Company file · TMO
Thermo Fisher
Thermo Fisher's revenue and net income rose in 2025 as all four segments grew
Revenues rose 3.9% to $44.6B, and net income rose 5.8% to $6.7B. Laboratory Products and Biopharma Services was 53% of revenue.
Key facts
Thermo Fisher (NYSE: TMO) reported revenues of $44.6B for fiscal 2025, the year ended Dec 31, 2025, up 3.9% from fiscal 2024. Net income to Thermo Fisher was $6.7B, up 5.8%. In its latest 10-Q, for the quarter ended Jun 27, 2026, revenue was $12.0B, up 10.5% from the same quarter a year earlier, and net income was $1.7B. The largest piece by segment (external revenue) was Laboratory Products and Biopharma Services, at 53% of fiscal 2025 revenues. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Jun 27, 2026 (filed Jul 31, 2026).
Source: 10-K FY2025, filed Feb 26, 2026
How it makes money
By segment (external revenue), FY2025
- LineAmountSharevs FY2024
- Laboratory Products and Biopharma Services$23.8B53%+3.5%
- Life Sciences Solutions$8.8B20%+7.6%
- Analytical Instruments$7.4B17%+1.2%
- Specialty Diagnostics$4.6B10%+3.5%
Source: 10-K FY2025, XBRL breakdown
Laboratory Products and Biopharma Services was 53% of 2025 revenue, Life Sciences Solutions 20%, Analytical Instruments 17% and Specialty Diagnostics 10%. North America was 52% of revenue.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Thermo Fisher 10-Q for the quarter ended Jun 27, 2026, filed Jul 31, 2026
By segment
Source: Thermo Fisher 10-Q for the quarter ended Jun 27, 2026, filed Jul 31, 2026
The bull case and the bear case
The bull case
- Revenues rose 3.9% in 2025 to $44.6B, and net income rose 5.8% to $6.7B. 10-K, FY2025
- Life Sciences Solutions revenue grew 7.6% in 2025 to $8.8B. 10-K, FY2025
- Revenues in the quarter ended Jun 27, 2026 were $12.0B, up 10.5% on a year earlier, and net income rose 7.4% to $1.7B. 10-Q, quarter ended Jun 27, 2026
The bear case
- Operating cash flow fell 9.8% in 2025 to $7.8B. 10-K, FY2025
- Total debt was $42.5B at Jun 27, 2026, up from $39.4B at the end of 2025. 10-Q, quarter ended Jun 27, 2026
- Analytical Instruments revenue grew just 1.2% in 2025. 10-K, FY2025
- The 10-K lists customer spending cycles, research funding, competition and acquisition integration among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Thermo Fisher Scientific sells lab instruments, equipment, consumables and diagnostics, and provides drug development and manufacturing services to pharmaceutical and biotech companies.
It reports four segments. Laboratory Products and Biopharma Services covers lab equipment and supplies, plus clinical research and contract drug manufacturing. Life Sciences Solutions covers reagents, instruments and services for biological research and bioproduction. Analytical Instruments covers mass spectrometers, electron microscopes and other instruments. Specialty Diagnostics covers diagnostic tests and related products.
Its customers include drug and biotech companies, hospitals, labs, universities and governments. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Thermo Fisher's latest 10-K. Read the original for the full list.
- Customer spendingSales depend on spending by drug and biotech companies, labs and research institutions.
- EconomyGeneral economic conditions affect demand across its markets.
- Government and fundingChanges in research funding, healthcare policy and trade can reduce demand or raise costs.
- Competition and innovationIt must keep developing products to compete.
- AcquisitionsIt grows partly by acquisition, which brings integration risk and debt.
- InternationalMuch of its revenue comes from outside the US, exposing it to currency and political risk.
- Regulation and cyberProduct regulation, quality issues and cyberattacks can raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenues | $42.9B | $42.9B | $44.6B |
| Net income to Thermo Fisher | $6.0B | $6.3B | $6.7B |
| Operating cash flow | $8.4B | $8.7B | $7.8B |
| Cash & equivalents (year end) | $8.1B | $4.0B | $9.9B |
| Total debt (year end) | $34.9B | $31.3B | $39.4B |
| Diluted shares | 388M | 383M | 378M |
- Revenues: Sales of lab instruments, equipment, consumables, reagents and diagnostics, plus pharma and biotech services.
