Income Statement Balance Sheet Cash Flow Segments

Thermo Fisher Scientific Income Statement

Revenue, expenses, and profitability over time

Thermo Fisher Scientific generated $43.4B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $6.8B with a 15.79% net margin. Diluted EPS is $18.19, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$42.9B Operating Income (TTM)$7.4B Net Income (TTM)$6.8B Eps Diluted (TTM)$18.19

Latest FilingQ1 2026

Report Date2026-05-01

Market Cap$166.59B

P/E Ratio24.33

ROE13.52%

Other

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
OCI Defined Benefit Plans, Tax	—	$0.0	—	—	—	$0.0
OCI Reclassification Adjustment, Pension Plans, Net of Tax	—	$1.0M	—	—	—	$1.0M
Capital Expenditures	$480.0M	$362.0M	$294.0M	$404.0M	$465.0M	$376.0M
Common Stock Issued for Business Acquisition	—	$65.0M	—	—	—	$62.0M
Common Stock Dividends Per Share	—	$0.4	—	—	—	$0.5
Comprehensive Income Including Noncontrolling Interest	—	$1.9B	—	—	—	$1.6B
OCI Attributable to Noncontrolling Interest	—	$8.0M	—	—	—	-$1.0M
Dividends per share declared	—	$0.4	—	—	—	$0.5
Comprehensive Income Attributable to Parent	—	$1.9B	—	—	—	$1.6B
OCI Defined Benefit Reclassification After Tax	—	$1.0M	—	—	—	$1.0M
OCI Defined Benefit Reclassification Tax	—	$0.0	—	—	—	$0.0
OCI Foreign Currency Translation Tax	—	-$207.0M	—	—	—	$27.0M
OCI Pension Reclassification Adjustment, Net of Tax	—	$1.0M	—	—	—	$1.0M
Comprehensive Income Including Noncontrolling Interest	—	$1.9B	—	—	—	$1.6B
Foreign Currency Translation Gains (Losses)	—	$360.0M	—	—	—	-$58.0M
OCI Reclassification Pension Plans (Net of Tax)	—	$1.0M	—	—	—	$1.0M
Dividends per share declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
OCI Foreign Currency Gain (Loss) Arising During Period, Net of Tax	—	$360.0M	—	—	—	-$58.0M
OCI Foreign Currency Translation Gain (Loss), Tax	—	-$207.0M	—	—	—	$27.0M
OCI Pension and Postretirement Adjustment Before Reclassification, Net of Tax	—	$3.0M	—	—	—	-$2.0M
OCI Pension and Postretirement Before Reclassification, Tax	—	$1.0M	—	—	—	-$1.0M
OCI Reclassification Adjustment, Pension and Postretirement, Net of Tax	—	$1.0M	—	—	—	$1.0M
Comprehensive income (loss), including noncontrolling interest	—	$1.9B	—	—	—	$1.6B
Tax Benefit of Pension Reclassification	—	$0.0	—	—	—	$0.0
Tax effect of unrealized gain (loss) on cash flow hedges	—	$0.0	—	—	—	$0.0
Total Reclassification from AOCI to Net Income	—	$1.0M	—	—	—	$1.0M
Share-based compensation expense related to employee stock plans	—	$75.0M	—	—	—	$83.0M
Amortization of capitalized software and acquired intangible assets	$438.0M	$429.0M	$430.0M	$435.0M	$436.0M	$430.0M
Stock options excluded as their inclusion would be anti-dilutive (in shares)	—	3M	4M	3M	—	3M
