THERMO FISHER SCIENTIFIC INC.

Listed Company

TMOCIK 0000097745NYSELarge AcceleratedMeasuring & Controlling Devices, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$44.56B

Net Income

$6.70B

Total Assets

$110.34B

Equity

$53.41B

Shares Out

371.48M

Op. Cash Flow

$7.82B

Business

Thermo Fisher Scientific Inc. is a global provider of scientific products, services and integrated solutions that support research, diagnostics, drug development and laboratory operations. It offers reagents, instruments, consumables, diagnostic test kits, culture media, lab equipment and chemicals, software, outsourced pharma services, clinical research and bioproduction solutions. The company reports operations in four primary segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. It serves pharmaceutical and biotechnology companies, hospitals, clinical and reference labs, academia, government, environmental and industrial markets through a direct sales force, e-commerce and third‑party distributors.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	44,556	42,879	42,857	44,915	39,211
Selling, general and administrative expenses	8,732	8,595	8,445	8,993	8,007
Research and development expenses	1,397	1,390	1,337	1,471	1,406
Restructuring and other costs	362	379	459	114	197
Total costs and operating expenses	36,810	35,542	35,998	36,522	29,183
Operating income	7,746	7,337	6,859	8,393	10,028
Interest income	993	1,078	879	272	43
Interest expense	−1,419	−1,390	−1,375	−726	—
Other income/(expense)	−12	12	−65	−104	−694
Income before income taxes	7,308	7,037	6,298	7,835	8,841
Benefit from/(provision for) income taxes	−547	−657	−284	−703	−1,109
Equity in earnings/(losses) of unconsolidated entities	−41	−42	−59	−172	−4
Net income	6,721	6,338	5,955	6,960	7,728
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest	17	3	−40	10	3
Net income attributable to Thermo Fisher Scientific Inc.	6,704	6,335	5,995	—	—
Basic (in dollars per share)	17.77	16.58	15.52	17.75	19.62
Diluted (in dollars per share)	17.74	16.53	15.45	17.63	19.46
Basic (in shares)	377	382	386	392	394
Diluted (in shares)	378	383	388	394	397

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	9,852	4,009	8,077	8,524	4,477
Short-term investments	253	1,561	3	—	—
Accounts receivable, less allowances of $147 and $173	8,900	8,191	8,221	8,115	7,977
Inventories	5,425	4,978	5,088	5,634	5,051
Contract assets, net	1,666	1,435	1,443	1,312	968
Other current assets	2,612	1,964	1,757	1,644	1,640
Total current assets	28,707	22,137	24,589	25,229	20,113
Property, plant and equipment, net	10,565	9,306	9,448	9,280	8,333
Acquisition-related intangible assets, net	15,838	15,533	16,670	17,442	20,113
Other assets	5,871	4,492	3,999	4,007	4,640
Goodwill	49,362	45,853	44,020	41,196	41,924
Total assets	110,343	97,321	98,726	97,154	95,123
Short-term obligations and current maturities of long-term obligations	3,533	2,214	3,609	5,579	2,537
Accounts payable	3,622	3,079	2,872	3,381	2,867
Accrued payroll and employee benefits	1,995	1,988	1,596	2,095	2,427
Contract liabilities	2,710	2,852	2,689	2,601	2,655
Other accrued expenses	3,329	3,199	3,246	3,354	2,950
Total current liabilities	15,189	13,332	14,012	17,010	13,436
Deferred income taxes	1,493	1,268	1,922	2,849	3,837
Other long-term liabilities	4,273	3,989	4,642	4,238	4,540
Long-term obligations	35,852	29,061	31,308	28,909	32,333
Commitments and contingencies (Note 5)	—	—	—	—	—
Redeemable noncontrolling interest	122	120	118	116	122
Preferred stock, $100 par value, 50,000 shares authorized; none issued	0	0	—	—	—
Common stock, $1 par value, 1,200,000,000 shares authorized; 445,160,301 and 443,841,240 shares issued	445	444	442	441	439
Capital in excess of par value	18,563	17,962	17,286	16,743	16,174
Retained earnings	59,156	53,102	47,364	41,910	35,431
Treasury stock at cost, 68,938,831 and 63,066,906 shares	−22,309	−19,226	−15,133	−12,017	−8,922
Accumulated other comprehensive income/(loss)	−2,448	−2,697	−3,224	−3,099	−2,329
Total Thermo Fisher Scientific Inc. shareholders equity	53,407	49,584	46,735	43,978	40,793
Noncontrolling interests	7	−33	−11	54	62
Total equity	53,415	49,551	46,724	44,032	40,855
Total liabilities, redeemable noncontrolling interest and equity	110,343	97,321	98,726	97,154	95,123

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of property, plant and equipment	1,050	1,156	1,068	986	831
Amortization of acquisition-related intangible assets	1,730	1,952	2,338	2,395	1,761
Change in deferred income taxes	−639	−1,209	−1,300	—	—
Stock-based compensation	310	301	278	307	230
Other net non-cash expenses	455	508	604	550	190
Accounts receivable	−426	−171	−43	−430	−204
Inventories	−74	−27	598	−825	−1,065
Contract assets/liabilities	−375	−162	252	−354	221
Accounts payable	421	212	−500	648	479
Contributions to retirement plans	−42	−45	−42	−41	−34
Other	−1,312	−186	−802	−47	−945
Net cash provided by operating activities	7,818	8,667	8,406	9,154	9,312
Purchases of property, plant and equipment	−1,525	−1,400	−1,479	−2,243	−2,523
Proceeds from sale of property, plant and equipment	44	57	87	24	20
Proceeds from cross-currency interest rate swap interest settlements	268	252	70	15	8
Acquisitions, net of cash acquired	−4,037	−3,132	−3,660	−39	−19,395
Purchases of investments	−383	−3,396	−208	−52	—
Proceeds from sales and maturities of investments	1,565	1,770	15	116	—
Other investing activities, net	21	8	33	20	−42
Net cash used in investing activities	−4,047	−5,841	−5,142	−2,159	−21,932
Net proceeds from issuance of debt	7,759	1,204	5,942	3,193	18,137
Repayment of debt	−2,412	−3,607	−5,782	−375	−11,738
Proceeds from issuance of commercial paper	1,095	0	1,620	1,526	2,512
Repayments of commercial paper	−1,095	0	−1,935	−3,690	0
Purchases of company common stock	−3,000	−4,000	−3,000	−3,000	−2,000
Dividends paid	−636	−583	−523	−455	−395
Other financing activities, net	90	195	56	−9	65
Net cash provided by/(used in) financing activities	1,801	−6,792	−3,622	−2,810	6,581
Exchange rate effect on cash	267	−91	−82	−139	194
Increase/(decrease) in cash, cash equivalents and restricted cash	5,839	−4,057	−440	4,046	−5,845

Filings

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