TMO
$654.80+0.35%
as of close, Oct 2, 2026
☾ AH $654.80 +0.35%
Thermo Fisher Scientific Inc.Stock · HealthcareS&P 500 0.3%Russell 1000 0.3%US Stock Market 0.3%Russell 3000 0.3%MSCI ACWI 0.2%MSCI World 0.2%S&P 500 Equal Weight 0.2%
TMO 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.
Shares outstanding (point-in-time)
2024-06 382.0M2024-09 382.5M2024-12 377.3M2025-03 377.5M2025-06 377.6M2025-09 375.7M2025-12 371.5M2026-03 371.6M2026-06 369.7M-3.2% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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+3.9% | 42.9B+0.1% | 42.9B-4.6% | 44.9B+14.5% | 39.2B+21.7% | |
| Research & development | 1.40B+0.5% | 1.39B+4.0% | 1.34B-9.1% | 1.47B+4.6% | 1.41B+19.1% | |
| Selling, general & administrative | 8.73B+1.6% | 8.60B+1.8% | 8.45B-6.1% | 8.99B+12.3% | 8.01B+15.5% | |
| Restructuring | 197M+103.1% | 97.0M-50.0% | 194M+185.3% | 68.0M+83.8% | 37.0M-27.5% | |
| Amortization of intangibles | 1.73B-11.4% | 1.95B-16.5% | 2.34B-2.4% | 2.40B+36.0% | 1.76B+5.6% | |
| Operating income | 7.75B+5.6% | 7.34B+7.0% | 6.86B-18.3% | 8.39B-16.3% | 10.0B+28.7% | |
| Interest expense | 1.42B+2.1% | 1.39B+1.1% | 1.38B+89.4% | 726M+35.4% | 536M-3.1% | |
| Interest & investment income | 993M-7.9% | 1.08B+22.6% | 879M+223.2% | 272M+532.6% | 43.0M-33.8% | |
| Other non-operating income | -12.0M-200.0% | 12.0M+118.5% | -65.0M+37.5% | -104M+85.0% | -694M-813.2% | |
| Equity-method income | -41.0M+2.4% | -42.0M+28.8% | -59.0M+65.7% | -172M-4200.0% | -4.00M-33.3% | |
| Pre-tax income | 7.31B+3.9% | 7.04B+11.7% | 6.30B-19.6% | 7.83B-11.4% | 8.84B+22.4% | |
| Income tax | 547M-16.7% | 657M+131.3% | 284M-59.6% | 703M-36.6% | 1.11B+30.5% | |
| 6.70B+5.8% | 6.33B+5.7% | 6.00B-13.9% | 6.96B-9.9% | 7.73B+21.2% | ||
| Net income to non-controlling interest | 17.0M+466.7% | 3.00M+107.5% | -40.0M-500.0% | 10.0M+233.3% | 3.00M+50.0% | |
| Net income to common | — | 6.33B+5.7% | 6.00B-13.7% | 6.95B-10.0% | 7.72B+21.2% | |
| $17.74+7.3% | $16.53+7.0% | $15.45-12.4% | $17.63-9.4% | $19.46+21.9% | ||
| EPS (basic) | $17.77+7.2% | $16.58+6.8% | $15.52-12.6% | $17.75-9.5% | $19.62+21.9% | |
| Weighted-avg shares (basic) | 377M-1.3% | 382M-1.0% | 386M-1.5% | 392M-0.5% | 394M-0.5% | |
| Weighted-avg shares (diluted) | 378M-1.3% | 383M-1.3% | 388M-1.5% | 394M-0.8% | 397M-0.5% | |
| Dividends per share | $1.72+10.3% | $1.56+11.4% | $1.40+16.7% | $1.20+15.4% | $1.04+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+29.7% | 22.1B-10.0% | 24.6B-2.5% | 25.2B+25.4% | 20.1B-8.4% | ||
| Cash & equivalents | 9.85B+145.7% | 4.01B-50.4% | 8.08B-5.2% | 8.52B+90.4% | 4.48B-56.6% | |
| Short-term investments | 253M-83.8% | 1.56B+51933.3% | 3.00M | — | — | |
| Accounts receivable | 8.90B+8.7% | 8.19B-0.4% | 8.22B+1.3% | 8.12B+1.7% | 7.98B+38.9% | |
| Inventory | 5.42B+9.0% | 4.98B-2.2% | 5.09B-9.7% | 5.63B+11.5% | 5.05B+25.4% | |
| Other current assets | 2.61B+33.0% | 1.96B+11.8% | 1.76B+6.9% | 1.64B+0.2% | 1.64B+45.0% | |
| 110B+13.4% | 97.3B-1.4% | 98.7B+1.6% | 97.2B+2.1% | 95.1B+37.8% | ||
