Media Contact Information: Investor Contact Information:
Media Contact Information: Investor Contact Information: Sandy Pound Rafael Tejada Thermo Fisher Scientific Thermo Fisher Scientific Phone: 781-622-1223 Phone: 781-622-1356 E-mail: sandy.pound@thermofisher.com E-mail: rafael.tejada@thermofisher.com
Outstanding performance driven by proven growth strategy and PPI Business System
(October 21, 2026) – Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 26, 2026.
“We are very pleased to deliver another excellent quarter, with outstanding financial performance on both the top and bottom line,” said Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific. “We’re advancing our proven growth strategy, which is resonating strongly with our customers, and our PPI Business System is enabling outstanding execution across the company.”
Casper added, “Looking ahead, we’re well positioned to deliver an excellent 2026 as we continue to drive long-term value creation for all of our stakeholders and build an even brighter future for our company.”
• Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. Highlights include the Thermo Scientific™ Orbitrap™ Isora™ mass spectrometer, the first Orbitrap system designed for isotope ratio analysis, enabling faster, simplified workflows and providing deeper insights into the origin and composition of samples for environmental and life sciences research; the Thermo Scientific™ EMPAD™ G2 electron detector enabling faster, more detailed electron microscopy characterization of advanced materials to support the development of next- generation electronics, memory and energy technologies; the FDA-cleared EliA™ CTD 13 Screen in the U.S., a new autoimmune test for systemic connective tissue diseases, including lupus, helping laboratories streamline testing and providing clinicians with reliable information to inform patient care; and the Ion 560 Chip, the highest-throughput sequencing chip for the Ion GeneStudio™ S5 platform, providing nearly twice the sequencing capacity of the prior offering to enable laboratories to process more samples and meet growing genomic profiling needs in oncology research.
• Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers. In partnership with Mayo Clinic, we launched Precure, a pioneering initiative that will combine data from more than one million patient samples with our differentiated proteomics ecosystem, including Orbitrap™ mass spectrometry and Olink™ technologies, to generate new insights into disease progression, enable earlier detection and advance precision medicine. In South Korea, we opened our first AI-Automation Innovation Center, bringing together our advanced analytical technologies, automation and AI to enable our customers to accelerate innovation and enhance R&D productivity. In our channel businesses, we also opened a highly automated distribution center in Kentucky, to enhance speed, flexibility and assurance of supply for our customers across North America.
• Continued to successfully execute our capital deployment strategy. During the quarter, we completed our previously announced divestiture of our microbiology business.
Revenue for the third quarter of 2026 grew 9% to $12.14 billion, versus $11.12 billion in the same quarter of 2025. Organic revenue growth was 6%.
GAAP diluted EPS in the third quarter of 2026 was $4.64, 9% growth versus the third quarter of 2025. GAAP operating income for the third quarter of 2026 was $2.26 billion, 17% higher than the year-ago quarter. GAAP operating margin was 18.6%, compared with 17.4% in the third quarter of 2025.
Adjusted EPS for the third quarter of 2026 was $6.68, 15% growth versus the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $2.97 billion, 15% higher than the year-ago quarter. Adjusted operating margin was 24.5%, compared with 23.3% in the third quarter of 2025.
The company will provide updated 2026 financial guidance during its earnings conference call this morning at 7:00 a.m. Eastern Time.
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.
Thermo Fisher Scientific will hold its earnings conference call today, October 21, 2026, at 7:00 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 500554659.
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” until the next quarterly earnings call.
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.
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. ###
(a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2026 also exclude $7 of transaction-related costs. Adjusted results in 2025 also exclude $8 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, accelerated depreciation on fixed assets to be abandoned due to facility consolidations, and charges for product liability litigation.
(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. Adjusted results in 2026 exclude $72 of gain on the sale of a business and $244 for a held-for-sale loss. Adjusted results in 2025 also exclude $51 of charges for disposition of a consolidated joint venture.
(d) Adjusted results exclude net gains/losses on investments and settlement charges for pension plans.
(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.
Consolidated depreciation expense is $307 and $227 in 2026 and 2025, respectively.