- Net income to Thermo Fisher: Net income attributable to Thermo Fisher, after the share belonging to minority owners.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term obligations and current maturities plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Segment figures are revenue from outside customers, as Thermo Fisher tags them, so they add up to total revenues.
- Net income is net income attributable to Thermo Fisher.
Recent filings
Latest filings
- Oct 216:03 AM ET
8-K
Thermo Fisher files an 8-K on quarterly results
Thermo Fisher filed a Form 8-K on Oct 21, 2026 at 6:03 AM ET under Item 2.02 (Results of Operations and Financial Condition).
- Sep 294:14 PM ET
Form 4
Thermo Fisher director Dion J. Weisler reports an award of about 56 phantom stock units
The filing reports about 56 phantom stock units in a grant or award (code A).
- Sep 294:13 PM ET
Form 4
Thermo Fisher director Scott M. Sperling reports an award of about 63 phantom stock units
The filing reports about 63 phantom stock units in a grant or award (code A).
- Sep 294:13 PM ET
Form 4
Thermo Fisher director Karen S. Lynch reports an award of about 46 phantom stock units
The filing reports about 46 phantom stock units in a grant or award (code A).
- Sep 294:13 PM ET
Form 4
Thermo Fisher director R. Alexandra Keith reports an award of about 46 phantom stock units
The filing reports about 46 phantom stock units in a grant or award (code A).
Common questions about Thermo Fisher
How does Thermo Fisher make money?
Thermo Fisher's revenues were $44.6B in fiscal 2025. Laboratory Products and Biopharma Services was 53% of 2025 revenue, Life Sciences Solutions 20%, Analytical Instruments 17% and Specialty Diagnostics 10%. North America was 52% of revenue. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What was Thermo Fisher's revenue in fiscal 2025?
$44.6B of revenues for the fiscal year ended Dec 31, 2025, up 3.9% from $42.9B in fiscal 2024. Fiscal 2023 was $42.9B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
Is Thermo Fisher profitable?
Thermo Fisher reported net income to Thermo Fisher of $6.7B for fiscal 2025, up 5.8% from $6.3B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 27, 2026, net income was $1.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What did Thermo Fisher report in its latest quarterly filing?
Revenue was $12.0B in the quarter ended Jun 27, 2026, up 10.5% from $10.9B a year earlier. Net income was $1.7B, up 7.4% from $1.6B. Source: 10-Q for the quarter ended Jun 27, 2026, filed Jul 31, 2026.
How much cash and debt does Thermo Fisher have?
Thermo Fisher had $4.1B in cash and cash equivalents and $42.5B of total debt on Jun 27, 2026. Total debt here is short-term obligations and current maturities plus long-term debt, at carrying value. Source: 10-Q filed Jul 31, 2026.
What are the main risks Thermo Fisher lists?
Thermo Fisher's 10-K for fiscal 2025, filed Feb 26, 2026, lists its risk factors in Item 1A. We group them into 7 areas: Customer spending; economy; government and funding; competition and innovation; acquisitions; international; regulation and cyber. The first: Sales depend on spending by drug and biotech companies, labs and research institutions. Source: 10-K, Item 1A Risk Factors.
Where do these Thermo Fisher numbers come from?
From Thermo Fisher's own SEC filings: the 10-K for fiscal 2025 (filed Feb 26, 2026) and the 10-Q for the quarter ended Jun 27, 2026 (filed Jul 31, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in TMO
- The editor holds no position in Thermo Fisher (TMO). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell TMO from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold TMO, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Thermo FisherTMO | FY2025 | $44.6B | +3.9% | $6.7B |
| DanaherDHR | FY2025 | $24.6B | +2.9% | $3.6B |
| AbbottABT | FY2025 | $44.3B | +5.7% | $6.5B |
| Eli LillyLLY | FY2025 | $65.2B | +44.7% | $20.6B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.