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Thermo Fisher Scientific (TMO) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Thermo Fisher Scientific (TMO) Q3 2026 earnings results →

Q3 2026 Revenue up 9% year over year to $12.1B · 14¢ of every $1 of revenue kept as net profit · operating margin 18.6%

Thermo Fisher Scientific made $12.1B in Q3 2026 (+9% Y/Y): Laboratory Products and Biopharma Services $6.8B, Life Sciences Solutions $2.3B, Analytical Instruments $1.9B. Operating margin 18.6%, net earnings $1.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$12.1B
Year over year+9%
Operating margin18.6%
Net earnings$1.7B
Operating cash flow$2.5B

Drawing the Sankey…

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Thermo Fisher Scientific Q3 2026 revenue breakdown: Sankey diagram of revenue (Laboratory Products and Biopharma Services, Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics), costs, profit and cash flow
Thermo Fisher Scientific Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $12.1B in Q3 2026, up 9% year over year and up 1% from the previous quarter. Laboratory Products and Biopharma Services was the largest line at 56% of revenue. Laboratory Products and Biopharma Services added $0.89B year over year (up 15%), 88% of the total change. Specialty Diagnostics declined 6%.

Operating profit was $2.3B, a 18.6% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 32% reached operating profit, above the 17% margin then. Total costs grew 8% against revenue growth of 9%. Net earnings were $1.7B, up 6% year over year. The effective tax rate was 16.9%.

Operating cash flow was $2.5B (up 14% year over year), 148% of net earnings. Non-cash charges added back $0.82B of depreciation and amortization and $0.10B of share-based compensation. Capital expenditures of $0.44B left free cash flow of $2.1B.

Quarterly history

Thermo Fisher Scientific revenue by quarterThermo Fisher Scientific revenue by quarter$10.4BQ1 2025$10.9BQ2 2025$11.1BQ3 2025$12.2BQ4 2025$11.0BQ1 2026$12.0BQ2 2026$12.1BQ3 2026
Thermo Fisher Scientific net earnings by quarterThermo Fisher Scientific net earnings by quarter$1.5BQ1 2025$1.6BQ2 2025$1.6BQ3 2025$2.0BQ4 2025$1.7BQ1 2026$1.7BQ2 2026$1.7BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 30, 2026$12.1B+9%18.6%$1.7B$2.5B
Q2 202610-QJul 31, 2026$12.0B+10%17.4%$1.7B$2.1B
Q1 202610-QMay 1, 2026$11.0B+6%16.9%$1.7B$1.2B
Q4 202510-KFeb 26, 2026$12.2B+7%18.5%$2.0B$3.5B
Q3 202510-QOct 31, 2025$11.1B+5%17.5%$1.6B$2.2B
Q2 202510-QAug 1, 2025$10.9B+3%16.9%$1.6B$1.4B
Q1 202510-QMay 2, 2025$10.4B+0.2%16.6%$1.5B$723M