Three months ended Organic revenue growth September 26, 2026 ────────────────────────────────────────────────────────────────────── Revenue growth 9 % Acquisitions/divestitures 3 % Currency translation 0 % Organic revenue growth (non-GAAP 6 % measure) 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.
(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 $16 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, accelerated depreciation on fixed assets to be abandoned due to facility consolidations, and charges for product liability litigation.
(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. Adjusted results in 2026 exclude $72 of gain on the sale of a business and $244 for a held-for-sale loss. Adjusted results in 2025 also exclude $51 of charges for disposition of a consolidated joint venture.
(d) Adjusted results exclude net gains/losses on investments and settlement charges for pension plans. Adjusted results in 2026 also exclude $6 of business interruption recoveries.
(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.
Consolidated depreciation expense is $945 and $758 in 2026 and 2025, respectively.
Nine months ended Organic revenue growth September 26, 2026 ────────────────────────────────────────────────────────────────────── Revenue growth 9 % Acquisitions/divestitures 4 % Currency translation 1 % Organic revenue growth (non-GAAP 4 % measure) 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) (In millions) Assets September 26, December 31, Current assets: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 5,461 $ 9,852 Short-term investments 600 253 Accounts receivable, net 9,625 8,900 Inventories 5,643 5,425 Other current assets 4,285 4,278 Total current assets 25,615 28,707 Property, plant and 10,577 10,565 equipment, net Acquisition-related intangible assets, 18,077 15,838 net Other assets 5,701 5,871 Goodwill 54,263 49,362 Total assets $ 114,233 $ 110,343 Liabilities, redeemable noncontrolling interest and equity Current liabilities: Short-term obligations and current $ 2,262 $ 3,533 maturities of long-term obligations Other current liabilities 11,908 11,656 Total current liabilities 14,170 15,189 Other long-term 6,059 5,766 liabilities Long-term obligations 39,108 35,852 Redeemable noncontrolling 128 122 interest Total equity 54,767 53,415 Total liabilities, redeemable $ 114,233 $ 110,343 noncontrolling interest and equity
Condensed Consolidated Statements of Cash Flows (unaudited) Nine months ended (In millions) September 26, September 27, Operating activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 5,124 $ 4,751 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and 2,378 2,053 amortization Change in deferred -676 -728 income taxes Other net non-cash 621 540 expenses Changes in assets and liabilities, -1,580 -2,255 excluding the effects of acquisitions Net cash provided by operating 5,867 4,361 activities Investing activities Purchases of property, plant and -1,263 -1,060 equipment Proceeds from sale of property, plant 14 17 and equipment Proceeds from cross-currency interest 284 218 rate swap interest settlements Acquisitions, net of -8,877 -4,037 cash acquired Purchases of -668 -351 investments Proceeds from sales and maturities of 253 254 investments Proceeds from sale of business, net of 1,021 — cash divested Net proceeds from terminations of 388 — cross-currency interest rate swaps Other investing -26 20 activities, net Net cash used in -8,874 -4,938 investing activities Financing activities Net proceeds from 5,238 2,840 issuance of debt Repayment of debt -2,519 -1,625 Proceeds from issuance of commercial 389 1,095 paper Repayment of -389 -597 commercial paper Purchases of company -4,000 -2,963 common stock Dividends paid -511 -474 Other financing 251 -1 activities, net Net cash used in -1,541 -1,725 financing activities Exchange rate effect 164 273 on cash Increase/(decrease) in cash, cash -4,384 -2,029 equivalents and restricted cash Cash, cash equivalents and restricted 9,879 4,040 cash at beginning of period Cash, cash equivalents and restricted $ 5,494 $ 2,011 cash at end of period Free cash flow $ 4,618 $ 3,319 (non-GAAP measure) 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.
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.
Full text with the tables
Exhibit 99.1
News
Media Contact Information: Investor Contact Information:
Sandy Pound Rafael Tejada
Thermo Fisher Scientific 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 Third Quarter 2026 Results
Revenue Grew 9% Including 6% Organic Revenue Growth
Grew GAAP Diluted EPS 9% and Adjusted EPS 15%
Outstanding performance driven by proven growth strategy and PPI Business System
WALTHAM, Mass.
