Thermo Fisher Scientific (TMO) FY2023 results: revenue $42.9 billion, down 4.6% on the year
Thermo Fisher Scientific Inc. (TMO) reported revenue of $42.9 billion for fiscal 2023, the year ended 31 December 2023, down 4.6% on the year before. Net income was $6.0 billion, down 13.7%, and diluted earnings per share $15.45. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$42.9 billion
-4.6% on the year
FY2016FY2023
Operating margin
16.0%
18.7% a year earlier
FY2016FY2023
Net income
$6.0 billion
-13.7% on the year
FY2016FY2023
Diluted EPS
$15.45
-12.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
8,406
9,154
9,312
-8.2%
Capital expenditure
1,479
2,243
2,523
-34.1%
Free cash flow
6,927
6,911
6,789
+0.2%
Free cash flow margin
16.2%
15.4%
17.3%
Cash from investing
-5,142
-2,159
-21,932
Cash from financing
-3,622
-2,810
6,581
Depreciation and amortisation
3,406
3,381
2,592
+0.7%
Share-based compensation
278
307
230
-9.4%
Buybacks
3,000
3,000
2,000
0.0%
Dividends paid
523
455
395
+14.9%
Dividend per share
$1.40
$1.20
$1.04
+16.7%
Diluted shares, weighted
388m
394m
397m
-1.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
46,735
43,978
40,793
+6.3%
Non-controlling interest
-11.0
54.0
62.0
Redeemable equity
118
116
122
+1.7%
Debt
34,917
34,488
34,870
+1.2%
Operating lease liabilities
1,244
1,313
1,203
-5.3%
Other liabilities
15,723
17,205
18,073
-8.6%
Total liabilities and equity
98,726
97,154
95,123
+1.6%
Fixed assets
9,448
9,280
8,333
+1.8%
Goodwill
44,020
41,196
41,924
+6.9%
Intangible assets
16,670
17,442
20,113
-4.4%
Investments
3.0
n/a
n/a
Cash and equivalents
8,077
8,524
4,477
-5.2%
Receivables
8,221
8,115
7,977
+1.3%
Inventory
5,088
5,634
5,051
-9.7%
Other assets
7,199
6,963
7,248
+3.4%
Total assets
98,726
97,154
95,123
+1.6%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.