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Thermo Fisher Scientific 8-K Report, Financial Results (Jan 29, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 29, 2026
Period End
January 29, 2026
Security
TMO
In the 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 ’18Aug ’18
  2. Leadership change8-K · Nov ’20Nov ’20
  3. Material agreement8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed January 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Thermo Fisher Scientific (TMO) reported fourth quarter and full year 2025 results on January 29, 2026, with revenue growing 7% to $12.21 billiona in Q4 and 4% to $44.56 billion for the full year.

Q4 GAAP diluted EPS rose 9% to $5.21b and adjusted EPS rose 8% to $6.57. For the full year, GAAP diluted EPS was $17.74 (up 7%) and adjusted EPS was $22.87 (up 5%). Organic revenue growth was a more modest 3% in Q4 and 2% for the full year, meaning acquisitions and currency translation contributed the majority of top-line growth.

Adjusted operating margin was broadly stable at 22.7% for the year versus 22.6% in 2024, while Q4 adjusted margin contracted slightly to 23.6% from 23.9%. Management emphasized an active capital deployment year, with roughly $16.5 billionc deployed in 2025, including $13 billion committed to M&A such as the Solventum Filtration and Separation business, Sanofi's Ridgefield sterile fill-finish site, and a definitive agreement to acquire Clario. Shareholders received $3.6 billion through buybacks and dividends.

Balance sheet changes were significant: cash rose to $9.85 billion and long-term obligations increased to $35.85 billiond from $29.06 billion, reflecting debt issued to fund acquisitions. Full year free cash flow declined to $6.34 billion from $7.32 billion, driven by higher capital expenditures and working capital changes.

The company did not disclose 2026 guidance in the press release, deferring it to the earnings call held the same morning. Investors should therefore focus on the call commentary for 2026 revenue, EPS, and margin expectations, as well as the integration progress and returns on the recent acquisitions and the Clario deal's contribution to organic growth going forward.

02—Key points

Key Highlights

  1. Q4 2025 revenue rose 7% to $12.21B, but organic growth was only 3%, with acquisitions and currency each adding about 2 points.
  2. Full year 2025 revenue grew 4% to $44.56B, with organic growth of 2%; adjusted EPS increased 5% to $22.87 and GAAP diluted EPS increased 7% to $17.74.
  3. Adjusted operating margin for FY2025 was 22.7% versus 22.6% in 2024, while Q4 adjusted margin declined to 23.6% from 23.9%.
  4. Capital deployment totaled about $16.5B in 2025, including $13B for M&A (Solventum Filtration & Separation, Sanofi Ridgefield site) and a pending Clario acquisition.
  5. Free cash flow fell to $6.34B in 2025 from $7.32B in 2024, while operating cash flow declined to $7.82B from $8.67B.
  6. Total debt rose sharply, with long-term obligations reaching $35.85B from $29.06B, while cash increased to $9.85B.
  7. 2026 financial guidance was not included in the press release and was to be provided on the earnings call the same morning.

03—Questions

Frequently Asked Questions

  1. How did Thermo Fisher perform in Q4 and full year 2025?

    Q4 2025 revenue grew 7% to $12.21 billion, GAAP diluted EPS grew 9% to $5.21, and adjusted EPS grew 8% to $6.57. For the full year, revenue grew 4% to $44.56 billion, GAAP diluted EPS rose 7% to $17.74, and adjusted EPS rose 5% to $22.87.

  2. How much of the revenue growth was organic?

    Organic growth was 3% in Q4 and 2% for the full year 2025. The remaining growth came primarily from acquisitions (about 2 points in Q4 and 1 point for the year) and favorable currency translation (about 2 points in Q4 and 1 point for the year).

  3. Did Thermo Fisher provide 2026 guidance in this filing?

    No. The press release stated that 2026 financial guidance would be provided during the earnings conference call held on January 29, 2026 at 8:30 a.m. Eastern Time. Investors should review the call transcript or webcast for those figures.

  4. What were the major capital deployment actions in 2025?

    The company deployed about $16.5 billion, including $13 billion for M&A. Completed deals included the Solventum Filtration and Separation business and Sanofi's Ridgefield, New Jersey sterile fill-finish site. A definitive agreement to acquire Clario was announced in Q4. The company also returned $3.6 billion to shareholders through buybacks and dividends.

  5. Why did free cash flow decline in 2025?

    Free cash flow fell to $6.34 billion from $7.32 billion in 2024. Operating cash flow dropped to $7.82 billion from $8.67 billion, largely due to changes in assets and liabilities (a $1.8 billion outflow versus $0.4 billion in 2024), and capital expenditures increased to $1.53 billion from $1.40 billion.

04—Continue

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