THERMO FISHER SCIENTIFIC INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data THERMO FISHER SCIENTIFIC INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	18,274	20,918	24,358	25,542	32,218	39,211	44,915	42,857	42,879	44,556
Cost of revenue	8,214	8,976
Gross profit	10,060	11,942
Research and development	754	887	967	1,003	1,181	1,406	1,471	1,337	1,390	1,397
Selling, general and administrative	4,971	5,504	6,057	6,144	6,930	8,007	8,993	8,445	8,595	8,732
Operating income	2,458	2,960	3,783	4,594	7,794	10,028	8,393	6,859	7,337	7,746
Interest expense	469	592	667	676	553	536	726	1,375	1,390	1,419
Interest income	48	81	137	224	65	43	272	879	1,078	993
Other non-operating income	-13	-20	9	-70	-76	-694	-104	-65	12	-12
Pre-tax income	2,024	2,429	3,262	4,070	7,225	8,841	7,835	6,298	7,037	7,308
Income tax	-1	201	324	374	850	1,109	703	284	657	547
Income from continuing operations	2,025	2,228	2,938	3,696
Net income to minority interests				2	2	3	10	-40	3	17
Net income	2,022	2,225	2,938	3,696	6,375	7,725	6,950	5,995	6,335	6,704
EBITDA	4,216	4,993	6,050	5,158	8,452	10,859	9,379	7,927	8,493	8,796
EPS, basic	5.12	5.64	7.31	9.24	16.09	19.62	17.75	15.52	16.58	17.77
EPS, diluted	5.09	5.59	7.24	9.17	15.96	19.46	17.63	15.45	16.53	17.74
Shares, basic (weighted)	395	395	402	400	396	394	392	386	382	377
Shares, diluted (weighted)	397	398	406	403	399	397	394	388	383	378
Dividend per share	0.60	0.60	0.68	0.76	0.88	1.04	1.20	1.40	1.56	1.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	786	1,335	2,103	2,399	10,325	4,477	8,524	8,077	4,009	9,852
Short-term investments								3	1,561	253
Receivables	3,049	3,879	4,136	4,349	5,741	7,977	8,115	8,221	8,191	8,900
Inventory	2,213	2,971	3,005	3,370	4,029	5,051	5,634	5,088	4,978	5,425
Other current assets	595	1,236	922	1,172	1,131	1,640	1,644	1,757	1,964	2,612
Total current assets	7,021	9,421	10,625	11,893	21,957	20,113	25,229	24,589	22,137	28,707
Property, plant and equipment	2,578	4,047	4,165	4,749	5,912	8,333	9,280	9,448	9,306	10,565
Lease right-of-use assets				699	775	1,531	1,593	1,556	1,489	1,447
Goodwill	21,328	25,290	25,347	25,714	26,041	41,924	41,196	44,020	45,853	49,362
Intangible assets	13,969	16,684	14,978	14,014	12,685	20,113	17,442	16,670	15,533	15,838
Other non-current assets	1,012	1,227	1,117	2,011	2,457	4,640	4,007	3,999	4,492	5,871
Total assets	45,908	56,669	56,232	58,381	69,052	95,123	97,154	98,726	97,321	110,343
Accounts payable	926	1,428	1,615	1,920	2,175	2,867	3,381	2,872	3,079	3,622
Accrued liabilities	709	918	982	1,010	1,916	2,427	2,095	1,596	1,988	1,995
Deferred revenue	486	0	809	916	1,271	2,655	2,601	2,689	2,852	2,710
Short-term debt	1,255	2,135	1,271	676	2,628	2,537	5,579	3,609	2,214	3,533
Total current liabilities	4,866	7,048	6,147	6,197	10,304	13,436	17,010	14,012	13,332	15,189
Long-term debt	15,372	18,873	17,719	17,076	19,107	32,333	28,909	31,308	29,061	35,852
Lease liabilities				571	626	1,203	1,313	1,244	1,239	1,195
Other non-current liabilities	1,573	2,569	2,515	3,241	3,330	4,540	4,238	4,642	3,989	4,273
Total liabilities	24,368	31,256	28,638	28,697	34,535	54,268	53,122	52,002	47,770	56,928
Total debt	16,627	21,008	18,990	17,752	21,728	34,670	34,278	34,727	31,072	39,172
Paid-in capital	12,140	14,177	14,621	15,064	15,579	16,174	16,743	17,286	17,962	18,563
Retained earnings	13,927	15,914	18,696	22,092	28,116	35,431	41,910	47,364	53,102	59,156
Treasury stock	-2,306	-3,103	-3,665	-5,236	-6,818	-8,922	-12,017	-15,133	-19,226	-22,309
Other comprehensive income	-2,636	-2,003	-2,498	-2,679	-2,807	-2,329	-3,099	-3,224	-2,697	-2,448
Shareholders' equity	21,540	25,413	27,586	29,675	34,507	40,793	43,978	46,735	49,584	53,407
Minority interests					10	62	54	-11	-33	7
Total equity	21,540	25,413	27,594	29,684	34,517	40,855	44,032	46,724	49,551	53,415
Total liabilities and equity	45,908	56,669	56,232	58,381	69,052	95,123	97,154	98,726	97,321	110,343

