Thermo Fisher Scientific Reports Fourth Quarter and Full Year 2025 Results
January 29, 2026WALTHAM, Mass.–(BUSINESS WIRE)–Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Highlights
- Fourth quarter revenue grew 7% to $12.21 billion.
- Fourth quarter GAAP diluted earnings per share (EPS) grew 9% to $5.21.
-
Fourth quarter adjusted EPS grew 8% to $6.57.
- Full year revenue grew 4% to $44.56 billion.
- Full year GAAP diluted earnings per share (EPS) grew 7% to $17.74.
-
Full year adjusted EPS grew 5% to $22.87.
-
Delivered another year of excellent operational performance and share gain reflecting our active management of the company, the strength of our proven growth strategy and the power of our PPI Business System.
-
Advanced our proven growth strategy by launching a range of high-impact, innovative new products in 2025. Highlights include the Thermo Scientific™ Orbitrap™ Astral™ Zoom mass spectrometer, Thermo Scientific™ Krios™ 5 Cryo-TEM, Thermo Scientific™ Vulcan™ Automated Lab, and the bench-scale Thermo Scientific™ 5L DynaDrive™ Single-Use Bioreactor. During the fourth quarter we launched the Thermo Scientific™ Helios™ MX1 Plasma Focused Ion Beam Scanning Electron Microscope, a fully automated semiconductor analysis system designed to accelerate time-to-data for yield ramp and fab process control, and we received FDA approval for the Ion Torrent™ Oncomine™ Dx Target Test as a companion diagnostic for HYRNUO™, Bayer’s targeted therapy for patients with HER2-mutated non-small cell lung cancer, as well as U.S. 510(k) clearance for the EXENT System, a first-of-its-kind automated platform to aid in the diagnosis of multiple myeloma.
-
Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers. We continued to scale adoption of our Accelerator™ Drug Development solution – our integrated CDMO and CRO offering, securing meaningful wins across our biopharma services businesses. We also entered into a technology alliance agreement with the Chan Zuckerberg Institute for Advanced Biological Imaging to advance new technologies enabling researchers to better visualize human cells. During the fourth quarter, we established a strategic collaboration with OpenAI to expand the use of artificial intelligence across our operations and our products and services to accelerate scientific breakthroughs, enhance drug development and drive greater productivity; and expanded our bioprocess design centers in Asia, including opening a new site in India, to further support pharma and biotech customers with process development and scale-up.
- Continued to successfully execute our capital deployment strategy, deploying approximately $16.5 billion in 2025. This included $13 billion committed to M&A. We completed the acquisition of our Filtration and Separation business from Solventum, an excellent complement to our bioproduction capabilities, and Sanofi’s Ridgefield, New Jersey, sterile fill-finish site, expanding our U.S. capacity for drug product manufacturing capacity. Then in the fourth quarter, we announced a definitive agreement to acquire Clario, a leading provider of endpoint data solutions for clinical trials, adding high-growth capabilities to enhance clinical insights for our pharma and biotech customers and further accelerate the digital transformation of clinical research. Additionally, during the year we returned $3.6 billion of capital to shareholders through stock buybacks and dividends.
“Thanks to our exceptional team, we delivered a strong finish to 2025, reflecting outstanding execution and the continued strength of our proven growth strategy,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “Throughout the year we effectively navigated the external environment and leveraged our PPI Business System to enable excellent operational performance. It was also a very active year for capital deployment, as we advanced our strategy and added exciting new capabilities that further strengthen our long-term competitive position.”
Casper added, “We enter 2026 from a position of strength. Our growth strategy is resonating with customers, positioning us for continued share gain, and our PPI Business System provides a strong foundation to continue our excellent operational performance. Together, this positions us well to deliver on our 2026 objectives as we create value for our stakeholders and build an even brighter future for our company.”
Fourth Quarter 2025
Revenue for the fourth quarter of 2025 grew 7% to $12.21 billion, versus $11.40 billion in the same quarter of 2024. Organic revenue growth was 3%.
GAAP Earnings Results
GAAP diluted EPS in the fourth quarter of 2025 was $5.21, 9% growth versus the fourth quarter of 2024. GAAP operating income for the fourth quarter of 2025 was $2.26 billion, 12% higher than the year-ago quarter. GAAP operating margin was 18.5%, compared with 17.7% in the fourth quarter of 2024.
