Thermo Fisher Scientific (TMO) financial statements
Thermo Fisher Scientific reported revenue of $44.6B in fiscal 2025, up 10.4% a year over 9 years.
Net income was $6.7B and the operating margin 17.4%, against 13.5% in 2016.
Free cash flow was $6.3B, and the company returned $636M in dividends and $3.0B in net buybacks.
The diluted share count fell 5% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Thermo Fisher Scientific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.3B | $20.9B | $24.4B | $25.5B | $32.2B | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B |
| Cost of revenue | $8.2B | $9.0B | — | — | — | — | — | — | — | — |
| Gross profit | $10.1B | $11.9B | — | — | — | — | — | — | — | — |
| Research and development | $754M | $887M | $967M | $1.0B | $1.2B | $1.4B | $1.5B | $1.3B | $1.4B | $1.4B |
| Selling, general and admin | $5.0B | $5.5B | $6.1B | $6.1B | $6.9B | $8.0B | $9.0B | $8.4B | $8.6B | $8.7B |
| Operating income | $2.5B | $3.0B | $3.8B | $4.6B | $7.8B | $10.0B | $8.4B | $6.9B | $7.3B | $7.7B |
| Interest expense | $469M | $592M | $667M | $676M | $553M | $536M | $726M | $1.4B | $1.4B | $1.4B |
| Pre-tax income | $2.0B | $2.4B | $3.3B | $4.1B | $7.2B | $8.8B | $7.8B | $6.3B | $7.0B | $7.3B |
| Income tax | -$1M | $201M | $324M | $374M | $850M | $1.1B | $703M | $284M | $657M | $547M |
| Net income | $2.0B | $2.2B | $2.9B | $3.7B | $6.4B | $7.7B | $7.0B | $6.0B | $6.3B | $6.7B |
| EPS (diluted) | $5.09 | $5.59 | $7.24 | $9.17 | $15.96 | $19.46 | $17.63 | $15.45 | $16.53 | $17.74 |
| Diluted shares | 397M | 398M | 406M | 403M | 399M | 397M | 394M | 388M | 383M | 378M |
| Gross margin | 55.1% | 57.1% | — | — | — | — | — | — | — | — |
| Operating margin | 13.5% | 14.2% | 15.5% | 18.0% | 24.2% | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% |
| Net margin | 11.1% | 10.6% | 12.1% | 14.5% | 19.8% | 19.7% | 15.5% | 14.0% | 14.8% | 15.0% |
Balance sheet
Fiscal years, from Thermo Fisher Scientific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $786M | $1.3B | $2.1B | $2.4B | $10.3B | $4.5B | $8.5B | $8.1B | $5.6B | $10.1B |
| Receivables | $3.0B | $3.9B | $4.1B | $4.3B | $5.7B | $8.0B | $8.1B | $8.2B | $8.2B | $8.9B |
| Inventory | $2.2B | $3.0B | $3.0B | $3.4B | $4.0B | $5.1B | $5.6B | $5.1B | $5.0B | $5.4B |
| Total current assets | $7.0B | $9.4B | $10.6B | $11.9B | $22.0B | $20.1B | $25.2B | $24.6B | $22.1B | $28.7B |
| Property, plant and equipment | $2.6B | $4.0B | $4.2B | $4.7B | $5.9B | $8.3B | $9.3B | $9.4B | $9.3B | $10.6B |
| Goodwill | $21.3B | $25.3B | $25.3B | $25.7B | $26.0B | $41.9B | $41.2B | $44.0B | $45.9B | $49.4B |
| Total assets | $45.9B | $56.7B | $56.2B | $58.4B | $69.1B | $95.1B | $97.2B | $98.7B | $97.3B | $110.3B |
| Total current liabilities | $4.9B | $7.0B | $6.1B | $6.2B | $10.3B | $13.4B | $17.0B | $14.0B | $13.3B | $15.2B |
| Long-term debt | $15.4B | $18.9B | $17.7B | $17.1B | $19.1B | $32.3B | $28.9B | $31.3B | $29.1B | $35.9B |
| Total liabilities | $24.4B | $31.3B | $28.6B | $28.7B | $34.5B | $54.3B | $53.1B | $52.0B | $47.8B | $56.9B |
| Shareholders' equity | $21.5B | $25.4B | $27.6B | $29.7B | $34.5B | $40.8B | $44.0B | $46.7B | $49.6B | $53.4B |
| Net debt | $15.8B | $19.7B | $16.9B | $15.4B | $11.4B | $30.4B | $26.0B | $26.8B | $27.3B | $29.5B |
Cash flow
Fiscal years, from Thermo Fisher Scientific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $4.0B | $4.5B | $5.0B | $8.3B | $9.3B | $9.2B | $8.4B | $8.7B | $7.8B |
| Capital spending | $444M | $508M | $758M | $926M | $1.5B | $2.5B | $2.2B | $1.5B | $1.4B | $1.5B |
| Free cash flow | $2.8B | $3.5B | $3.8B | $4.0B | $6.8B | $6.8B | $6.9B | $6.9B | $7.3B | $6.3B |
| Stock-based compensation | $133M | $159M | $181M | $181M | $196M | $230M | $307M | $278M | $301M | $310M |
| Dividends paid | $238M | $237M | $266M | $297M | $337M | $395M | $455M | $523M | $583M | $636M |
| Share buybacks (net) | -$1.2B | -$750M | -$500M | -$1.5B | -$1.5B | -$2.0B | -$3.0B | -$3.0B | -$4.0B | -$3.0B |
| Net borrowing | $4.2B | $3.2B | -$1.4B | -$717M | $2.8B | $6.4B | $2.8B | $160M | -$2.4B | $5.3B |
| Free cash flow margin | 15.4% | 16.7% | 15.5% | 15.8% | 21.2% | 17.3% | 15.4% | 16.2% | 16.9% | 14.1% |
| Dividends per share | $0.60 | $0.60 | $0.66 | $0.74 | $0.84 | $0.99 | $1.15 | $1.35 | $1.52 | $1.68 |
Questions
What was Thermo Fisher Scientific's revenue in 2025?
$44.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Thermo Fisher Scientific generate?
$6.3B in fiscal 2025 (operating cash flow minus capital spending).
From Thermo Fisher Scientific's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.