Thermo Fisher Scientific (TMO) financials
NYSE · Healthcare · Medical - Diagnostics & Research · 125,000 employees · CEO Marc N. Casper
- Price
- $697.00 -1.72%
- Market cap
- $258B
- Enterprise value
- $294B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-02-04 EPS est. $7.13
Revenue (TTM)$47.4B+8.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)18.0%-0.5 pp vs a year agoOperating income $8.52B
Net income (TTM)$7.08B+7.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$7.6B+24.3% vs a year agoCapex $1.73B
Diluted EPS (TTM)$18.96+9.5% vs a year agoSum of the last 4 quarters
Net cash-$35.3B-9.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $258B EV $294B
- Revenue
- $47.4B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- 15.0% Net income / revenue, TTM
- P/E
- 36.7× Forward 27.6× (FY2026)
- P/S
- 5.4× Price / sales, TTM
- EV / EBITDA
- 26.1× TTM
- Free cash flow
- $7.6B Trailing 12 months
- Net income
- $7.08B Trailing 12 months
- Revenue estimate
- $48B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $12.8B
- Dividend
- $1.84 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue beat by 1.5%, EPS beat by 4.4%Revenue $12.1B vs $12B expected (+1.5%); EPS $6.68 vs $6.40 (+4.4%).
- Revenue growth accelerating: 9.1% year on yearQ3 '26 revenue $12.1B, against an average of 7.2% over the four quarters before.
- Operating margin 18.0% (TTM), -0.5 pp on a year agoOperating income grew 5.1% while revenue grew 8.3%.
- Capex 3.6% of revenue (a year ago 3.5%)$1.73B invested in the last 4 quarters (+12.2% on a year earlier). Free cash flow $7.6B = 107.2% of net income.
- Returned $7.67B to shareholders = 101.0% of free cash flowBuybacks $7B (a year earlier $1B), dividends $673M, stock-based pay $84M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 1.9% in a year371M diluted shares in Q3 '26, 378M a year earlier.
- Net debt $35.3BCash + short-term investments $6.06B, debt incl. leases $41.4B; a year ago net debt $32.1B.
- Laboratory Products And Biopharma Services: revenue +15.1%, margin 15.6% (was 14.6%)Fastest-growing reported segment in Q3 '26: operating income $1.07B on revenue $6.82B (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-09-26. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $12.1B | $11.1B | +9.1% |
| Gross margin | 42.8% | 41.2% | +1.6 pp |
| Operating income | $2.26B | $2.08B | +9.1% |
| Operating margin | 18.6% | 18.7% | 0.0 pp |
| Net income | $1.72B | $1.62B | +6.5% |
| Diluted EPS | $4.64 | $4.27 | +8.7% |
| Operating cash flow | $2.55B | $2.24B | +13.9% |
| Capex | $437M | $404M | +8.2% |
| Free cash flow | $2.11B | $1.84B | +15.1% |
| R&D | $348M | $347M | +0.3% |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $12.1B | $12B | +1.5% |
| EPS (as estimated) | $6.68 | $6.40 | +4.4% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product revenues | – | – | – | – | – | |
| Product | $6.75B | – | 35.7% | – | – | |
| Service | $5.38B | +16.2% | 28.5% | – | – | |
| Services | – | – | – | – | – | |
| Consumables | – | – | – | – | – | |
| Product, Consumables | $4.87B | – | 25.8% | – | – | |
| Instruments | – | – | – | – | – | |
| Product, Instruments | $1.88B | – | 10.0% | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $6.27B | +10.1% | 51.6% | $24.2B | +6.3% | |
| Europe | $3.2B | +6.5% | 26.4% | $12.8B | +13.1% | |
| Asia Pacific | $2.24B | +11.3% | 18.5% | $8.59B | +7.1% | |
| All Other Countries | $430M | +3.6% | 3.5% | $1.69B | +7.6% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Laboratory Products And Biopharma Services | $6.82B | +15.1% | $1.07B | +22.9% | 15.6% | 14.6% | $3.71B |
