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Thermo Fisher Scientific (TMO) FY2025 results: revenue $44.6 billion, up 3.9% on the year

Thermo Fisher Scientific Inc. (TMO) reported revenue of $44.6 billion for fiscal 2025, the year ended 31 December 2025, up 3.9% on the year before. Net income was $6.7 billion, up 5.8%, and diluted earnings per share $17.74. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$44.6 billion
+3.9% on the year
FY2018FY2025
Operating margin
17.4%
17.1% a year earlier
FY2018FY2025
Net income
$6.7 billion
+5.8% on the year
FY2018FY2025
Diluted EPS
$17.74
+7.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • 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.
  • $16.5 billion deployed in 2025: Management said the company deployed about $16.5 billion in 2025, including $13 billion committed to M&A.
  • Full-year free cash flow declined: Free cash flow was $6.34 billion in 2025 against $7.32 billion. Operating cash flow was $7.82 billion against $8.67 billion, and capital expenditures were $1.53 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Thermo Fisher Scientific sells the instruments, reagents, consumables, software and services that laboratories run on, and it also makes and tests drugs for other companies. Its customers are pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, along with environmental, industrial, research and quality and process control settings. The main brands are Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. The business is reported in four segments.

Thermo Fisher Scientific Inc., the 10-K for 2025

Thermo Fisher Scientific sells the instruments, reagents, consumables, software and services that laboratories run on, and it also makes and tests drugs for other companies. Its customers are pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, along with environmental, industrial, research and quality and process control settings. The main brands are Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. The business is reported in four segments.

Life Sciences Solutions

Reagents, instruments and consumables used in biological and medical research, in the discovery and production of drugs and vaccines, and in diagnosing disease. Three businesses sit here. Biosciences supplies the reagents, instruments and consumables for molecular biology and protein biology research. Genetic sciences combines instruments and reagents into genomic and proteomic offerings for research, clinical, healthcare and applied markets. Bioproduction supplies the production of biologics and industrial manufacturing, covering upstream cell culture, downstream purification, analytics for detection and quantitation, filtration and separation of process impurities, and single-use solutions across the biologics workflow.

Analytical Instruments

Instruments with the consumables, software and services around them, sold to pharmaceutical, biotechnology, academic, government, environmental, industrial and clinical laboratory customers. Chromatography and mass spectrometry covers analytical instrumentation for organic and inorganic sample analysis. Chemical analysis divides into production, process and analytics; field and safety instruments; and environmental and process instruments. Electron microscopy serves life sciences, materials sciences and semiconductor customers, and in semiconductors supplies integrated workflows for research and development and for production.

Specialty Diagnostics

Diagnostic test kits, reagents, culture media and instruments for healthcare, clinical, pharmaceutical, industrial and food safety laboratories, across five businesses. Clinical diagnostics supplies immunodiagnostic reagent kits, calibrators, controls, protein detection assays and instruments used for drugs-of-abuse testing, therapeutic drug monitoring, thyroid hormone testing, sepsis screening, first trimester screening, tumour markers and multiple myeloma. Immunodiagnostics makes blood-test systems for allergy, asthma and autoimmune disease. Microbiology supplies culture media, collection and transport systems, instruments and consumables to detect pathogens. Transplant diagnostics covers human leukocyte antigen typing and testing for the organ transplant market. The healthcare market channel sells consumables, kits, equipment and services to hospitals, clinical and reference laboratories and physicians' offices.

Laboratory Products and Biopharma Services

Four businesses. Laboratory products covers lab consumables, equipment and chemicals for life science research and drug discovery and development. The research and safety market channel mixes products made by Thermo Fisher, made for it on a private-label basis, and made by third parties under their own brands but sold through the company. Pharma services provides development, manufacturing and clinical trials services for both small-molecule and large-molecule drugs. Clinical research offers integrated clinical development and analytical services across all phases of development, peri- and post-approval work and site and patient access services.

Selling, buying and people

Products and services are sold through a direct sales force, customer-service professionals, electronic commerce and third-party distributors, with approximately 14,000 sales personnel including technical specialists. On 10 July 2024 the company acquired Olink Holding AB, a Swedish provider of proteomics solutions, into Life Sciences Solutions, and on 1 September 2025 it acquired a filtration and separation business, a provider of purification and filtration technologies used in producing biologics and in medical technology and industrial applications, into the same segment. It employed approximately 125,000 colleagues globally at 31 December 2025, approximately 59,000 in the Americas, 22,000 in Asia-Pacific and 44,000 in Europe, the Middle East and Africa. The filing describes competition in virtually all its markets as aggressive, coming from manufacturers, third-party distributors and service providers.

From Thermo Fisher Scientific's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue44,55642,87942,857+3.9%
Cost of revenue26,31825,17725,757+4.5%
Gross profit18,23817,70217,100+3.0%
Gross margin40.9%41.3%39.9%
Research and development1,3971,3901,337+0.5%
Selling, general and administrative8,7328,5958,445+1.6%
Operating income7,7467,3376,859+5.6%
Operating margin17.4%17.1%16.0%
Interest expense1,4191,3901,375+2.1%
Pre-tax income7,3087,0376,298+3.9%
Income tax547657284-16.7%
Effective tax rate7.5%9.3%4.5%
Net income6,7046,3355,995+5.8%
Net margin15.0%14.8%14.0%
Diluted EPS$17.74$16.53$15.45+7.3%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow7,8188,6678,406-9.8%
Capital expenditure1,5251,4001,479+8.9%
Free cash flow6,2937,2676,927-13.4%
Free cash flow margin14.1%16.9%16.2%
Cash from investing-4,047-5,841-5,142
Cash from financing1,801-6,792-3,622
Depreciation and amortisation2,7803,1083,406-10.6%
Share-based compensation310301278+3.0%
Buybacks3,0004,0003,000-25.0%
Dividends paid636583523+9.1%
Dividend per share$1.72$1.56$1.40+10.3%
Diluted shares, weighted378m383m388m-1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity53,40749,58446,735+7.7%
Non-controlling interest7.0-33.0-11.0
Redeemable equity122120118+1.7%
Debt39,38531,27534,917+25.9%
Operating lease liabilities1,1951,2391,244-3.6%
Other liabilities16,22715,13615,723+7.2%
Total liabilities and equity110,34397,32198,726+13.4%
Fixed assets10,5659,3069,448+13.5%
Goodwill49,36245,85344,020+7.7%
Intangible assets15,83815,53316,670+2.0%
Investments2531,5613.0-83.8%
Cash and equivalents9,8524,0098,077+145.7%
Receivables8,9008,1918,221+8.7%
Inventory5,4254,9785,088+9.0%
Other assets10,1487,8907,199+28.6%
Total assets110,34397,32198,726+13.4%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.