THERMO FISHER SCIENTIFIC INC.TMO
THERMO FISHER SCIENTIFIC INC. Debt Disclosure
Debt and Other Financing Arrangements
The company’s debt and other financing arrangements are as follows:
| Effective interest rate at December 31, | December 31, | December 31, | ||||||||||||||||||
| (Dollars in millions) | 2025 | 2025 | 2024 | |||||||||||||||||
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated) | $ | — | $ | 828 | ||||||||||||||||
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) | — | 663 | ||||||||||||||||||
0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated) | — | 142 | ||||||||||||||||||
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated) | — | 569 | ||||||||||||||||||
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated) | 3.18 | % | 587 | 518 | ||||||||||||||||
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated) | 1.45 | % | 822 | 725 | ||||||||||||||||
4.953% 3-Year Senior Notes, Due 8/10/2026 | 5.18 | % | 600 | 600 | ||||||||||||||||
0.832% 1.5-Year Senior Notes, Due 9/7/2026 (Swiss franc-denominated) | 1.14 | % | 517 | — | ||||||||||||||||
5.000% 3-Year Senior Notes, Due 12/5/2026 | 5.25 | % | 1,000 | 1,000 | ||||||||||||||||
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated) | 1.66 | % | 587 | 518 | ||||||||||||||||
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated) | 1.97 | % | 705 | 621 | ||||||||||||||||
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated) | 1.18 | % | 184 | 184 | ||||||||||||||||
4.80% 5-Year Senior Notes, Due 11/21/2027 | 5.00 | % | 600 | 600 | ||||||||||||||||
Floating Rate (EURIBOR + 0.280%) 2-Year Senior Notes, Due 12/1/2027 (euro-denominated) | 2.58 | % | 1,175 | — | ||||||||||||||||
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated) | 1.35 | % | 111 | — | ||||||||||||||||
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated) | 0.78 | % | 940 | 828 | ||||||||||||||||
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated) | 1.79 | % | 416 | 364 | ||||||||||||||||
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated) | 0.90 | % | 185 | 184 | ||||||||||||||||
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated) | 1.46 | % | 705 | 621 | ||||||||||||||||
1.750% 7-Year Senior Notes, Due 10/15/2028 | 1.89 | % | 700 | 700 | ||||||||||||||||
5.000% 5-Year Senior Notes Due 1/31/2029 | 5.24 | % | 1,000 | 1,000 | ||||||||||||||||
1.125% 4-Year Senior Notes, Due 3/7/2029 (Swiss franc-denominated) | 1.26 | % | 397 | — | ||||||||||||||||
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated) | 2.08 | % | 822 | 725 | ||||||||||||||||
2.60% 10-Year Senior Notes, Due 10/1/2029 | 2.74 | % | 900 | 900 | ||||||||||||||||
1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated) | 1.44 | % | 30 | 30 | ||||||||||||||||
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated) | 1.25 | % | 295 | — | ||||||||||||||||
4.977% 7-Year Senior Notes, Due 8/10/2030 | 5.12 | % | 750 | 750 | ||||||||||||||||
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) | 0.89 | % | 2,056 | 1,812 | ||||||||||||||||
4.200% 5.5-Year Senior Notes Due 3/1/2031 | 4.41 | % | 500 | — | ||||||||||||||||
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated) | 1.14 | % | 1,057 | 932 | ||||||||||||||||
2.00% 10-Year Senior Notes, Due 10/15/2031 | 2.23 | % | 1,200 | 1,200 | ||||||||||||||||
1.8401% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated) | 1.92 | % | 524 | 457 | ||||||||||||||||
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated) | 2.55 | % | 705 | 621 | ||||||||||||||||
4.473% 7-Year Senior Notes, Due 10/7/2032 | 4.62 | % | 750 | — | ||||||||||||||||
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated) | 1.60 | % | 40 | 40 | ||||||||||||||||
4.95% 10-Year Senior Notes, Due 11/21/2032 | 5.09 | % | 600 | 600 | ||||||||||||||||
1.4175% 8-Year Senior Notes, Due 3/7/2033 (Swiss franc-denominated) | 1.49 | % | 442 | — | ||||||||||||||||
5.086% 10-Year Senior Notes, Due 8/10/2033 | 5.20 | % | 1,000 | 1,000 | ||||||||||||||||
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) | 1.21 | % | 1,762 | 1,553 | ||||||||||||||||
5.200% 10-Year Senior Notes, Due 1/31/2034 | 5.34 | % | 500 | 500 | ||||||||||||||||
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated) | 3.76 | % | 881 | 777 | ||||||||||||||||
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated) | 1.58 | % | 137 | 137 | ||||||||||||||||
4.794% 10-Year Senior Notes, Due 10/7/2035 | 4.91 | % | 750 | — | ||||||||||||||||
3.628% 10-Year Senior Notes, Due 12/1/2035 (euro-denominated) | 3.70 | % | 1,292 | — | ||||||||||||||||
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated) | 2.10 | % | 410 | 358 | ||||||||||||||||
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated) | 1.56 | % | 392 | — | ||||||||||||||||
| Effective interest rate at December 31, | December 31, | December 31, | ||||||||||||||||||
| (Dollars in millions) | 2025 | 2025 | 2024 | |||||||||||||||||
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated) | 1.71 | % | 271 | — | ||||||||||||||||
