Thermo Fisher Scientific Inc. (TMO) Income Statement
TMO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTMO revenue and net income
Where TMO's revenue goes
2025Each bar shows an amount and its share of revenue. TMO kept 15.1% of revenue as net income.
TMO profit margins
TMO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.9% | −0.3% | +6.7% | +10.1% |
| Gross profit | +2.9% | −1.4% | +2.6% | +8.8% |
| Operating income | +5.8% | −1.7% | +0.5% | +12.5% |
| Net income | +6.3% | −1.0% | +1.1% | +13.1% |
| EPS (diluted) | +4.6% | −0.5% | +3.2% | +12.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TMO quarterly EPS vs estimates
Thermo Fisher beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 21, 2026 (estimate $6.40).
TMO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.56B | $42.88B | $42.86B | $44.91B | $39.21B | $32.22B | $25.54B | $24.36B | $20.92B | $18.27B |
| Cost of revenue | $26.32B | $25.15B | $25.30B | $25.90B | $19.58B | $16.19B | $14.20B | $13.37B | $11.24B | $9.69B |
| Gross profit | $18.24B | $17.73B | $17.56B | $19.01B | $19.63B | $16.03B | $11.34B | $10.99B | $9.68B | $8.58B |
| Research & development | $1.40B | $1.39B | $1.34B | $1.47B | $1.41B | $1.18B | $1.00B | $967.0M | $888.0M | $754.8M |
| Sales, general & admin | $7.27B | $8.60B | $8.61B | $7.13B | $6.84B | $6.93B | $6.14B | $6.06B | $5.49B | $4.98B |
| Total operating expenses | $10.13B | $10.07B | $10.70B | $10.49B | $9.32B | $8.13B | $7.08B | $7.12B | $6.41B | $5.72B |
| Operating income | $8.11B | $7.66B | $6.86B | $8.53B | $10.32B | $7.90B | $4.26B | $3.87B | $3.27B | $2.86B |
| Interest income | $426.0M | $1.08B | $720.0M | $272.0M | $43.0M | $488.0M | $224.0M | $137.0M | $81.0M | $48.4M |
| Interest expense | $1.42B | $1.65B | $1.38B | $726.0M | $536.0M | $553.0M | $676.0M | $667.0M | $592.0M | $469.6M |
| Income before taxes | $7.27B | $7.00B | $6.30B | $7.66B | $8.84B | $7.23B | $4.07B | $3.26B | $2.43B | $2.02B |
| Income taxes | $547.0M | $657.0M | −$284.0M | $703.0M | $1.11B | $850.0M | $374.0M | $324.0M | $201.0M | −$1.4M |
| Net income | $6.74B | $6.33B | $6.00B | $6.95B | $7.72B | $6.38B | $3.70B | $2.94B | $2.23B | $2.02B |
| EBITDA | $11.47B | $11.80B | $6.86B | $11.94B | $11.97B | $10.11B | $7.02B | $6.20B | $5.05B | $4.25B |
| EPS (diluted) | $22.87 | $21.86 | $21.54 | $23.24 | $25.11 | $19.55 | $12.34 | $11.12 | $9.48 | $8.27 |
| Gross margin | 40.9% | 41.3% | 41.0% | 42.3% | 50.1% | 49.7% | 44.4% | 45.1% | 46.3% | 47.0% |
| Operating margin | 18.2% | 17.9% | 16.0% | 19.0% | 26.3% | 24.5% | 16.7% | 15.9% | 15.6% | 15.6% |
| Net margin | 15.1% | 14.8% | 14.0% | 15.5% | 19.7% | 19.8% | 14.5% | 12.1% | 10.6% | 11.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.99B | $11.01B | $12.21B | $11.12B | $10.85B | $10.36B | $11.39B | $10.60B | $10.54B | $10.35B | $10.89B | $10.57B |
| Cost of revenue | $7.05B | $6.53B | $7.20B | $6.54B | $6.45B | $6.12B | $6.93B | $6.25B | $6.20B | $6.13B | $6.93B | $6.24B |
| Gross profit | $4.94B | $4.48B | $5.01B | $4.58B | $4.41B | $4.25B | $4.47B | $4.34B | $4.34B | $4.22B | $3.95B | $4.33B |
| Research & development | $364.0M | $336.0M | $357.0M | $347.0M | $352.0M | $342.0M | $374.0M | $346.0M | $339.0M | $331.0M | $327.0M | $319.0M |
| Sales, general & admin | $1.91B | $2.18B | $1.98B | $2.16B | $1.78B | $2.08B | $2.20B | $2.10B | $2.11B | $2.18B | $2.13B | $1.58B |