| Property, plant & equipment | 10.6B+13.5% | 9.31B-1.5% | 9.45B+1.8% | 9.28B+11.4% | 8.33B+41.0% | |
| Operating lease right-of-use | 1.45B-2.8% | 1.49B-4.3% | 1.56B-2.3% | 1.59B+4.0% | 1.53B+97.5% | |
| Goodwill | 49.4B+7.7% | 45.9B+4.2% | 44.0B+6.9% | 41.2B-1.7% | 41.9B+61.0% | |
| Intangible assets | 15.8B+2.0% | 15.5B-6.8% | 16.7B-4.4% | 17.4B-13.3% | 20.1B+58.6% | |
| Other non-current assets | 5.87B+30.7% | 4.49B+12.3% | 4.00B-0.2% | 4.01B-13.6% | 4.64B+88.8% | |
| 15.2B+13.9% | 13.3B-4.9% | 14.0B-17.6% | 17.0B+26.6% | 13.4B+30.4% | ||
| Accounts payable | 3.62B+17.6% | 3.08B+7.2% | 2.87B-15.1% | 3.38B+17.9% | 2.87B+31.8% | |
| Deferred revenue | 2.71B-5.0% | 2.85B+6.1% | 2.69B+3.4% | 2.60B-2.0% | 2.65B+108.9% | |
| Short-term & current debt | 3.53B+59.6% | 2.21B-38.7% | 3.61B-35.3% | 5.58B+119.9% | 2.54B-3.5% | |
| Current lease liability | 275M+5.4% | 261M-0.8% | 263M-3.3% | 272M+2.3% | 266M+44.6% | |
| Other current liabilities | 3.33B+4.1% | 3.20B-1.4% | 3.25B-3.2% | 3.35B+13.7% | 2.95B+27.5% | |
| Long-term debt | 39.2B+26.1% | 31.1B-10.5% | 34.7B+1.3% | 34.3B-1.1% | 34.7B+81.5% | |
| Deferred revenue (non-current) | 1.18B+4.0% | 1.14B-24.1% | 1.50B+27.1% | 1.18B-4.8% | 1.24B+62.3% | |
| Non-current lease liability | 1.20B-3.6% | 1.24B-0.4% | 1.24B-5.3% | 1.31B+9.1% | 1.20B+92.2% | |
| Operating lease liability (total) | 1.47B-2.1% | 1.50B-0.4% | 1.51B-4.9% | 1.58B+7.9% | 1.47B+81.4% | |
| Finance lease liability (total) | 213M+5.4% | 202M+6.3% | 190M-9.5% | 210M+5.0% | 200M+2757.1% | |
| Deferred tax liabilities | 1.49B+17.7% | 1.27B-34.0% | 1.92B-32.5% | 2.85B-25.7% | 3.84B+113.9% | |
| Other non-current liabilities | 4.27B+7.1% | 3.99B-14.1% | 4.64B+9.5% | 4.24B-6.7% | 4.54B+36.3% | |
| 53.4B+7.7% | 49.6B+6.1% | 46.7B+6.3% | 44.0B+7.8% | 40.8B+18.2% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 445M+0.2% | 444M+0.5% | 442M+0.2% | 441M+0.5% | 439M+0.5% | |
| Additional paid-in capital | 18.6B+3.3% | 18.0B+3.9% | 17.3B+3.2% | 16.7B+3.5% | 16.2B+3.8% | |
| Retained earnings | 59.2B+11.4% | 53.1B+12.1% | 47.4B+13.0% | 41.9B+18.3% | 35.4B+26.0% | |
| Treasury stock | 22.3B+16.0% | 19.2B+27.0% | 15.1B+25.9% | 12.0B+34.7% | 8.92B+30.9% | |
| Accumulated other comprehensive income | -2.45B+9.2% | -2.70B+16.3% | -3.22B-4.0% | -3.10B-33.1% | -2.33B+17.0% | |
| Non-controlling interest | 7.00M+121.2% | -33.0M-200.0% | -11.0M-120.4% | 54.0M-12.9% | 62.0M+520.0% | |
| Total equity incl. non-controlling | 53.4B+7.8% | 49.6B+6.1% | 46.7B+6.1% | 44.0B+7.8% | 40.9B+18.4% | |
| Total liabilities & equity | 110B+13.4% | 97.3B-1.4% | 98.7B+1.6% | 97.2B+2.1% | 95.1B+37.8% | |
| Common shares issued | 445M+0.3% | 444M+0.4% | 442M+0.3% | 441M+0.3% | 439M+0.5% | |
| Common shares outstanding | 445M+0.2% | 444M+0.5% | 442M+0.2% | 441M+0.5% | 439M+0.5% | |
| Shares outstanding (cover) | 371M-1.5% | 377M-1.1% | 381M-1.1% | 385M-1.5% | 391M-0.7% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 7.82B-9.8% | 8.67B+3.1% | 8.41B-8.2% | 9.15B-1.7% | 9.31B+12.3% | ||
