10-QPeriod: Q3 FY2025

THERMO FISHER SCIENTIFIC INC. Quarterly Report for Q3 Ended Sep 27, 2025

Filed October 31, 2025For Securities:TMO

Summary

Thermo Fisher Scientific Inc. (TMO) reported solid financial results for the nine months ended September 27, 2025, with total revenues increasing by 3% year-over-year to $32.34 billion. Net income attributable to Thermo Fisher Scientific Inc. grew to $4.74 billion, a 5.3% increase from the prior year period. The company demonstrated strong operational execution, reflected in an increase in both GAAP and adjusted operating income margins, driven by significant productivity improvements across its segments. The company continued its strategic growth initiatives, including targeted acquisitions. Notable acquisitions during the period include the Filtration and Separation business from Solventum Corporation and Olink Holding AB. Management also highlighted ongoing efforts to streamline operations through restructuring actions, primarily in the Laboratory Products and Biopharma Services segment. Despite some market headwinds, such as customer hesitancy in the academic and government sector and challenges in China's diagnostics and healthcare market, Thermo Fisher's diversified business model and strong execution in core markets like pharma and biotech have driven performance.

Financial Highlights

55 data points
Beta

Revenue

$11.12B

Net Income

$1.62B

14.6% Net Margin

EPS (Diluted)

$4.27

Total Assets

$103.02B

Cash & Equivalents

$2.01B

Free Cash Flow

$1.83B

Financial Statements
Beta
Revenue$11.12B
R&D Expenses$346.00M
SG&A Expenses$2.16B
Operating Expenses$9.18B
Operating Income$1.94B
Net Income$1.62B
EPS (Basic)$4.28
EPS (Diluted)$4.27
Shares Outstanding (Basic)378.00M
Shares Outstanding (Diluted)378.00M

Key Highlights

  • 1Total revenues for the nine months ended September 27, 2025, increased 3% to $32.34 billion, up from $31.48 billion in the prior year period.
  • 2Net income attributable to Thermo Fisher Scientific Inc. rose to $4.74 billion for the nine months ended September 27, 2025, a 5.3% increase compared to $4.51 billion in the prior year.
  • 3GAAP operating income increased by 3% to $5.49 billion for the nine months ended September 27, 2025.
  • 4Adjusted operating income (non-GAAP) showed stronger growth, up 3% to $7.23 billion for the nine months ended September 27, 2025, with an improved adjusted operating income margin of 22.4%.
  • 5The company made significant investments in acquisitions, including the Filtration and Separation business and Olink Holding AB, bolstering its Life Sciences Solutions segment.
  • 6Restructuring and other costs amounted to $316 million for the nine months ended September 27, 2025, reflecting ongoing efforts to streamline operations.
  • 7Diluted earnings per share (EPS) for the nine months ended September 27, 2025, were $12.53, an increase from $11.75 in the prior year period.

Frequently Asked Questions

For the nine months ended September 27, 2025, Thermo Fisher Scientific Inc. reported total revenues of $32.34 billion, a 3% increase from $31.48 billion in the same period last year. Net income attributable to Thermo Fisher Scientific Inc. increased by 5.3% to $4.74 billion, up from $4.51 billion in the prior year. GAAP operating income also saw a 3% increase, reaching $5.49 billion.

The company's performance is driven by four key segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. For the nine months ended September 27, 2025, Laboratory Products and Biopharma Services and Life Sciences Solutions were the primary contributors to organic revenue growth. While the pharma and biotech market showed strong demand, the academic and government market experienced a decline due to customer hesitancy, and the diagnostics and healthcare market faced headwinds in China.

Yes, Thermo Fisher has been actively engaged in strategic acquisitions. Notable acquisitions during this period include the Filtration and Separation business from Solventum Corporation and Olink Holding AB, both of which are expected to strengthen its Life Sciences Solutions segment. The company is also pursuing a significant acquisition of Clario Holdings, Inc. for approximately $8.875 billion, which is expected to close by mid-2026 and will be integrated into the Laboratory Products and Biopharma Services segment.

As of September 27, 2025, Thermo Fisher Scientific Inc. had total debt of $35.68 billion. The company reported $1.98 billion in cash and cash equivalents and $1.56 billion in short-term investments. Management believes that its existing cash, future operating cash flow, and available borrowing capacity under its revolving credit facility are sufficient to meet its cash requirements for the foreseeable future, including at least the next 24 months. Free cash flow for the nine months ended September 27, 2025, was $3.32 billion.