TMO (Thermo Fisher Scientific Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Healthcare Medical - Diagnostics & Research

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...

CEOMarc N. Casper

Country🇺🇸 United States

ExchangeNYSE

IPOMar 17, 1980

www.thermofisher.com

Revenue$12.2B

YoY Growth+7.2%

QoQ Growth+9.8%

Net Income$2.0B

EPS$5.21

Free Cash Flow$3.0B

Gross Margin38.0%

Op. Margin18.8%

Net Margin16.2%

FCF Margin24.5%

Rev Multiple (TTM)4.2x

P/E Ratio (TTM)27.7x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	4.2x	30.9x
Q2 23	4.3x	32.5x
Q3 23	4.3x	31.3x
Q4 23	4.3x	31.0x
Q1 24	4.4x	30.8x
Q2 24	4.4x	29.9x
Q3 24	4.4x	30.3x
Q4 24	4.3x	29.3x
Q1 25	4.3x	28.5x
Q2 25	4.3x	28.2x
Q3 25	4.3x	28.3x
Q4 25	4.2x	27.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

Capital Expenditures

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%

OpEx Breakdown

Quarter	R&D	SG&A
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

Revenue Segments

Quarter	Consumables	Instruments	Service
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
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
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	388M	-1.3%
Q2 23	388M	+0.0%
Q3 23	388M	+0.0%
Q4 23	388M	+0.0%
Q1 24	384M	-1.0%
Q2 24	383M	-0.3%
Q3 24	384M	+0.3%
Q4 24	383M	-0.3%
Q1 25	379M	-1.0%
Q2 25	378M	-0.3%
Q3 25	378M	+0.0%
Q4 25	377M	-0.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$331K	51K
FY 15	$326K	52K
FY 16	$332K	55K
FY 17	$299K	70K
FY 18	$348K	70K
FY 19	$341K	75K
FY 20	$403K	80K
FY 21	$302K	130K
FY 22	$346K	130K
FY 23	$351K	122K
FY 24	$343K	125K
FY 25	$356K	125K