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Thermo Fisher Scientific Inc.

Thermo Fisher Scientific Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.6 billion, up 3.91% from fiscal 2024.

Revenue: +10.5%
EPS: +9.35%
Free cash flow: +51.8%
Total debt: +18.7%

Quarter to June 2026, against a year earlier

697.00 12.18 −1.72%

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Market cap: $262.2B
P/E: 37.4×
Fwd P/E: 35.7×
Dividend yield: 0.26%
F-score: 5/9
Altman Z: 3.84
Beneish M: −2.46
Dividend safety: 88/100

Overview Business Profile Segments Filings

Thermo Fisher Scientific Inc. (TMO) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Laboratory Products and Biopharma Services	23,984	53.83%
Life Sciences Solutions	10,374	23.28%
Analytical Instruments	7,554	16.95%
Specialty Diagnostics	4,676	10.49%
Gross margin		40.93%
Operating margin		17.39%
Pre-tax margin		16.40%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Consumables	18,664 41.89%	17,587 41.02%	17,597 41.06%	20,624 45.92%	22,608 57.66%	18,527 57.51%	13,109 51.32%	12,576 51.63%	—	—
Service revenues	18,592 41.73%	17,845 41.62%	17,614 41.10%	16,367 36.44%	8,850 22.57%	6,912 21.45%	6,046 23.67%	5,490 22.54%	3,544 16.94%	2,562 14.02%
Instruments	7,301 16.39%	7,446 17.37%	7,646 17.84%	7,924 17.64%	7,753 19.77%	6,779 21.04%	6,387 25.01%	6,292 25.83%	—	—
Product revenues	25,965	25,034	25,243	28,548	30,361	25,306	19,496	18,868	—	—
Revenue	44,556	42,879	42,857	44,915	39,211	32,218	25,542	24,358	20,918	18,274

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Product revenues	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Service revenues	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Laboratory Products and Biopharma Services	23,984 53.83%	23,157 54.01%	23,041 53.76%	22,304 49.66%	14,862 37.90%	12,245 38.01%	10,599 41.50%	10,035 41.20%	7,825 37.41%	6,724 36.80%	6,372 37.56%	6,602 39.09%	6,399 48.88%	6,103 48.78%	5,831 50.45%	5,473 52.66%	5,245 52.91%	6,455 61.49%
Life Sciences Solutions	10,374 23.28%	9,631 22.46%	9,977 23.28%	11,565 25.75%	15,631 39.86%	12,168 37.77%	6,856 26.84%	6,269 25.74%	5,728 27.38%	5,317 29.10%	4,774 28.14%	4,196 24.84%	713 5.44%	659 5.27%	—	—	—	—
Analytical Instruments	7,554 16.95%	7,463 17.40%	7,263 16.95%	6,441 14.34%	6,069 15.48%	5,124 15.90%	5,522 21.62%	5,469 22.45%	4,821 23.05%	3,668 20.07%	3,208 18.91%	3,252 19.26%	3,154 24.10%	3,115 24.90%	3,740 32.35%	3,238 31.16%	2,919 29.45%	4,469 42.57%
Specialty Diagnostics	4,676 10.49%	4,512 10.52%	4,405 10.28%	4,604 10.25%	5,659 14.43%	5,343 16.58%	3,718 14.56%	3,724 15.29%	3,486 16.67%	3,339 18.27%	3,244 19.12%	3,344 19.80%	3,192 24.38%	2,962 23.67%	2,470 21.37%	2,149 20.68%	2,150 21.70%	—
Intersegment Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(467) (4.49%)	(402) (4.06%)	—
Business Intersegment, Eliminations [Member] (Deprecated 2012-01-31)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(426) (4.06%)
Eliminations	(2,032) (4.56%)	(1,884) (4.39%)	(1,829) (4.27%)	—	(3,010) (7.68%)	(2,662) (8.26%)	(1,153) (4.51%)	(1,139) (4.68%)	(942) (4.50%)	(774) (4.24%)	(633) (3.73%)	(503) (2.98%)	(367) (2.80%)	(328) (2.62%)	(482) (4.17%)	—	—	—
Revenue	44,556	42,879	42,857	44,915	39,211	32,218	25,542	24,358	20,918	18,274	16,965	16,890	13,090	12,510	11,559	10,393	9,912	10,498

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Life Sciences Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Laboratory Products and Biopharma Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Analytical Instruments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Diagnostics	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Other	22,316 50.09%	21,124 49.26%	20,844 48.64%	21,095 46.97%	20,304 51.78%	12,986 40.31%	10,424 40.81%	10,225 41.98%	8,729 41.73%	7,458 40.81%	6,982 41.16%	5,086 30.11%	4,286 32.74%	4,161 33.26%	3,805 32.92%	3,179 30.58%	2,912 29.38%
United States	22,240 49.91%	21,755 50.74%	22,013 51.36%	23,820 53.03%	18,907 48.22%	16,435 51.01%	12,366 48.41%	11,629 47.74%	10,129 48.42%	9,086 49.72%	8,607 50.73%	8,148 48.24%	6,617 50.55%	6,424 51.35%	6,024 52.12%	5,807 55.87%	5,687 57.38%
China	—	—	—	—	—	2,797 8.68%	2,752 10.77%	2,504 10.28%	2,060 9.85%	1,730 9.47%	1,376 8.11%	1,223 7.24%	897 6.85%	736 5.88%	560 4.84%	405 3.90%	353 3.56%
Germany	—	—	—	—	—	—	—	—	—	—	—	1,006 5.96%	759 5.80%	682 5.45%	698 6.04%	593 5.70%	541 5.46%
United Kingdom	—	—	—	—	—	—	—	—	—	—	—	755 4.47%	532 4.07%	507 4.05%	472 4.09%	410 3.94%	419 4.22%
Japan	—	—	—	—	—	—	—	—	—	—	—	673 3.98%	—	—	—	—	—
Also reported: a second breakdown of the same revenue
North America	23,033 51.69%	22,504 52.48%	22,764 53.12%	24,594 54.76%	19,659 50.14%	17,081 53.02%	12,896 50.49%	12,143 49.85%	—	—	—	—	—	—	—	—	—
Europe	11,826 26.54%	10,857 25.32%	10,741 25.06%	10,762 23.96%	11,134 28.40%	8,284 25.71%	6,358 24.89%	6,215 25.52%	—	—	—	—	—	—	—	—	—
Asia-Pacific	8,101 18.18%	7,956 18.55%	7,873 18.37%	8,115 18.07%	7,218 18.41%	5,822 18.07%	5,524 21.63%	5,250 21.55%	—	—	—	—	—	—	—	—	—
Other regions	1,597 3.58%	1,561 3.64%	1,479 3.45%	1,444 3.21%	1,200 3.06%	1,031 3.20%	764 2.99%	750 3.08%	—	—	—	—	—	—	—	—	—
Revenue	44,556	42,879	42,857	44,915	39,211	32,218	25,542	24,358	20,918	18,274	16,965	16,890	13,090	12,510	11,559	10,393	9,912

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q2 FY2026	$29.7B	$25.0B	+18.61%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.