Thermo Fisher (TMO) financials
Thermo Fisher revenue and earnings by year
Thermo Fisher's revenue was $44.6 billion in the fiscal year to December 31, 2025, up 3.9% from the year before. Net income was $6.70 billion, 15.0% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 10.4% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 44.6 | 42.9 | 42.9 | 44.9 | 39.2 | 32.2 | 25.5 | 24.4 | 20.9 | 18.3 |
| Revenue growth | 3.9% | 0.1% | -4.6% | 14.5% | 21.7% | 26.1% | 4.9% | 16.4% | 14.5% | — |
| Gross profit | 18.2 | 17.7 | 17.1 | 19.0 | 19.6 | 16.0 | 11.3 | 10.9 | 9.4 | 8.4 |
| Gross margin | 40.9% | 41.3% | 39.9% | 42.2% | 50.1% | 49.7% | 44.4% | 44.6% | 45.2% | 45.8% |
| Operating income | 7.7 | 7.3 | 6.9 | 8.4 | 10.0 | 7.8 | 4.6 | 3.8 | 3.0 | 2.5 |
| Operating margin | 17.4% | 17.1% | 16.0% | 18.7% | 25.6% | 24.2% | 18.0% | 15.5% | 14.2% | 13.5% |
| Net income | 6.7 | 6.3 | 6.0 | 7.0 | 7.7 | 6.4 | 3.7 | 2.9 | 2.2 | 2.0 |
| Net margin | 15.0% | 14.8% | 14.0% | 15.5% | 19.7% | 19.8% | 14.5% | 12.1% | 10.6% | 11.1% |
| Diluted EPS | $17.74 | $16.53 | $15.45 | $17.63 | $19.46 | $15.96 | $9.16 | $7.25 | $5.60 | $5.09 |
| Free cash flow | 6.3 | 7.3 | 7.0 | 6.9 | 6.8 | 6.8 | 4.1 | 3.8 | 3.5 | 2.8 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open TMO in Markets.
How Thermo Fisher makes money
Revenue by segment in the quarter to September 26, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Product | $6.75B | 55.6% |
| Services | $5.38B | 44.4% |
See also: TMO valuation and P/E history · TMO returns
No forecast, no recommendation. This page describes Thermo Fisher from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.