Thermo Fisher Scientific (TMO) Q3 FY2026 earnings: revenue $12.1 billion, up 9.1% on the year

Thermo Fisher Scientific Inc. (TMO) announced its results for Q3 FY2026, the quarter ended 26 September 2026, on 21 October 2026. Revenue was $12.1 billion, up 9.1% on the same quarter a year earlier. Net income was $1.7 billion, up 6.5% on the year, and diluted earnings per share $4.64. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

Revenue$12.1 billionup 9.1%

Net income$1.7 billionup 6.5%

Diluted EPS$4.64$4.27 a year earlier

QuarterQ3 FY2026ended 26 September 2026

What management said

Revenue rose 9%, organic 6%: Third-quarter revenue rose to $12.14 billion from $11.12 billion. Organic growth was 6%, acquisitions and divestitures added 3 points, and currency added none.
Adjusted EPS rose 15%: Adjusted EPS was $6.68 against $5.79, up 15%. GAAP diluted EPS was $4.64, up 9% from $4.27.
Lab Products and Biopharma revenue up: Laboratory Products and Biopharma Services revenue was $6,863 million against $5,970 million. Segment income was $1,067 million, a 15.5% margin against 14.5%.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	12,137	11,994	11,122	+9.1%
Net income	1,721	1,736	1,616	+6.5%
Diluted EPS	$4.64	$4.68	$4.27	+8.7%

$ million except per share.

Q3 FY2026 is from the company's press release of 21 October 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	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
Revenue	9,330	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
Cost of revenue	4,679	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
Gross profit	4,651	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
Gross margin	50%	49%	46%	42%	40%	40%	39%	40%	41%	40%	41%	41%	41%	42%	41%	41%	41%	41%	40%	41%
R&D	351	392	364	365	351	391	346	345	319	327	331	339	346	374	342	352	346	357	336	364
SG&A	2,004	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
Operating income	2,278	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
Operating margin	24%	24%	24%	18%	16%	16%	15%	15%	18%	17%	16%	17%	17%	18%	17%	17%	17%	18%	17%	17%
Interest expense	128	161	136	148	173	269	300	326	359	390	363	354	356	317	303	404	347	365	354	401
Pre-tax income	2,173	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
Tax rate	12%	11%	12%	10%	2%	10%	3%	4%	3%	8%	18%	7%	6%	8%	6%	5%	11%	7%	4%	9%
Net income	1,902	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
Net margin	20%	15%	19%	15%	14%	14%	12%	13%	16%	15%	13%	15%	15%	16%	15%	15%	15%	16%	15%	14%
Diluted EPS	$4.79	$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
Operating cash flow	2,650	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
Capital expenditure	524	831	640	506	547	550	458	284	332	405	347	301	272	480	362	294	404	465	376	450
Free cash flow	2,126	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
Buybacks	0.0	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
Dividends paid	102	103	103	117	118	117	117	135	135	136	135	149	150	149	149	162	163	162	162	175
Shares outstanding	394m	391m	391m	392m	392m	385m	386m	386m	386m	381m	382m	382m	383m	377m	377m	378m	376m	371m	372m	370m
Filing	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	10-K	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.

Earnings press release for the quarter ended 26 September 2026, filed with the SEC on 21 October 2026 with a Form 8-K: the release.