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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) Operating margin

Alert me on Operating margin

Thermo Fisher Scientific Inc.'s operating margin over the twelve months to 30 June 2026 was 17.6%, up 0.2 percentage points from fiscal 2025 (17.4%). Over the past ten years it has ranged from 13.5% (fiscal 2016) to 25.6% (fiscal 2021); the current reading is higher than 64% of that period. That is above the Diagnostics & Research industry median of −8.57% and above the Healthcare sector median of 0.00%.

Operating margin, annual

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Annual newest first

Period Operating margin Change (points)
FY2025 17.4% 0.28
FY2024 17.1% 1.11
FY2023 16.0% (2.69)
FY2022 18.7% (6.88)
FY2021 25.6% 1.38
FY2020 24.2% 6.20
FY2019 18.0% 2.46
FY2018 15.5% 1.38
FY2017 14.2% 0.70
FY2016 13.5% (0.32)

Quarterly newest first

Period Operating margin Change (points)
Jun 2026 17.4% 0.46
Mar 2026 16.9% (1.52)
Dec 2025 18.5% 1.02
Sep 2025 17.4% 0.54
42 more quarters

Against its own ten years

Low 13.5% High 25.6%
Ten-year median 17.1%
Current reading's percentile 67

Operating margin against peers

Company Operating margin
IDXX IDEXX Laboratories, Inc. compare 32.0%
MTD Mettler-Toledo International, Inc. compare 28.4%
A Agilent Technologies, Inc. compare 22.2%
DHR Danaher Corporation compare 20.4%
ILMN Illumina, Inc. compare 19.7%
TMO Thermo Fisher Scientific Inc. 17.6%
IQV IQVIA Holdings Inc. compare 13.0%
WAT Waters Corporation compare 7.10%
NTRA Natera, Inc. compare −10.7%
Diagnostics & Research industry median −8.57%
Healthcare sector median 0.00%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

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