Capital investments accrued but not yet paid	—	$173.0M	—	—	—	$206.0M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation	—	$132.0M	—	—	—	-$6.6B
Dividends declared (in dollars per share)	—	$0.4	—	—	—	$0.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	—	$1.9B	—	—	—	$1.6B
Less: comprehensive income attributable to noncontrolling interest	—	$8.0M	—	—	—	-$1.0M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	—	$1.9B	—	—	—	$1.6B
Deferred taxes	-$202.0M	-$279.0M	-$322.0M	-$127.0M	—	-$258.0M
Depreciation	$304.0M	$276.0M	$256.0M	$227.0M	$292.0M	$306.0M
Dividends, Common Stock, Cash	—	$163.0M	—	—	—	$175.0M
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	-$273.0M	$37.0M	$311.0M	—	—	$78.0M
Effective tax rates	—	$0.1	—	—	—	$0.0
Income taxes at U.S. statutory rate of 21%	—	$0.2	—	—	—	$0.2
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	—	-1.7%	—	—	—	0.0%
Effect of cross-border tax laws	—	$19.0M	—	—	—	$59.0M
Effect of cross-border tax laws	—	1.2%	—	—	—	3.4%
Foreign operations	—	-2.6%	—	—	—	-8.7%
Nontaxable or nondeductible items	—	-0.5%	—	—	—	0.0%
State income taxes – net of federal income tax benefit	—	$0.0	—	—	—	$0.0
Changes in unrecognized tax benefits	—	-1.7%	—	—	—	0.0%
Impairment Of Long Lived Assets Held For Use	—	—	—	—	—	$14.0M
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	—	-$28.0M	—	—	—	$0.0
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	—	$340.0M	—	—	—	$364.0M
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	—	-$128.0M	—	—	—	-$179.0M
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	—	$14.0M	—	—	—	$21.0M
Changes in unrecognized tax benefits	—	-$28.0M	—	—	—	$1.0M
Increase Decrease In Operating Capital Excluding Deferred Taxes	—	$1.4B	$726.0M	$104.0M	—	$1.1B
Add - Incremental shares under stock-based compensation plans (in shares)	—	1M	—	—	—	1M
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders	—	$1.0M	—	—	—	$1.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	-$3.7B	-$102.0M	-$991.0M	-$632.0M	$3.5B	$1.1B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	$0.0	-$527.0M	-$288.0M	-$4.1B	—	-$9.0B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	$3.3B	$723.0M	$1.4B	$2.2B	$3.5B	$1.2B
Net Income Loss Attributable To Noncontrolling Interest	—	$4.0M	—	—	—	$5.0M
Net Income Loss Attributable To Redeemable Noncontrolling Interest	—	$5.0M	—	—	—	$4.0M
Net loss	—	$1.5B	—	—	—	$1.7B
Number of reportable segments	—	—	—	—	—	4.00
Other comprehensive items	—	$355.0M	—	—	—	-$49.0M
Other Comprehensive Income (Loss), Net of Tax Including Portion Attributable to Redeemable and NonRedeemable Noncontrolling Interest	—	$358.0M	—	—	—	-$55.0M
Other Noncash Income (Expense)	-$254.0M	-$135.0M	-$63.0M	-$117.0M	-$140.0M	-$88.0M
Other income, net (Note 6)	$14.0M	$3.0M	—	—	—	-$9.0M
Payment for (Proceeds from) Other Investing Activity	-$3.0M	$1.0M	-$7.0M	-$14.0M	-$1.0M	$55.0M
