Skip to main content

Nasdaq+

Weekly Macro+

Scorecard

Market Activity

U.S. Market Activity
->

Stocks

Options

ETFs

Mutual Funds

Indexes

Cryptocurrency

Trading & Market Services

North American Markets

Nasdaq-100 Index

Nasdaq-100 Index Options

Market Data

European Markets
->

Shares

Indexes

Fixed Income

Options & Futures

ETPs

Warrants & Certificates

Funds

News

European Commodities

Market Regulation
->

U.S. Regulation

European Regulation

U.S. Market Quick Links

Nasdaq-100

Symbol Screener

Glossary

Dividend History

Nasdaq Public Policy

U.S. Market Events

Economic Calendar

Earnings

IPO Calendar

Dividend Calendar

SPO Calendar

Holiday Schedule

Nasdaq U.S. Data

Most Active

Explore All U.S. Market Activity
->

Insights

Insights + News

Nasdaq Newsroom

Nasdaq Economic Institute

Nasdaq Newsletters

FinTech News

Driving Excellence

Complexity Report

Global Financial Crime Report

ETF Retail Investor Survey

Nasdaq Public Policy Resources

Nasdaq Originals
->

Trust is the Traction

Frontiers of the Future

The Winning Formula

Question Today

Journey Across the Financial System

Meet Me @ MarketSite

Perspectives

The Print with Phil Mackintosh

Options with Kevin Davitt

Regulatory Roundup with Tony Sio

ESG Trendsetters

Global Indexes: Research Insights

Nasdaq ETF Issuer Hub

Just for Funds

Education

C02 Removals

Derivatives Academy

FinTech Education & Learning Services

Nasdaq Center for Board Excellence

Nasdaq ETF Education

Nasdaq IPO Academy

Explore Our Newsroom
->

Solutions

Access Global Markets
->

Public Markets (Listings)

Nasdaq Texas

North American Markets

European Markets

Private Markets

Nasdaq Fund Secondaries

Featured Solutions

Nasdaq's IPO Process

ETF Listings

Nasdaq-100 Index Options

Derivatives Academy

Drive Growth with Insights

Investment Intelligence

Market & Alternative Datasets

Nasdaq Index Solutions

Featured Solutions

Nasdaq Data Link

Nasdaq-100 Index

Nasdaq Dorsey Wright

Nasdaq eVestment™

Advance with Technology

Financial Technology

Financial Crime Management Technology

Global Connectivity Services

Featured Solutions

Nasdaq AxiomSL

Nasdaq Calypso

Nasdaq Eqlipse

Nasdaq Trade Surveillance

Accelerate Your Strategy

Governance Solutions

Sustainability Solutions

Investor Relations Intelligence

Featured Solutions

Nasdaq Boardvantage®

Board Evaluations

Nasdaq IR Insight®

Nasdaq Metrio

Explore All Solutions
->

About

Our People
->

Board of Directors
->

Careers
->

Contact
->

Quick Links

Question Today

Nasdaq MarketSite

Investor Relations

European Markets

Nasdaq Nordic Foundation

Nasdaq Thought Leadership

Nasdaq Initiatives

Purpose

Market Structure Policy Advocacy

Nasdaq Public Policy

Nasdaq Sustainability

Nasdaq Entrepreneurial Center

Nasdaq Ventures

Nasdaq and the Cloud

Explore All About
->

Log in

Sign In

Thermo Fisher Scientific Reports Second Quarter 2026 Results

Published

Jul 23, 2026 6:00am EDT

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.--(BUSINESS WIRE)--
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260723352855/en/

Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: [email-masked]

Investor Contact Information:
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1356
E-mail: [email-masked]

Source: Thermo Fisher Scientific Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

TMO

The Print with Phil Mackintosh

* Required Information

Subscribe to get data-driven insights on the transformative forces shaping the global economy and markets.

All Text Fields Are Required

*
First Name*

*
Last Name*

*
Email Address*

*
Location*

Select Country...United StatesAfghanistanÅland IslandsAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBolivia, Plurinational State ofBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongoCongo, the Democratic Republic of theCook IslandsCosta RicaCÃ´te d'IvoireCroatiaCubaCuraÃ§aoCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland Islands (Malvinas)Faroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard Island and McDonald IslandsHoly See (Vatican City State)HondurasHong KongHungaryIcelandIndiaIndonesiaIran, Islamic Republic ofIraqIrelandIsle of ManIsraelItalyJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea, Democratic People's Republic ofKorea, Republic ofKuwaitKyrgyzstanLao People's Democratic RepublicLatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLiechtensteinLithuaniaLuxembourgMacaoMacedonia, the former Yugoslav Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMicronesia, Federated States ofMoldova, Republic ofMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorthern Mariana IslandsNorwayOmanPakistanPalauPalestinian Territory, OccupiedPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalPuerto RicoQatarReunionRomaniaRussian FederationRwandaSaint BarthÃ©lemySaint Helena, Ascension and Tristan da CunhaSaint Kitts and NevisSaint LuciaSaint Martin (French part)Saint Pierre and MiquelonSaint Vincent and the GrenadinesSamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSudanSurinameSvalbard and Jan MayenSwazilandSwedenSwitzerlandSyrian Arab RepublicTaiwanTajikistanTanzania, United Republic ofThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States Minor Outlying IslandsUruguayUzbekistanVanuatuVenezuela, Bolivarian Republic ofViet NamVirgin Islands (British)Virgin Islands, U.S.Wallis and FutunaWestern SaharaYemenZambiaZimbabwe