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,022	2,225	2,938	3,698	6,377	7,728	6,960	5,955	6,338	6,721
Depreciation and amortization	1,758	2,033	2,267	564	658	831	986	1,068	1,156	1,050
Stock-based compensation	133	159	181	181	196	230	307	278	301	310
Deferred income tax	-639	-1,696	-474	-499	-269	-645	-997	-1,300	-1,209	-639
Change in receivables	-352	-362	-366	-225	-1,302	-204	-430	-43	-171	-426
Change in inventory	98	-81	-324	-458	-508	-1,065	-825	598	-27	-74
Change in payables	56	274	201	266	59	479	648	-500	212	421
Cash from operations	3,258	4,005	4,543	4,973	8,289	9,312	9,154	8,406	8,667	7,818
Capital expenditures	-444	-508	-758	-926	-1,474	-2,523	-2,243	-1,479	-1,400	-1,525
Acquisitions	-5,178	-7,226	-536	-1,843	-38	-19,395	-39	-3,660	-3,132	-4,037
Purchases of investments							-52	-208	-3,396	-383
Sales and maturities of investments							116	15	1,770	1,565
Cash from investing	-5,520	-7,729	-1,253	-1,487	-1,510	-21,932	-2,159	-5,142	-5,841	-4,047
Debt issued	7,604	6,459	690	5,638	3,464	18,137	3,193	5,942	1,204	7,759
Debt repaid	-4,334	-3,299	-2,052	-6,355	-710	-11,738	-375	-5,782	-3,607	-2,412
Stock issued	0	1,690	0	0	196	156
Share buybacks	-1,250	-750	-500	-1,500	-1,500	-2,000	-3,000	-3,000	-4,000	-3,000
Dividends paid	-238	-237	-266	-297	-337	-395	-455	-523	-583	-636
Cash from financing	2,759	3,854	-2,237	-3,118	959	6,581	-2,810	-3,622	-6,792	1,801
Exchange rate effect	-152	420	-297	-63	176	194
Net change in cash	345	550	756	305	7,914	-5,845	4,046	-440	-4,057	5,839
Free cash flow	2,814	3,497	3,785	4,047	6,815	6,789	6,911	6,927	7,267	6,293
Interest paid	458	533	687	790	471	555	667	1,385	1,570	1,612
Income taxes paid	663	479	591	896	1,324	2,182	1,234	1,482	1,834	1,776

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $675.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	17.6%	Operating income / revenue.
EBITDA margin	20.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.5%	Pre-tax income / revenue.
Net margin	15.0%	Net income / revenue.
FCF margin	15.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.5%	Cash from operations / revenue.
Effective tax rate	7.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.2%	Net income / average total assets.
Return on invested capital (ROIC)	8.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.0%	Research and development expense / revenue.
SG&A / revenue	19.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-9.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-13.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.55x	Current assets / current liabilities.
Quick ratio	0.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.80x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.4%	Total debt / total assets.
Liabilities / assets	53.4%	Total liabilities / total assets.
Net debt	$38.22B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.11x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.55x	Operating income / interest expense.
Working capital	$8.30B	Current assets - current liabilities.
Goodwill and intangibles / assets	64.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$20.76B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	4.31x	Revenue / average property, plant and equipment.
Receivables turnover	4.90x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
FCF conversion	105.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$18.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$124.90	Revenue / diluted weighted shares.
FCF per share	$19.73	Free cash flow / diluted weighted shares.
Operating cash flow per share	$24.29	Cash from operations / diluted weighted shares.
Book value per share	$141.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$55.95	Tangible book value / shares outstanding.
Cash per share	$10.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	9.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	9.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	68.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$249.58B	Share price x shares outstanding.
Enterprise value	$287.80B	Market cap + total debt - cash - short-term investments.
P/E	35.8x	Market cap / net income. Only when net income is positive.
P/S	5.39x	Market cap / revenue.
P/B	4.74x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	34.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.7x	Market cap / cash from operations, when positive.
EV/Sales	6.21x	Enterprise value / revenue.
EV/EBIT	35.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.
PEG	173x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was THERMO FISHER SCIENTIFIC INC.'s revenue in fiscal 2025?

THERMO FISHER SCIENTIFIC INC. reported revenue of $44.56B for fiscal 2025, 3.9% higher than the year before.

Was THERMO FISHER SCIENTIFIC INC. profitable in fiscal 2025?

Yes. Net income was $6.70B, a net margin of 15%.

How much free cash flow did THERMO FISHER SCIENTIFIC INC. generate in fiscal 2025?

Cash from operations of $7.82B minus capital expenditures of $1.53B left free cash flow of $6.29B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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