Payments for Repurchase of Common Stock	$1.0B	$2.0B	$0.0	$963.0M	$37.0M	$3.0B
Payments for Restructuring	—	—	—	—	—	$37.0M
Payments of Ordinary Dividends, Common Stock	$149.0M	$149.0M	$162.0M	$163.0M	$162.0M	$162.0M
Payments to Acquire Businesses, Net of Cash Acquired	$0.0	$0.0	—	—	—	$8.9B
Payments to Acquire Investments	$1.3B	$264.0M	$47.0M	$40.0M	$32.0M	$14.0M
Payments to Acquire Property, Plant, and Equipment	$480.0M	$362.0M	$294.0M	$404.0M	$465.0M	$376.0M
Proceeds from Issuance of Commercial Paper	$0.0	$0.0	—	—	—	$389.0M
Debt issued (Note 13)	—	$2.8B	—	—	$4.9B	$5.2B
Proceeds from cross-currency interest rate swap interest settlements	$49.0M	$87.0M	$47.0M	$84.0M	$50.0M	$96.0M
Financing — other	$0.0	$45.0M	—	-$4.0M	$91.0M	$39.0M
Proceeds from disposition of marketable securities and other investments	$1.8B	$2.0M	—	—	$1.3B	$250.0M
Dispositions of property, plant, and equipment	$17.0M	$12.0M	$1.0M	$4.0M	$27.0M	$9.0M
Repayments of Long-Term Debt	$2.5B	$838.0M	$787.0M	$0.0	$787.0M	$1.4B
Foreign exchange and other	—	—	—	—	—	-$2.0M
Revenue From Contract With Customer Excluding Assessed Tax	$11.4B	$10.4B	—	—	—	$11.0B
Property, plant, and equipment additions	—	$362.0M	—	—	—	$376.0M
Stock-based compensation	$79.0M	$75.0M	$81.0M	$70.0M	$84.0M	$83.0M
Share Repurchase Program, Excise Tax	—	$18.0M	—	—	—	$28.0M
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	—	$50.0M	—	—	—	$44.0M
Other – net	—	$3.0M	—	—	—	-$6.0M
Treasury stock, value, acquired	—	$2.0B	—	—	—	$3.0B
Comprehensive Income (Loss), Total	—	$1.9B	—	—	—	$1.6B
Cash Flow Hedge Reclassification, Tax	—	$0.0	—	—	—	$0.0
Pension Reclassification Adjustment, Tax	—	$0.0	—	—	—	$0.0
Cash Dividends, Common Stock	$149.0M	$149.0M	$162.0M	$163.0M	$162.0M	$162.0M
Cash Flow Hedge Reclassification, After Tax	—	-$1.0M	—	—	—	-$1.0M
Comprehensive Income Attributable to Noncontrolling Interests	—	$8.0M	—	—	—	-$1.0M
Comprehensive Income, Including Noncontrolling Interest	—	$1.9B	—	—	—	$1.6B
Currency Translation Adjustment, Net of Tax	—	$360.0M	—	—	—	-$58.0M
Defined Benefit Plan Adjustment, After Tax	—	$3.0M	—	—	—	-$2.0M
Other Comprehensive Income (Loss)	—	$3.0M	—	—	—	-$6.0M
Amortization of Net Pension Loss, Net of Tax	—	$1.0M	—	—	—	$1.0M
Tax Benefit on Pension Amortization	—	$0.0	—	—	—	$0.0
Tax on Reclassification of Hedging Instruments	—	$0.0	—	—	—	$0.0
Tax on Pension Adjustment Before Reclassification	—	$1.0M	—	—	—	-$1.0M
Other Comprehensive Income (Loss)	—	$1.9B	—	—	—	$1.6B
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Comprehensive Income Including Noncontrolling Interest	—	$1.9B	—	—	—	$1.6B
Total Comprehensive Income	—	$1.9B	—	—	—	$1.6B
Comprehensive Income, Noncontrolling Interest	—	$8.0M	—	—	—	-$1.0M
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5

