Thermo Fisher Scientific Inc. (TMO) financial statements: income statement, balance sheet and cash flow
Thermo Fisher Scientific Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Thermo Fisher Scientific Inc. reported revenue of $44.6B (+3.9% year on year) and net income of $6.7B (+6.0% year on year).
Income statement
Thermo Fisher Scientific Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$44.6B
$42.9B
$42.9B
$44.9B
Cost of revenues
$26.3B
$25.2B
$25.8B
$25.9B
Selling, general and administrative expenses
$8.7B
$8.6B
$8.4B
$9.0B
Research and development expenses
$1.4B
$1.4B
$1.3B
$1.5B
Restructuring and other costs
$362.0M
$379.0M
$459.0M
$114.0M
Total costs and operating expenses
$36.8B
$35.5B
$36.0B
$36.5B
Operating income
$7.7B
$7.3B
$6.9B
$8.4B
Interest income
$993.0M
$1.1B
$879.0M
$272.0M
Interest expense
($1.4B)
($1.4B)
($1.4B)
($726.0M)
Other income/(expense)
($12.0M)
$12.0M
($65.0M)
($104.0M)
Income before income taxes
$7.3B
$7.0B
$6.3B
$7.8B
Benefit from/(provision for) income taxes
($547.0M)
($657.0M)
($284.0M)
($703.0M)
Equity in earnings/(losses) of unconsolidated entities
($41.0M)
($42.0M)
($59.0M)
($172.0M)
Net income
$6.7B
$6.3B
$6.0B
$7.0B
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest
$17.0M
$3.0M
($40.0M)
$10.0M
Net income attributable to Thermo Fisher Scientific Inc.
$6.7B
$6.3B
$6.0B
$7.0B
Basic (in dollars per share)
$17.77
$16.58
$15.52
$17.75
Diluted (in dollars per share)
$17.74
$16.53
$15.45
$17.63
Basic (in shares)
377.0M
382.0M
386.0M
392.0M
Diluted (in shares)
378.0M
383.0M
388.0M
394.0M
Thermo Fisher Scientific Inc. income statement, quarters
Line item
Jun 27, 2026 · Q2
Mar 28, 2026 · Q1
Sep 27, 2025 · Q3
Jun 28, 2025 · Q2
Total revenues
$12.0B
$11.0B
$11.1B
$10.9B
Cost of revenues
$7.1B
$6.6B
$6.5B
$6.4B
Selling, general and administrative expenses
$2.3B
$2.2B
$2.2B
$2.1B
Research and development expenses
$364.0M
$336.0M
$346.0M
$352.0M
Restructuring and other costs
$98.0M
$49.0M
$135.0M
$82.0M
Total costs and operating expenses
$9.9B
$9.1B
$9.2B
$9.0B
Operating income
$2.1B
$1.9B
$1.9B
$1.8B
Interest income
$207.0M
$233.0M
$234.0M
$297.0M
Interest expense
($401.0M)
($354.0M)
($347.0M)
($404.0M)
Other income/(expense)
$31.0M
($9.0M)
($2.0M)
($19.0M)
Income before income taxes
$1.9B
$1.7B
$1.8B
$1.7B
Benefit from/(provision for) income taxes
($167.0M)
($70.0M)
($207.0M)
($92.0M)
Equity in earnings/(losses) of unconsolidated entities
($15.0M)
($8.0M)
$2.0M
$2.0M
Net income
$1.7B
$1.7B
$1.6B
$1.6B
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest
$5.0M
$5.0M
$5.0M
$2.0M
Net income attributable to Thermo Fisher Scientific Inc.
