THERMO FISHER SCIENTIFIC INC.
For the period ended Oct 21, 2026. Filed Oct 21, 2026.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Oct 21, 2026 · Filed Oct 21, 2026
Use the contents to explore the available documents and sections.
Contents
EX-99.1 · Safe Harbor Statement
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.
| Condensed Consolidated Statements of Income (unaudited) | ||||
|---|---|---|---|---|
| Three months ended | ||||
| September 26, | % of | September 27, | % of | |
| (Dollars in millions except per share amounts) | 2026 | Revenues | 2025 | Revenues |
| Revenues | $12,137 | $11,122 | ||
| Costs and operating expenses: | ||||
| Cost of revenues (a) | 6,945 | 57.2% | 6,470 | 58.2% |
| Selling, general and administrative expenses (b) | 1,863 | 15.3% | 1,795 | 16.1% |
| Amortization of acquisition-related intangible assets | 519 | 4.3% | 435 | 3.9% |
| Research and development expenses | 348 | 2.9% | 346 | 3.1% |
| Restructuring and other costs (c) | 199 | 1.6% | 135 | 1.2% |
| Total costs and operating expenses | 9,874 | 81.4% | 9,182 | 82.6% |
| Operating income | 2,263 | 18.6% | 1,941 | 17.4% |
| Interest income | 252 | 234 | ||
| Interest expense | (417) | (347) | ||
| Other income/(expense) (d) | (10) | (2) | ||
| Income before income taxes | 2,088 | 1,826 | ||
| Benefit from/(provision for) income taxes (e) | (352) | (207) | ||
| Equity in earnings/(losses) of unconsolidated entities | (9) | 2 | ||
| Net income | 1,727 | 1,621 | ||
| Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest | 6 | 5 | ||
| Net income attributable to Thermo Fisher Scientific Inc. | $1,721 | 14.2% | $1,616 | 14.5% |
| Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||
| Basic | $4.65 | $4.28 | ||
| Diluted | $4.64 | $4.27 | ||
| Weighted average shares: | ||||
| Basic | 370 | 378 | ||
| Diluted | 371 | 378 | ||
| Reconciliation of adjusted operating income and adjusted operating margin | ||||
| GAAP operating income | $2,263 | 18.6% | $1,941 | 17.4% |
| Cost of revenues adjustments (a) | 9 | 0.1% | 10 | 0.1% |
| Selling, general and administrative expenses adjustments (b) | (20) | -0.2% | 66 | 0.6% |
| Restructuring and other costs (c) | 199 | 1.6% | 135 | 1.2% |
| Amortization of acquisition-related intangible assets | 519 | 4.3% | 435 | 3.9% |
| Adjusted operating income (non-GAAP measure) | $2,968 | 24.5% | $2,587 | 23.3% |
| Reconciliation of adjusted net income | ||||
| GAAP net income attributable to Thermo Fisher Scientific Inc. | $1,721 | $1,616 | ||
| Cost of revenues adjustments (a) | 9 | 10 | ||
| Selling, general and administrative expenses adjustments (b) | (20) | 66 | ||
| Restructuring and other costs (c) | 199 | 135 | ||
| Amortization of acquisition-related intangible assets | 519 | 435 | ||
| Other income/expense adjustments (d) | 14 | (5) | ||
| Income taxes adjustments (e) | 27 | (64) | ||
| Equity in earnings/losses of unconsolidated entities | 9 | (2) | ||
| Adjusted net income (non-GAAP measure) | $2,477 | $2,190 | ||
| Reconciliation of adjusted earnings per share | ||||
| GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $4.64 | $4.27 | ||
| Cost of revenues adjustments (a) | 0.02 | 0.03 | ||
| Selling, general and administrative expenses adjustments (b) | (0.06) | 0.17 | ||
| Restructuring and other costs (c) | 0.54 | 0.36 | ||
| Amortization of acquisition-related intangible assets | 1.40 | 1.15 | ||
| Other income/expense adjustments (d) | 0.04 | (0.01) | ||
| Income taxes adjustments (e) | 0.07 | (0.17) | ||
| Equity in earnings/losses of unconsolidated entities | 0.02 | (0.01) | ||
