financial statements

The full income statement, balance sheet, and cash-flow statement for Thermo Fisher Scientific Inc. (TMO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	44.6B YoY+3.9%	42.9B YoY+0.1%	42.9B YoY-4.6%	44.9B YoY+14.5%	39.2B YoY+21.7%
Research & development	1.40B YoY+0.5%	1.39B YoY+4.0%	1.34B YoY-9.1%	1.47B YoY+4.6%	1.41B YoY+19.1%
Selling, general & administrative	8.73B YoY+1.6%	8.60B YoY+1.8%	8.45B YoY-6.1%	8.99B YoY+12.3%	8.01B YoY+15.5%
Restructuring	197M YoY+103.1%	97.0M YoY-50.0%	194M YoY+185.3%	68.0M YoY+83.8%	37.0M YoY-27.5%
Amortization of intangibles	1.73B YoY-11.4%	1.95B YoY-16.5%	2.34B YoY-2.4%	2.40B YoY+36.0%	1.76B YoY+5.6%
Operating income	7.75B YoY+5.6%	7.34B YoY+7.0%	6.86B YoY-18.3%	8.39B YoY-16.3%	10.0B YoY+28.7%
Interest expense	1.42B YoY+2.1%	1.39B YoY+1.1%	1.38B YoY+89.4%	726M YoY+35.4%	536M YoY-3.1%
Interest & investment income	993M YoY-7.9%	1.08B YoY+22.6%	879M YoY+223.2%	272M YoY+532.6%	43.0M YoY-33.8%
Other non-operating income	-12.0M YoY-200.0%	12.0M YoY+118.5%	-65.0M YoY+37.5%	-104M YoY+85.0%	-694M YoY-813.2%
Equity-method income	-41.0M YoY+2.4%	-42.0M YoY+28.8%	-59.0M YoY+65.7%	-172M YoY-4200.0%	-4.00M YoY-33.3%
Pre-tax income	7.31B YoY+3.9%	7.04B YoY+11.7%	6.30B YoY-19.6%	7.83B YoY-11.4%	8.84B YoY+22.4%
Income tax	547M YoY-16.7%	657M YoY+131.3%	284M YoY-59.6%	703M YoY-36.6%	1.11B YoY+30.5%
	6.72B YoY+6.0%	6.34B YoY+6.4%	5.96B YoY-14.4%	6.96B YoY-9.9%	7.73B YoY+21.2%
Net income to non-controlling interest	17.0M YoY+466.7%	3.00M YoY+107.5%	-40.0M YoY-500.0%	10.0M YoY+233.3%	3.00M YoY+50.0%
Net income to common	—	6.33B YoY+5.7%	6.00B YoY-13.7%	6.95B YoY-10.0%	7.72B YoY+21.2%
	$17.74 YoY+7.3%	$16.53 YoY+7.0%	$15.45 YoY-12.4%	$17.63 YoY-9.4%	$19.46 YoY+21.9%
EPS (basic)	$17.77 YoY+7.2%	$16.58 YoY+6.8%	$15.52 YoY-12.6%	$17.75 YoY-9.5%	$19.62 YoY+21.9%
Weighted-avg shares (basic)	377M YoY-1.3%	382M YoY-1.0%	386M YoY-1.5%	392M YoY-0.5%	394M YoY-0.5%
Weighted-avg shares (diluted)	378M YoY-1.3%	383M YoY-1.3%	388M YoY-1.5%	394M YoY-0.8%	397M YoY-0.5%
Dividends per share	$1.72 YoY+10.3%	$1.56 YoY+11.4%	$1.40 YoY+16.7%	$1.20 YoY+15.4%	$1.04 YoY+18.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	28.7B YoY+29.7%	22.1B YoY-10.0%	24.6B YoY-2.5%	25.2B YoY+25.4%	20.1B YoY-8.4%
Cash & equivalents	9.85B YoY+145.7%	4.01B YoY-50.4%	8.08B YoY-5.2%	8.52B YoY+90.4%	4.48B YoY-56.6%
Short-term investments	253M YoY-83.8%	1.56B YoY+51933.3%	3.00M YoY+50.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Accounts receivable	8.90B YoY+8.7%	8.19B YoY-0.4%	8.22B YoY+1.3%	8.12B YoY+1.7%	7.98B YoY+38.9%
Inventory	5.42B YoY+9.0%	4.98B YoY-2.2%	5.09B YoY-9.7%	5.63B YoY+11.5%	5.05B YoY+25.4%
Other current assets	2.61B YoY+33.0%	1.96B YoY+11.8%	1.76B YoY+6.9%	1.64B YoY+0.2%	1.64B YoY+45.0%
	110B YoY+13.4%	97.3B YoY-1.4%	98.7B YoY+1.6%	97.2B YoY+2.1%	95.1B YoY+37.8%
Property, plant & equipment	10.6B YoY+13.5%	9.31B YoY-1.5%	9.45B YoY+1.8%	9.28B YoY+11.4%	8.33B YoY+41.0%
