THERMO FISHER SCIENTIFIC INC.TMO
THERMO FISHER SCIENTIFIC INC. Segments Disclosure
Business Segment and Geographical Information
The company’s financial performance is reported in four segments. A description of each segment follows.
Life Sciences Solutions: provides an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.
Analytical Instruments: provides a broad offering of instruments and the supporting consumables, software and services that are used for a range of applications in the laboratory and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.
Specialty Diagnostics: offers a wide range of diagnostic test kits, reagents, culture media, instruments and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner.
Laboratory Products and Biopharma Services: offers virtually everything needed for the laboratory. Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more innovative, productive and cost-efficient. The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing.
The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, restructuring and other costs, and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation.
The company's chairman, president and chief executive officer is its chief operating decision maker (CODM). The CODM uses total revenues and segment income predominantly in the strategic plan, annual operating plan and quarterly business review processes. During these processes, the CODM considers budget-to-actual variances to evaluate both internal (e.g., changes in selling prices, strategic growth investments, productivity, business mix, newly acquired/divested businesses, etc.) and external (e.g., inflation, foreign currency, etc.) events and conditions.
The company generally accounts for intersegment revenues at current market prices.
Other segment items included in the below tables consist of stock-based compensation and other incentive compensation expenses, allocations of corporate and certain overhead expenses, as well as elimination of intersegment and intrasegment profits, all of which are included in the company's measurement of segment income, but not regularly provided to the CODM at the segment level. Cost of revenues adjustments consist of charges for the sale of inventories revalued at the date of acquisition, inventory write-downs associated with large-scale abandonments of product lines, and accelerated depreciation on fixed assets to estimated salvage value in connection with the consolidation of operations. Selling, general and administrative adjustments consist of certain transaction-related third-party costs (including reimbursement thereof), charges/credits for changes in estimates of contingent acquisition consideration, and charges related to product liability litigation. Restructuring and other costs include charges arising from headcount reductions and facility consolidations such as severance and abandoned lease expense and gains and losses on the sale of real estate and product lines, as well as impacts of pre-acquisition matters, net charges for significant litigation-related matters, and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability (Note 6).
Prior period segment expense amounts have been recast to reflect the method for allocating expenses to segments in the current period.
Segment assets included in the below tables consist of third-party accounts receivable and inventories, which are regularly provided to the CODM.
Geographical revenues are attributed to countries based on customer location. Long-lived assets by geographical location includes property, plant and equipment, net, and operating lease ROU assets.
Business Segment Information
2025
| (In millions) | Life Sciences Solutions | Analytical Instruments | Specialty Diagnostics | Laboratory Products and Biopharma Services | Total | ||||||||||||
Revenues | |||||||||||||||||
| Revenues from external customers | $ | 8,781 | $ | 7,353 | $ | 4,604 | $ | 23,818 | $ | 44,556 | |||||||
| Intersegment revenues | 1,593 | 201 | 72 | 167 | 2,033 | ||||||||||||
| 10,374 | 7,554 | 4,676 | 23,984 | 46,589 | |||||||||||||
Elimination of intersegment revenues | (2,033) | ||||||||||||||||
Consolidated revenues | $ | 44,556 | |||||||||||||||
Segment Income | |||||||||||||||||
| Cost of revenues | 3,929 | 3,850 | 2,718 | 18,609 | |||||||||||||
| Selling, general, and administrative expenses | 1,912 | 1,244 | 708 | 2,392 | |||||||||||||
| Research and development expenses | 553 | 573 | 178 | 56 | |||||||||||||
| Other segment items | 213 | 151 | (183) | (422) | |||||||||||||
Segment income | 3,768 | 1,736 | 1,256 | 3,350 | 10,109 | ||||||||||||
Unallocated amounts | |||||||||||||||||
Cost of revenues adjustments | (64) | ||||||||||||||||
