Thermo Fisher Scientific (NYSE: TMO) grows Q2 revenue 10% to $11.99B
Rhea-AI Filing Summary
Thermo Fisher Scientific reported second quarter 2026 results, with revenue of $11.99 billion, up 10% including 5% organic growth. GAAP diluted EPS was $4.68, up 9%, and adjusted EPS was $6.03, up 13%. GAAP operating income reached $2.09 billion with a 17.4% margin, while adjusted operating income was $2.73 billion with a 22.8% margin. Free cash flow for the quarter was $1,678 million.
Management highlighted stronger end-market demand and several strategic initiatives, including next-generation Orbitrap mass spectrometry platforms, the Applied Biosystems PowerFlex Thermal Cycler, and a flagship U.S. Bioprocess Design Center in Plainville, Massachusetts. The company announced a divestiture of its microbiology business and repurchased $1.0 billion of stock in the quarter. For the first half of 2026, revenue was $22,999 million with 8% growth and organic growth of 3%; GAAP diluted EPS was $9.10 and adjusted EPS was $11.47. Updated 2026 guidance will be discussed on the earnings call.
Positive
- None.
Negative
- None.
Filing Explained
By June 27, cash was $4,064 million versus $9,852 million at year-end, alongside $8,872 million of acquisitions and $5,238 million of net debt issuance.
This Form 8-K, which reports specified material events, reports the completed quarter ended
At
The release labels adjusted EPS and free cash flow as non-GAAP measures; it defines free cash flow as operating cash flow less net capital expenditures and says it is not cash available for discretionary expenditures because debt service is excluded.
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, and exhibit attachments filed with this report.
Key Figures
Q2 2026 revenue: $11.99 billion
Q2 2026 GAAP diluted EPS: $4.68
Q2 2026 adjusted EPS: $6.03
+5 more
8 metrics
Q2 2026 revenue
$11.99 billion
Second quarter 2026 revenue grew 10% versus $10.85 billion in Q2 2025
Q2 2026 GAAP diluted EPS
$4.68
Grew 9% versus GAAP diluted EPS of $4.28 in Q2 2025
Q2 2026 adjusted EPS
$6.03
Adjusted EPS increased 13% from $5.36 in the prior-year quarter
Q2 2026 GAAP operating margin
17.4%
GAAP operating income of $2.09 billion on $11.99 billion of revenue
Q2 2026 adjusted operating margin
22.8%
Adjusted operating income of $2.735 billion versus 21.9% a year earlier
Q2 2026 free cash flow
$1,678 million
Free cash flow reconciliation for the three months ended June 27, 2026
Six-month 2026 revenue
$22,999 million
Revenue for the six months ended June 27, 2026 with 8% revenue growth
Organic revenue growth Q2 2026
5%
Organic revenue growth table for the three months ended June 27, 2026
Key Terms
organic revenue growth, adjusted operating margin, free cash flow, amortization of acquisition-related intangible assets, +1 more
5 terms
organic revenue growth financial
"Organic revenue growth was 5% for the quarter."
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 operating margin financial
"Adjusted operating margin was 22.8%, compared with 21.9% in 2025."
Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.
free cash flow financial
"Free cash flow (non-GAAP measure) was $1,678 for Q2 2026."
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.
noncontrolling interests financial
"Net income attributable to noncontrolling interests was 5 in Q2 2026."
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
Earnings Snapshot
Q2 2026 revenue: $11.99 billion · Guidance included
Quarter and six months ended June 27, 2026
Q2 2026 revenue
$11.99 billion
up 10% year-over-year including 5% organic revenue growth
Q2 2026 GAAP diluted EPS
$4.68
up 9% versus the second quarter of 2025
Q2 2026 adjusted EPS
$6.03
up 13% versus the second quarter of 2025
Q2 2026 free cash flow
$1,678 million
compared with $1,105 million in Q2 2025
Six-month 2026 revenue
$22,999 million
revenue growth of 8% and organic revenue growth of 3%
Six-month 2026 adjusted EPS
$11.47
compared with $10.51 in the prior-year period
Guidance
Updated 2026 financial guidance will be provided during the earnings conference call on July 23, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Thermo Fisher Scientific (TMO) perform in Q2 2026?
