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Saturday 17 October 2026 Export TMO’s income statement to Excel — free account

Thermo Fisher Scientific Inc.

TMO Healthcare Diagnostics & Research

Thermo Fisher Scientific Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.6 billion, up 3.91% from fiscal 2024. In the quarter to June 2026, revenue grew 10.5%, EPS grew 9.35%, free cash flow grew 51.8% and total debt rose 18.7%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

690.00 6.49 −0.93%
Market cap
$257.5B
P/E
37.1×
Fwd P/E
23.7×
Dividend yield
0.27%
F-score
5/9
Altman Z
3.84
Beneish M
−2.46
Dividend safety
88/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Thermo Fisher Scientific Inc. (TMO) Gross margin

Alert me on Gross margin

Thermo Fisher Scientific Inc.'s gross margin over the twelve months to 30 June 2026 was 40.8%, down 0.1 percentage points from fiscal 2025 (40.9%). Over the past ten years it has ranged from 39.9% (fiscal 2023) to 50.1% (fiscal 2021); the current reading is higher than 18% of that period. That is below the Diagnostics & Research industry median of 50.9% and below the Healthcare sector median of 53.5%.

Gross margin, annual

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Annual newest first

Period Gross margin Change (points)
FY2025 40.9% (0.35)
FY2024 41.3% 1.38
FY2023 39.9% (2.34)
FY2022 42.2% (7.84)
FY2021 50.1% 0.41
FY2020 49.7% 5.32
FY2019 44.4% (0.22)
FY2018 44.6% (0.60)
FY2017 45.2% (0.64)
FY2016 45.8% 0.09

Quarterly newest first

Period Gross margin Change (points)
Jun 2026 40.7% 0.45
Mar 2026 40.3% (0.77)
Dec 2025 41.0% (0.19)
Sep 2025 41.2% 0.59
42 more quarters

Against its own ten years

Low 39.9% High 50.1%
Ten-year median 44.6%
Current reading's percentile 21

Gross margin against peers

Company Gross margin
ILMN Illumina, Inc. compare 66.4%
NTRA Natera, Inc. compare 65.2%
IDXX IDEXX Laboratories, Inc. compare 62.5%
MTD Mettler-Toledo International, Inc. compare 60.3%
DHR Danaher Corporation compare 58.5%
A Agilent Technologies, Inc. compare 53.8%
WAT Waters Corporation compare 50.9%
TMO Thermo Fisher Scientific Inc. 40.8%
IQV IQVIA Holdings Inc. compare 33.0%
Diagnostics & Research industry median 50.9%
Healthcare sector median 53.5%
Market median 46.2%

What Gross margin is

Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.

Gross Profit ÷ Revenue

The full definition of Gross margin →

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