Non-GAAP Earnings Results
Adjusted EPS for the fourth quarter of 2025 was $6.57, 8% growth versus the fourth quarter of 2024. Adjusted operating income for the fourth quarter of 2025 was $2.88 billion, 6% higher than the year-ago quarter. Adjusted operating margin was 23.6%, compared with 23.9% in the fourth quarter of 2024.
Full Year 2025
Revenue for the full year 2025 grew 4% to $44.56 billion, versus $42.88 billion in 2024. Organic revenue growth was 2%.
GAAP Earnings Results
GAAP diluted EPS for the full year was $17.74, 7% growth versus the full year 2024. GAAP operating income for the full year was $7.75 billion, 6% higher than 2024. GAAP operating margin was 17.4%, compared with 17.1% in 2024.
Non-GAAP Earnings Results
Adjusted EPS for the full year 2025 was $22.87, 5% growth versus the full year 2024. Adjusted operating income for the full year was $10.11 billion, 4% higher than 2024. Adjusted operating margin was 22.7%, compared with 22.6% in 2024.
Annual Guidance for 2026
The company will provide 2026 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern Time.
Use of Non-GAAP Financial Measures
Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, and organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading “Supplemental Information Regarding Non-GAAP Financial Measures.” The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.
Note on Presentation
Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Conference Call
Thermo Fisher Scientific will hold its earnings conference call today, January 29, 2026, at 8:30 a.m. Eastern Time. During the call, the company will discuss its financial performance, as well as future expectations.
The call will be webcast live on the “Investors” section of our website, www.thermofisher.com. You can access the conference call by dialing (833) 470-1428 within the U.S. or +1 (646) 844-6383 outside the U.S. The access code is 054943.
The earnings press release and related information can also be found in that section of our website, under the heading “Financials”. A replay of the call will be available under “News, Events & Presentations” through Wednesday, April 22, 2026.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.
Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers’ capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent reports on Form 10-K and Form 10-Q under the heading “Risk Factors.” These filings are on file with the SEC and available in the “Investors” section of our website under the heading “SEC Filings.” These forward-looking statements are based on our current expectations and speak only as of the date of this press release. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, in the event of new information, future developments or otherwise.
|
Condensed Consolidated Statements of Income (unaudited) |
||||||||||||||
|
|
|
Three months ended |
||||||||||||
|
|
|
December 31, |
|
% of |
|
December 31, |
|
% of |
||||||
|
(Dollars in millions except per share amounts) |
|
|
2025 |
|
|
Revenues |
|
|
2024 |
|
|
Revenues |
||
|
Revenues |
|
$ |
12,215 |
|
|
|
|
$ |
11,395 |
|
|
|
||
|
Costs and operating expenses: |
|
|
|
|
|
|
|
|
||||||
|
Cost of revenues (a) |
|
|
7,143 |
|
|
58.5 |
% |
|
|
6,492 |
|
|
57.0 |
% |