Earnings Per Share

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share (Declared)	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Basic earnings per share	$4.79	$3.99	$4.28	$4.28	$5.22	$4.44
Diluted earnings per share	$4.78	$3.98	$4.28	$4.27	$5.21	$4.43
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common stock dividends per share declared	—	$0.4	—	—	—	$0.5
Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Dividends per share declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Dividends per share declared	—	$0.4	—	—	—	$0.5
Dividends per share declared	—	$0.4	—	—	—	$0.5
Dividends per Share Declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common stock dividends per share declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common Stock Dividends Per Share Declared	—	$0.4	—	—	—	$0.5
Common stock dividends per share declared	—	$0.4	—	—	—	$0.5
Weighted-average shares, basic	—	378M	378M	378M	—	372M
Weighted-average shares, diluted	—	379M	378M	378M	—	373M

Tax

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Effective Tax Rate Statutory Reconciliation	—	$0.2	—	—	—	$0.2
Unrecognized Tax Benefits Current Period Increases	—	—	—	—	—	$1.0M
Effective Tax Rate (Continuing Operations)	—	$0.1	—	—	—	$0.0
Effective Tax Rate	—	$0.1	—	—	—	$0.0
Effective Tax Rate, Continuing Operations	—	$0.1	—	—	—	$0.0
Income Tax at U.S. Statutory Rate	—	$340.0M	—	—	—	$364.0M
State and Local Income Taxes, Net	—	$14.0M	—	—	—	$21.0M
Tax Reconciliation: Other Adjustments	—	-$0.1	—	—	—	-$0.1
Tax Reconciliation: Change in Valuation Allowance	—	-$0.0	—	—	—	$0.0
Effective Income Tax Rate, Continuing Operations	—	$0.1	—	—	—	$0.0
Tax Reconciliation, Enacted Tax Rate Change	—	$0.0	—	—	—	$0.0
Tax Reconciliation, Federal Statutory Amount	—	$340.0M	—	—	—	$364.0M
Tax Reconciliation, Foreign Rate Differential	—	-$0.0	—	—	—	-$0.1
Tax Reconciliation, Other Items	—	-$0.1	—	—	—	-$0.1
Tax Reconciliation, State and Local Taxes	—	$0.0	—	—	—	$0.0
Tax Reconciliation, Tax Credits	—	$0.0	—	—	—	$0.0
Tax Reconciliation, Valuation Allowance Change	—	-$28.0M	—	—	—	$0.0
Effective Tax Rate	—	$0.1	—	—	—	$0.0
Effective Tax Rate (Continuing Operations)	—	$0.1	—	—	—	$0.0
Income tax expense	$150.0M	$95.0M	—	—	—	$70.0M
Effective Tax Rate (Continuing Operations)	—	$0.1	—	—	—	$0.0
Tax Reconciliation at Federal Statutory Rate	—	$0.2	—	—	—	$0.2
Tax Reconciliation - Federal Statutory Rate	—	$0.2	—	—	—	$0.2
Effective Tax Rate (Continuing Operations)	—	$0.1	—	—	—	$0.0
Effective Income Tax Rate	—	$0.1	—	—	—	$0.0
Foreign Rate Differential	—	-$43.0M	—	—	—	-$150.0M
Statutory Federal Income Tax Rate	—	$0.2	—	—	—	$0.2
Tax Reconciliation: Enacted Rate Change	—	$2.0M	—	—	—	$0.0
Tax Reconciliation: Nondeductible Expenses	—	-$8.0M	—	—	—	$0.0
Tax Reconciliation: Other Adjustments	—	-$128.0M	—	—	—	-$179.0M
Tax Reconciliation: Tax Credits	—	$45.0M	—	—	—	$46.0M
Change in Tax Valuation Allowance	—	-$28.0M	—	—	—	$0.0
Effective Tax Rate, Continuing Operations	—	$0.1	—	—	—	$0.0
Effective Tax Rate Continuing Operations	—	$0.1	—	—	—	$0.0
Tax Reconciliation Federal Statutory Rate	—	$0.2	—	—	—	$0.2
Tax Reconciliation Other Adjustments	—	-$0.1	—	—	—	-$0.1
Tax Reconciliation State and Local Taxes	—	$0.0	—	—	—	$0.0