| Laboratory Products And Biopharma Services Segment | – | – | – | – | – | – | – |
| Laboratory Productsand Services | – | – | – | – | – | – | – |
| Life Sciences Solutions | $2.28B | +3.9% | $1.02B | +5.6% | 44.8% | 44.1% | $4.06B |
| Analytical Instruments | $1.95B | +5.5% | $538M | +25.4% | 27.6% | 23.2% | $1.9B |
| Specialty Diagnostics | $1.09B | -5.5% | $341M | +6.2% | 31.3% | 27.8% | $1.31B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $9.32B
- Capex
- -$1.73B
- Buybacks
- -$7B
- Dividends
- -$673M
- Acquisitions
- -$8.85B
- Net debt issued
- $3.89B
- Stock-based compensation
- $84M
- Free cash flow
- $7.6B
- Returned to shareholders / FCF
- 101.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 36.7× | 32.6× | 31.1× – 34.2× |
| EV / EBITDA | 26.1× | 21.3× | 19.3× – 24.6× |
| EV / Sales | 6.2× | 5.8× | 5.3× – 7.5× |
| Price / FCF | 33.9× | 32.0× | 27.3× – 37.4× |
| Price / Book | 4.7× | 4.8× | 4.0× – 6.4× |
| FCF yield | 2.9% | 3.2% | 2.7% – 3.7% |
| Return on invested capital | 7.5% | 8.7% | 7.6% – 10.7% |
| Return on equity | 13.3% | 14.6% | 12.6% – 18.9% |
Analysts
Consensus target $694.27 (-0.4%)
range $520.00 – $800.00 · rating Buy
Strong buy0
Buy36
Hold7
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $48B | +7.7% | $25.28 | +42.5% | 27.6× | 15 |
| FY2027 | $50.6B | +5.3% | $27.73 | +9.7% | 25.1× | 16 |
| FY2028 | $53.8B | +6.3% | $30.61 | +10.4% | 22.8× | 6 |
| FY2029 | $57.2B | +6.4% | $33.83 | +10.5% | 20.6× | 3 |
| FY2030 | $59.1B | +3.3% | $37.02 | +9.4% | 18.8× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 325 figures Thermo Fisher Scientific Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $463M | -$30M | +1,643.3% | – | – | – | |
| 6.8% | -1.1% | +718.2% | – | – | – | |
| Accounts Payable, Current | $3.09B | $3.12B | -1.1% | $3.62B | $3.08B | +17.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $9.63B | $8.91B | +8.0% | $8.9B | $8.19B | +8.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $135M | $155M | -12.9% | $147M | $173M | -15.0% |
| Accrual for Environmental Loss Contingencies | $86M2025-12-31 | $81M | +6.2% | $86M | $81M | +6.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $7.82B2025-12-31 | $6.75B | +15.7% | $7.82B | $6.75B | +15.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.26B | -$2.8B | +19.2% | -$2.45B | -$2.7B | +9.2% |
| Additional Paid in Capital, Common Stock | $19.2B | $18.3B | +5.0% | $18.6B | $18B | +3.3% |
| Alternative Investment | $64M2025-12-31 | $40M | +60.0% | $64M | $40M | +60.0% |
| Amortization of Intangible Assets | $518M | $435M | +19.1% | $1.73B | $1.95B | -11.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2M | 3M | -33.3% | 3M | 2M | +50.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $95M | $70M | +35.7% | $310M | $301M | +3.0% |
| Assets | $114B | $103B | +10.9% | $110B | $97.3B | +13.4% |
| Assets, Current | $25.6B | $22.3B | +14.9% | $28.7B | $22.1B | +29.7% |
| Assets, Fair Value Disclosure | $3.84B | – | – | $8.29B | $3.4B | +143.8% |
| Business Combination, Contingent Consideration, Asset | $0 | $65M | -100.0% | – | – | – |
| Business Combination, Contingent Consideration, Liability | $119M | $0 | – | $02023-12-31 | $0 | – |
| Capital Expenditures Incurred but Not yet Paid | -$7M | -$43M | +83.7% | $264M | $303M | -12.9% |
| Cash and Cash Equivalents, at Carrying Value | $5.46B | $1.98B | +175.5% | $9.85B | $4.01B | +145.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $2.51B | – | – | $6.91B | $1.1B | +526.2% |
