Thermo Fisher Scientific (TMO) Q4 FY2021 earnings: revenue $10.7 billion, up 1.4% on the year

Thermo Fisher Scientific Inc. (TMO) reported revenue of $10.7 billion for Q4 FY2021, the quarter ended 31 December 2021, up 1.4% on the same quarter a year earlier. Net income was $1.7 billion, down 33.6% on the year, and diluted earnings per share $4.18. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$10.7 billion

+1.4% on the year · +14.7% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

23.7%

29.1% a year earlier

Q1 FY2020Q4 FY2021

Net income

$1.7 billion

-33.6% on the year · -12.8% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$4.18

-33.1% on the year · -12.7% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	10,702	9,330	10,550	+14.7%	+1.4%
Cost of revenue	5,448	n/a	n/a
Gross profit	5,254	n/a	n/a
Gross margin	49.1%	n/a	n/a
Research and development	392	n/a	n/a
Selling, general and administrative	2,278	n/a	n/a
Operating income	2,538	2,278	3,071	+11.4%	-17.4%
Operating margin	23.7%	24.4%	29.1%
Interest expense	161	n/a	n/a
Pre-tax income	1,868	n/a	n/a
Income tax	203	n/a	n/a
Effective tax rate	10.9%	n/a	n/a
Net income	1,658	1,902	2,498	-12.8%	-33.6%
Net margin	15.5%	n/a	n/a
Diluted EPS	$4.18	$4.79	$6.25	-12.7%	-33.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	2,457	n/a	n/a
Capital expenditure	831	n/a	n/a
Free cash flow	1,626	n/a	n/a
Free cash flow margin	15.2%	n/a	n/a
Cash from investing	-18,692	n/a	n/a
Cash from financing	8,467	n/a	n/a
Depreciation and amortisation	683	628	602	+8.8%	+13.5%
Share-based compensation	77.0	n/a	n/a
Buybacks	0.0	n/a	n/a
Dividends paid	103	n/a	n/a
Diluted shares, weighted	397m	397m	399m	0.0%	-0.5%
Shares outstanding at period end	391m	394m	394m	-0.7%	-0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	40,793	38,710	34,507	+5.4%	+18.2%
Non-controlling interest	62.0	n/a	n/a
Redeemable equity	122	n/a	n/a
Debt	34,870	21,707	21,735	+60.6%	+60.4%
Operating lease liabilities	1,203	n/a	n/a
Other liabilities	18,073	n/a	n/a
Total liabilities and equity	95,123	n/a	n/a
Fixed assets	8,333	n/a	n/a
Goodwill	41,924	n/a	n/a
Intangible assets	20,113	n/a	n/a
Cash and equivalents	4,477	12,027	10,325	-62.8%	-56.6%
Receivables	7,977	n/a	n/a
Inventory	5,051	n/a	n/a
Other assets	7,248	n/a	n/a
Total assets	95,123	n/a	n/a

Questions

What was Thermo Fisher Scientific's revenue in Q4 FY2021?

Thermo Fisher Scientific (TMO) reported revenue of $10.7 billion for Q4 FY2021, the quarter ended 31 December 2021, up 1.4% on the same quarter a year earlier.

How much did Thermo Fisher Scientific earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.7 billion, down 33.6% on the year, and diluted earnings per share $4.18.

When did Thermo Fisher Scientific report Q4 FY2021 results?

Thermo Fisher Scientific filed its 10-K for the year that ended with the quarter on 24 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	10,702	11,818	10,970	10,677	11,450	10,710	10,687	10,574	10,886	10,345	10,541	10,598	11,395	10,364	10,855	11,122	12,215	11,005	11,994	12,137
Cost of revenue	5,448	6,354	6,371	6,375	6,844	6,570	6,436	6,258	6,493	6,140	6,194	6,270	6,573	6,129	6,446	6,539	7,204	6,575	7,112	7,006
Gross profit	5,254	5,464	4,599	4,302	4,606	4,140	4,251	4,316	4,393	4,205	4,347	4,328	4,822	4,235	4,409	4,583	5,011	4,430	4,882	5,131
Gross margin	49%	46%	42%	40%	40%	39%	40%	41%	40%	41%	41%	41%	42%	41%	41%	41%	41%	40%	41%	42%
R&D	392	364	365	351	391	346	345	319	327	331	339	346	374	342	352	346	357	336	364	348
SG&A	2,278	2,277	2,209	2,208	2,299	2,119	2,145	2,049	2,132	2,183	2,111	2,098	2,203	2,078	2,140	2,162	2,352	2,181	2,333	2,321
Operating income	2,538	2,821	2,001	1,710	1,861	1,563	1,578	1,864	1,854	1,663	1,820	1,838	2,016	1,716	1,834	1,941	2,255	1,863	2,087	2,263
Operating margin	24%	24%	18%	16%	16%	15%	15%	18%	17%	16%	17%	17%	18%	17%	17%	17%	18%	17%	17%	19%
Interest expense	161	136	148	173	269	300	326	359	390	363	354	356	317	303	404	347	365	354	401	417
Pre-tax income	1,868	2,540	1,917	1,601	1,777	1,363	1,430	1,765	1,740	1,589	1,765	1,742	1,941	1,620	1,709	1,826	2,153	1,734	1,924	2,088
Tax rate	11%	12%	10%	2%	10%	3%	4%	3%	8%	18%	7%	6%	8%	6%	5%	11%	7%	4%	9%	17%
Net income	1,658	2,215	1,664	1,495	1,576	1,289	1,361	1,715	1,630	1,328	1,548	1,630	1,829	1,507	1,617	1,616	1,964	1,651	1,736	1,721
Net margin	15%	19%	15%	14%	14%	12%	13%	16%	15%	13%	15%	15%	16%	15%	15%	15%	16%	15%	14%	14%
Diluted EPS	$4.18	$5.61	$4.22	$3.79	$4.01	$3.32	$3.51	$4.42	$4.20	$3.46	$4.04	$4.25	$4.78	$3.98	$4.28	$4.27	$5.21	$4.43	$4.68	$4.64
Operating cash flow	2,457	2,202	1,528	1,937	3,487	729	1,540	2,414	3,723	1,251	1,960	2,166	3,290	723	1,399	2,239	3,457	1,192	2,125	2,550
Capital expenditure	831	640	506	547	550	458	284	332	405	347	301	272	480	362	294	404	465	376	450	437
Free cash flow	1,626	1,562	1,022	1,390	2,937	271	1,256	2,082	3,318	904	1,659	1,894	2,810	361	1,105	1,835	2,992	816	1,675	2,113
Buybacks	0.0	2,000	0.0	0.0	1,000	3,000	0.0	0.0	0.0	3,000	0.0	0.0	1,000	2,000	0.0	963	37.0	3,000	1,000	0.0
Dividends paid	103	103	117	118	117	117	135	135	136	135	149	150	149	149	162	163	162	162	175	174
Shares outstanding	391m	391m	392m	392m	385m	386m	386m	386m	381m	382m	382m	383m	377m	377m	378m	376m	371m	372m	370m	371m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 24 February 2022: the filing.