Thermo Fisher Scientific (TMO) Q2 FY2026 earnings: revenue $12.0 billion, up 10.5% on the year

Thermo Fisher Scientific Inc. (TMO) reported revenue of $12.0 billion for Q2 FY2026, the quarter ended 27 June 2026, up 10.5% on the same quarter a year earlier. Net income was $1.7 billion, up 7.4% on the year, and diluted earnings per share $4.68. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue

$12.0 billion

+10.5% on the year · +9.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

17.4%

16.9% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.7 billion

+7.4% on the year · +5.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$4.68

+9.3% on the year · +5.6% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Revenue up 10%, organic growth 5%: Revenue was $11.99 billion against $10.85 billion. Acquisitions added 5 points and currency 1 point; organic growth was 5%, up from 1% in the first quarter.
Adjusted EPS up 13%: Adjusted EPS was $6.03 against $5.36. GAAP diluted EPS was $4.68 against $4.28, up 9%.
Analytical Instruments margin up to 23.0%: Revenue was $1,847 million against $1,728 million. Segment income was $424 million against $325 million, with segment margin up from 18.8% to 23.0%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	11,994	11,005	10,855	+9.0%	+10.5%
Cost of revenue	7,112	6,575	6,446	+8.2%	+10.3%
Gross profit	4,882	4,430	4,409	+10.2%	+10.7%
Gross margin	40.7%	40.3%	40.6%
Research and development	364	336	352	+8.3%	+3.4%
Selling, general and administrative	2,333	2,181	2,140	+7.0%	+9.0%
Operating income	2,087	1,863	1,834	+12.0%	+13.8%
Operating margin	17.4%	16.9%	16.9%
Interest expense	401	354	404	+13.3%	-0.7%
Pre-tax income	1,924	1,734	1,709	+11.0%	+12.6%
Income tax	167	70.0	92.0	+138.6%	+81.5%
Effective tax rate	8.7%	4.0%	5.4%
Net income	1,736	1,651	1,617	+5.1%	+7.4%
Net margin	14.5%	15.0%	14.9%
Diluted EPS	$4.68	$4.43	$4.28	+5.6%	+9.3%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	2,125	1,192	1,399	+78.3%	+51.9%
Capital expenditure	450	376	294	+19.7%	+53.1%
Free cash flow	1,675	816	1,105	+105.3%	+51.6%
Free cash flow margin	14.0%	7.4%	10.2%
Cash from investing	164	-8,961	-288
Cash from financing	-1,571	1,093	-991
Depreciation and amortisation	817	736	686	+11.0%	+19.1%
Share-based compensation	82.0	83.0	81.0	-1.2%	+1.2%
Buybacks	1,000	3,000	0.0	-66.7%
Dividends paid	175	162	162	+8.0%	+8.0%
Dividend per share	$0.47	$0.47	$0.43	0.0%	+9.3%
Diluted shares, weighted	371m	373m	378m	-0.5%	-1.9%
Shares outstanding at period end	370m	372m	378m	-0.5%	-2.1%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	52,679	51,934	50,512	+1.4%	+4.3%
Non-controlling interest	7.0	7.0	-35.0	0.0%
Redeemable equity	121	121	126	0.0%	-4.0%
Debt	42,549	42,947	35,229	-0.9%	+20.8%
Other liabilities	17,818	18,272	15,398	-2.5%	+15.7%
Total liabilities and equity	113,174	113,281	101,230	-0.1%	+11.8%
Fixed assets	10,755	10,658	9,635	+0.9%	+11.6%
Goodwill	54,832	55,187	47,249	-0.6%	+16.0%
Intangible assets	18,606	19,146	15,148	-2.8%	+22.8%
Investments	0.0	2.0	1,814
Cash and equivalents	4,064	3,254	4,576	+24.9%	-11.2%
Receivables	9,451	9,204	8,594	+2.7%	+10.0%
Inventory	5,627	5,496	5,559	+2.4%	+1.2%
Other assets	9,839	10,334	8,655	-4.8%	+13.7%
Total assets	113,174	113,281	101,230	-0.1%	+11.8%

Questions

What was Thermo Fisher Scientific's revenue in Q2 FY2026?

Thermo Fisher Scientific (TMO) reported revenue of $12.0 billion for Q2 FY2026, the quarter ended 27 June 2026, up 10.5% on the same quarter a year earlier.

How much did Thermo Fisher Scientific earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.7 billion, up 7.4% on the year, and diluted earnings per share $4.68.

When did Thermo Fisher Scientific report Q2 FY2026 results?

Thermo Fisher Scientific filed its 10-Q for the quarter ended 27 June 2026 with the SEC on 31 July 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 27 June 2026, filed 31 July 2026: the filing.