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Thermo Fisher ScientificTMO

Legal name
Thermo Fisher Scientific Inc.
Sector
Other
Industry
Measuring & Controlling Devices, NEC
Exchange
NYSE

Stock Price $TMO

Latest filings

You are here#6 of 52 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K153

TMO filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 153 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’17Aug ’17
  2. Material agreement8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $44.56B
YoY changeLargest recent move+26.1%in FY20Latest +3.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All TMO Financial Metrics62 metrics

Income Statement16

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Thermo Fisher Scientific Financial Overview 2021–2025

Updated Nov 2, 2026

Thermo Fisher Scientific successfully replaced a staggering $7.26 billiona pandemic revenue cliff by executing one of the most aggressive acquisition rollups in the life sciences sector. The core investment thesis is clear: the company engineered a massive operational pivot, completely offsetting the collapse of its COVID-19 testing business by buying its way into higher-margin clinical research and bioproduction markets.

This inorganic growth strategy reshaped the top line, as total revenue grew from $39.21 billion in FY2021 to $44.56 billionb in FY2025. Management deployed immense capital to execute this shift, highlighted by the $15.99 billion purchase of PPD, the $3.21 billion takeover of Olink, and a $4.1 billion carve-out of Solventum's filtration unit. Despite absorbing these integrations and navigating macroeconomic softness in academic end-markets, severe cost discipline pushed the adjusted operating income margin to 22.7% by the end of FY2025. The underlying operations remain a powerful cash engine, generating $6.34 billion in free cash flow in FY2025 to fund aggressive capital returns, including $3.0 billion in share repurchases in Q1 2026 alone.

The market has rewarded this margin resilience and steady capital deployment. At the close of FY2025, the stock traded at $579.45c, reflecting institutional confidence in an optimized portfolio that now relies entirely on structural biopharma demand rather than transient health crises.

Recent Developments (Q2 and Q3 2026)

Thermo Fisher Scientific maintained strong momentum through Q3 2026, driven by the Clario Holdings acquisition. Total revenue increased 9% year-over-year to $12.14 billiond in the third quarter. This result included 6% organic growth. The company also completed the $1.075 billion divestiture of its microbiology unit in Q3 2026. Profitability accelerated alongside top-line expansion. Third-quarter adjusted EPS jumped 15% to $6.68. The nine-month adjusted operating income margin expanded to 23.1%, while year-to-date free cash flow hit $4.62 billion.

In leadership changes, Executive Vice President Michael D. Shafer will retire on December 31, 2026. The bull case focuses on accelerating organic revenue and strong operational cash generation funding ongoing portfolio optimization. The bear case centers on rising leverage, with total debt reaching $41.37 billione, and an expensive valuation. The stock traded at 39.3x earnings as of October 30, 2026.

What to watch: executive succession updates following Shafer's retirement; further margin expansion from the Clario Holdings integration

