TMO

MKT CAP:$175B

Thermo Fisher Scientific Inc.

Market Cap

$175B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$469.97-$122.54 (-20.68%)

Apr 24, 2026

Company Details

Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally. The company's Lif...

CEO

Marc N. Casper

IPO Date

Mar 17, 1980

Website

www.thermofisher.com

Key Metrics TTM

Revenue

$45.2B

+5.4% YoY

Net Income

$6.9B

EPS (Diluted)

$18.19

Free Cash Flow

$6.7B

Revenue / Share

$121.17

Gross Margin

39.4%

Operating Margin

17.8%

Net Margin

15.2%

FCF Margin

14.9%

P/S

3.9x

P/E

25.5x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$11.0B+6.2%EPS $4.43

FY 2025

Feb 26, 2026

$44.6B+3.9%EPS $17.74

Q4 2025

Feb 26, 2026

$12.2B+7.2%EPS $5.21

Q3 2025

Oct 31, 2025

$11.1B+4.9%EPS $4.27

Q2 2025

Aug 1, 2025

$10.9B+3.0%EPS $4.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$11.0B	$4.6B	$1.9B
Q3 22	$10.7B	$4.3B	$1.8B
Q4 22	$11.4B	$4.2B	$2.0B
Q1 23	$10.7B	$4.2B	$1.7B
Q2 23	$10.7B	$4.3B	$1.8B
Q3 23	$10.6B	$4.3B	$2.0B
Q4 23	$10.9B	$4.0B	$2.0B
Q1 24	$10.3B	$4.2B	$1.7B
Q2 24	$10.5B	$4.3B	$1.8B
Q3 24	$10.6B	$4.3B	$1.9B
Q4 24	$11.4B	$4.5B	$2.3B
Q1 25	$10.4B	$4.2B	$1.8B
Q2 25	$10.9B	$4.0B	$1.9B
Q3 25	$11.1B	$4.7B	$1.9B
Q4 25	$12.2B	$4.6B	$2.3B
Q1 26	$11.0B	$4.5B	$1.9B

Valuation

Quarter	P/S	P/E
Q2 22	5.0x	28.6x
Q3 22	4.6x	29.1x
Q4 22	4.7x	30.3x
Q1 23	5.0x	36.5x
Q2 23	4.6x	35.0x
Q3 23	4.4x	32.3x
Q4 23	4.8x	34.5x
Q1 24	5.2x	36.6x
Q2 24	4.9x	33.3x
Q3 24	5.6x	38.6x
Q4 24	4.6x	31.4x
Q1 25	4.4x	28.9x
Q2 25	3.5x	23.3x
Q3 25	4.0x	26.6x
Q4 25	5.0x	32.9x
Q1 26	4.0x	26.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$1.5B	$1.0B
Q3 22	$1.9B	$1.4B
Q4 22	$3.5B	$2.9B
Q1 23	$729M	$271M
Q2 23	$1.5B	$1.3B
Q3 23	$2.4B	$2.1B
Q4 23	$3.7B	$3.3B
Q1 24	$1.3B	$904M
Q2 24	$2.0B	$1.7B
Q3 24	$2.2B	$1.9B
Q4 24	$3.3B	$2.8B
Q1 25	$723M	$361M
Q2 25	$1.4B	$1.1B
Q3 25	$2.2B	$1.8B
Q4 25	$3.5B	$3.0B
Q1 26	$1.2B	$816M

Capital Expenditures

Quarter	CapEx
Q2 22	$506M
Q3 22	$547M
Q4 22	$550M
Q1 23	$458M
Q2 23	$284M
Q3 23	$332M
Q4 23	$405M
Q1 24	$347M
Q2 24	$301M
Q3 24	$272M
Q4 24	$480M
Q1 25	$362M
Q2 25	$294M
Q3 25	$404M
Q4 25	$465M
Q1 26	$376M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+18.3%	+28.6%
Q3 22	+14.4%	+27.8%
Q4 22	+7.0%	+18.0%
Q1 23	-9.4%	+0.3%
Q2 23	-2.6%	-1.4%
Q3 23	-1.0%	-3.6%
Q4 23	-4.9%	-6.0%
Q1 24	-3.4%	-4.2%
Q2 24	-1.4%	-1.4%
Q3 24	+0.2%	+1.0%
Q4 24	+4.7%	+2.6%
Q1 25	+0.2%	-1.2%
Q2 25	+3.0%	+1.8%
Q3 25	+4.9%	+5.7%
Q4 25	+7.2%	+8.6%
Q1 26	+6.2%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$77M	0.7%
Q3 22	$77M	0.7%
Q4 22	$75M	0.7%
Q1 23	$76M	0.7%
Q2 23	$74M	0.7%
Q3 23	$67M	0.6%
Q4 23	$61M	0.6%
Q1 24	$70M	0.7%
Q2 24	$84M	0.8%
Q3 24	$68M	0.6%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 22	$365M	$2.3B
Q3 22	$351M	$2.2B
Q4 22	$391M	$1.8B
Q1 23	$346M	$2.1B
Q2 23	$345M	$2.1B
Q3 23	$319M	$2.0B
Q4 23	$327M	$1.6B
Q1 24	$331M	$2.2B
Q2 24	$339M	$2.2B
Q3 24	$346M	$2.1B
Q4 24	$374M	$1.8B
Q1 25	$342M	$2.1B
Q2 25	$352M	$1.8B
Q3 25	$347M	$2.4B
Q4 25	$357M	$2.0B
Q1 26	$336M	$1.8B

