Thermo Fisher Scientific
TMO · NYSEMeasuring & Controlling Devices, NEC · Fiscal year ends Dec 31
Thermo Fisher Scientific reported revenue of $44.6B in the fiscal year ended Dec 2025, up 3.9% from the year before. Operating income was $7.7B, an operating margin of 17.4%, and net income was $6.7B. Operating cash flow of $7.8B less capital expenditure of $1.5B left free cash flow of $6.3B. Net debt was $32.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B |
| Research & development | $1.4B | $1.5B | $1.3B | $1.4B | $1.4B |
| Selling, general & admin | $8B | $9B | $8.4B | $8.6B | $8.7B |
| Operating income | $10B | $8.4B | $6.9B | $7.3B | $7.7B |
| Interest expense | $536M | $726M | $1.4B | $1.4B | $1.4B |
| Pre-tax income | $8.8B | $7.8B | $6.3B | $7B | $7.3B |
| Income tax | $1.1B | $703M | $284M | $657M | $547M |
| Net income | $7.7B | $7B | $6B | $6.3B | $6.7B |
| Diluted EPS | 19.46 | 17.63 | 15.45 | 16.53 | 17.74 |
| Diluted shares | 397M | 394M | 388M | 383M | 378M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.5B | $8.5B | $8.1B | $4B | $9.9B |
| Receivables | $8B | $8.1B | $8.2B | $8.2B | $8.9B |
| Inventory | $5.1B | $5.6B | $5.1B | $5B | $5.4B |
| Current assets | $20.1B | $25.2B | $24.6B | $22.1B | $28.7B |
| Net PP&E | $8.3B | $9.3B | $9.4B | $9.3B | $10.6B |
| Goodwill | $41.9B | $41.2B | $44B | $45.9B | $49.4B |
| Total assets | $95.1B | $97.2B | $98.7B | $97.3B | $110B |
| Payables | $2.9B | $3.4B | $2.9B | $3.1B | $3.6B |
| Deferred revenue | $2.7B | $2.6B | $2.7B | $2.9B | $2.7B |
| Current liabilities | $13.4B | $17B | $14B | $13.3B | $15.2B |
| Short-term debt | $2.5B | $5.6B | $3.6B | $2.2B | $3.5B |
| Long-term debt | $34.7B | $34.3B | $34.7B | $31.1B | $39.2B |
| Shareholders' equity | $40.8B | $44B | $46.7B | $49.6B | $53.4B |
| Backlog (remaining obligations) | $28.3B | $27B | $26.9B | $24.6B | $27.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9.3B | $9.2B | $8.4B | $8.7B | $7.8B |
| Capital expenditure | $2.5B | $2.2B | $1.5B | $1.4B | $1.5B |
| Free cash flow | $6.8B | $6.9B | $6.9B | $7.3B | $6.3B |
| Depreciation & amortisation | $831M | $986M | $1.1B | $1.2B | $1.1B |
| Stock-based compensation | $230M | $307M | $278M | $301M | $310M |
| Acquisitions | $19.4B | $39M | $3.7B | $3.1B | $4B |
| Share buybacks | $2B | $3B | $3B | $4B | $3B |
| Dividends paid | $395M | $455M | $523M | $583M | $636M |
| Dividend per share | 1.04 | 1.20 | 1.40 | 1.56 | 1.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.5% | −4.6% | 0.1% | 3.9% |
| Operating income growth (YoY) | – | −16.3% | −18.3% | 7.0% | 5.6% |
| EPS growth (YoY) | – | −9.4% | −12.4% | 7.0% | 7.3% |
| Operating margin | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% |
| Net margin | 19.7% | 15.5% | 14.0% | 14.8% | 15.0% |
| Return on equityBlank when equity is negative | 18.9% | 15.8% | 12.8% | 12.8% | 12.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.3% | 10.5% | 8.1% | 8.7% | 8.1% |
| Free cash flow margin | 17.3% | 15.4% | 16.2% | 16.9% | 14.1% |
| Cash conversion (CFO ÷ net income) | 1.20x | 1.32x | 1.40x | 1.37x | 1.17x |
| Receivable days | 74 | 66 | 70 | 70 | 73 |
| Interest cover | 18.7x | 11.6x | 4.99x | 5.28x | 5.46x |
| Debt ÷ equity | 0.91x | 0.91x | 0.82x | 0.67x | 0.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $32.7B | $31.3B | $30.3B | $29.3B | $32.9B |
| Current ratio | 1.50x | 1.48x | 1.75x | 1.66x | 1.89x |
Recent filings
More in Measuring & Controlling Devices, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.