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated) | 2.94 | % | 822 | 725 | ||||||||||||||||
4.894% 12-Year Senior Notes, Due 10/7/2037 | 5.00 | % | 500 | — | ||||||||||||||||
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated) | 1.73 | % | 1,057 | 932 | ||||||||||||||||
2.80% 20-Year Senior Notes, Due 10/15/2041 | 2.90 | % | 1,200 | 1,200 | ||||||||||||||||
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) | 1.78 | % | 1,468 | 1,294 | ||||||||||||||||
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated) | 2.13 | % | 93 | 93 | ||||||||||||||||
5.404% 20-Year Senior Notes, Due 8/10/2043 | 5.50 | % | 600 | 600 | ||||||||||||||||
2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated) | 2.06 | % | 185 | 184 | ||||||||||||||||
5.30% 30-Year Senior Notes, Due 2/1/2044 | 5.37 | % | 400 | 400 | ||||||||||||||||
1.49% 20-Year Senior Notes, Due 1/6/2045 (Swiss franc-denominated) | 1.54 | % | 233 | — | ||||||||||||||||
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated) | 1.95 | % | 170 | — | ||||||||||||||||
4.10% 30-Year Senior Notes, Due 8/15/2047 | 4.23 | % | 750 | 750 | ||||||||||||||||
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated) | 1.99 | % | 1,175 | 1,035 | ||||||||||||||||
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated) | 1.49 | % | 413 | — | ||||||||||||||||
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) | 2.07 | % | 881 | 777 | ||||||||||||||||
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated) | 2.43 | % | 212 | 212 | ||||||||||||||||
| Other | 1 | 73 | ||||||||||||||||||
Total borrowings at par value | 39,459 | 31,332 | ||||||||||||||||||
Unamortized discount | (94) | (95) | ||||||||||||||||||
Unamortized debt issuance costs | (194) | (164) | ||||||||||||||||||
Total borrowings at carrying value | 39,172 | 31,072 | ||||||||||||||||||
Finance lease liabilities | 213 | 202 | ||||||||||||||||||
Less: Short-term obligations and current maturities | 3,533 | 2,214 | ||||||||||||||||||
| $ | 35,852 | $ | 29,061 | |||||||||||||||||
EURIBOR - Euro Interbank Offered Rate
The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discounts/premiums and the amortization of any debt issuance costs.
See Note 4 for fair value information pertaining to the company’s long-term borrowings.
As of December 31, 2025, the annual repayment requirements for debt obligations are as follows:
| (In millions) | Borrowings | Finance Lease Liabilities | ||||||||||||
| 2026 | $ | 3,528 | $ | 9 | ||||||||||
| 2027 | 3,254 | 8 | ||||||||||||
| 2028 | 3,057 | 8 | ||||||||||||
| 2029 | 3,150 | 9 | ||||||||||||
| 2030 | 3,105 | 10 | ||||||||||||
| 2031 and thereafter | 23,366 | 170 | ||||||||||||
| $ | 39,459 | $ | 213 | |||||||||||
In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $73 million as of December 31, 2025. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates.
Credit Facilities
The company has a revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit. The Facility expires on January 7, 2028. The revolving credit agreement calls for interest at either a Term Secured Overnight Financing Rate (SOFR), EURIBOR-based rate (for funds drawn in euro), or a rate based on
the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of December 31, 2025, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit.
Commercial Paper Programs
The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis.
Senior Notes
Interest is payable annually on the euro and public Swiss franc-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the U.S. dollar and euro-denominated fixed rate senior notes, and Japanese yen-denominated and Swiss franc-denominated private placement notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest, together with swap breakage costs payable to holders of the Japanese yen-denominated and Swiss franc-denominated private placement notes who have entered into cross-currency swap agreements. The company is subject to certain affirmative and negative covenants under the indentures and note purchase agreement governing the senior notes, the most restrictive of which limits the ability of the company to pledge certain property and assets as security under borrowing arrangements. The company was in compliance with all covenants related to its senior notes at December 31, 2025.
Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the following notes outstanding as of December 31, 2025, included in the table above (collectively, the “Euronotes”) in registered public offerings: the Floating Rate Senior Notes due 2027, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 3.628% Senior Notes due 2035, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.
February 2026 Debt Issuances
In the first quarter of 2026 the company issued the following senior notes:
| (In millions) | Principal value issued | |||||||
4.215% 5-Year Senior Notes, Due 2/12/2031 | $ | 1,000 | ||||||
4.550% 7.3-Year Senior Notes, Due 6/15/2033 | 750 | |||||||
4.902% 10-Year Senior Notes, Due 2/12/2036 | 1,300 | |||||||
5.546% 20-Year Senior Notes, Due 2/12/2046 | 750 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.