Thermo Fisher Scientific delivered higher results in Q2 2026, with revenue of $11.99 billion and GAAP diluted EPS of $4.68. Revenue grew 10% year-over-year, including 5% organic growth, while adjusted EPS rose 13% to $6.03.
What were Thermo Fisher Scientific (TMO) margins in Q2 2026?
In Q2 2026, Thermo Fisher reported a GAAP operating margin of 17.4% and an adjusted operating margin of 22.8%. Both margins improved versus Q2 2025, when GAAP operating margin was 16.9% and adjusted operating margin was 21.9%.
What was Thermo Fisher Scientific (TMO) free cash flow in Q2 2026?
Thermo Fisher generated free cash flow of $1,678 million in Q2 2026, based on operating cash flow less capital expenditures. This compares with $1,105 million in free cash flow for Q2 2025, as disclosed in the company’s free cash flow reconciliation.
How did Thermo Fisher Scientific (TMO) perform for the first half of 2026?
For the six months ended June 27, 2026, Thermo Fisher reported revenue of $22,999 million with 8% revenue growth and 3% organic revenue growth. GAAP diluted EPS was $9.10 and adjusted EPS was $11.47, compared with $8.26 and $10.51 a year earlier.
What strategic actions did Thermo Fisher Scientific (TMO) highlight for Q2 2026?
During Q2 2026, Thermo Fisher launched new Orbitrap mass spectrometry platforms and the PowerFlex Thermal Cycler, opened a U.S. Bioprocess Design Center in Plainville, Massachusetts, announced the divestiture of its microbiology business, and repurchased $1.0 billion of common stock.
What was Thermo Fisher Scientific (TMO) organic revenue growth in Q2 and year-to-date 2026?
Organic revenue growth was 5% for the second quarter of 2026 and 3% for the first six months of 2026. The company defines organic growth as reported revenue growth excluding acquisitions, divestitures and currency translation impacts.
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): July 23, 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:
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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 July 23, 2026, the Registrant announced its financial results for the fiscal quarter ended June 27, 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 July 23, 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: | July 23, 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 Second Quarter 2026 Results
Revenue Grew 10% Including 5% Organic Revenue Growth
Grew GAAP Diluted EPS 9% and Adjusted EPS 13%
Customer Activity Across Our End Markets Continued to Strengthen
WALTHAM, Mass. (July 23, 2026) – Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the second quarter ended June 27, 2026.
Second Quarter Highlights
•Second quarter revenue grew 10% to $11.99 billion
•Second quarter GAAP diluted earnings per share (EPS) grew 9% to $4.68
•Second quarter adjusted EPS grew 13% to $6.03
“We delivered outstanding performance in the second quarter, reflecting the strength of our proven growth strategy, our team’s excellent execution and the power of our PPI Business System,” said Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific. “Our end markets continue to strengthen and we're making great progress enhancing our capabilities, and further advancing our trusted partner status with customers, leading to continued share gain.”
Casper added, “At the halfway point of the year, we are well positioned to deliver a great 2026 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. At the American Society for Mass Spectrometry conference, we introduced next-generation Orbitrap platforms with AI-driven analytics. Highlights include the Thermo Scientific™ Orbitrap™ Tribrid™ Apex Mass Spectrometer, which enables researchers to study complex biology across multiomics, structural biology, biopharma characterization and small-molecule analysis on a single system, and the Thermo Scientific™ Orbitrap™ Excedion™ Mass Spectrometer, which enables scientists to identify hard-to-detect molecules in drug development, reducing risk and accelerating time to market. We also introduced the Applied Biosystems™ PowerFlex™ Thermal Cycler, a next-generation PCR system designed to improve workflow flexibility, speed and reproducibility for molecular biology laboratories.
•Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers. During the quarter, we opened our flagship U.S. Bioprocess Design Center in Plainville, Massachusetts, expanding our global network of collaborative innovation hubs enabling pharma and biotech customers to accelerate drug development and optimize manufacturing. We also announced a strategic collaboration with Precision Health Research, Singapore to support the PRECISE-SG100K population health study, leveraging our integrated proteomics capabilities, including Olink® technology and the Thermo Scientific™ Orbitrap™ Astral™ mass spectrometry system, to advance precision medicine.