| Adjusted EPS (non-GAAP measure) | $6.68 | $5.79 | ||
| Reconciliation of free cash flow | ||||
| GAAP net cash provided by operating activities | $2,551 | $2,239 | ||
| Purchases of property, plant and equipment | (437) | (404) | ||
| Proceeds from sale of property, plant and equipment | 1 | 5 | ||
| Free cash flow (non-GAAP measure) | $2,115 | $1,840 | ||
| Business Segment Information | Three months ended | |||
|---|---|---|---|---|
| September 26, | % of | September 27, | % of | |
| (Dollars in millions) | 2026 | Revenues | 2025 | Revenues |
| Revenues | ||||
| Life Sciences Solutions | $2,719 | 22.4% | $2,588 | 23.3% |
| Analytical Instruments | 2,002 | 16.5% | 1,893 | 17.0% |
| Specialty Diagnostics | 1,098 | 9.1% | 1,174 | 10.6% |
| Laboratory Products and Biopharma Services | 6,863 | 56.5% | 5,970 | 53.7% |
| Eliminations | (546) | -4.5% | (503) | -4.5% |
| Consolidated revenues | $12,137 | 100.0% | $11,122 | 100.0% |
| Segment income and segment income margin | ||||
| Life Sciences Solutions | $1,022 | 37.6% | $968 | 37.4% |
| Analytical Instruments | 538 | 26.9% | 429 | 22.6% |
| Specialty Diagnostics | 341 | 31.0% | 321 | 27.4% |
| Laboratory Products and Biopharma Services | 1,067 | 15.5% | 868 | 14.5% |
| Subtotal reportable segments | 2,968 | 24.5% | 2,587 | 23.3% |
| Cost of revenues adjustments (a) | (9) | -0.1% | (10) | -0.1% |
| Selling, general and administrative expenses adjustments (b) | 20 | 0.2% | (66) | -0.6% |
| Restructuring and other costs (c) | (199) | -1.6% | (135) | -1.2% |
| Amortization of acquisition-related intangible assets | (519) | -4.3% | (435) | -3.9% |
| Consolidated GAAP operating income | $2,263 | 18.6% | $1,941 | 17.4% |
(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.
| Organic revenue growth | Three months ended |
|---|---|
| Revenue growth | 9% |
| Acquisitions/divestitures | 3% |
| Currency translation | 0% |
| Organic revenue growth (non-GAAP measure) | 6% |
| 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 Statements of Income (unaudited) | ||||
|---|---|---|---|---|
| Nine months ended | ||||
| September 26, | % of | September 27, | % of | |
| (Dollars in millions except per share amounts) | 2026 | Revenues | 2025 | Revenues |
| Revenues | $35,136 | $32,341 | ||
| Costs and operating expenses: | ||||
| Cost of revenues (a) | 20,525 | 58.4% | 18,905 | 58.5% |
| Selling, general and administrative expenses (b) | 5,570 | 15.9% | 5,295 | 16.4% |
| Amortization of acquisition-related intangible assets | 1,433 | 4.1% | 1,294 | 4.0% |
| Research and development expenses | 1,048 | 3.0% | 1,041 | 3.2% |
| Restructuring and other costs (c) | 346 | 1.0% | 316 | 1.0% |
| Total costs and operating expenses | 28,923 | 82.3% | 26,850 | 83.0% |
| Operating income | 6,213 | 17.7% | 5,491 | 17.0% |
| Interest income | 693 | 735 | ||
| Interest expense | (1,172) | (1,054) | ||
| Other income/(expense) (d) | 13 | (18) | ||
| Income before income taxes | 5,746 | 5,155 | ||
| Benefit from/(provision for) income taxes (e) | (590) | (394) | ||
| Equity in earnings/(losses) of unconsolidated entities | (32) | (9) | ||
| Net income | 5,124 | 4,751 | ||
| Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) | 16 | 11 | ||
| Net income attributable to Thermo Fisher Scientific Inc. | $5,108 | 14.5% | $4,740 | 14.7% |
| Earnings per share attributable to Thermo Fisher Scientific Inc.: | ||||
| Basic | $13.77 | $12.55 | ||
| Diluted | $13.75 | $12.53 | ||
| Weighted average shares: | ||||
| Basic | 371 | 378 | ||
| Diluted | 372 | 378 | ||
| Reconciliation of adjusted operating income and adjusted operating margin | ||||
