Thermo Fisher Scientific (TMO) Q4 FY2025 earnings: revenue $12.2 billion, up 7.2% on the year

Thermo Fisher Scientific Inc. (TMO) reported revenue of $12.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.2% on the same quarter a year earlier. Net income was $2.0 billion, up 7.4% on the year, and diluted earnings per share $5.21. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$12.2 billion

+7.2% on the year · +9.8% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

18.5%

17.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$2.0 billion

+7.4% on the year · +21.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$5.21

+9.0% on the year · +22.0% on the quarter

Q1 FY2024Q4 FY2025

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

What management said

Fourth-quarter revenue rose 7%: Fourth-quarter revenue was $12.21 billion, up 7% from $11.40 billion a year earlier. Organic growth was 3%.
Full-year revenue rose 4%: Full-year revenue was $44.56 billion, up 4% from $42.88 billion, with organic growth of 2%. Full-year adjusted EPS was $22.87, up 5%.
Adjusted operating margin eased: Adjusted operating margin was 23.6% against 23.9%. Adjusted operating income was $2.88 billion, up 6% from the year-ago quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	12,215	11,122	11,395	+9.8%	+7.2%
Cost of revenue	7,204	6,539	6,573	+10.2%	+9.6%
Gross profit	5,011	4,583	4,822	+9.3%	+3.9%
Gross margin	41.0%	41.2%	42.3%
Research and development	357	346	374	+3.2%	-4.5%
Selling, general and administrative	2,352	2,162	2,203	+8.8%	+6.8%
Operating income	2,255	1,941	2,016	+16.2%	+11.9%
Operating margin	18.5%	17.5%	17.7%
Interest expense	365	347	317	+5.2%	+15.1%
Pre-tax income	2,153	1,826	1,941	+17.9%	+10.9%
Income tax	153	207	149	-26.1%	+2.7%
Effective tax rate	7.1%	11.3%	7.7%
Net income	1,964	1,616	1,829	+21.5%	+7.4%
Net margin	16.1%	14.5%	16.1%
Diluted EPS	$5.21	$4.27	$4.78	+22.0%	+9.0%

$ 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 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,457	2,239	3,290	+54.4%	+5.1%
Capital expenditure	465	404	480	+15.1%	-3.1%
Free cash flow	2,992	1,835	2,810	+63.1%	+6.5%
Free cash flow margin	24.5%	16.5%	24.7%
Cash from investing	891	-4,123	20.0		+4,355.0%
Cash from financing	3,526	-632	-3,666
Depreciation and amortisation	728	661	742	+10.1%	-1.9%
Share-based compensation	84.0	70.0	79.0	+20.0%	+6.3%
Buybacks	37.0	963	1,000	-96.2%	-96.3%
Dividends paid	162	163	149	-0.6%	+8.7%
Dividend per share	n/a	$0.43	n/a
Diluted shares, weighted	377m	378m	383m	-0.3%	-1.6%
Shares outstanding at period end	371m	376m	377m	-1.1%	-1.5%

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 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	53,407	51,018	49,584	+4.7%	+7.7%
Non-controlling interest	7.0	7.0	-33.0	0.0%
Redeemable equity	122	129	120	-5.4%	+1.7%
Debt	39,385	35,680	31,275	+10.4%	+25.9%
Operating lease liabilities	1,195	n/a	1,239		-3.6%
Other liabilities	16,227	16,186	15,136	+0.3%	+7.2%
Total liabilities and equity	110,343	103,020	97,321	+7.1%	+13.4%
Fixed assets	10,565	10,177	9,306	+3.8%	+13.5%
Goodwill	49,362	49,287	45,853	+0.2%	+7.7%
Intangible assets	15,838	16,242	15,533	-2.5%	+2.0%
Investments	253	1,564	1,561	-83.8%	-83.8%
Cash and equivalents	9,852	1,982	4,009	+397.1%	+145.7%
Receivables	8,900	8,911	8,191	-0.1%	+8.7%
Inventory	5,425	5,745	4,978	-5.6%	+9.0%
Other assets	10,148	9,112	7,890	+11.4%	+28.6%
Total assets	110,343	103,020	97,321	+7.1%	+13.4%

Questions

What was Thermo Fisher Scientific's revenue in Q4 FY2025?

Thermo Fisher Scientific (TMO) reported revenue of $12.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.2% on the same quarter a year earlier.

How much did Thermo Fisher Scientific earn in Q4 FY2025?

Net income for Q4 FY2025 was $2.0 billion, up 7.4% on the year, and diluted earnings per share $5.21.

When did Thermo Fisher Scientific report Q4 FY2025 results?

Thermo Fisher Scientific filed its 10-K for the year that ended with the quarter on 26 February 2026; 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 2025, filed 26 February 2026: the filing.