•Continued to successfully execute our capital deployment strategy. During the quarter, we announced the divestiture of our microbiology business and repurchased $1.0 billion of stock.
Financial Results
Revenue for the second quarter of 2026 grew 10% to $11.99 billion, versus $10.85 billion in the same quarter of 2025. Organic revenue growth was 5%.
GAAP Earnings Results
GAAP diluted EPS in the second quarter of 2026 was $4.68, 9% growth versus the second quarter of 2025. GAAP operating income for the second quarter of 2026 was $2.09 billion, 14% higher than the year-ago quarter. GAAP operating margin was 17.4%, compared with 16.9% in the second quarter of 2025.
Non-GAAP Earnings Results
Adjusted EPS for the second quarter of 2026 was $6.03, 13% growth versus the second quarter of 2025. Adjusted operating income for the second quarter of 2026 was $2.73 billion, 15% higher than the year-ago quarter. Adjusted operating margin was 22.8%, compared with 21.9% in the second 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, July 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) 461-5787 within the U.S. or +1 (585) 542-9983 outside the U.S. The access code is 835035800.
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 Tuesday, October 20, 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 | ||||||||||||||||||||||||||
| June 27, | % of | June 28, | % of | |||||||||||||||||||||||
| (Dollars in millions except per share amounts) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | $ | 11,994 | $ | 10,855 | ||||||||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||
Cost of revenues (a) | 7,051 | 58.8 | % | 6,378 | 58.8 | % | ||||||||||||||||||||
Selling, general and administrative expenses (b) | 1,909 | 15.9 | % | 1,779 | 16.4 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 485 | 4.0 | % | 429 | 4.0 | % | ||||||||||||||||||||
| Research and development expenses | 364 | 3.0 | % | 352 | 3.2 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 98 | 0.8 | % | 82 | 0.8 | % | ||||||||||||||||||||
| Total costs and operating expenses | 9,907 | 82.6 | % | 9,021 | 83.1 | % | ||||||||||||||||||||
| Operating income | 2,087 | 17.4 | % | 1,834 | 16.9 | % | ||||||||||||||||||||
| Interest income | 207 | 297 | ||||||||||||||||||||||||
Interest expense | (401) | (404) | ||||||||||||||||||||||||
| Other income/(expense) (d) | 31 | (19) | ||||||||||||||||||||||||
| Income before income taxes | 1,924 | 1,709 | ||||||||||||||||||||||||
| Benefit from/(provision for) income taxes (e) | (167) | (92) | ||||||||||||||||||||||||
| Equity in earnings/(losses) of unconsolidated entities | (15) | 2 | ||||||||||||||||||||||||
| Net income | 1,741 | 1,618 | ||||||||||||||||||||||||
| Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) | 5 | 2 | ||||||||||||||||||||||||
| Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,736 | 14.5 | % | $ | 1,617 | 14.9 | % | ||||||||||||||||||
Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||||||||||||||||||||||||
| Basic | $ | 4.68 | $ | 4.28 | ||||||||||||||||||||||
| Diluted | $ | 4.68 | $ | 4.28 | ||||||||||||||||||||||
| Weighted average shares: | ||||||||||||||||||||||||||
| Basic | 371 | 378 | ||||||||||||||||||||||||
Diluted | 371 | 378 | ||||||||||||||||||||||||
| Reconciliation of adjusted operating income and adjusted operating margin | ||||||||||||||||||||||||||
| GAAP operating income | $ | 2,087 | 17.4 | % | $ | 1,834 | 16.9 | % | ||||||||||||||||||
| Cost of revenues adjustments (a) | 28 | 0.2 | % | 10 | 0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 36 | 0.3 | % | 20 | 0.2 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 98 | 0.8 | % | 82 | 0.8 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 485 | 4.0 | % | 429 | 4.0 | % | ||||||||||||||||||||
Adjusted operating income (non-GAAP measure) | $ | 2,735 | 22.8 | % | $ | 2,375 | 21.9 | % | ||||||||||||||||||
| Reconciliation of adjusted net income | ||||||||||||||||||||||||||
