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Thermo Fisher Scientific cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.1B in Q3 2026 · $7.6B over twelve months

Operating cash flow$2.5B
Capital spending−$437M
Free cash flow+$2.1B
Cash / net income1.5×

Analysis

In Q3 2026, Thermo Fisher Scientific generated $2.5B of operating cash flow and spent $437M on capital projects, leaving free cash flow of $2.1B.

Over the twelve months to Sep 26, 2026, operating cash flow was $9.3B; the largest uses were acquisitions ($8.9B), buybacks ($4.0B), capital spending ($1.7B); besides operations, cash came from net borrowing (+) / repaid (−) ($6.4B), other investing ($2.6B); the cash balance rose by $3.5B.

Operating cash flow was $2.5B against net income of $1.7B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$825M, deferred taxes −$210M, other non-cash +$155M.

Free cash flow

Thermo Fisher Scientific: free cash flow by quarterThermo Fisher Scientific: free cash flow by quarter$2.8BQ4 2024$361MQ1 2025$1.1BQ2 2025$1.8BQ3 2025$3.0BQ4 2025$816MQ1 2026$1.7BQ2 2026$2.1BQ3 2026
Operating cash flow less capital spending.
Thermo Fisher Scientific: operating cash flow against capital spendingThermo Fisher Scientific: operating cash flow against capital spendingOperating cash flowCapital spending$3.3B$480MQ4 2024$723M$362MQ1 2025$1.4B$294MQ2 2025$2.2B$404MQ3 2025$3.5B$465MQ4 2025$1.2B$376MQ1 2026$2.1B$450MQ2 2026$2.5B$437MQ3 2026
Latest (Q3 2026): Operating cash flow $2.5B, Capital spending $437M.

Capital allocation, year by year

Thermo Fisher Scientific: where the cash came from (up) and went (down), by fiscal yearThermo Fisher Scientific: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $9.3BFY2021: Net borrowing $8.9BFY2021: Shares issued $156MFY2021: Asset sales $20.0MFY2021: Capital spending −$2.5BFY2021: Acquisitions −$19.4BFY2021: Buybacks −$2.0BFY2021: Dividends −$395M$18.4BFY2021FY2022: Operating cash flow $9.2BFY2022: Net borrowing $654MFY2022: Asset sales $24.0MFY2022: Capital spending −$2.2BFY2022: Acquisitions −$39.0MFY2022: Buybacks −$3.0BFY2022: Dividends −$455M$9.8BFY2022FY2023: Operating cash flow $8.4BFY2023: Net borrowing −$155MFY2023: Asset sales $87.0MFY2023: Capital spending −$1.5BFY2023: Acquisitions −$3.7BFY2023: Buybacks −$3.0BFY2023: Dividends −$523M$8.5BFY2023FY2024: Operating cash flow $8.7BFY2024: Net borrowing −$2.4BFY2024: Asset sales $57.0MFY2024: Capital spending −$1.4BFY2024: Acquisitions −$3.1BFY2024: Buybacks −$4.0BFY2024: Dividends −$583M$8.7BFY2024FY2025: Operating cash flow $7.8BFY2025: Net borrowing $5.3BFY2025: Asset sales $44.0MFY2025: Capital spending −$1.5BFY2025: Acquisitions −$4.0BFY2025: Buybacks −$3.0BFY2025: Dividends −$636M$13.2BFY2025
Over these 5 years operating cash flow totalled $43.4B; the largest uses were acquisitions ($30.3B) and buybacks ($15.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.1B
Debt$41.1B
Net debt$35.0B
Due within a year$3.5B

Thermo Fisher Scientific funds itself: free cash flow was $7.6B over the last twelve months, and $6.1B of cash and investments stands against $41.1B of debt ($3.5B due within a year, 1.7× covered by cash).

Thermo Fisher Scientific: debt maturities by year (FY2025)Thermo Fisher Scientific: debt maturities by year (FY2025)$3.5BYear 1$3.3BYear 2$3.1BYear 3$3.1BYear 4$3.1BYear 5$23.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $6.1B of cash and investments now.

Where the cash came from and went

Thermo Fisher Scientific: sources (+) and uses (−) of cash, Q3 2026Thermo Fisher Scientific: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.5BCash drawn (+) / kept (−)−$1.4BNet borrowing (+) / repaid (−)−$1.1BCapital spending−$437MOther investing$364MOther financing$218MDividends−$174MExchange rates−$12.0MAcquisitions−$5.0MAsset & business sales$1.0M
Thermo Fisher Scientific: sources (+) and uses (−) of cash, TTM to Q3 2026Thermo Fisher Scientific: sources (+) and uses (−) of cash, 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 profit to cash

Thermo Fisher Scientific: net income to operating cash flow, Q3 2026Thermo Fisher Scientific: net income to operating cash flow, Q3 2026Net income$1.7BDepreciation & amortization$825MStock-based pay$96.0MDeferred taxes−$210MGains on investments$9.0MOther non-cash$155MOther operating capital−$43.0MOperating cash flow$2.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.5B−$437M−$5.0M—−$174M−$1.1B−$1.4B$2.1B
Q2 2026$2.1B−$450M—−$1.0B−$175M—−$817M$1.7B
Q1 2026$1.2B−$376M−$8.9B−$3.0B−$162M$4.2B$6.6B$816M
Q4 2025$3.5B−$465M—−$37.0M−$162M$3.6B−$7.9B$3.0B
Q3 2025$2.2B−$404M−$4.0B−$963M−$163M$498M$2.6B$1.8B
Q2 2025$1.4B−$294M——−$162M−$787M−$431M$1.1B
Q1 2025$723M−$362M—−$2.0B−$149M$2.0B−$132M$361M
Q4 2024$3.3B−$480M—−$1.0B−$149M−$2.5B$630M$2.8B

Thermo Fisher Scientific: income statement and cash flow

Thermo Fisher Scientific, Q3 2026: revenue $12.1B (+9% year over year), operating margin 18.6%. The chart follows the revenue to costs, profit and cash.

Thermo Fisher Scientific: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.