*
Job Role*

Select Role...AccountingAccount Manager/Customer SuccessActuarialAdministratorAnalystAnti-Financial Crime Anti-Money Laundering Board MemberBusiness/StrategyBusiness DevelopmentCFOChief Marketing OfficerChief Operating OfficerChief Compliance OfficerChief Investment OfficerChief Information OfficerChief Information Security Officer Chief Sustainability Officer Chief Technology OfficerChief Human Resources OfficerCEOCommunicationsCompliance/Surveillance ConsultantCorporate SecretaryCSD/SettlementData ManagementDEI (Diversity, equity, inclusion)ETF Specialist/StrategistEngineerExecutive AssistantFinanceFinancial AdvisingFounderFund ManagementGeneral CounselGovernance ProfessionalHealthcare ProfessionalHuman ResourcesInvestment BankerIndividual InvestorInstitutional InvestorInformation SecurityInsurance/Reinsurance BrokerInvestment StrategyInvestor RelationsIT/SurveillanceLearning & DevelopmentLegalMarket DataMarketingMedia Mergers & AcquisitionsNot employedOperationsOtherPolicy MakerPortfolio ManagementProduct DevelopmentProduct ManagementProject/Program ManagementPurchasing & ProcurementResearchRetiredRisk ManagementSalesStudentSustainabilityTeacher/TrainerTraderWealth/Investment Management

*
Industry*

Select...Accountancy and Tax AdvisoryAerospaceAgricultureAutomotiveBanking Tier 1 and Tier 2Banking Tier 3 and Tier 4Consumer GoodsCommunicationsConstructionConsultingComputers/Data/SoftwareCrypto / Digital AssetsEducationElectronicsEnergy and UtilitiesEngineeringEntertainmentEnvironmentalFinance Financial Technology GovernmentHealthcare, Pharmaceuticals, & BiotechHospitalityInsuranceInformation Technology Legal ServicesManufacturingMiningMediaReal Estate Non-ProfitOtherTelecommunicationsTransportationTravel, Recreation & Leisure

*
elq_hp*

Submit

Thanks for submitting!

Investor Relations

Contact

Careers

Advertise

Nasdaq MarketSIte

Trust Center

Newsletters

Accessibility

Privacy Policy

Cookies

Legal

Do Not Sell or Share My Personal Information

© 2026, Nasdaq, Inc. All Rights Reserved.

My Quotes

My Quotes

My European Quotes

Watchlist

Add/Edit Symbols
View as Table

Add symbols now or see the quotes that matter to you, anywhere on Nasdaq.com. Start browsing Stocks, Funds, ETFs and more asset classes.

1/18

TMO

$579.12

+52.66
+10.00%

NVR

$6,049.165

-300.115
-4.73%

XP

$17.135

-0.165
-0.95%

DHI

$140.025

-2.495
-1.75%

WYHG

$3.75

+0.06
+1.63%

RGC

$5.5901

-0.3899
-6.52%

NVRI

$22.165

-0.805
-3.50%

CRML

$6.16

-0.36
-5.52%

DXYZ

$24.55

-0.74
-2.93%

AIXI

$1.23

-0.04
-3.15%

CCEP

$103.87

-2.01
-1.90%

ZTO

$24.125

+0.025
+0.10%

POET

$7.6538

+0.0038
+0.05%

BABA

$114.655

-1.905
-1.63%

SE

$101.065

-3.815
-3.64%

B

$37.01

-0.50
-1.33%

CRCL

$62.32

-3.84
-5.80%

Add/Edit Instruments
View as Table

Add instruments now or see the quotes that matter to you, anywhere on Nasdaq.com. Start browsing Shares, Indexes, ETP and more asset classes.

/

Add/Edit Symbols
Edit Watchlist

Your Watchlist is empty.
Add/Edit Symbols

Create your Watchlist to save your favorite quotes on Nasdaq.com. Log in or create a free account to get started.

1/1

Back

Add a symbol to your watchlist

Most Active

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookie Policy

Cookies Settings
Accept All Cookies

Do Not Sell or Share My Personal Data

When you visit our website, we store cookies on your browser to collect information. The information collected might relate to you, your preferences or your device, and is mostly used to make the site work as you expect it to and to provide a more personalized web experience. However, you can choose not to allow certain types of cookies, which may impact your experience of the site and the services we are able to offer. Click on the different category headings to find out more and change our default settings according to your preference. You cannot opt-out of our First Party Strictly Necessary Cookies as they are deployed in order to ensure the proper functioning of our website (such as prompting the cookie banner and remembering your settings, to log into your account, to redirect you when you log out, etc.). For more information about the First and Third Party Cookies used please follow this link.

More information
Allow All

Manage Consent Preferences

Strictly Necessary Cookies

Always Active

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms.    You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.

Opt Out of Sale of Sharing/Targeted Advertising

Opt Out of Sale of Sharing/Targeted Advertising

As a California consumer, you have the right to opt-out from the sale or sharing of your personal information at any time across business platform, services, businesses and devices. You can opt-out of the sale and sharing of your personal information by using this toggle switch. As a Virginia, Utah, Colorado and Connecticut consumer, you have the right to opt-out from the sale of your personal data and the processing of your personal data for targeted advertising. You can opt-out of the sale of your personal data and targeted advertising by using this toggle switch. For more information on your rights as a United States consumer see our privacy notice.

Targeting Cookies

Switch Label label

These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites.    They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.

Cookie List

Clear

checkbox label label

Apply Cancel

Consent Leg.Interest

checkbox label label

checkbox label label

checkbox label label

Confirm My Choices

Feedback