GAAP net income attributable to Thermo Fisher Scientific Inc. | $ | 1,736 | $ | 1,617 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 28 | 10 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 36 | 20 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 98 | 82 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 485 | 429 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | (31) | 5 | ||||||||||||||||||||||||
| Income taxes adjustments (e) | (127) | (133) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 15 | (2) | ||||||||||||||||||||||||
| Noncontrolling interests adjustments (f) | — | (1) | ||||||||||||||||||||||||
| Adjusted net income (non-GAAP measure) | $ | 2,241 | $ | 2,026 | ||||||||||||||||||||||
| Reconciliation of adjusted earnings per share | ||||||||||||||||||||||||||
| GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $ | 4.68 | $ | 4.28 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 0.07 | 0.03 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 0.10 | 0.05 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 0.27 | 0.22 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1.31 | 1.14 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | (0.08) | 0.01 | ||||||||||||||||||||||||
| Income taxes adjustments (e) | (0.34) | (0.35) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 0.04 | (0.01) | ||||||||||||||||||||||||
| Noncontrolling interests adjustments (f) | — | 0.00 | ||||||||||||||||||||||||
| Adjusted EPS (non-GAAP measure) | $ | 6.03 | $ | 5.36 | ||||||||||||||||||||||
| Reconciliation of free cash flow | ||||||||||||||||||||||||||
| GAAP net cash provided by operating activities | $ | 2,125 | $ | 1,399 | ||||||||||||||||||||||
Purchases of property, plant and equipment | (450) | (294) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | 1 | ||||||||||||||||||||||||
| Free cash flow (non-GAAP measure) | $ | 1,678 | $ | 1,105 | ||||||||||||||||||||||
| Business Segment Information | Three months ended | |||||||||||||||||||||||||
| June 27, | % of | June 28, | % of | |||||||||||||||||||||||
| (Dollars in millions) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 2,815 | 23.5 | % | $ | 2,499 | 23.0 | % | ||||||||||||||||||
| Analytical Instruments | 1,847 | 15.4 | % | 1,728 | 15.9 | % | ||||||||||||||||||||
| Specialty Diagnostics | 1,205 | 10.0 | % | 1,134 | 10.4 | % | ||||||||||||||||||||
| Laboratory Products and Biopharma Services | 6,693 | 55.8 | % | 5,995 | 55.2 | % | ||||||||||||||||||||
| Eliminations | (565) | -4.7 | % | (501) | -4.6 | % | ||||||||||||||||||||
| Consolidated revenues | $ | 11,994 | 100.0 | % | $ | 10,855 | 100.0 | % | ||||||||||||||||||
| Segment income and segment income margin | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 1,041 | 37.0 | % | $ | 919 | 36.8 | % | ||||||||||||||||||
| Analytical Instruments | 424 | 23.0 | % | 325 | 18.8 | % | ||||||||||||||||||||
| Specialty Diagnostics | 334 | 27.7 | % | 306 | 27.0 | % | ||||||||||||||||||||
| Laboratory Products and Biopharma Services | 936 | 14.0 | % | 825 | 13.8 | % | ||||||||||||||||||||
| Subtotal reportable segments | 2,735 | 22.8 | % | 2,375 | 21.9 | % | ||||||||||||||||||||
| Cost of revenues adjustments (a) | (28) | -0.2 | % | (10) | -0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | (36) | -0.3 | % | (20) | -0.2 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | (98) | -0.8 | % | (82) | -0.8 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | (485) | -4.0 | % | (429) | -4.0 | % | ||||||||||||||||||||
Consolidated GAAP operating income | $ | 2,087 | 17.4 | % | $ | 1,834 | 16.9 | % | ||||||||||||||||||
(a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2026 also exclude $6 of transaction-related costs. Adjusted results in 2025 also exclude $5 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, and 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. Adjusted results in 2026 and 2025 also exclude $6 of business interruption recoveries and $5 for settlement charges for pension plans, respectively.
