||
| Net proceeds from terminations of cross-currency interest rate swaps | 388 | — | ||||||||||||
| Other investing activities, net | (26) | 20 | ||||||||||||
| Net cash used in investing activities | (8,874) | (4,938) | ||||||||||||
| Financing activities | ||||||||||||||
| Net proceeds from issuance of debt | 5,238 | 2,840 | ||||||||||||
| Repayment of debt | (2,519) | (1,625) | ||||||||||||
| Proceeds from issuance of commercial paper | 389 | 1,095 | ||||||||||||
| Repayment of commercial paper | (389) | (597) | ||||||||||||
| Purchases of company common stock | (4,000) | (2,963) | ||||||||||||
| Dividends paid | (511) | (474) | ||||||||||||
| Other financing activities, net | 251 | (1) | ||||||||||||
| Net cash used in financing activities | (1,541) | (1,725) | ||||||||||||
| Exchange rate effect on cash | 164 | 273 | ||||||||||||
| Increase/(decrease) in cash, cash equivalents and restricted cash | (4,384) | (2,029) | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 9,879 | 4,040 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 5,494 | $ | 2,011 | ||||||||||
| Free cash flow (non-GAAP measure) | $ | 4,618 | $ | 3,319 | ||||||||||
| 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.