Revenue Segments

Quarter	Consumables	Instruments	Service
Q2 22	$5.0B	$2.0B	$4.0B
Q3 22	$4.7B	$1.9B	$4.1B
Q4 22	$4.9B	$2.1B	$4.5B
Q1 23	$4.5B	$1.9B	$4.3B
Q2 23	$4.4B	$1.8B	$4.4B
Q3 23	$4.3B	$1.9B	$4.4B
Q4 23	$4.4B	$2.0B	$4.5B
Q1 24	$4.3B	$1.6B	$4.4B
Q2 24	$4.4B	$1.8B	$4.4B
Q3 24	$4.4B	$1.8B	$4.5B
Q4 24	$4.5B	$2.3B	$4.6B
Q1 25	$4.4B	$1.6B	$4.4B
Q2 25	$4.6B	$1.6B	$4.6B
Q3 25	$4.7B	$1.8B	$4.6B
Q4 25	$5.0B	$2.2B	$5.0B

Revenue by Geography

Quarter	Asia Pacific	Europe	North America	Other Regions	All Other Countries	United States
Q2 22	$2.0B	$2.6B	$6.0B	$345M	—	—
Q3 22	$2.0B	$2.4B	$6.0B	$338M	—	—
Q4 22	$2.0B	$2.8B	$6.3B	$380M	—	—
Q1 23	$2.0B	$2.6B	$5.8B	$345M	—	—
Q2 23	$1.9B	$2.7B	$5.7B	$417M	—	—
Q3 23	$1.9B	$2.6B	$5.7B	$350M	—	—
Q4 23	$2.1B	$2.8B	$5.6B	$367M	—	—
Q1 24	$1.9B	$2.6B	$5.5B	$346M	—	—
Q2 24	$2.0B	$2.7B	—	—	$379M	$5.5B
Q3 24	$1.9B	$2.7B	—	—	$397M	$5.6B
Q4 24	$2.2B	$2.9B	—	—	$439M	$5.9B
Q1 25	$1.9B	$2.6B	—	—	$337M	$5.5B
Q2 25	$1.9B	$2.8B	—	—	$383M	$5.7B
Q3 25	$2.0B	$3.0B	—	—	$415M	$5.7B
Q4 25	$2.3B	$3.4B	—	—	$462M	$6.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.9B	$0	$1.9B
Q3 22	$2.9B	$0	$2.9B
Q4 22	$8.5B	$0	$8.5B
Q1 23	$3.5B	$0	$3.5B
Q2 23	$3.1B	$0	$3.1B
Q3 23	$6.2B	$0	$6.2B
Q4 23	$8.1B	$0	$8.1B
Q1 24	$5.5B	$1.8B	$7.3B
Q2 24	$7.1B	$1.8B	$8.8B
Q3 24	$4.6B	$2.0B	$6.6B
Q4 24	$4.0B	$1.6B	$5.6B
Q1 25	$4.1B	$1.8B	$5.9B
Q2 25	$4.6B	$1.8B	$6.4B
Q3 25	$2.0B	$1.6B	$3.5B
Q4 25	$9.9B	$253M	$10.1B
Q1 26	$3.3B	$2M	$3.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	394M	-0.3%	-0.5%
Q3 22	395M	+0.3%	-0.5%
Q4 22	393M	-0.5%	-1.3%
Q1 23	388M	-1.3%	-1.8%
Q2 23	388M	0.0%	-1.5%
Q3 23	388M	0.0%	-1.8%
Q4 23	388M	0.0%	-1.3%
Q1 24	384M	-1.0%	-1.0%
Q2 24	383M	-0.3%	-1.3%
Q3 24	384M	+0.3%	-1.0%
Q4 24	383M	-0.3%	-1.3%
Q1 25	379M	-1.0%	-1.3%
Q2 25	378M	-0.3%	-1.3%
Q3 25	378M	0.0%	-1.6%
Q4 25	377M	-0.3%	-1.6%
Q1 26	373M	-1.1%	-1.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$84.4K	130K
Q3 22	$82.1K	130K
Q4 22	$88.1K	130K
Q1 23	$82.4K	130K
Q2 23	$82.2K	130K
Q3 23	$81.3K	130K
Q4 23	$89.2K	122K
Q1 24	$84.8K	122K
Q2 24	$86.4K	122K
Q3 24	$86.9K	122K
Q4 24	$91.2K	125K
Q1 25	$82.9K	125K
Q2 25	$86.8K	125K
Q3 25	$89.0K	125K
Q4 25	$97.7K	125K
Q1 26	$88.0K	125K

Revenue / Employee