Thermo Fisher Scientific (TMO) Q1 FY2026 earnings: revenue $11.0 billion, up 6.2% on the year

Thermo Fisher Scientific Inc. (TMO) reported revenue of $11.0 billion for Q1 FY2026, the quarter ended 28 March 2026, up 6.2% on the same quarter a year earlier. Net income was $1.7 billion, up 9.6% on the year, and diluted earnings per share $4.43. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.

Revenue

$11.0 billion

+6.2% on the year · -9.9% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

16.9%

16.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.7 billion

+9.6% on the year · -15.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$4.43

+11.3% on the year · -15.0% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Revenue grew 6%, organic growth 1%: Revenue rose to $11.01 billion from $10.36 billion. Acquisitions added 3 points and currency translation 2 points, leaving organic growth at 1%.
Adjusted EPS rose 6% to $5.44: Adjusted EPS was $5.44 against $5.15 a year earlier. Adjusted net income was $2,027 million, against $1,950 million.
Life Sciences Solutions revenue rose: Revenue was $2,636 million against $2,341 million. Segment income was $954 million at a 36.2% margin, against $834 million and 35.6%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	11,005	12,215	10,364	-9.9%	+6.2%
Cost of revenue	6,575	7,204	6,129	-8.7%	+7.3%
Gross profit	4,430	5,011	4,235	-11.6%	+4.6%
Gross margin	40.3%	41.0%	40.9%
Research and development	336	357	342	-5.9%	-1.8%
Selling, general and administrative	2,181	2,352	2,078	-7.3%	+5.0%
Operating income	1,863	2,255	1,716	-17.4%	+8.6%
Operating margin	16.9%	18.5%	16.6%
Interest expense	354	365	303	-3.0%	+16.8%
Pre-tax income	1,734	2,153	1,620	-19.5%	+7.0%
Income tax	70.0	153	95.0	-54.2%	-26.3%
Effective tax rate	4.0%	7.1%	5.9%
Net income	1,651	1,964	1,507	-15.9%	+9.6%
Net margin	15.0%	16.1%	14.5%
Diluted EPS	$4.43	$5.21	$3.98	-15.0%	+11.3%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,192	3,457	723	-65.5%	+64.9%
Capital expenditure	376	465	362	-19.1%	+3.9%
Free cash flow	816	2,992	361	-72.7%	+126.0%
Free cash flow margin	7.4%	24.5%	3.5%
Cash from investing	-8,961	891	-527
Cash from financing	1,093	3,526	-102	-69.0%
Depreciation and amortisation	736	728	705	+1.1%	+4.4%
Share-based compensation	83.0	84.0	75.0	-1.2%	+10.7%
Buybacks	3,000	37.0	2,000	+8,008.1%	+50.0%
Dividends paid	162	162	149	0.0%	+8.7%
Dividend per share	$0.47	n/a	$0.43		+9.3%
Diluted shares, weighted	373m	377m	379m	-1.1%	-1.6%
Shares outstanding at period end	372m	371m	377m	+0.0%	-1.6%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	51,934	53,407	49,390	-2.8%	+5.2%
Non-controlling interest	7.0	7.0	-33.0	0.0%
Redeemable equity	121	122	128	-0.8%	-5.5%
Debt	42,947	39,385	34,189	+9.0%	+25.6%
Operating lease liabilities	n/a	1,195	n/a
Other liabilities	18,272	16,227	15,367	+12.6%	+18.9%
Total liabilities and equity	113,281	110,343	99,041	+2.7%	+14.4%
Fixed assets	10,658	10,565	9,331	+0.9%	+14.2%
Goodwill	55,187	49,362	46,493	+11.8%	+18.7%
Intangible assets	19,146	15,838	15,323	+20.9%	+24.9%
Investments	2.0	253	1,813	-99.2%	-99.9%
Cash and equivalents	3,254	9,852	4,134	-67.0%	-21.3%
Receivables	9,204	8,900	8,455	+3.4%	+8.9%
Inventory	5,496	5,425	5,224	+1.3%	+5.2%
Other assets	10,334	10,148	8,268	+1.8%	+25.0%
Total assets	113,281	110,343	99,041	+2.7%	+14.4%

Questions

What was Thermo Fisher Scientific's revenue in Q1 FY2026?

Thermo Fisher Scientific (TMO) reported revenue of $11.0 billion for Q1 FY2026, the quarter ended 28 March 2026, up 6.2% on the same quarter a year earlier.

How much did Thermo Fisher Scientific earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.7 billion, up 9.6% on the year, and diluted earnings per share $4.43.

When did Thermo Fisher Scientific report Q1 FY2026 results?

Thermo Fisher Scientific filed its 10-Q for the quarter ended 28 March 2026 with the SEC on 1 May 2026.

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-Q for the period ended 28 March 2026, filed 1 May 2026: the filing.