|
Selling, general and administrative expenses (b) |
|
|
1,977 |
|
|
16.2 |
% |
|
|
1,846 |
|
|
16.2 |
% |
|
Amortization of acquisition-related intangible assets |
|
|
436 |
|
|
3.6 |
% |
|
|
438 |
|
|
3.8 |
% |
|
Research and development expenses |
|
|
357 |
|
|
2.9 |
% |
|
|
374 |
|
|
3.3 |
% |
|
Restructuring and other costs (c) |
|
|
46 |
|
|
0.4 |
% |
|
|
228 |
|
|
2.0 |
% |
|
Total costs and operating expenses |
|
|
9,960 |
|
|
81.5 |
% |
|
|
9,379 |
|
|
82.3 |
% |
|
Operating income |
|
|
2,255 |
|
|
18.5 |
% |
|
|
2,016 |
|
|
17.7 |
% |
|
Interest income |
|
|
258 |
|
|
|
|
|
227 |
|
|
|
||
|
Interest expense |
|
|
(365 |
) |
|
|
|
|
(316 |
) |
|
|
||
|
Other income/(expense) (d) |
|
|
5 |
|
|
|
|
|
14 |
|
|
|
||
|
Income before income taxes |
|
|
2,154 |
|
|
|
|
|
1,941 |
|
|
|
||
|
Benefit from/(provision for) income taxes (e) |
|
|
(153 |
) |
|
|
|
|
(150 |
) |
|
|
||
|
Equity in earnings/(losses) of unconsolidated entities |
|
|
(31 |
) |
|
|
|
|
33 |
|
|
|
||
|
Net income |
|
|
1,970 |
|
|
|
|
|
1,824 |
|
|
|
||
|
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) |
|
|
5 |
|
|
|
|
|
(6 |
) |
|
|
||
|
Net income attributable to Thermo Fisher Scientific Inc. |
|
$ |
1,964 |
|
|
16.1 |
% |
|
$ |
1,830 |
|
|
16.1 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
|
Earnings per share attributable to Thermo Fisher Scientific Inc.: |
|
|
|
|
|
|
|
|
||||||
|
Basic |
|
$ |
5.22 |
|
|
|
|
$ |
4.79 |
|
|
|
||
|
Diluted |
|
$ |
5.21 |
|
|
|
|
$ |
4.78 |
|
|
|
||
|
Weighted average shares: |
|
|
|
|
|
|
|
|
||||||
|
Basic |
|
|
376 |
|
|
|
|
|
382 |
|
|
|
||
|
Diluted |
|
|
377 |
|
|
|
|
|
383 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of adjusted operating income and adjusted operating margin |
|
|
|
|
|
|
|
|
||||||
|
GAAP operating income |
|
$ |
2,255 |
|
|
18.5 |
% |
|
$ |
2,016 |
|
|
17.7 |
% |
|
Cost of revenues adjustments (a) |
|
|
33 |
|
|
0.3 |
% |
|
|
22 |
|
|
0.2 |
% |
|
Selling, general and administrative expenses adjustments (b) |
|
|
107 |
|
|
0.9 |
% |
|
|
16 |
|
|
0.1 |
% |
|
Restructuring and other costs (c) |
|
|
46 |
|
|
0.4 |
% |
|
|
228 |
|
|
2.0 |
% |
|
Amortization of acquisition-related intangible assets |
|
|
436 |
|
|
3.6 |
% |
|
|
438 |
|
|
3.8 |
% |
|
Adjusted operating income (non-GAAP measure) |
|
$ |
2,878 |
|
|
23.6 |
% |
|
$ |
2,720 |
|
|
23.9 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of adjusted net income |
|
|
|
|
|
|
|
|
||||||
|
GAAP net income attributable to Thermo Fisher Scientific Inc. |
|
$ |
1,964 |
|
|
|
|
$ |
1,830 |
|
|
|
||
|
Cost of revenues adjustments (a) |
|
|
33 |
|
|
|
|
|
22 |
|
|
|
||
|
Selling, general and administrative expenses adjustments (b) |
|
|
107 |
|
|
|
|
|
16 |
|
|
|
||
|
Restructuring and other costs (c) |
|
|
46 |
|
|
|
|
|
228 |
|
|
|
||
|
Amortization of acquisition-related intangible assets |
|
|
436 |
|
|
|
|
|
438 |
|
|
|
||
|
Other income/expense adjustments (d) |
|
|
(5 |
) |
|
|
|
|
(11 |
) |
|
|
||
|
Income taxes adjustments (e) |
|
|
(138 |
) |
|
|
|
|
(138 |
) |
|
|
||
|
Equity in earnings/losses of unconsolidated entities |
|
|
31 |
|
|
|
|
|
(33 |
) |
|
|
||
|
Noncontrolling interests adjustments (f) |
|
|
— |
|
|
|
|
|
(14 |
) |
|
|
||
|
Adjusted net income (non-GAAP measure) |