| Depreciation & amortization | 2.78B-10.6% | 3.11B-8.7% | 3.41B+0.7% | 3.38B+30.4% | 2.59B+11.5% | |
| Intangible amortization | 1.73B-11.4% | 1.95B-16.5% | 2.34B-2.4% | 2.40B+36.0% | 1.76B+5.6% | |
| Share-based compensation | 310M+3.0% | 301M+8.3% | 278M-9.4% | 307M+33.5% | 230M+17.3% | |
| Deferred income taxes | -639M+47.1% | -1.21B+7.0% | -1.30B-30.4% | -997M-54.6% | -645M-139.8% | |
| Change in receivables | 426M+149.1% | 171M+297.7% | 43.0M-90.0% | 430M+110.8% | 204M-84.3% | |
| Change in inventory | 74.0M+174.1% | 27.0M+104.5% | -598M-172.5% | 825M-22.5% | 1.06B+109.6% | |
| Change in payables | 421M+98.6% | 212M+142.4% | -500M-177.2% | 648M+35.3% | 479M+711.9% | |
| -4.05B+30.7% | -5.84B-13.6% | -5.14B-138.2% | -2.16B+90.2% | -21.9B-1352.5% | ||
| Capital expenditure | 1.52B+8.9% | 1.40B-5.3% | 1.48B-34.1% | 2.24B-11.1% | 2.52B+71.2% | |
| Free cash flow | 6.29B-13.4% | 7.27B+4.9% | 6.93B+0.2% | 6.91B+1.8% | 6.79B-0.4% | |
| Acquisitions | 4.04B+28.9% | 3.13B-14.4% | 3.66B+9284.6% | 39.0M-99.8% | 19.4B+50939.5% | |
| Purchases of investments | 383M-88.7% | 3.40B+1532.7% | 208M+300.0% | 52.0M | — | |
| Sales/maturities of investments | 1.56B-11.6% | 1.77B+11700.0% | 15.0M-87.1% | 116M | — | |
| Proceeds from sale of PP&E | 44.0M-22.8% | 57.0M-34.5% | 87.0M+262.5% | 24.0M+20.0% | 20.0M+150.0% | |
| Other investing activities | -21.0M-162.5% | -8.00M+75.8% | -33.0M-65.0% | -20.0M-147.6% | 42.0M+600.0% | |
| 1.80B+126.5% | -6.79B-87.5% | -3.62B-28.9% | -2.81B-142.7% | 6.58B+586.2% | ||
| Long-term debt issued | 7.76B+544.4% | 1.20B-79.7% | 5.94B+86.1% | 3.19B-82.4% | 18.1B+423.6% | |
| Long-term debt repaid | 2.41B-33.1% | 3.61B-37.6% | 5.78B+1441.9% | 375M-96.8% | 11.7B+1553.2% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 3.00B-25.0% | 4.00B+33.3% | 3.00B+0.0% | 3.00B+50.0% | 2.00B+33.3% | |
| Dividends paid | 636M+9.1% | 583M+11.5% | 523M+14.9% | 455M+15.2% | 395M+17.2% | |
| Other financing activities | 90.0M-53.8% | 195M+248.2% | 56.0M+722.2% | -9.00M-113.8% | 65.0M+41.3% | |
| FX effect on cash | — | — | — | — | 194M+10.2% | |
| Net change in cash | 5.84B+243.9% | -4.06B-822.0% | -440M-110.9% | 4.05B+169.2% | -5.84B-173.9% | |
| Interest paid | 1.61B+2.7% | 1.57B+13.4% | 1.39B+107.6% | 667M+20.2% | 555M+17.8% | |
| Income taxes paid | 1.78B-3.2% | 1.83B+23.8% | 1.48B+20.1% | 1.23B-43.4% | 2.18B+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 | 215B+9.7% | 196B-4.3% | 205B-5.0% | 216B-17.3% | 261B+42.3% | |
| P/E | 32.1×+3.6% | 31.0×-10.5% | 34.6×+12.9% | 30.7×-9.2% | 33.8×+17.4% | |
| P/S | 4.8×+5.5% | 4.6×-3.1% | 4.7×-3.4% | 4.9×-26.5% | 6.7×+16.9% | |
| P/B | 4.0×+1.8% | 4.0×-12.5% | 4.5×-8.8% | 5.0×-22.5% | 6.4×+20.4% | |
| P/FCF | 34.2×+26.7% | 27.0×-13.8% | 31.3×-18.8% | 38.6×+0.3% | 38.4×+42.9% | |
| Earnings yield | 3.1%-3.5% | 3.2%+11.8% | 2.9%-11.5% | 3.3%+10.2% | 3.0%-14.8% | |
| FCF yield | 2.9%-21.0% | 3.7%+16.0% | 3.2%+23.1% | 2.6%-0.3% | 2.6%-30.0% | |
| Dividend yield | 0.30%-1.0% | 0.30%+13.7% | 0.26%+21.0% | 0.22%+39.8% | 0.16%-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.