| GAAP operating income | $6,213 | 17.7% | $5,491 | 17.0% |
| Cost of revenues adjustments (a) | 51 | 0.1% | 31 | 0.1% |
| Selling, general and administrative expenses adjustments (b) | 59 | 0.2% | 99 | 0.3% |
| Restructuring and other costs (c) | 346 | 1.0% | 316 | 1.0% |
| Amortization of acquisition-related intangible assets | 1,433 | 4.1% | 1,294 | 4.0% |
| Adjusted operating income (non-GAAP measure) | $8,102 | 23.1% | $7,231 | 22.4% |
| Reconciliation of adjusted net income | ||||
| GAAP net income attributable to Thermo Fisher Scientific Inc. | $5,108 | $4,740 | ||
| Cost of revenues adjustments (a) | 51 | 31 | ||
| Selling, general and administrative expenses adjustments (b) | 59 | 99 | ||
| Restructuring and other costs (c) | 346 | 316 | ||
| Amortization of acquisition-related intangible assets | 1,433 | 1,294 | ||
| Other income/expense adjustments (d) | (15) | (1) | ||
| Income taxes adjustments (e) | (269) | (320) | ||
| Equity in earnings/losses of unconsolidated entities | 32 | 9 | ||
| Noncontrolling interests adjustments (f) | — | (1) | ||
| Adjusted net income (non-GAAP measure) | $6,745 | $6,167 | ||
| Reconciliation of adjusted earnings per share | ||||
| GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. | $13.75 | $12.53 | ||
| Cost of revenues adjustments (a) | 0.14 | 0.08 | ||
| Selling, general and administrative expenses adjustments (b) | 0.16 | 0.26 | ||
| Restructuring and other costs (c) | 0.93 | 0.83 | ||
| Amortization of acquisition-related intangible assets | 3.86 | 3.42 | ||
| Other income/expense adjustments (d) | (0.04) | 0.00 | ||
| Income taxes adjustments (e) | (0.72) | (0.85) | ||
| Equity in earnings/losses of unconsolidated entities | 0.09 | 0.02 | ||
| Noncontrolling interests adjustments (f) | — | 0.00 | ||
| Adjusted EPS (non-GAAP measure) | $18.15 | $16.30 | ||
| Reconciliation of free cash flow | ||||
| GAAP net cash provided by operating activities | $5,867 | $4,361 | ||
| Purchases of property, plant and equipment | (1,263) | (1,060) | ||
| Proceeds from sale of property, plant and equipment | 14 | 17 | ||
| Free cash flow (non-GAAP measure) | $4,618 | $3,319 | ||
| Business Segment Information | Nine months ended | |||
|---|---|---|---|---|
| September 26, | % of | September 27, | % of | |
| (Dollars in millions) | 2026 | Revenues | 2025 | Revenues |
| Revenues | ||||
| Life Sciences Solutions | $8,170 | 23.3% | $7,428 | 23.0% |
| Analytical Instruments | 5,564 | 15.8% | 5,339 | 16.5% |
| Specialty Diagnostics | 3,445 | 9.8% | 3,456 | 10.7% |
| Laboratory Products and Biopharma Services | 19,592 | 55.8% | 17,605 | 54.4% |
| Eliminations | (1,635) | -4.7% | (1,487) | -4.6% |
| Consolidated revenues | $35,136 | 100.0% | $32,341 | 100.0% |
| Segment income and segment income margin | ||||
| Life Sciences Solutions | $3,017 | 36.9% | $2,722 | 36.6% |
| Analytical Instruments | 1,317 | 23.7% | 1,153 | 21.6% |
| Specialty Diagnostics | 987 | 28.7% | 932 | 27.0% |
| Laboratory Products and Biopharma Services | 2,781 | 14.2% | 2,425 | 13.8% |
| Subtotal reportable segments | 8,102 | 23.1% | 7,231 | 22.4% |
| Cost of revenues adjustments (a) | (51) | -0.1% | (31) | -0.1% |
| Selling, general and administrative expenses adjustments (b) | (59) | -0.2% | (99) | -0.3% |
| Restructuring and other costs (c) | (346) | -1.0% | (316) | -1.0% |
| Amortization of acquisition-related intangible assets | (1,433) | -4.1% | (1,294) | -4.0% |
| Consolidated GAAP operating income | $6,213 | 17.7% | $5,491 | 17.0% |
(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.
