Thermo Fisher Scientific (TMO) FY2018 results: revenue $24.4 billion, up 16.4% on the year
Thermo Fisher Scientific Inc. (TMO) reported revenue of $24.4 billion for fiscal 2018, the year ended 31 December 2018, up 16.4% on the year before. Net income was $2.9 billion, up 32.0%, and diluted earnings per share $7.24. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$24.4 billion
+16.4% on the year
FY2011FY2018
Operating margin
15.5%
14.2% a year earlier
FY2011FY2018
Net income
$2.9 billion
+32.0% on the year
FY2011FY2018
Diluted EPS
$7.24
+29.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
24,358
20,918
18,274
+16.4%
Cost of revenue
13,501
11,473
9,905
+17.7%
Gross profit
10,857
9,445
8,369
+14.9%
Gross margin
44.6%
45.2%
45.8%
Research and development
967
888
755
+8.9%
Selling, general and administrative
6,057
5,504
4,976
+10.0%
Operating income
3,783
2,960
2,458
+27.8%
Operating margin
15.5%
14.2%
13.5%
Interest expense
667
592
470
+12.7%
Pre-tax income
3,262
2,429
2,024
+34.3%
Income tax
324
201
-1.0
+61.2%
Effective tax rate
9.9%
8.3%
-0.0%
Net income
2,938
2,225
2,022
+32.0%
Net margin
12.1%
10.6%
11.1%
Diluted EPS
$7.24
$5.59
$5.09
+29.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,543
4,005
3,258
+13.4%
Capital expenditure
758
508
444
+49.2%
Free cash flow
3,785
3,497
2,814
+8.2%
Free cash flow margin
15.5%
16.7%
15.4%
Cash from investing
-1,253
-7,729
-5,520
Cash from financing
-2,237
3,854
2,759
Depreciation and amortisation
2,267
2,033
1,758
+11.5%
Share-based compensation
181
159
133
+13.8%
Buybacks
500
750
1,250
-33.3%
Dividends paid
266
237
238
+12.2%
Dividend per share
$0.68
$0.60
$0.60
+13.3%
Diluted shares, weighted
406m
398m
397m
+2.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
27,586
25,413
21,539
+8.6%
Non-controlling interest
8.0
n/a
n/a
Short-term borrowings
693
n/a
n/a
Debt
18,990
21,008
16,627
-9.6%
Other liabilities
8,955
10,248
7,741
-12.6%
Total liabilities and equity
56,232
56,669
45,908
-0.8%
Fixed assets
4,165
4,047
2,578
+2.9%
Goodwill
25,347
25,290
21,328
+0.2%
Intangible assets
14,978
16,684
13,969
-10.2%
Cash and equivalents
2,103
1,335
786
+57.5%
Receivables
4,136
3,879
3,048
+6.6%
Inventory
3,005
2,971
2,213
+1.1%
Other assets
2,498
2,463
1,985
+1.4%
Total assets
56,232
56,669
45,908
-0.8%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.