(October 21, 2026) – Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader
in serving science, today reported its financial results for the third quarter
ended September 26, 2026.
Third Quarter Highlights
• Third quarter revenue grew 9% to $12.14 billion
• Third quarter GAAP diluted earnings per share (EPS) grew 9% to $4.64
• Third quarter adjusted EPS grew 15% to $6.68
“We are very pleased to deliver another excellent quarter, with outstanding
financial performance on both the top and bottom line,” said Marc N. Casper,
chairman and chief executive officer of Thermo Fisher Scientific. “We’re
advancing our proven growth strategy, which is resonating strongly with our
customers, and our PPI Business System is enabling outstanding execution across
the company.”
Casper added, “Looking ahead, we’re well positioned to deliver an excellent 2026
as we continue to drive long-term value creation for all of our stakeholders 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. Highlights include the Thermo
Scientific™ Orbitrap™ Isora™ mass spectrometer, the first Orbitrap system
designed for isotope ratio analysis, enabling faster, simplified workflows and
providing deeper insights into the origin and composition of samples for
environmental and life sciences research; the Thermo Scientific™ EMPAD™ G2
electron detector enabling faster, more detailed electron microscopy
characterization of advanced materials to support the development of next-
generation electronics, memory and energy technologies; the FDA-cleared EliA™
CTD 13 Screen in the U.S., a new autoimmune test for systemic connective tissue
diseases, including lupus, helping laboratories streamline testing and providing
clinicians with reliable information to inform patient care; and the Ion 560
Chip, the highest-throughput sequencing chip for the Ion
GeneStudio™ S5 platform, providing nearly twice the sequencing capacity of the
prior offering to enable laboratories to process more samples and meet growing
genomic profiling needs in oncology research.
• Strengthened our industry-leading commercial engine and deepened our trusted
partner status with customers. In partnership with Mayo Clinic, we launched
Precure, a pioneering initiative that will combine data from more than one
million patient samples with our differentiated proteomics ecosystem, including
Orbitrap™ mass spectrometry and Olink™ technologies, to generate new insights
into disease progression, enable earlier detection and advance precision
medicine. In South Korea, we opened our first AI-Automation Innovation Center,
bringing together our advanced analytical technologies, automation and AI to
enable our customers to accelerate innovation and enhance R&D productivity. In
our channel businesses, we also opened a highly automated distribution center in
Kentucky, to enhance speed, flexibility and assurance of supply for our
customers across North America.
• Continued to successfully execute our capital deployment strategy. During the
quarter, we completed our previously announced divestiture of our microbiology
business.
Financial Results
Revenue for the third quarter of 2026 grew 9% to $12.14 billion, versus $11.12
billion in the same quarter of 2025. Organic revenue growth was 6%.
GAAP Earnings Results
GAAP diluted EPS in the third quarter of 2026 was $4.64, 9% growth versus the
third quarter of 2025. GAAP operating income for the third quarter of 2026 was
$2.26 billion, 17% higher than the year-ago quarter. GAAP operating margin was
18.6%, compared with 17.4% in the third quarter of 2025.
Non-GAAP Earnings Results
Adjusted EPS for the third quarter of 2026 was $6.68, 15% growth versus the
third quarter of 2025. Adjusted operating income for the third quarter of 2026
was $2.97 billion, 15% higher than the year-ago quarter. Adjusted operating
margin was 24.5%, compared with 23.3% in the third quarter of 2025.
Annual Guidance for 2026
The company will provide updated 2026 financial guidance during its earnings
conference call this morning at 7:00 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.
Conference Call
Thermo Fisher Scientific will hold its earnings conference call today, October
21, 2026, at 7:00 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 500554659.
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” until
the next quarterly earnings call.
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.
