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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
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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 September 2026 was 17.9%, up 0.5 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 −5.68% 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)
Sep 2026 18.7% 1.25
Jun 2026 17.4% 0.46
Mar 2026 16.9% (1.52)
Dec 2025 18.5% 1.02
43 more quarters

Against its own ten years

Low 13.5% High 25.6%
Ten-year median 17.1%
Current reading's percentile 72

Operating margin against peers

Company Operating margin
IDXX IDEXX Laboratories, Inc. compare 32.3%
MTD Mettler-Toledo International, Inc. compare 28.4%
A Agilent Technologies, Inc. compare 22.2%
ILMN Illumina, Inc. compare 21.2%
DHR Danaher Corporation compare 20.4%
TMO Thermo Fisher Scientific Inc. 17.9%
IQV IQVIA Holdings Inc. compare 12.8%
WAT Waters Corporation compare 4.73%
NTRA Natera, Inc. compare −8.95%
Diagnostics & Research industry median −5.68%
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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