|
$ |
2,475 |
|
|
|
|
$ |
2,338 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of adjusted earnings per share |
|
|
|
|
|
|
|
|
||||||
|
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. |
|
$ |
5.21 |
|
|
|
|
$ |
4.78 |
|
|
|
||
|
Cost of revenues adjustments (a) |
|
|
0.09 |
|
|
|
|
|
0.06 |
|
|
|
||
|
Selling, general and administrative expenses adjustments (b) |
|
|
0.29 |
|
|
|
|
|
0.04 |
|
|
|
||
|
Restructuring and other costs (c) |
|
|
0.12 |
|
|
|
|
|
0.60 |
|
|
|
||
|
Amortization of acquisition-related intangible assets |
|
|
1.16 |
|
|
|
|
|
1.14 |
|
|
|
||
|
Other income/expense adjustments (d) |
|
|
(0.01 |
) |
|
|
|
|
(0.03 |
) |
|
|
||
|
Income taxes adjustments (e) |
|
|
(0.37 |
) |
|
|
|
|
(0.36 |
) |
|
|
||
|
Equity in earnings/losses of unconsolidated entities |
|
|
0.08 |
|
|
|
|
|
(0.08 |
) |
|
|
||
|
Noncontrolling interests adjustments (f) |
|
|
0.00 |
|
|
|
|
|
(0.04 |
) |
|
|
||
|
Adjusted EPS (non-GAAP measure) |
|
$ |
6.57 |
|
|
|
|
$ |
6.10 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of free cash flow |
|
|
|
|
|
|
|
|
||||||
|
GAAP net cash provided by operating activities |
|
$ |
3,457 |
|
|
|
|
$ |
3,289 |
|
|
|
||
|
Purchases of property, plant and equipment |
|
|
(465 |
) |
|
|
|
|
(480 |
) |
|
|
||
|
Proceeds from sale of property, plant and equipment |
|
|
27 |
|
|
|
|
|
17 |
|
|
|
||
|
Free cash flow (non-GAAP measure) |
|
$ |
3,018 |
|
|
|
|
$ |
2,826 |
|
|
|
||
|
Business Segment Information |
|
Three months ended |
||||||||||||
|
|
|
December 31, |
|
% of |
|
December 31, |
|
% of |
||||||
|
(Dollars in millions) |
|
|
2025 |
|
|
Revenues |
|
|
2024 |
|
|
Revenues |
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenues |
|
|
|
|
|
|
|
|
||||||
|
Life Sciences Solutions |
|
$ |
2,946 |
|
|
24.1 |
% |
|
$ |
2,604 |
|
|
22.9 |
% |
|
Analytical Instruments |
|
|
2,215 |
|
|
18.1 |
% |
|
|
2,186 |
|
|
19.2 |
% |
|
Specialty Diagnostics |
|
|
1,220 |
|
|
10.0 |
% |
|
|
1,157 |
|
|
10.2 |
% |
|
Laboratory Products and Biopharma Services |
|
|
6,379 |
|
|
52.2 |
% |
|
|
5,936 |
|
|
52.1 |
% |
|
Eliminations |
|
|
(546 |
) |
|
-4.5 |
% |
|
|
(487 |
) |
|
-4.3 |
% |
|
Consolidated revenues |
|
$ |
12,215 |
|
|
100.0 |
% |
|
$ |
11,395 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
|
Segment income and segment income margin |
|
|
|
|
|
|
|
|
||||||
|
Life Sciences Solutions |
|
$ |
1,046 |
|
|
35.5 |
% |
|
$ |
952 |
|
|
36.6 |
% |
|
Analytical Instruments |
|
|
583 |
|
|
26.3 |
% |
|
|
666 |
|
|
30.5 |
% |
|
Specialty Diagnostics |
|
|
324 |
|
|
26.6 |
% |
|
|
273 |
|
|
23.6 |
% |
|
Laboratory Products and Biopharma Services |
|
|
925 |
|
|
14.5 |
% |
|
|
828 |
|
|
14.0 |
% |
|
Subtotal reportable segments |
|
|
2,878 |
|
|
23.6 |
% |
|
|
2,720 |
|
|
23.9 |
% |
|
Cost of revenues adjustments (a) |
|
|
(33 |
) |
|
-0.3 |
% |
|
|
(22 |
) |
|
-0.2 |
% |
|
Selling, general and administrative expenses adjustments (b) |
|
|
(107 |
) |
|
-0.9 |
% |
|
|
(16 |
) |
|
-0.1 |
% |
|
Restructuring and other costs (c) |
|
|
(46 |
) |
|
-0.4 |
% |
|
|
(228 |
) |
|
-2.0 |
% |
|
Amortization of acquisition-related intangible assets |
|
|
(436 |
) |
|
-3.6 |
% |
|
|
(438 |
) |
|
-3.8 |
% |
|
Consolidated GAAP operating income |
|
$ |
2,255 |
|
|
