Pricing Log in Create free account
Friday 6 November 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.

Revenue
+9.13%
EPS
+8.64%
Free cash flow
+15.0%
Total debt
+22.8%

Quarter to September 2026, against a year earlier

679.52 26.64 −3.77%
Market cap
$250.8B
P/E
35.8×
Fwd P/E
35.7×
Dividend yield
0.27%
F-score
5/9
Altman Z
3.84
Beneish M
−2.46
Dividend safety
88/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

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 September 2026 was 41.1%, up 0.2 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 48.3% and below the Healthcare sector median of 53.9%.

Gross margin, annual

Embed this chart

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)
Sep 2026 42.3% 1.58
Jun 2026 40.7% 0.45
Mar 2026 40.3% (0.77)
Dec 2025 41.0% (0.19)
43 more quarters

Against its own ten years

Low 39.9% High 50.1%
Ten-year median 44.6%
Current reading's percentile 26

Gross margin against peers

Company Gross margin
ILMN Illumina, Inc. compare 67.9%
IDXX IDEXX Laboratories, Inc. compare 62.7%
MTD Mettler-Toledo International, Inc. compare 60.3%
DHR Danaher Corporation compare 58.6%
A Agilent Technologies, Inc. compare 53.8%
WAT Waters Corporation compare 49.5%
TMO Thermo Fisher Scientific Inc. 41.1%
IQV IQVIA Holdings Inc. compare 33.1%
NTRA Natera, Inc. compare 0.00%
Diagnostics & Research industry median 48.3%
Healthcare sector median 53.9%
Market median 45.1%

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 →

More on TMO