(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 $331 and $256 in 2026 and 2025, respectively.
| Organic revenue growth | Three months ended | |||||||
| June 27, 2026 | ||||||||
| Revenue growth | 10 | % | ||||||
| Acquisitions | 5 | % | ||||||
| Currency translation | 1 | % | ||||||
| Organic revenue growth (non-GAAP measure) | 5 | % | ||||||
| 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) | ||||||||||||||||||||||||||
| Six months ended | ||||||||||||||||||||||||||
| June 27, | % of | June 28, | % of | |||||||||||||||||||||||
| (Dollars in millions except per share amounts) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | $ | 22,999 | $ | 21,219 | ||||||||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||
| Cost of revenues (a) | 13,580 | 59.0 | % | 12,435 | 58.6 | % | ||||||||||||||||||||
| Selling, general and administrative expenses (b) | 3,707 | 16.1 | % | 3,500 | 16.5 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 915 | 4.0 | % | 859 | 4.0 | % | ||||||||||||||||||||
| Research and development expenses | 700 | 3.0 | % | 695 | 3.3 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 147 | 0.6 | % | 180 | 0.9 | % | ||||||||||||||||||||
| Total costs and operating expenses | 19,049 | 82.8 | % | 17,668 | 83.3 | % | ||||||||||||||||||||
| Operating income | 3,950 | 17.2 | % | 3,551 | 16.7 | % | ||||||||||||||||||||
| Interest income | 440 | 501 | ||||||||||||||||||||||||
| Interest expense | (755) | (707) | ||||||||||||||||||||||||
| Other income/(expense) (d) | 22 | (16) | ||||||||||||||||||||||||
| Income before income taxes | 3,658 | 3,329 | ||||||||||||||||||||||||
| Benefit from/(provision for) income taxes (e) | (238) | (187) | ||||||||||||||||||||||||
| Equity in earnings/(losses) of unconsolidated entities | (23) | (12) | ||||||||||||||||||||||||
| Net income | 3,397 | 3,130 | ||||||||||||||||||||||||
| Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) | 10 | 6 | ||||||||||||||||||||||||
| Net income attributable to Thermo Fisher Scientific Inc. | $ | 3,387 | 14.7 | % | $ | 3,124 | 14.7 | % | ||||||||||||||||||
| Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||||||||||||||||||||||||
| Basic | $ | 9.11 | $ | 8.27 | ||||||||||||||||||||||
| Diluted | $ | 9.10 | $ | 8.26 | ||||||||||||||||||||||
Weighted average shares: | ||||||||||||||||||||||||||
| Basic | 372 | 378 | ||||||||||||||||||||||||
| Diluted | 372 | 378 | ||||||||||||||||||||||||
| Reconciliation of adjusted operating income and adjusted operating margin | ||||||||||||||||||||||||||
| GAAP operating income | $ | 3,950 | 17.2 | % | $ | 3,551 | 16.7 | % | ||||||||||||||||||
| Cost of revenues adjustments (a) | 42 | 0.2 | % | 21 | 0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 79 | 0.3 | % | 34 | 0.2 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | 147 | 0.6 | % | 180 | 0.9 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 915 | 4.0 | % | 859 | 4.0 | % | ||||||||||||||||||||
| Adjusted operating income (non-GAAP measure) | $ | 5,133 | 22.3 | % | $ | 4,644 | 21.9 | % | ||||||||||||||||||
| Reconciliation of adjusted net income | ||||||||||||||||||||||||||
GAAP net income attributable to Thermo Fisher Scientific Inc. | $ | 3,387 | $ | 3,124 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 42 | 21 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 79 | 34 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 147 | 180 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 915 | 859 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | (29) | 4 | ||||||||||||||||||||||||
| Income taxes adjustments (e) | (296) | (256) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 23 | 12 | ||||||||||||||||||||||||