18.5 |
% |
|
$ |
2,016 |
|
|
17.7 |
% |
|
(a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations, charges for the sale of inventory revalued at the date of acquisition, and in 2025, $4 of transaction-related costs. |
|
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, and accelerated depreciation on fixed assets to be abandoned due to facility consolidations. Adjusted results in 2024 also exclude $3 of charges associated with product liability litigation. |
|
(c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, gains/losses on the sale of real estate, charges for environmental-related matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. |
|
(d) Adjusted results exclude net gains/losses on investments. |
|
(e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements. |
|
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests. |
|
|
|
Note: |
|
Consolidated depreciation expense is $291 and $304 in 2025 and 2024, respectively. |
|
Organic revenue growth |
|
Three months ended |
|
|
|
|
December 31, 2025 |
|
|
Revenue growth |
|
7 |
% |
|
Acquisitions |
|
2 |
% |
|
Currency translation |
|
2 |
% |
|
Organic revenue growth (non-GAAP measure) |
|
3 |
% |
|
|
|
|
|
|
Note: |
|||
|
For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release. |
|||
|
Condensed Consolidated Statements of Income (unaudited) |
||||||||||||||
|
|
|
Year ended |
||||||||||||
|
|
|
December 31, |
|
% of |
|
December 31, |
|
% of |
||||||
|
(Dollars in millions except per share amounts) |
|
|
2025 |
|
|
Revenues |
|
|
2024 |
|
|
Revenues |
||
|
Revenues |
|
$ |
44,556 |
|
|
|
|
$ |
42,879 |
|
|
|
||
|
Costs and operating expenses: |
|
|
|
|
|
|
|
|
||||||
|
Cost of revenues (a) |
|
|
26,048 |
|
|
58.5 |
% |
|
|
24,818 |
|
|
57.9 |
% |
|
Selling, general and administrative expenses (b) |
|
|
7,272 |
|
|
16.3 |
% |
|
|
7,003 |
|
|
16.3 |
% |
|
Amortization of acquisition-related intangible assets |
|
|
1,730 |
|
|
3.9 |
% |
|
|
1,952 |
|
|
4.6 |
% |
|
Research and development expenses |
|
|
1,397 |
|
|
3.1 |
% |
|
|
1,390 |
|
|
3.2 |
% |
|
Restructuring and other costs (c) |
|
|
362 |
|
|
0.8 |
% |
|
|
379 |
|
|
0.9 |
% |
|
Total costs and operating expenses |
|
|
36,810 |
|
|
82.6 |
% |
|
|
35,542 |
|
|
82.9 |
% |
|
Operating income |
|
|
7,746 |
|
|
17.4 |
% |
|
|
7,337 |
|
|
17.1 |
% |
|
Interest income |
|
|
993 |
|
|
|
|
|
1,078 |
|
|
|
||
|
Interest expense |
|
|
(1,419 |
) |
|
|
|
|
(1,390 |
) |
|
|
||
|
Other income/(expense) (d) |
|
|
(12 |
) |
|
|
|
|
12 |
|
|
|
||
|
Income before income taxes |
|
|
7,308 |
|
|
|
|
|
7,037 |
|
|
|
||
|
Benefit from/(provision for) income taxes (e) |
|
|
(547 |
) |
|
|
|
|
(657 |
) |
|
|
||
|
Equity in earnings/(losses) of unconsolidated entities |
|
|
(41 |
) |
|
|
|
|
(42 |
) |
|
|
||
|
Net income |
|
|
6,721 |
|
|
|
|
|
6,338 |
|
|
|
||
|
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) |
|
|
17 |
|
|
|
|
|
3 |
|
|
|
||
|
Net income attributable to Thermo Fisher Scientific Inc. |
|
$ |
6,704 |
|
|
15.0 |
% |
|
$ |
6,335 |
|
|
14.8 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
|
Earnings per share attributable to Thermo Fisher Scientific Inc.: |
|
|
|
|
|
|
|
|
||||||
|
Basic |
|
$ |
17.77 |
|
|
|
|
$ |
16.58 |
|
|
|
||
|
Diluted |
|
$ |