03—Filings

Recent SEC Filings

  1. 8-KThermo Fisher Scientific 8-K Report, Executive Changes (Oct 30, 2026)Thermo Fisher Scientific Inc. (TMO) filed an 8-K on October 30, 2026, reporting a key executive departure. Michael D. Shafer, Executive Vice President, is set to retire from his role effective December 31, 2026. This filing primarily serves as a notification of this leadership change, indicating the company is preparing for a transition in its senior management team. While no other significant financial or operational updates are provided in this specific filing, investors should note the timing of this retirement. Understanding the responsibilities held by Mr. Shafer and the company's succession plan will be crucial for assessing the impact of this departure on Thermo Fisher's future operations and strategic direction. Further details regarding his successor or any changes in divisional oversight are expected to be disclosed in subsequent filings or communications.
  2. 8-KThermo Fisher Scientific 8-K Report, Financial Results (Oct 21, 2026)Thermo Fisher Scientific Inc. (TMO) reported strong third quarter 2026 financial results on October 21, 2026. The company achieved a 9% increase in revenue, reaching $12.14 billion, with a notable 6% driven by organic growth. Both GAAP Diluted Earnings Per Share (EPS) and Adjusted EPS saw significant year-over-year increases, growing 9% to $4.64 and 15% to $6.68, respectively. The company highlighted its successful execution of a proven growth strategy, evidenced by the launch of innovative new products across various segments and strengthened customer partnerships. Strategic capital deployment was also a focus, including the completion of a business divestiture. Management expressed confidence in delivering an excellent full year 2026, emphasizing continued long-term value creation for stakeholders.
  3. 8-KThermo Fisher Scientific 8-K Report, Financial Results (Jul 23, 2026)Thermo Fisher Scientific reported second-quarter 2026 results (quarter ended June 27, 2026) with revenue of $11.99 billion, up 10% from $10.86 billion a year earlier. Organic revenue growth was 5%, so roughly half of the growth came from acquisitions, with a 1-point currency tailwind. GAAP diluted EPS rose 9% to $4.68, and adjusted EPS rose 13% to $6.03. GAAP operating margin expanded to 17.4% from 16.9%, and adjusted operating margin reached 22.8% from 21.9%. Free cash flow was $1.68 billion versus $1.11 billion, and first-half free cash flow was $2.50 billion, up about 69%. Segment results were strongest in Life Sciences Solutions, where adjusted segment margin reached 37.0%, and in Analytical Instruments, where segment margin rose to 23.0% from 18.8%. The balance sheet shows the scale of recent capital deployment. Cash fell to $4.06 billion from $9.85 billion at year-end 2025, reflecting $8.87 billion of acquisition spending and $4.0 billion of share repurchases in the first half. Goodwill rose by about $5.5 billion and acquisition-related intangibles by about $2.8 billion, and long-term obligations increased to $39.2 billion from $35.9 billion. The company also disclosed the divestiture of its microbiology business and $1.0 billion of stock repurchases during the quarter. Investors will want to focus on the leverage implications and on the integration progress of recent deals. The filing itself does not include updated 2026 guidance. Management said it would provide revised full-year guidance on the earnings call held the same morning, so the market reaction will depend on that outlook. The filing also does not name the acquired business. The earnings release is furnished under Item 2.02 and is not deemed filed under Section 18 of the Exchange Act.
  4. 8-KThermo Fisher Scientific 8-K Report, Shareholder Vote Results (May 26, 2026)Thermo Fisher Scientific Inc. (TMO) filed an 8-K on May 26, 2026, detailing the outcomes of its Annual Meeting of Shareholders held on May 20, 2026. The primary focus of the filing is the voting results on key corporate matters. Notably, all incumbent nominees for the Board of Directors were overwhelmingly re-elected for one-year terms, indicating strong shareholder confidence in the current leadership and governance structure. However, a significant development from the meeting is the shareholder rejection of the non-binding, advisory proposal on the compensation of the Company's named executive officers. This outcome suggests a divergence of opinion between shareholders and the board regarding executive pay practices. Despite this advisory vote, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was ratified by a substantial majority of shareholders, ensuring continued auditor oversight.
  5. 8-KThermo Fisher Scientific 8-K Report, Financial Results (Apr 23, 2026)Thermo Fisher Scientific (TMO) reported first quarter 2026 results for the period ended March 28, 2026. Revenue grew 6% to $11.01 billion, though organic revenue growth was only 1%; the remaining growth came from acquisitions (3 points, largely the Clario acquisition) and currency translation (2 points). GAAP diluted EPS rose 11% to $4.43, and adjusted EPS rose 6% to $5.44. GAAP operating margin improved to 16.9% from 16.6%, while adjusted operating margin was roughly flat at 21.8% versus 21.9% a year earlier. Adjusted operating income grew 6% to $2.40 billion. Cash generation and capital deployment were the notable features of the quarter. Operating cash flow was $1.19 billion and free cash flow was $825 million, more than double the prior year's $373 million. The company spent $8.87 billion on acquisitions, primarily Clario, and repurchased $3.0 billion of stock. Funding came largely from new debt, with long-term obligations rising to $40.07 billion from $35.85 billion at year-end 2025, and cash fell sharply to $3.25 billion from $9.85 billion. Goodwill and acquisition-related intangibles increased substantially, which raises future impairment and integration considerations. The company did not provide updated 2026 guidance in the filing; it said guidance would be presented on the earnings call the same morning. Investors should therefore review the call commentary and updated guidance alongside these results to assess whether the acquisition-driven growth and elevated leverage are consistent with management's full-year outlook.
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04—See also

Related Companies

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