###
Cond…
Cons…
Stat…
of
Inco…
(una…
(Dol…
in
mill…
exce…
per
share
amou…
Reve…
Costs
and
oper…
expe…
Cost
of
reve…
(a)
Sell…
gene…
and
admi…
expe…
(b)
Amor…
of
acqu…
inta…
asse…
Rese…
and
deve…
expe…
Rest…
and
other
costs
(c)
Total
costs
and
oper…
expe…
Oper…
inco…
Inte…
inco…
Inte…
expe…
Other
inco…
(d)
Inco…
befo…
inco…
taxes
Bene…
from…
for)
inco…
taxes
(e)
Equi…
in
earn…
of
unco…
enti…
Net
inco…
Less:
net
inco…
attr…
to
nonc…
inte…
and
rede…
nonc…
inte…
Net 12,1… 11,122
inco… 6,945 6,470
attr… 1,863 1,795
to 519 435
Ther… 348 346
Fish… 199 135
Scie… 9,874 9,182
Inc. 2,263 1,941
Earn… 252 234
per (417) 57.2 % (347) 58.2 %
share (10) 15.3 % (2) 16.1 %
attr… Three 2,088 4.3 % 1,826 3.9 %
to months (352) 2.9 % (207) 3.1 %
Ther… ended (9) 1.6 % 2 1.2 %
Fish… Septe… 1,727 81.4 % Sept… 1,621 82.6 %
Scie… 26, 6 % of 18.6 % 27, 5 % of 17.4 %
Inc.: 2026 1,721 Reven… 14.2 % 2025 1,616 Reve… 14.5 %
──────────────────────────────────────────────────────────────────────────────
Basic $ 4.65 $ 4.28
Dilu… $ 4.64 $ 4.27
Weig…
aver…
shar…
Basic 370 378
Dilu… 371 378
Reco…
of
adju…
oper…
inco…
and
adju…
oper…
marg…
GAAP
oper… $ 2,263 18.6 % $ 1,941 17.4 %
inco…
Cost
of
reve… 9 0.1 % 10 0.1 %
adju…
(a)
Sell…
gene…
and
admi… -20 -0.2 % 66 0.6 %
expe…
adju…
(b)
Rest…
and
other 199 1.6 % 135 1.2 %
costs
(c)
Amor…
of
acqu… 519 4.3 % 435 3.9 %
inta…
asse…
Adju…
oper…
inco… $ 2,968 24.5 % $ 2,587 23.3 %
(non…
meas…
Reco…
of
adju…
net
inco…
GAAP
net
inco…
attr…
to $ 1,721 $ 1,616
Ther…
Fish…
Scie…
Inc.
Cost
of
reve… 9 10
adju…
(a)
Sell…
gene…
and
admi… -20 66
expe…
adju…
(b)
Rest…
and
other 199 135
costs
(c)
Amor…
of
acqu… 519 435
inta…
asse…
Other
inco… 14 -5
adju…
(d)
Inco…
taxes 27 -64
adju…
(e)
Equi…
in
earn… 9 -2
of
unco…
enti…
Adju…
net
inco… $ 2,477 $ 2,190
(non…
meas…
Reco…
of
adju…
earn…
per
share
GAAP
dilu…
EPS
attr…
to $ 4.64 $ 4.27
Ther…
Fish…
Scie…
Inc.