Operating Expenses

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Stock-Based Compensation Expense	$79.0M	$75.0M	$81.0M	$70.0M	$84.0M	$83.0M
Amortization of Finite-Lived Intangible Assets	$438.0M	$429.0M	$430.0M	$435.0M	$436.0M	$430.0M
Share-Based Compensation Expense	$79.0M	$75.0M	$81.0M	$70.0M	$84.0M	$83.0M
Amortization expense	$438.0M	$429.0M	$430.0M	$435.0M	$436.0M	$430.0M
Stock-based compensation expense	—	$50.0M	—	—	—	$44.0M
Stock-based compensation expense	$79.0M	$75.0M	$81.0M	$70.0M	$84.0M	$83.0M
Share-Based Compensation Expense	—	$50.0M	—	—	—	$44.0M
Research and development	$374.0M	$342.0M	—	—	—	$336.0M
Restructuring charges	—	—	—	—	—	$34.0M
Selling, general and administrative	$2.2B	$2.1B	—	—	—	$2.2B
Share-Based Compensation	$79.0M	$75.0M	$81.0M	$70.0M	$84.0M	$83.0M
Restructuring and Other Costs	$305.0M	$98.0M	—	—	—	$15.0M
Restructuring and Related Costs (Non-cash)	—	—	—	—	—	$15.0M
Workforce Reduction Charges	—	—	—	—	—	$0.0
Total operating expenses	$9.4B	$8.6B	—	—	—	$9.1B

Other Income & Expense

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Other Non-Cash Income (Expense)	-$254.0M	-$135.0M	-$63.0M	-$117.0M	-$140.0M	-$88.0M
Gain (Loss) on Investments	—	$2.0M	—	—	—	-$1.0M
Other non-cash income (expense)	-$254.0M	-$135.0M	-$63.0M	-$117.0M	-$140.0M	-$88.0M
Gains on strategic investments, net	—	$2.0M	—	—	—	-$1.0M
Income from equity method investments	—	-$14.0M	—	—	—	-$8.0M
Other Charges	$14.0M	$3.0M	—	—	—	-$9.0M
Gains (losses) on equity investments	—	$2.0M	—	—	—	-$1.0M
Interest expense	$317.0M	$303.0M	—	—	—	$354.0M
Interest income	$227.0M	$203.0M	—	—	—	$233.0M
Other Non-Cash Income (Expense)	-$254.0M	-$135.0M	-$63.0M	-$117.0M	-$140.0M	-$88.0M
Gains on disposal of investments and other property	—	$2.0M	—	—	—	-$1.0M
Other Non-cash Income (Expense)	-$254.0M	-$135.0M	-$63.0M	-$117.0M	-$140.0M	-$88.0M
Other Non-Cash Income (Expense)	-$254.0M	-$135.0M	-$63.0M	-$117.0M	-$140.0M	-$88.0M

Revenue

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Revenue Recognized from Contract Liability	—	$1.4B	—	—	—	$1.3B
Revenue Recognized from Contract Liabilities	—	$1.4B	—	—	—	$1.3B
Gift Card Revenue Recognized	—	$1.4B	—	—	—	$1.3B
Revenue Recognized from Contract Liability	—	$1.4B	—	—	—	$1.3B
Total revenue	$11.4B	$10.4B	—	—	—	$11.0B

Net Income

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Common Dividends Declared (Per Share)	—	$0.4	—	—	—	$0.5
Comprehensive income (loss), including noncontrolling interest	—	$1.9B	—	—	—	$1.6B
Common Stock Dividends	$149.0M	$149.0M	$162.0M	$163.0M	$162.0M	$162.0M
Net income attributable to noncontrolling interests	—	$4.0M	—	—	—	$5.0M
Net income	$1.8B	$1.5B	$1.6B	$1.6B	$2.0B	$1.7B
Common Stock Dividends	$149.0M	$149.0M	$162.0M	$163.0M	$162.0M	$162.0M

Income Before Tax

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Income before income taxes	$1.9B	$1.6B	—	—	—	$1.7B

Operating Income

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Operating income	$2.0B	$1.7B	—	—	—	$1.9B