| Organic revenue growth | Nine months ended |
|---|---|
| Revenue growth | 9% |
| Acquisitions/divestitures | 4% |
| Currency translation | 1% |
| Organic revenue growth (non-GAAP measure) | 4% |
| 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) | ||
|---|---|---|
| September 26, | December 31, | |
| (In millions) | 2026 | 2025 |
| Assets | ||
| Current assets: | ||
| 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 equipment, net | 10,577 | 10,565 |
| Acquisition-related intangible assets, net | 18,077 | 15,838 |
| 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 maturities of long-term obligations | $2,262 | $3,533 |
| Other current liabilities | 11,908 | 11,656 |
| Total current liabilities | 14,170 | 15,189 |
| Other long-term liabilities | 6,059 | 5,766 |
| Long-term obligations | 39,108 | 35,852 |
| Redeemable noncontrolling interest | 128 | 122 |
| Total equity | 54,767 | 53,415 |
| Total liabilities, redeemable noncontrolling interest and equity | $114,233 | $110,343 |
| Condensed Consolidated Statements of Cash Flows (unaudited) | ||
|---|---|---|
| Nine months ended | ||
| September 26, | September 27, | |
| (In millions) | 2026 | 2025 |
| Operating activities | ||
| Net income | $5,124 | $4,751 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 2,378 | 2,053 |
| Change in deferred income taxes | (676) | (728) |
| Other net non-cash expenses | 621 | 540 |
| Changes in assets and liabilities, excluding the effects of acquisitions | (1,580) | (2,255) |
| Net cash provided by operating activities | 5,867 | 4,361 |
| Investing activities | ||
| Purchases of property, plant and equipment | (1,263) | (1,060) |
| Proceeds from sale of property, plant and equipment | 14 | 17 |
| Proceeds from cross-currency interest rate swap interest settlements | 284 | 218 |
| Acquisitions, net of cash acquired | (8,877) | (4,037) |
| Purchases of investments | (668) | (351) |
| Proceeds from sales and maturities of investments | 253 | 254 |
| Proceeds from sale of business, net of cash divested | 1,021 | — |
| Net proceeds from terminations of cross-currency interest rate swaps | 388 | — |
| Other investing activities, net | (26) | 20 |
| Net cash used in investing activities | (8,874) | (4,938) |
| Financing activities | ||
| Net proceeds from issuance of debt | 5,238 | 2,840 |
| Repayment of debt | (2,519) | (1,625) |
| Proceeds from issuance of commercial paper | 389 | 1,095 |
| Repayment of commercial paper | (389) | (597) |
| Purchases of company common stock | (4,000) | (2,963) |
| Dividends paid | (511) | (474) |
| Other financing activities, net | 251 | (1) |
| Net cash used in financing activities | (1,541) | (1,725) |
| Exchange rate effect on cash | 164 | 273 |
| Increase/(decrease) in cash, cash equivalents and restricted cash | (4,384) | (2,029) |
| Cash, cash equivalents and restricted cash at beginning of period | 9,879 | 4,040 |
| Cash, cash equivalents and restricted cash at end of period | $5,494 | $2,011 |
| Free cash flow (non-GAAP measure) | $4,618 | $3,319 |
| 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. | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.