Cost
of
reve… 0.02 0.03
adju…
(a)
Sell…
gene…
and
admi… -0.06 0.17
expe…
adju…
(b)
Rest…
and
other 0.54 0.36
costs
(c)
Amor…
of
acqu… 1.40 1.15
inta…
asse…
Other
inco… 0.04 -0.01
adju…
(d)
Inco…
taxes 0.07 -0.17
adju…
(e)
Equi…
in
earn… 0.02 -0.01
of
unco…
enti…
Adju…
EPS $ 6.68 $ 5.79
(non…
meas…
Reco…
of
free
cash
flow
GAAP
net
cash
prov… $ 2,551 $ 2,239
by
oper…
acti…
Purc…
of
prop… -437 -404
plant
and
equi…
Proc…
from
sale
of 1 5
prop…
plant
and
equi…
Free
cash
flow $ 2,115 $ 1,840
(non…
meas…
Bus…
Seg… Three
Inf… mont…
(Do… ended
in Sept… Sept…
mil… 26, % of 27, % of
Rev… 2026 Reven… 2025 Reve…
──────────────────────────────────────────────────────────────────────────────
Life
Sci… $ 2,719 22.4 % $ 2,588 23.3 %
Sol…
Ana… 2,002 16.5 % 1,893 17.0 %
Ins…
Spe… 1,098 9.1 % 1,174 10.6 %
Dia…
Lab…
Pro…
and 6,863 56.5 % 5,970 53.7 %
Bio…
Ser…
Eli… -546 -4.5 % -503 -4.5 %
Con… $ 12,1… 100.0 % $ 11,122 100.0 %
rev…
Seg…
inc…
and
seg…
inc…
mar…
Life
Sci… $ 1,022 37.6 % $ 968 37.4 %
Sol…
Ana… 538 26.9 % 429 22.6 %
Ins…
Spe… 341 31.0 % 321 27.4 %
Dia…
Lab…
Pro…
and 1,067 15.5 % 868 14.5 %
Bio…
Ser…
Sub…
rep… 2,968 24.5 % 2,587 23.3 %
seg…
Cost
of
rev… -9 -0.1 % -10 -0.1 %
adj…
(a)
Sel…
gen…
and
adm… 20 0.2 % -66 -0.6 %
exp…
adj…
(b)
Res…
and
oth… -199 -1.6 % -135 -1.2 %
cos…
(c)
Amo…
of
acq… -519 -4.3 % -435 -3.9 %
int…
ass…
Con…
GAAP $ 2,263 18.6 % $ 1,941 17.4 %
ope…
inc…
(a) Adjusted results exclude accelerated depreciation on manufacturing assets to
be abandoned due to facility consolidations. Adjusted results in 2026 also
exclude $7 of transaction-related costs. Adjusted results in 2025 also exclude
$8 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, accelerated depreciation on fixed assets
to be abandoned due to facility consolidations, and charges for product
liability litigation.
(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. Adjusted results in 2026 exclude $72
of gain on the sale of a business and $244 for a held-for-sale loss. Adjusted
results in 2025 also exclude $51 of charges for disposition of a consolidated
joint venture.
(d) Adjusted results exclude net gains/losses on investments and settlement
charges for pension plans.
(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.
Note:
Consolidated depreciation expense is $307 and $227 in 2026 and 2025,
respectively.
Three months ended
Organic revenue growth September 26, 2026
──────────────────────────────────────────────────────────────────────
Revenue growth 9 %
Acquisitions/divestitures 3 %
Currency translation 0 %
Organic revenue growth (non-GAAP 6 %
measure)
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.
Cond…
Cons…
Stat…
of
Inco…
(una…
(Dol…
in
mill…
exce…
per
share
amou…
Reve…
Costs
and
oper…
expe…
Cost
of
reve…
(a)
Sell…
gene…
and
admi…
expe…
(b)
Amor…
of
acqu…
inta…
asse…
Rese…
and
deve…
expe…
Rest…
and
other
costs
(c)
Total
costs
and
oper…
expe…
Oper…
inco…
Inte…
inco…
Inte…
expe…
Other
inco…
(d)
Inco…
befo…
inco…
taxes
Bene…
from…
for)
inco…
taxes
(e)
Equi…
in
earn…
of
unco…
enti…
Net
inco…
Less:
net
inco…
attr…
to
nonc…
inte…
and
rede…
nonc…
inte…
(f)
Net 35,136 32,3…
inco… 20,525 18,9…
attr… 5,570 5,295
to 1,433 1,294
Ther… 1,048 1,041
Fish… 346 316
Scie… 28,923 26,8…
Inc. 6,213 5,491
Earn… 693 735
per (1,17… 58.4 % (1,0… 58.5 %
share 13 15.9 % (18) 16.4 %
attr… Nine 5,746 4.1 % 5,155 4.0 %
to mont… (590) 3.0 % (394) 3.2 %
Ther… ended (32) 1.0 % (9) 1.0 %
Fish… Sept… 5,124 82.3 % Septe… 4,751 83.0 %
Scie… 26, 16 % of 17.7 % 27, 11 % of 17.0 %
Inc.: 2026 5,108 Reve… 14.5 % 2025 4,740 Reven… 14.7 %
──────────────────────────────────────────────────────────────────────────────
Basic $ 13.77 $ 12.55
Dilu… $ 13.75 $ 12.53
Weig…
aver…
shar…
Basic 371 378
Dilu… 372 378
Reco…
of
adju…
oper…
inco…
and
adju…
oper…
marg…
GAAP
oper… $ 6,213 17.7 % $ 5,491 17.0 %
inco…
Cost
of
reve… 51 0.1 % 31 0.1 %
adju…
(a)
Sell…
gene…
and
admi… 59 0.2 % 99 0.3 %
expe…
adju…
(b)
Rest…
and
other 346 1.0 % 316 1.0 %
costs
(c)
Amor…
of
acqu… 1,433 4.1 % 1,294 4.0 %
inta…
asse…
Adju…
oper…
inco… $ 8,102 23.1 % $ 7,231 22.4 %
(non…
meas…
Reco…
of
adju…
net
inco…
GAAP
net
inco…
attr…
to $ 5,108 $ 4,740
Ther…
Fish…
Scie…
Inc.