Charts

Thermo Fisher Scientific: revenue growth, year over year and quarter over quarterThermo Fisher Scientific: revenue growth, year over year and quarter over quarterY/YQ/Q+0%Q1 2025+3%+5%Q2 2025+5%+2%Q3 2025+7%+10%Q4 2025+6%-10%Q1 2026+10%+9%Q2 2026+9%+1%Q3 2026
Latest (Q3 2026): Y/Y +9%, Q/Q +1%.
Thermo Fisher Scientific: where the cash came from (+) and went (−), TTM to Q3 2026Thermo Fisher Scientific: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$9.3BAcquisitions−$8.9BNet borrowing (+) / repaid (−)$6.4BBuybacks−$4.0BCash drawn (+) / kept (−)−$3.5BOther investing$2.6BCapital spending−$1.7BDividends−$673MOther financing$342MExchange rates$158MAsset & business sales$41.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Thermo Fisher Scientific: profit against cash, quarter by quarterThermo Fisher Scientific: profit against cash, quarter by quarterNet incomeOperating cash flow$1.8B$3.3BQ4 2024$1.5B$723MQ1 2025$1.6B$1.4BQ2 2025$1.6B$2.2BQ3 2025$2.0B$3.5BQ4 2025$1.7B$1.2BQ1 2026$1.7B$2.1BQ2 2026$1.7B$2.5BQ3 2026
Latest (Q3 2026): Net income $1.7B, Operating cash flow $2.5B.
Thermo Fisher Scientific: diluted shares by fiscal yearThermo Fisher Scientific: diluted shares by fiscal year399MFY2020397MFY2021394MFY2022388MFY2023383MFY2024378MFY2025
-5.3% since FY2020: buybacks shrank the count.
Thermo Fisher Scientific: long-term debt falling due (FY2025)Thermo Fisher Scientific: long-term debt falling due (FY2025)$3.5B2026$3.3B2027$3.1B2028$3.1B2029$3.1B2030$23.4BLater
Cash $9.9B, short-term investments $253M, long-term debt $39.2B at 2025-12-31.
Thermo Fisher Scientific in its industry: growth against margin (10 companies, SIC 3829)Thermo Fisher Scientific in its industry: growth against margin (10 companies, SIC 3829)revenue growth, year over year →↑ operating marginmedian +9%median 6%ROKTRMBONTOMIROWLTGEOSBCHTUS Nuclear Corp.QSITMO (+9%, 19%)
Measuring & Controlling Devices, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

GLP-1 & obesity drugs money flowGLP-1 & obesity drugs · Bioprocess & lab tools

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (also referred to in this document as “Thermo Fisher,” “we,” the “company,” or the “registrant”) is the world leader in serving science. Our Mission is to enable our customers to make the world healthier, cleaner and safer. We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, research and development, quality and process control settings. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

In its own words, from its 10-K, filed Feb 26, 2026.

Thermo Fisher Scientific against its Measuring & Controlling Devices, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +9%. Operating margin: 18.6% against the peers' median 6.2%.

CompanyQuarterRevenueY/YOp. margin
TMO Thermo Fisher ScientificQ3 2026$12.1B+9%18.6%
ROK Rockwell AutomationQ4 FY26$2.3B+0.7%18.6%
TRMB TrimbleQ3 2026$967M+7%14.7%
ONTO Onto InnovationQ2 2026$343M+35%18.5%
MIR Mirion TechnologiesQ3 2026$278M+24%6.2%
OWLT OwletQ2 2026$33.9M+30%5.1%
GEOS Geospace TechnologiesQ3 FY26$15.8M-36%-64.1%
BCHT BirchtechQ2 2026$3.8M+16%-42.8%
US NuclearQ1 2026$352K-26%-41.4%

Source: Thermo Fisher Scientific 10-Q on SEC EDGAR · CIK 97745 · Measuring & Controlling Devices, NEC

Guidance and outlook

Thermo Fisher Scientific: what its forward-looking statements are about (10-Q filed 2026-10-30)Thermo Fisher Scientific: what its forward-looking statements are about (10-Q filed 2026-10-30)Tax4Demand2Financing2Other2Margins1Deals1
12 statements; tone +0.33 (−1 all cautious, +1 all confident); 1 hedged.
Thermo Fisher Scientific: outlook statements against the filing beforeThermo Fisher Scientific: outlook statements against the filing beforeUpdated1Dropped1Confident5Cautious1

13F: who owns TMO and who is buying

Largest holders of TMO (13F)Largest holders of TMO (13F)Vanguard Group$19.8BBlackRock$15.5BVanguard Capital Management LLC$12.2BState Street$8.4BFMR LLC$7.1BMorgan Stanley$5.4BGeode Capital Management, LLC$4.2BFranklin Resources$3.6BVanguard Portfolio Management LLC$3.1BCapital World Investors$3.1B
Funds' net buying of TMO by quarter (13F)Funds' net buying of TMO by quarter (13F)−$1.3B2024-09−$1.4B2024-12−$1.2B2025-03$970M2025-06−$488M2025-09$23.9B2025-12−$19.1B2026-03−$1.6B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TMO

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：赛默飞世尔（TMO）财报

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