17.74 |
|
|
|
|
$ |
16.53 |
|
|
|
||
|
Weighted average shares: |
|
|
|
|
|
|
|
|
||||||
|
Basic |
|
|
377 |
|
|
|
|
|
382 |
|
|
|
||
|
Diluted |
|
|
378 |
|
|
|
|
|
383 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of adjusted operating income and adjusted operating margin |
|
|
|
|
|
|
|
|
||||||
|
GAAP operating income |
|
$ |
7,746 |
|
|
17.4 |
% |
|
$ |
7,337 |
|
|
17.1 |
% |
|
Cost of revenues adjustments (a) |
|
|
64 |
|
|
0.1 |
% |
|
|
47 |
|
|
0.1 |
% |
|
Selling, general and administrative expenses adjustments (b) |
|
|
207 |
|
|
0.5 |
% |
|
|
(8 |
) |
|
0.0 |
% |
|
Restructuring and other costs (c) |
|
|
362 |
|
|
0.8 |
% |
|
|
379 |
|
|
0.9 |
% |
|
Amortization of acquisition-related intangible assets |
|
|
1,730 |
|
|
3.9 |
% |
|
|
1,952 |
|
|
4.6 |
% |
|
Adjusted operating income (non-GAAP measure) |
|
$ |
10,109 |
|
|
22.7 |
% |
|
$ |
9,707 |
|
|
22.6 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of adjusted net income |
|
|
|
|
|
|
|
|
||||||
|
GAAP net income attributable to Thermo Fisher Scientific Inc. |
|
$ |
6,704 |
|
|
|
|
$ |
6,335 |
|
|
|
||
|
Cost of revenues adjustments (a) |
|
|
64 |
|
|
|
|
|
47 |
|
|
|
||
|
Selling, general and administrative expenses adjustments (b) |
|
|
207 |
|
|
|
|
|
(8 |
) |
|
|
||
|
Restructuring and other costs (c) |
|
|
362 |
|
|
|
|
|
379 |
|
|
|
||
|
Amortization of acquisition-related intangible assets |
|
|
1,730 |
|
|
|
|
|
1,952 |
|
|
|
||
|
Other income/expense adjustments (d) |
|
|
(6 |
) |
|
|
|
|
(19 |
) |
|
|
||
|
Income taxes adjustments (e) |
|
|
(458 |
) |
|
|
|
|
(329 |
) |
|
|
||
|
Equity in earnings/losses of unconsolidated entities |
|
|
41 |
|
|
|
|
|
42 |
|
|
|
||
|
Noncontrolling interests adjustments (f) |
|
|
(1 |
) |
|
|
|
|
(19 |
) |
|
|
||
|
Adjusted net income (non-GAAP measure) |
|
$ |
8,642 |
|
|
|
|
$ |
8,380 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of adjusted earnings per share |
|
|
|
|
|
|
|
|
||||||
|
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. |
|
$ |
17.74 |
|
|
|
|
$ |
16.53 |
|
|
|
||
|
Cost of revenues adjustments (a) |
|
|
0.17 |
|
|
|
|
|
0.12 |
|
|
|
||
|
Selling, general and administrative expenses adjustments (b) |
|
|
0.55 |
|
|
|
|
|
(0.02 |
) |
|
|
||
|
Restructuring and other costs (c) |
|
|
0.96 |
|
|
|
|
|
0.99 |
|
|
|
||
|
Amortization of acquisition-related intangible assets |
|
|
4.58 |
|
|
|
|
|
5.09 |
|
|
|
||
|
Other income/expense adjustments (d) |
|
|
(0.02 |
) |
|
|
|
|
(0.05 |
) |
|
|
||
|
Income taxes adjustments (e) |
|
|
(1.21 |
) |
|
|
|
|
(0.86 |
) |
|
|
||
|
Equity in earnings/losses of unconsolidated entities |
|
|
0.11 |
|
|
|
|
|
0.11 |
|
|
|
||
|
Noncontrolling interests adjustments (f) |
|
|
0.00 |
|
|
|
|
|
(0.05 |
) |
|
|
||
|
Adjusted EPS (non-GAAP measure) |
|
$ |
22.87 |
|
|
|
|
$ |
21.86 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of free cash flow |
|
|
|
|
|
|
|
|
||||||
|
GAAP net cash provided by operating activities |
|
$ |
7,818 |
|
|
|
|
$ |
8,667 |
|
|
|
||
|
Purchases of property, plant and equipment |
|
|
(1,525 |
) |
|
|
|
|
(1,400 |
) |
|
|
||
|
Proceeds from sale of property, plant and equipment |
|
|
44 |
|
|
|
|
|
57 |
|
|
|
||
|
Free cash flow (non-GAAP measure) |
|
$ |
6,337 |
|
|
|
|
$ |
7,324 |
|
|