| Noncontrolling interests adjustments (f) | — | (1) | ||||||||||||||||||||||||
Adjusted net income (non-GAAP measure) | $ | 4,269 | $ | 3,976 | ||||||||||||||||||||||
| Reconciliation of adjusted earnings per share | ||||||||||||||||||||||||||
| GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $ | 9.10 | $ | 8.26 | ||||||||||||||||||||||
| Cost of revenues adjustments (a) | 0.11 | 0.06 | ||||||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | 0.21 | 0.09 | ||||||||||||||||||||||||
| Restructuring and other costs (c) | 0.40 | 0.48 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 2.46 | 2.27 | ||||||||||||||||||||||||
| Other income/expense adjustments (d) | (0.08) | 0.01 | ||||||||||||||||||||||||
| Income taxes adjustments (e) | (0.79) | (0.68) | ||||||||||||||||||||||||
| Equity in earnings/losses of unconsolidated entities | 0.06 | 0.03 | ||||||||||||||||||||||||
| Noncontrolling interests adjustments (f) | — | 0.00 | ||||||||||||||||||||||||
| Adjusted EPS (non-GAAP measure) | $ | 11.47 | $ | 10.51 | ||||||||||||||||||||||
| Reconciliation of free cash flow | ||||||||||||||||||||||||||
GAAP net cash provided by operating activities | $ | 3,317 | $ | 2,122 | ||||||||||||||||||||||
Purchases of property, plant and equipment | (826) | (656) | ||||||||||||||||||||||||
| Proceeds from sale of property, plant and equipment | 13 | 13 | ||||||||||||||||||||||||
| Free cash flow (non-GAAP measure) | $ | 2,503 | $ | 1,479 | ||||||||||||||||||||||
| Business Segment Information | Six months ended | |||||||||||||||||||||||||
| June 27, | % of | June 28, | % of | |||||||||||||||||||||||
| (Dollars in millions) | 2026 | Revenues | 2025 | Revenues | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 5,450 | 23.7 | % | $ | 4,840 | 22.8 | % | ||||||||||||||||||
| Analytical Instruments | 3,563 | 15.5 | % | 3,446 | 16.2 | % | ||||||||||||||||||||
| Specialty Diagnostics | 2,346 | 10.2 | % | 2,282 | 10.8 | % | ||||||||||||||||||||
Laboratory Products and Biopharma Services | 12,729 | 55.3 | % | 11,635 | 54.8 | % | ||||||||||||||||||||
| Eliminations | (1,089) | -4.7 | % | (983) | -4.6 | % | ||||||||||||||||||||
| Consolidated revenues | $ | 22,999 | 100.0 | % | $ | 21,219 | 100.0 | % | ||||||||||||||||||
| Segment income and segment income margin | ||||||||||||||||||||||||||
| Life Sciences Solutions | $ | 1,994 | 36.6 | % | $ | 1,753 | 36.2 | % | ||||||||||||||||||
| Analytical Instruments | 779 | 21.9 | % | 724 | 21.0 | % | ||||||||||||||||||||
| Specialty Diagnostics | 646 | 27.6 | % | 610 | 26.7 | % | ||||||||||||||||||||
| Laboratory Products and Biopharma Services | 1,714 | 13.5 | % | 1,557 | 13.4 | % | ||||||||||||||||||||
| Subtotal reportable segments | 5,133 | 22.3 | % | 4,644 | 21.9 | % | ||||||||||||||||||||
| Cost of revenues adjustments (a) | (42) | -0.2 | % | (21) | -0.1 | % | ||||||||||||||||||||
| Selling, general and administrative expenses adjustments (b) | (79) | -0.3 | % | (34) | -0.2 | % | ||||||||||||||||||||
| Restructuring and other costs (c) | (147) | -0.6 | % | (180) | -0.9 | % | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | (915) | -4.0 | % | (859) | -4.0 | % | ||||||||||||||||||||
| Consolidated GAAP operating income | $ | 3,950 | 17.2 | % | $ | 3,551 | 16.7 | % | ||||||||||||||||||
(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 $9 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, and 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. Adjusted results in 2026 and 2025 also exclude $6 of business interruption recoveries and $5 for settlement charges for pension plans, respectively.
