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How Thermo Fisher Scientific (TMO) makes money
Thermo Fisher Scientific (TMO) made $12.1B of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Laboratory Products and Biopharma Services brought in $6.8B (56%); Life Sciences Solutions brought in $2.3B (19%); Analytical Instruments brought in $1.9B (16%). Of every dollar of revenue, 19¢ was left as operating profit, 14¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Laboratory Products and Biopharma Services | $6.8B | 56.2% | +3% | +15% |
| Life Sciences Solutions | $2.3B | 18.8% | -3% | +4% |
| Analytical Instruments | $1.9B | 16.1% | +8% | +5% |
| Specialty Diagnostics | $1.1B | 9.0% | -8% | -6% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $12.1B | 100.0% |
| Operating profit | $2.3B | 18.6% |
| Income tax | $352M | 2.9% |
| Net earnings | $1.7B | 14.2% |
| Operating cash flow | $2.5B | 21.0% |
| Free cash flow | $2.1B | 17.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $12.1B | +9% |
| Q2 2026 | $12.0B | +10% |
| Q1 2026 | $11.0B | +6% |
| Q4 2025 | $12.2B | +7% |
| Q3 2025 | $11.1B | +5% |
| Q2 2025 | $10.9B | +3% |
| Q1 2025 | $10.4B | +0.2% |
From Thermo Fisher Scientific's 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Thermo Fisher Scientific make money?
Thermo Fisher Scientific (TMO) made $12.1B of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Laboratory Products and Biopharma Services brought in $6.8B (56%); Life Sciences Solutions brought in $2.3B (19%); Analytical Instruments brought in $1.9B (16%). Of every dollar of revenue, 19¢ was left as operating profit, 14¢ was left as net earnings.
What is Thermo Fisher Scientific's biggest business?
Laboratory Products and Biopharma Services: $6.8B in the third quarter 2026, 56% of revenue, +15% from a year earlier.
What is Thermo Fisher Scientific's profit margin?
Net earnings were $1.7B, 14.2% of revenue, in the third quarter 2026; the operating margin was 18.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.