$1.7B
$1.7B
$1.6B
$1.6B
Basic (in dollars per share)
$4.68
$4.44
$4.28
$4.28
Diluted (in dollars per share)
$4.68
$4.43
$4.27
$4.28
Basic (in shares)
371.0M
372.0M
378.0M
378.0M
Diluted (in shares)
371.0M
373.0M
378.0M
378.0M
Balance sheet
Thermo Fisher Scientific Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$9.9B
$4.0B
$8.1B
$8.5B
Short-term investments
$253.0M
$1.6B
—
—
Accounts receivable, less allowances of $147 and $173
$8.9B
$8.2B
$8.2B
$8.1B
Inventories
$5.4B
$5.0B
$5.1B
$5.6B
Contract assets, net
$1.7B
$1.4B
$1.4B
$1.3B
Other current assets
$2.6B
$2.0B
$1.8B
$1.6B
Total current assets
$28.7B
$22.1B
$24.6B
$25.2B
Property, plant and equipment, net
$10.6B
$9.3B
$9.4B
$9.3B
Acquisition-related intangible assets, net
$15.8B
$15.5B
$16.7B
$17.4B
Other assets
$5.9B
$4.5B
$4.0B
$4.0B
Goodwill
$49.4B
$45.9B
$44.0B
$41.2B
Total assets
$110.3B
$97.3B
$98.7B
$97.2B
Short-term obligations and current maturities of long-term obligations
$3.5B
$2.2B
$3.6B
$5.6B
Accounts payable
$3.6B
$3.1B
$2.9B
$3.4B
Accrued payroll and employee benefits
$2.0B
$2.0B
$1.6B
$2.1B
Contract liabilities
$2.7B
$2.9B
$2.7B
$2.6B
Other accrued expenses
$3.3B
$3.2B
$3.2B
$3.4B
Total current liabilities
$15.2B
$13.3B
$14.0B
$17.0B
Deferred income taxes
$1.5B
$1.3B
$1.9B
$2.8B
Other long-term liabilities
$4.3B
$4.0B
$4.6B
$4.2B
Long-term obligations
$35.9B
$29.1B
$31.3B
$28.9B
Redeemable noncontrolling interest
$122.0M
$120.0M
$118.0M
$116.0M
Preferred stock, $100 par value, 50,000 shares authorized; none issued
0
—
—
—
Common stock, $1 par value, 1,200,000,000 shares authorized; 445,160,301 and 443,841,240 shares issued
445.0M
444.0M
442.0M
441.0M
Capital in excess of par value
$18.6B
$18.0B
$17.3B
$16.7B
Retained earnings
$59.2B
$53.1B
$47.4B
$41.9B
Treasury stock at cost, 68,938,831 and 63,066,906 shares
-22.3B
-19.2B
-15.1B
-12.0B
Accumulated other comprehensive income/(loss)
($2.4B)
($2.7B)
($3.2B)
($3.1B)
Total Thermo Fisher Scientific Inc. shareholders’ equity
$53.4B
$49.6B
$46.7B
$44.0B
Noncontrolling interests
$7.0M
($33.0M)
($11.0M)
$54.0M
Total equity
$53.4B
$49.6B
$46.7B
$44.0B
Total liabilities, redeemable noncontrolling interest and equity
$110.3B
$97.3B
$98.7B
$97.2B
Thermo Fisher Scientific Inc. balance sheet, quarters
Line item
Jun 27, 2026
Mar 28, 2026
Sep 27, 2025
Jun 28, 2025
Cash and cash equivalents
$4.1B
$3.3B
$2.0B
$4.6B
Short-term investments
$0
$2.0M
$1.6B
$1.8B
Accounts receivable, less allowances of $148 and $147
$9.5B
$9.2B
$8.9B
$8.6B
Inventories
$5.6B
$5.5B
$5.7B
$5.6B
Contract assets, net
$1.7B
$1.7B
$1.6B
$1.4B
Other current assets
$2.5B
$2.7B
$2.5B
$2.6B
Total current assets
$23.4B
$22.3B
$22.3B
$24.6B
Property, plant and equipment, net
$10.8B
$10.7B
$10.2B
$9.6B
Acquisition-related intangible assets, net
$18.6B
$19.1B
$16.2B
$15.1B
Other assets
$5.6B
$6.0B
$5.0B
$4.6B
Goodwill
$54.8B
$55.2B
$49.3B
$47.2B
Total assets