Cost
of
reve… 51 31
adju…
(a)
Sell…
gene…
and
admi… 59 99
expe…
adju…
(b)
Rest…
and
other 346 316
costs
(c)
Amor…
of
acqu… 1,433 1,294
inta…
asse…
Other
inco… -15 -1
adju…
(d)
Inco…
taxes -269 -320
adju…
(e)
Equi…
in
earn… 32 9
of
unco…
enti…
Nonc…
inte… — -1
adju…
(f)
Adju…
net
inco… $ 6,745 $ 6,167
(non…
meas…
Reco…
of
adju…
earn…
per
share
GAAP
dilu…
EPS
attr…
to $ 13.75 $ 12.53
Ther…
Fish…
Scie…
Inc.
Cost
of
reve… 0.14 0.08
adju…
(a)
Sell…
gene…
and
admi… 0.16 0.26
expe…
adju…
(b)
Rest…
and
other 0.93 0.83
costs
(c)
Amor…
of
acqu… 3.86 3.42
inta…
asse…
Other
inco… -0.04 0.00
adju…
(d)
Inco…
taxes -0.72 -0.85
adju…
(e)
Equi…
in
earn… 0.09 0.02
of
unco…
enti…
Nonc…
inte… — 0.00
adju…
(f)
Adju…
EPS $ 18.15 $ 16.30
(non…
meas…
Reco…
of
free
cash
flow
GAAP
net
cash
prov… $ 5,867 $ 4,361
by
oper…
acti…
Purc…
of
prop… -1,263 -1,0…
plant
and
equi…
Proc…
from
sale
of 14 17
prop…
plant
and
equi…
Free
cash
flow $ 4,618 $ 3,319
(non…
meas…
Bus…
Seg… Nine
Inf… mont…
(Do… ended
in Sept… Sept…
mil… 26, % of 27, % of
Rev… 2026 Reven… 2025 Reve…
──────────────────────────────────────────────────────────────────────────────
Life
Sci… $ 8,170 23.3 % $ 7,428 23.0 %
Sol…
Ana… 5,564 15.8 % 5,339 16.5 %
Ins…
Spe… 3,445 9.8 % 3,456 10.7 %
Dia…
Lab…
Pro…
and 19,5… 55.8 % 17,605 54.4 %
Bio…
Ser…
Eli… -1,6… -4.7 % -1,487 -4.6 %
Con… $ 35,1… 100.0 % $ 32,341 100.0 %
rev…
Seg…
inc…
and
seg…
inc…
mar…
Life
Sci… $ 3,017 36.9 % $ 2,722 36.6 %
Sol…
Ana… 1,317 23.7 % 1,153 21.6 %
Ins…
Spe… 987 28.7 % 932 27.0 %
Dia…
Lab…
Pro…
and 2,781 14.2 % 2,425 13.8 %
Bio…
Ser…
Sub…
rep… 8,102 23.1 % 7,231 22.4 %
seg…
Cost
of
rev… -51 -0.1 % -31 -0.1 %
adj…
(a)
Sel…
gen…
and
adm… -59 -0.2 % -99 -0.3 %
exp…
adj…
(b)
Res…
and
oth… -346 -1.0 % -316 -1.0 %
cos…
(c)
Amo…
of
acq… -1,4… -4.1 % -1,294 -4.0 %
int…
ass…
Con…
GAAP $ 6,213 17.7 % $ 5,491 17.0 %
ope…
inc…
(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 $16 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, accelerated depreciation on fixed assets
to be abandoned due to facility consolidations, and charges for product
liability litigation.