Operating lease right-of-use	1.45B YoY-2.8%	1.49B YoY-4.3%	1.56B YoY-2.3%	1.59B YoY+4.0%	1.53B YoY+97.5%
Goodwill	49.4B YoY+7.7%	45.9B YoY+4.2%	44.0B YoY+6.9%	41.2B YoY-1.7%	41.9B YoY+61.0%
Intangible assets	15.8B YoY+2.0%	15.5B YoY-6.8%	16.7B YoY-4.4%	17.4B YoY-13.3%	20.1B YoY+58.6%
Other non-current assets	5.87B YoY+30.7%	4.49B YoY+12.3%	4.00B YoY-0.2%	4.01B YoY-13.6%	4.64B YoY+88.8%
	15.2B YoY+13.9%	13.3B YoY-4.9%	14.0B YoY-17.6%	17.0B YoY+26.6%	13.4B YoY+30.4%
Accounts payable	3.62B YoY+17.6%	3.08B YoY+7.2%	2.87B YoY-15.1%	3.38B YoY+17.9%	2.87B YoY+31.8%
Deferred revenue	2.71B YoY-5.0%	2.85B YoY+6.1%	2.69B YoY+3.4%	2.60B YoY-2.0%	2.65B YoY+108.9%
Short-term & current debt	3.53B YoY+59.6%	2.21B YoY-38.7%	3.61B YoY-35.3%	5.58B YoY+119.9%	2.54B YoY-3.5%
Current lease liability	275M YoY+5.4%	261M YoY-0.8%	263M YoY-3.3%	272M YoY+2.3%	266M YoY+44.6%
Other current liabilities	3.33B YoY+4.1%	3.20B YoY-1.4%	3.25B YoY-3.2%	3.35B YoY+13.7%	2.95B YoY+27.5%
Long-term debt	39.2B YoY+26.1%	31.1B YoY-10.5%	34.7B YoY+1.3%	34.3B YoY-1.1%	34.7B YoY+81.5%
Deferred revenue (non-current)	1.18B YoY+4.0%	1.14B YoY-24.1%	1.50B YoY+27.1%	1.18B YoY-4.8%	1.24B YoY+62.3%
Non-current lease liability	1.20B YoY-3.6%	1.24B YoY-0.4%	1.24B YoY-5.3%	1.31B YoY+9.1%	1.20B YoY+92.2%
Deferred tax liabilities	1.49B YoY+17.7%	1.27B YoY-34.0%	1.92B YoY-32.5%	2.85B YoY-25.7%	3.84B YoY+113.9%
Other non-current liabilities	4.27B YoY+7.1%	3.99B YoY-14.1%	4.64B YoY+9.5%	4.24B YoY-6.7%	4.54B YoY+36.3%
	53.4B YoY+7.7%	49.6B YoY+6.1%	46.7B YoY+6.3%	44.0B YoY+7.8%	40.8B YoY+18.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	445M YoY+0.2%	444M YoY+0.5%	442M YoY+0.2%	441M YoY+0.5%	439M YoY+0.5%
Additional paid-in capital	18.6B YoY+3.3%	18.0B YoY+3.9%	17.3B YoY+3.2%	16.7B YoY+3.5%	16.2B YoY+3.8%
Retained earnings	59.2B YoY+11.4%	53.1B YoY+12.1%	47.4B YoY+13.0%	41.9B YoY+18.3%	35.4B YoY+26.0%
Treasury stock	22.3B YoY+16.0%	19.2B YoY+27.0%	15.1B YoY+25.9%	12.0B YoY+34.7%	8.92B YoY+30.9%
Accumulated other comprehensive income	-2.45B YoY+9.2%	-2.70B YoY+16.3%	-3.22B YoY-4.0%	-3.10B YoY-33.1%	-2.33B YoY+17.0%
Non-controlling interest	7.00M YoY+121.2%	-33.0M YoY-200.0%	-11.0M YoY-120.4%	54.0M YoY-12.9%	62.0M YoY+520.0%
Total equity incl. non-controlling	53.4B YoY+7.8%	49.6B YoY+6.1%	46.7B YoY+6.1%	44.0B YoY+7.8%	40.9B YoY+18.4%
Total liabilities & equity	110B YoY+13.4%	97.3B YoY-1.4%	98.7B YoY+1.6%	97.2B YoY+2.1%	95.1B YoY+37.8%
Common shares issued	445M YoY+0.3%	444M YoY+0.4%	442M YoY+0.3%	441M YoY+0.3%	439M YoY+0.5%
Shares outstanding (cover)	376M YoY-1.8%	383M YoY-1.0%	386M YoY-1.5%	392M YoY-0.5%	394M YoY-0.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	7.82B YoY-9.8%	8.67B YoY+3.1%	8.41B YoY-8.2%	9.15B YoY-1.7%	9.31B YoY+12.3%
Depreciation & amortization	1.05B YoY-9.2%	1.16B YoY+8.2%	1.07B YoY+8.3%	986M YoY+18.7%	831M YoY+26.3%
Share-based compensation	310M YoY+3.0%	301M YoY+8.3%	278M YoY-9.4%	307M YoY+33.5%	230M YoY+17.3%