|
||
|
Business Segment Information |
|
Year ended |
||||||||||||
|
|
|
December 31, |
|
% of |
|
December 31, |
|
% of |
||||||
|
(Dollars in millions) |
|
|
2025 |
|
|
Revenues |
|
|
2024 |
|
|
Revenues |
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenues |
|
|
|
|
|
|
|
|
||||||
|
Life Sciences Solutions |
|
$ |
10,374 |
|
|
23.3 |
% |
|
$ |
9,631 |
|
|
22.5 |
% |
|
Analytical Instruments |
|
|
7,554 |
|
|
17.0 |
% |
|
|
7,463 |
|
|
17.4 |
% |
|
Specialty Diagnostics |
|
|
4,676 |
|
|
10.5 |
% |
|
|
4,512 |
|
|
10.5 |
% |
|
Laboratory Products and Biopharma Services |
|
|
23,984 |
|
|
53.8 |
% |
|
|
23,157 |
|
|
54.0 |
% |
|
Eliminations |
|
|
(2,033 |
) |
|
-4.6 |
% |
|
|
(1,885 |
) |
|
-4.4 |
% |
|
Consolidated revenues |
|
$ |
44,556 |
|
|
100.0 |
% |
|
$ |
42,879 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
|
Segment income and segment income margin |
|
|
|
|
|
|
|
|
||||||
|
Life Sciences Solutions |
|
$ |
3,768 |
|
|
36.3 |
% |
|
$ |
3,503 |
|
|
36.4 |
% |
|
Analytical Instruments |
|
|
1,736 |
|
|
23.0 |
% |
|
|
1,955 |
|
|
26.2 |
% |
|
Specialty Diagnostics |
|
|
1,256 |
|
|
26.9 |
% |
|
|
1,159 |
|
|
25.7 |
% |
|
Laboratory Products and Biopharma Services |
|
|
3,350 |
|
|
14.0 |
% |
|
|
3,090 |
|
|
13.3 |
% |
|
Subtotal reportable segments |
|
|
10,109 |
|
|
22.7 |
% |
|
|
9,707 |
|
|
22.6 |
% |
|
Cost of revenues adjustments (a) |
|
|
(64 |
) |
|
-0.1 |
% |
|
|
(47 |
) |
|
-0.1 |
% |
|
Selling, general and administrative expenses adjustments (b) |
|
|
(207 |
) |
|
-0.5 |
% |
|
|
8 |
|
|
0.0 |
% |
|
Restructuring and other costs (c) |
|
|
(362 |
) |
|
-0.8 |
% |
|
|
(379 |
) |
|
-0.9 |
% |
|
Amortization of acquisition-related intangible assets |
|
|
(1,730 |
) |
|
-3.9 |
% |
|
|
(1,952 |
) |
|
-4.6 |
% |
|
Consolidated GAAP operating income |
|
$ |
7,746 |
|
|
17.4 |
% |
|
$ |
7,337 |
|
|
17.1 |
% |
|
(a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and charges for the sale of inventory revalued at the date of acquisition. Adjusted results in 2025 exclude $4 of transaction-related costs. Adjusted results in 2024 also exclude $13 of charges for inventory write-downs associated with large-scale abandonment of product lines. |
|
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, charges associated with product liability litigation, and accelerated depreciation on fixed assets to be abandoned due to facility consolidations. |
|
(c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains/losses on the sale of real estate, charges for environmental-related matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2025 also exclude $51 of charges for disposition of a consolidated joint venture. |
|
(d) Adjusted results exclude net gains/losses on investments. Adjusted results in 2025 also exclude $8 of settlement charges for pension plans. |
|
(e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements. |
|
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests. |
|
Note: |
|
Consolidated depreciation expense is $1,050 and $1,156 in 2025 and 2024, respectively. |
Contacts
Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: [email protected]
Investor Contact Information:
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1356
E-mail: [email protected]