(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 $638 and $532 in 2026 and 2025, respectively.
| Organic revenue growth | Six months ended | |||||||
| June 27, 2026 | ||||||||
| Revenue growth | 8 | % | ||||||
| Acquisitions | 4 | % | ||||||
| Currency translation | 2 | % | ||||||
| Organic revenue growth (non-GAAP measure) | 3 | % | ||||||
| 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) | ||||||||||||||
| June 27, | December 31, | |||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 4,064 | $ | 9,852 | ||||||||||
| Short-term investments | — | 253 | ||||||||||||
| Accounts receivable, net | 9,451 | 8,900 | ||||||||||||
| Inventories | 5,627 | 5,425 | ||||||||||||
| Other current assets | 4,224 | 4,278 | ||||||||||||
Total current assets | 23,365 | 28,707 | ||||||||||||
| Property, plant and equipment, net | 10,755 | 10,565 | ||||||||||||
| Acquisition-related intangible assets, net | 18,606 | 15,838 | ||||||||||||
Other assets | 5,616 | 5,871 | ||||||||||||
| Goodwill | 54,832 | 49,362 | ||||||||||||
Total assets | $ | 113,174 | $ | 110,343 | ||||||||||
| Liabilities, redeemable noncontrolling interest and equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
Short-term obligations and current maturities of long-term obligations | $ | 3,368 | $ | 3,533 | ||||||||||
| Other current liabilities | 11,701 | 11,656 | ||||||||||||
Total current liabilities | 15,069 | 15,189 | ||||||||||||
| Other long-term liabilities | 6,116 | 5,766 | ||||||||||||
Long-term obligations | 39,181 | 35,852 | ||||||||||||
| Redeemable noncontrolling interest | 121 | 122 | ||||||||||||
| Total equity | 52,686 | 53,415 | ||||||||||||
| Total liabilities, redeemable noncontrolling interest and equity | $ | 113,174 | $ | 110,343 | ||||||||||
| Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||||||||
| Six months ended | ||||||||||||||
| June 27, | June 28, | |||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||
| Operating activities | ||||||||||||||
| Net income | $ | 3,397 | $ | 3,130 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 1,552 | 1,391 | ||||||||||||
| Change in deferred income taxes | (466) | (601) | ||||||||||||
| Other net non-cash expenses | 370 | 354 | ||||||||||||
| Changes in assets and liabilities, excluding the effects of acquisitions | (1,537) | (2,151) | ||||||||||||
| Net cash provided by operating activities | 3,317 | 2,122 | ||||||||||||
| Investing activities | ||||||||||||||
| Purchases of property, plant and equipment | (826) | (656) | ||||||||||||
| Proceeds from sale of property, plant and equipment | 13 | 13 | ||||||||||||
| Proceeds from cross-currency interest rate swap interest settlements | 187 | 134 | ||||||||||||
| Acquisitions, net of cash acquired | (8,872) | — | ||||||||||||
| Purchases of investments | (35) | (311) | ||||||||||||
| Proceeds from sales and maturities of investments | 253 | 6 | ||||||||||||
| Net proceeds from terminations of cross-currency interest rate swaps | 481 | — | ||||||||||||
| Other investing activities, net | 1 | — | ||||||||||||
| Net cash used in investing activities | (8,797) | (815) | ||||||||||||
| Financing activities | ||||||||||||||
| Net proceeds from issuance of debt | 5,238 | 2,840 | ||||||||||||
| Repayment of debt | (1,412) | (1,625) | ||||||||||||
| Proceeds from issuance of commercial paper | 389 | — | ||||||||||||
| Repayment of commercial paper | (389) | — | ||||||||||||
| Purchases of company common stock | (4,000) | (2,000) | ||||||||||||
| Dividends paid | (337) | (311) | ||||||||||||
| Other financing activities, net | 33 | 3 | ||||||||||||
| Net cash used in financing activities | (478) | (1,093) | ||||||||||||
| Exchange rate effect on cash | 176 | 348 | ||||||||||||
| Increase/(decrease) in cash, cash equivalents and restricted cash | (5,782) | 563 | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 9,879 | 4,040 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 4,096 | $ | 4,603 | ||||||||||
| Free cash flow (non-GAAP measure) | $ | 2,503 | $ | 1,479 | ||||||||||
| 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.