(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. Adjusted results in 2026 exclude $72
of gain on the sale of a business and $244 for a held-for-sale loss. Adjusted
results in 2025 also exclude $51 of charges for disposition of a consolidated
joint venture.
(d) Adjusted results exclude net gains/losses on investments and settlement
charges for pension plans. Adjusted results in 2026 also exclude $6 of business
interruption recoveries.
(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 $945 and $758 in 2026 and 2025,
respectively.
Nine months ended
Organic revenue growth September 26, 2026
──────────────────────────────────────────────────────────────────────
Revenue growth 9 %
Acquisitions/divestitures 4 %
Currency translation 1 %
Organic revenue growth (non-GAAP 4 %
measure)
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)
(In millions)
Assets September 26, December 31,
Current assets: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 5,461 $ 9,852
Short-term investments 600 253
Accounts receivable, net 9,625 8,900
Inventories 5,643 5,425
Other current assets 4,285 4,278
Total current assets 25,615 28,707
Property, plant and 10,577 10,565
equipment, net
Acquisition-related
intangible assets, 18,077 15,838
net
Other assets 5,701 5,871
Goodwill 54,263 49,362
Total assets $ 114,233 $ 110,343
Liabilities, redeemable
noncontrolling
interest and equity
Current liabilities:
Short-term obligations
and current $ 2,262 $ 3,533
maturities of long-term
obligations
Other current liabilities 11,908 11,656
Total current liabilities 14,170 15,189
Other long-term 6,059 5,766
liabilities
Long-term obligations 39,108 35,852
Redeemable noncontrolling 128 122
interest
Total equity 54,767 53,415
Total liabilities,
redeemable $ 114,233 $ 110,343
noncontrolling interest
and equity
Condensed Consolidated
Statements of Cash
Flows (unaudited) Nine months ended
(In millions) September 26, September 27,
Operating activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 5,124 $ 4,751
Adjustments to
reconcile net income
to
net cash provided by
operating
activities:
Depreciation and 2,378 2,053
amortization
Change in deferred -676 -728
income taxes
Other net non-cash 621 540
expenses
Changes in assets and
liabilities, -1,580 -2,255
excluding the effects
of acquisitions
Net cash provided by
operating 5,867 4,361
activities
Investing activities
Purchases of property,
plant and -1,263 -1,060
equipment
Proceeds from sale of
property, plant 14 17
and equipment
Proceeds from
cross-currency
interest 284 218
rate swap interest
settlements
Acquisitions, net of -8,877 -4,037
cash acquired
Purchases of -668 -351
investments
Proceeds from sales
and maturities of 253 254
investments
Proceeds from sale of
business, net of 1,021 —
cash divested
Net proceeds from
terminations of 388 —
cross-currency
interest rate swaps
Other investing -26 20
activities, net
Net cash used in -8,874 -4,938
investing activities
Financing activities
Net proceeds from 5,238 2,840
issuance of debt
Repayment of debt -2,519 -1,625
Proceeds from issuance
of commercial 389 1,095
paper
Repayment of -389 -597
commercial paper
Purchases of company -4,000 -2,963
common stock
Dividends paid -511 -474
Other financing 251 -1
activities, net
Net cash used in -1,541 -1,725
financing activities
Exchange rate effect 164 273
on cash
Increase/(decrease) in
cash, cash -4,384 -2,029
equivalents and
restricted cash
Cash, cash equivalents
and restricted 9,879 4,040
cash at beginning of
period
Cash, cash equivalents
and restricted $ 5,494 $ 2,011
cash at end of period
Free cash flow $ 4,618 $ 3,319
(non-GAAP measure)
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.