| Total operating expenses | $2.86B | $2.61B | $2.71B | $2.51B | $2.49B | $2.42B | $2.20B | $2.43B | $2.59B | $2.50B | $1.96B | $2.36B |
| Operating income | $2.09B | $1.86B | $2.30B | $2.08B | $1.92B | $1.84B | $2.27B | $1.92B | $1.76B | $1.72B | $1.99B | $1.97B |
| Interest income | $207.0M | $233.0M | $107.0M | $234.0M | $107.0M | $203.0M | $227.0M | $277.0M | $295.0M | $279.0M | $309.0M | $246.0M |
| Interest expense | $401.0M | $354.0M | $365.0M | $347.0M | $404.0M | $303.0M | $384.0M | $424.0M | $421.0M | $363.0M | $444.0M | $393.0M |
| Income before taxes | $1.92B | $1.73B | $2.12B | $1.83B | $1.71B | $1.61B | $1.97B | $1.73B | $1.68B | $1.61B | $1.74B | $1.75B |
| Income taxes | $167.0M | $70.0M | $153.0M | $207.0M | $92.0M | $95.0M | $150.0M | $99.0M | $128.0M | $281.0M | $133.0M | $53.0M |
| Net income | $1.74B | $1.65B | $1.98B | $1.62B | $1.62B | $1.51B | $1.83B | $1.63B | $1.55B | $1.33B | $1.63B | $1.72B |
| EBITDA | $2.90B | $2.62B | $3.22B | $2.83B | $2.80B | $2.63B | $3.07B | $2.91B | $2.98B | $2.79B | $3.02B | $3.01B |
| EPS (diluted) | $6.03 | $5.44 | $6.57 | $5.79 | $5.36 | $5.15 | $6.10 | $5.28 | $5.37 | $5.11 | $5.67 | $5.69 |
| Gross margin | 41.2% | 40.7% | 41.0% | 41.2% | 40.6% | 41.0% | 39.2% | 41.0% | 41.2% | 40.8% | 36.3% | 41.0% |
| Operating margin | 17.4% | 16.9% | 18.8% | 18.7% | 17.7% | 17.8% | 19.9% | 18.1% | 16.7% | 16.6% | 18.3% | 18.7% |
| Net margin | 14.5% | 15.0% | 16.2% | 14.5% | 14.9% | 14.5% | 16.1% | 15.4% | 14.7% | 12.8% | 15.0% | 16.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TMO's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TMO financial results
In fiscal year 2025 (ended December 31, 2025), Thermo Fisher reported revenue of $44.6 billion, up 3.9% from the year before. It had net income of $6.7 billion (up 6.3%), a net profit margin of 15.1%. Diluted earnings per share came to $22.87. Over five years revenue grew at an average rate of 6.7% a year.
See the TMO stock overview for the latest quote and news, or the TMO chart for price history and technical indicators.
TMO income statement FAQ
What is Thermo Fisher's annual revenue?
Thermo Fisher reported total revenue of $44.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.9% from $42.9 billion the previous year.
Is Thermo Fisher profitable?
Yes. Thermo Fisher reported net income of $6.7 billion in fiscal 2025, a net profit margin of 15.1%; its operating margin was 18.2%.
What is Thermo Fisher's gross margin?
Thermo Fisher's gross margin was 40.9% in fiscal 2025: for every $100 of revenue, Thermo Fisher kept $41 after the direct cost of its products and services.
How much does Thermo Fisher spend on research and development?
Thermo Fisher spent $1.4 billion on research and development in fiscal 2025, 3.1% of revenue.
How fast is Thermo Fisher growing?
Revenue grew 6.7% a year on average over the last five fiscal years, from $32.2 billion to $44.6 billion.
What are Thermo Fisher's earnings per share?
Thermo Fisher earned $22.87 per diluted share in fiscal 2025, compared with $21.86 a year earlier.
When will Thermo Fisher report its next earnings?
Thermo Fisher is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does Thermo Fisher's fiscal year end?
Thermo Fisher's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.