Deferred income taxes	-639M YoY+47.1%	-1.21B YoY+7.0%	-1.30B YoY-30.4%	-997M YoY-54.6%	-645M YoY-139.8%
Change in receivables	426M YoY+149.1%	171M YoY+297.7%	43.0M YoY-90.0%	430M YoY+110.8%	204M YoY-84.3%
Change in inventory	74.0M YoY+174.1%	27.0M YoY+104.5%	-598M YoY-172.5%	825M YoY-22.5%	1.06B YoY+109.6%
Change in payables	421M YoY+98.6%	212M YoY+142.4%	-500M YoY-177.2%	648M YoY+35.3%	479M YoY+711.9%
	-4.05B YoY+30.7%	-5.84B YoY-13.6%	-5.14B YoY-138.2%	-2.16B YoY+90.2%	-21.9B YoY-1352.5%
Capital expenditure	1.52B YoY+8.9%	1.40B YoY-5.3%	1.48B YoY-34.1%	2.24B YoY-11.1%	2.52B YoY+71.2%
Acquisitions	4.04B YoY+28.9%	3.13B YoY-14.4%	3.66B YoY+9284.6%	39.0M YoY-99.8%	19.4B YoY+50939.5%
Purchases of investments	383M YoY-88.7%	3.40B YoY+1532.7%	208M YoY+300.0%	52.0M	—
Sales/maturities of investments	1.56B YoY-11.6%	1.77B YoY+11700.0%	15.0M YoY-87.1%	116M	—
Proceeds from sale of PP&E	44.0M YoY-22.8%	57.0M YoY-34.5%	87.0M YoY+262.5%	24.0M YoY+20.0%	20.0M YoY+150.0%
Other investing activities	-21.0M YoY-162.5%	-8.00M YoY+75.8%	-33.0M YoY-65.0%	-20.0M YoY-147.6%	42.0M YoY+600.0%
	1.80B YoY+126.5%	-6.79B YoY-87.5%	-3.62B YoY-28.9%	-2.81B YoY-142.7%	6.58B YoY+586.2%
Long-term debt issued	7.76B YoY+544.4%	1.20B YoY-79.7%	5.94B YoY+86.1%	3.19B YoY-82.4%	18.1B YoY+423.6%
Long-term debt repaid	2.41B YoY-33.1%	3.61B YoY-37.6%	5.78B YoY+1441.9%	375M YoY-96.8%	11.7B YoY+1553.2%
Common stock repurchased	3.00B YoY-25.0%	4.00B YoY+33.3%	3.00B YoY+0.0%	3.00B YoY+50.0%	2.00B YoY+33.3%
Dividends paid	636M YoY+9.1%	583M YoY+11.5%	523M YoY+14.9%	455M YoY+15.2%	395M YoY+17.2%
Other financing activities	90.0M YoY-53.8%	195M YoY+248.2%	56.0M YoY+722.2%	-9.00M YoY-113.8%	65.0M YoY+41.3%
FX effect on cash	—	—	—	—	194M YoY+10.2%
Net change in cash	5.84B YoY+243.9%	-4.06B YoY-822.0%	-440M YoY-110.9%	4.05B YoY+169.2%	-5.84B YoY-173.9%
Interest paid	1.61B YoY+2.7%	1.57B YoY+13.4%	1.39B YoY+107.6%	667M YoY+20.2%	555M YoY+17.8%
Income taxes paid	1.78B YoY-3.2%	1.83B YoY+23.8%	1.48B YoY+20.1%	1.23B YoY-43.4%	2.18B YoY+64.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	218B YoY+9.4%	199B YoY-3.0%	205B YoY-5.0%	216B YoY-17.9%	263B YoY+42.4%
P/E	32.4× YoY+3.2%	31.4× YoY-9.3%	34.6× YoY+12.9%	30.7× YoY-9.9%	34.0×
P/S	4.9× YoY+5.3%	4.6× YoY-1.7%	4.7× YoY-3.4%	4.9× YoY-27.1%	6.7× YoY+17.0%
P/B	4.1× YoY+1.6%	4.0× YoY-11.3%	4.5× YoY-8.8%	5.0× YoY-23.1%	6.4× YoY+20.5%
P/FCF	34.6× YoY+26.3%	27.4× YoY-12.6%	31.3× YoY-18.8%	38.6× YoY-0.4%	38.7× YoY+43.0%
Earnings yield	3.1% YoY-3.1%	3.2% YoY+10.3%	2.9% YoY-11.5%	3.3% YoY+11.0%	2.9%
FCF yield	2.9% YoY-20.8%	3.7% YoY+14.4%	3.2% YoY+23.1%	2.6% YoY+0.4%	2.6% YoY-30.1%
Dividend yield	0.3% YoY-1.0%	0.3% YoY+13.7%	0.3% YoY+21.0%	0.2% YoY+39.8%	0.2% YoY-17.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TMO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TMO filings on SEC EDGAR → Not investment advice.

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About this data

financial statements