$113.2B
$113.3B
$103.0B
$101.2B
Short-term obligations and current maturities of long-term obligations
$3.4B
$3.1B
$3.8B
$2.2B
Accounts payable
$3.3B
$3.3B
$3.1B
$3.0B
Accrued payroll and employee benefits
$1.7B
$1.6B
$1.9B
$1.5B
Contract liabilities
$2.9B
$2.9B
$2.9B
$2.8B
Other accrued expenses
$3.8B
$3.7B
$3.2B
$3.2B
Total current liabilities
$15.1B
$14.6B
$14.9B
$12.7B
Deferred income taxes
$1.6B
$2.1B
$842.0M
$624.0M
Other long-term liabilities
$4.5B
$4.4B
$4.3B
$4.3B
Long-term obligations
$39.2B
$40.1B
$31.9B
$33.0B
Redeemable noncontrolling interest
$121.0M
$121.0M
$129.0M
$126.0M
Preferred stock, $100 par value, 50,000 shares authorized; none issued
0
0
0
0
Common stock, $1 par value, 1,200,000,000 shares authorized; 445,673,899 and 445,160,301 shares issued
446.0M
445.0M
445.0M
444.0M
Capital in excess of par value
$18.9B
$18.7B
$18.3B
$18.2B
Retained earnings
$62.2B
$60.6B
$57.4B
$55.9B
Treasury stock at cost, 75,926,613 and 68,938,831 shares
-26.4B
-25.4B
-22.3B
-21.3B
Accumulated other comprehensive income/(loss)
($2.5B)
($2.5B)
($2.8B)
($2.8B)
Total Thermo Fisher Scientific Inc. shareholders’ equity
$52.7B
$51.9B
$51.0B
$50.5B
Noncontrolling interests
$7.0M
$7.0M
$7.0M
($35.0M)
Total equity
$52.7B
$51.9B
$51.0B
$50.5B
Total liabilities, redeemable noncontrolling interest and equity
$113.2B
$113.3B
$103.0B
$101.2B
Cash flow statement
Thermo Fisher Scientific Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$6.7B
$6.3B
$6.0B
$7.0B
Depreciation of property, plant and equipment
$1.1B
$1.2B
$1.1B
$986.0M
Amortization of acquisition-related intangible assets
$1.7B
$2.0B
$2.3B
$2.4B
Change in deferred income taxes
($639.0M)
($1.2B)
($1.3B)
($995.0M)
Stock-based compensation
$310.0M
$301.0M
$278.0M
$307.0M
Other net non-cash expenses
$455.0M
$508.0M
$604.0M
$524.0M
Accounts receivable
($426.0M)
($171.0M)
($43.0M)
($430.0M)
Inventories
($74.0M)
($27.0M)
$598.0M
($825.0M)
Contract assets/liabilities
($375.0M)
($162.0M)
$252.0M
—
Accounts payable
$421.0M
$212.0M
($500.0M)
$648.0M
Contributions to retirement plans
($42.0M)
($45.0M)
($42.0M)
($41.0M)
Other
($1.3B)
($186.0M)
($802.0M)
($401.0M)
Net cash provided by operating activities
$7.8B
$8.7B
$8.4B
$9.2B
Purchases of property, plant and equipment
($1.5B)
($1.4B)
($1.5B)
($2.2B)
Proceeds from sale of property, plant and equipment
$44.0M
$57.0M
$87.0M
$24.0M
Proceeds from cross-currency interest rate swap interest settlements
$268.0M
$252.0M
$70.0M
—
Acquisitions, net of cash acquired
($4.0B)
($3.1B)
($3.7B)
($39.0M)
Purchases of investments
($383.0M)
($3.4B)
—
—
Proceeds from sales and maturities of investments
$1.6B
$1.8B
—
—
Other investing activities, net
$21.0M
$8.0M
($160.0M)
$99.0M
Net cash used in investing activities
($4.0B)
($5.8B)
($5.1B)
($2.2B)
Net proceeds from issuance of debt
$7.8B
$1.2B
$5.9B
$3.2B
Repayment of debt
($2.4B)
($3.6B)
($5.8B)
($375.0M)