| Cash Surrender Value, Fair Value Disclosure | $313M | – | – | $280M | $240M | +16.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $5.49B | $2.01B | +173.2% | $9.88B | $4.04B | +144.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.4B | -$2.59B | +153.9% | $5.84B | -$4.06B | +243.9% |
| Common Stock, Capital Shares Reserved for Future Issuance | 36M2025-12-31 | 37M | -2.7% | 36M | 37M | -2.7% |
| Common Stock, Dividends, Per Share, Declared | $0.47 | $0.43 | +9.3% | $1.72 | $1.56 | +10.3% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 1.2B | 1.2B | 0.0% | 1.2B | 1.2B | 0.0% |
| Common Stock, Shares, Issued | 447M | 445M | +0.4% | 445M | 444M | +0.3% |
| Common Stock, Value, Issued | $447M | $445M | +0.4% | $445M | $444M | +0.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $7M | $4M | +75.0% | $17M | -$4M | +525.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.92B | $1.61B | +18.9% | $6.95B | $6.86B | +1.3% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.92B | $1.62B | +19.1% | $6.97B | $6.86B | +1.6% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $1.69B | $1.62B | +4.4% | $1.67B | $1.44B | +16.1% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $0 | $1M | -100.0% | $1M | $6M | -83.3% |
| Contract with Customer, Liability, Current | $2.94B | $2.85B | +3.1% | $2.71B | $2.85B | -5.0% |
| Contract with Customer, Liability, Noncurrent | $1.08B | $1.16B | -6.5% | $1.18B | $1.14B | +4.0% |
| Contract with Customer, Liability, Revenue Recognized | $360M | $410M | -12.2% | – | – | – |
| Costs and Expenses | $9.87B | $9.18B | +7.5% | $36.8B | $35.5B | +3.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $402M | $561M | -28.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $658M | $1.18B | -44.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.19B | $1.87B | -36.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $126M | $130M | -3.1% |
| Debt Instrument, Fair Value Disclosure | $36.9B | $33.1B | +11.7% | $36.6B | $28.5B | +28.3% |
| Debt Instrument, Unamortized Discount (Premium), Net | $85M | $95M | -10.5% | $94M | $95M | -1.1% |
| Debt Issuance Costs, Net | $212M | $165M | +28.5% | $194M | $164M | +18.3% |
| Debt, Current | $2.26B | $3.82B | -40.8% | $3.53B | $2.21B | +59.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$385M | -$1.03B | +62.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$221M | -$72M | -206.9% |
| Deferred Income Tax Expense (Benefit) | -$210M | -$127M | -65.4% | -$639M | -$1.21B | +47.1% |
| Deferred Income Tax Liabilities, Net | $1.47B | $842M | +74.9% | $1.49B | $1.27B | +17.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$34M | -$111M | +69.4% |
| Deferred Tax Asset, Interest Carryforward | $3.37B2025-12-31 | $534M | +530.1% | $3.37B | $534M | +530.1% |
| Deferred Tax Assets, Gross | $3.81B2025-12-31 | $705M | +440.6% | $3.81B | $705M | +440.6% |
| Deferred Tax Assets, in Process Research and Development | $372M2025-12-31 | $536M | -30.6% | $372M | $536M | -30.6% |
| Deferred Tax Assets, Inventory | $293M2025-12-31 | $309M | -5.2% | $293M | $309M | -5.2% |
| Deferred Tax Assets, Net of Valuation Allowance | $249M2025-12-31 | – | – | $249M | – | – |
| Deferred Tax Assets, Other | -$346M2025-12-31 | $147M | -335.4% | -$346M | $147M | -335.4% |
| Deferred Tax Assets, Other Tax Carryforwards | $3.66B2025-12-31 | $2.92B | +25.6% | $3.66B | $2.92B | +25.6% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $321M2025-12-31 | $318M | +0.9% | $321M | $318M | +0.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-26, 10-Q 2026-06-27, 10-Q 2026-03-28, 10-K 2025-12-31, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-K 2024-12-31, 10-Q 2024-09-28
Data as of 2026-11-01