Proceeds from issuance of commercial paper
$1.1B
$0
$1.6B
$1.5B
Repayments of commercial paper
($1.1B)
$0
($1.9B)
($3.7B)
Purchases of company common stock
($3.0B)
($4.0B)
($3.0B)
($3.0B)
Dividends paid
($636.0M)
($583.0M)
($523.0M)
($455.0M)
Other financing activities, net
$90.0M
$195.0M
$56.0M
($9.0M)
Net cash provided by/(used in) financing activities
$1.8B
($6.8B)
($3.6B)
($2.8B)
Exchange rate effect on cash
$267.0M
($91.0M)
($82.0M)
($139.0M)
Increase/(decrease) in cash, cash equivalents and restricted cash
$5.8B
($4.1B)
($440.0M)
$4.0B
Cash, cash equivalents and restricted cash at beginning of year
$4.0B
$8.1B
$8.5B
$4.5B
Cash, cash equivalents and restricted cash at end of year
$9.9B
$4.0B
$8.1B
$8.5B
Thermo Fisher Scientific Inc. cash flow statement, quarters
Line item
Jun 27, 2026 · YTD
Mar 28, 2026 · Q1
Sep 27, 2025 · YTD
Jun 28, 2025 · YTD
Net income
$3.4B
$1.7B
$4.8B
$3.1B
Depreciation of property, plant and equipment
$638.0M
$306.0M
$758.0M
$532.0M
Amortization of acquisition-related intangible assets
$915.0M
$430.0M
$1.3B
$859.0M
Change in deferred income taxes
($466.0M)
($258.0M)
($728.0M)
($601.0M)
Stock-based compensation
$165.0M
$83.0M
$226.0M
$156.0M
Other net non-cash expenses
$205.0M
$88.0M
$315.0M
$198.0M
Changes in assets and liabilities, excluding the effects of acquisitions
($1.5B)
($1.1B)
($2.3B)
($2.2B)
Net cash provided by operating activities
$3.3B
$1.2B
$4.4B
$2.1B
Purchases of property, plant and equipment
($826.0M)
($376.0M)
($1.1B)
($656.0M)
Proceeds from sale of property, plant and equipment
$13.0M
$9.0M
$17.0M
$13.0M
Proceeds from cross-currency interest rate swap interest settlements
$187.0M
$96.0M
$218.0M
$134.0M
Acquisitions, net of cash acquired
($8.9B)
($8.9B)
($4.0B)
—
Purchases of investments
($35.0M)
($14.0M)
($351.0M)
($311.0M)
Proceeds from sales and maturities of investments
$253.0M
$250.0M
$254.0M
—
Net proceeds from terminations of cross-currency interest rate swaps
$481.0M
—
—
—
Other investing activities, net
$1.0M
($55.0M)
$20.0M
$6.0M
Net cash used in investing activities
($8.8B)
($9.0B)
($4.9B)
($815.0M)
Net proceeds from issuance of debt
$5.2B
$5.2B
$2.8B
$2.8B
Repayment of debt
($1.4B)
($1.4B)
($1.6B)
($1.6B)
Proceeds from issuance of commercial paper
$389.0M
$389.0M
$1.1B
—
Repayments of commercial paper
($389.0M)
—
($597.0M)
—
Purchases of company common stock
($4.0B)
($3.0B)
($3.0B)
($2.0B)
Dividends paid
($337.0M)
($162.0M)
($474.0M)
($311.0M)
Other financing activities, net
$33.0M
$39.0M
($1.0M)
$3.0M
Net cash used in financing activities
($478.0M)
$1.1B
($1.7B)
($1.1B)
Exchange rate effect on cash
$176.0M
$78.0M
$273.0M
$348.0M
Increase/(decrease) in cash, cash equivalents and restricted cash
($5.8B)
($6.6B)
($2.0B)
$563.0M
Cash, cash equivalents and restricted cash at beginning of period
$9.9B
$9.9B
$4.0B
$4.0B
Cash, cash equivalents and restricted cash at end of period