Selling, general and administrative expenses adjustments | (207) | ||||||||||||||||
Restructuring and other costs | (362) | ||||||||||||||||
Amortization of acquisition-related intangible assets | (1,730) | ||||||||||||||||
| Interest income | 993 | ||||||||||||||||
| Interest expense | (1,419) | ||||||||||||||||
Other income/(expense) | (12) | ||||||||||||||||
| Consolidated income before income taxes | $ | 7,308 | |||||||||||||||
| (In millions) | Unallocated amounts | Life Sciences Solutions | Analytical Instruments | Specialty Diagnostics | Laboratory Products and Biopharma Services | Consolidated | ||||||||||||||
| Segment assets | $ | 95,919 | $ | 3,446 | $ | 3,170 | $ | 1,323 | $ | 6,485 | $ | 110,343 | ||||||||
| Purchases of property, plant and equipment | 116 | 152 | 124 | 128 | 1,005 | 1,525 | ||||||||||||||
| Depreciation of property, plant and equipment | — | 251 | 104 | 91 | 604 | 1,050 | ||||||||||||||
2024
| (In millions) | Life Sciences Solutions | Analytical Instruments | Specialty Diagnostics | Laboratory Products and Biopharma Services | Total | ||||||||||||
Revenues | |||||||||||||||||
| Revenues from external customers | $ | 8,160 | $ | 7,267 | $ | 4,449 | $ | 23,002 | $ | 42,879 | |||||||
| Intersegment revenues | 1,471 | 196 | 63 | 155 | 1,885 | ||||||||||||
| 9,631 | 7,463 | 4,512 | 23,157 | 44,764 | |||||||||||||
Elimination of intersegment revenues | (1,885) | ||||||||||||||||
Consolidated revenues | $ | 42,879 | |||||||||||||||
Segment Income | |||||||||||||||||
| Cost of revenues | 3,560 | 3,532 | 2,605 | 18,020 | |||||||||||||
| Selling, general, and administrative expenses | 1,797 | 1,250 | 732 | 2,356 | |||||||||||||
| Research and development expenses | 551 | 551 | 176 | 66 | |||||||||||||
| Other segment items | 221 | 174 | (159) | (375) | |||||||||||||
Segment income | 3,503 | 1,955 | 1,159 | 3,090 | 9,707 | ||||||||||||
Unallocated amounts | |||||||||||||||||
Cost of revenues adjustments | (47) | ||||||||||||||||
Selling, general and administrative expenses adjustments | 8 | ||||||||||||||||
Restructuring and other costs | (379) | ||||||||||||||||
Amortization of acquisition-related intangible assets | (1,952) | ||||||||||||||||
| Interest income | 1,078 | ||||||||||||||||
| Interest expense | (1,390) | ||||||||||||||||
Other income/(expense) | 12 | ||||||||||||||||
| Consolidated income before income taxes | $ | 7,037 | |||||||||||||||
| (In millions) | Unallocated amounts | Life Sciences Solutions | Analytical Instruments | Specialty Diagnostics | Laboratory Products and Biopharma Services | Consolidated | ||||||||||||||
| Segment assets | $ | 84,031 | $ | 2,982 | $ | 2,944 | $ | 1,218 | $ | 6,145 | $ | 97,321 | ||||||||
| Purchases of property, plant and equipment | 85 | 123 | 95 | 125 | 971 | 1,400 | ||||||||||||||
| Depreciation of property, plant and equipment | — | 230 | 103 | 104 | 721 | 1,156 | ||||||||||||||
2023
| (In millions) | Life Sciences Solutions | Analytical Instruments | Specialty Diagnostics | Laboratory Products and Biopharma Services | Total | ||||||||||||
Revenues | |||||||||||||||||
| Revenues from external customers | $ | 8,545 | $ | 7,101 | $ | 4,324 | $ | 22,888 | $ | 42,857 | |||||||
| Intersegment revenues | 1,432 | 163 | 82 | 154 | 1,829 | ||||||||||||
| 9,977 | 7,263 | 4,405 | 23,041 | 44,686 | |||||||||||||
Elimination of intersegment revenues | (1,829) | ||||||||||||||||
Consolidated revenues | $ | 42,857 | |||||||||||||||
Segment Income | |||||||||||||||||
| Cost of revenues | 4,078 | 3,467 | 2,584 | 17,978 | |||||||||||||
| Selling, general, and administrative expenses | 1,766 | 1,244 | 716 | 2,276 | |||||||||||||
| Research and development expenses | 558 | 528 | 156 | 68 | |||||||||||||
| Other segment items | 155 | 116 | (174) | (638) | |||||||||||||
Segment income | 3,420 | 1,908 | 1,124 | 3,358 | 9,810 | ||||||||||||
Unallocated amounts | |||||||||||||||||
Cost of revenues adjustments | (95) | ||||||||||||||||
Selling, general and administrative expenses adjustments | (59) | ||||||||||||||||
Restructuring and other costs | (459) | ||||||||||||||||
Amortization of acquisition-related intangible assets | (2,338) | ||||||||||||||||
| Interest income | 879 | ||||||||||||||||
| Interest expense | (1,375) | ||||||||||||||||
Other income/(expense) | (65) | ||||||||||||||||
| Consolidated income before income taxes | $ | 6,298 | |||||||||||||||
| (In millions) | Unallocated amounts | Life Sciences Solutions | Analytical Instruments | Specialty Diagnostics | Laboratory Products and Biopharma Services | Consolidated | ||||||||||||||
| Segment assets | $ | 85,314 | $ | 3,186 | $ | 2,726 | $ | 1,150 | $ | 6,350 | $ | 98,726 | ||||||||
| Purchases of property, plant and equipment | 80 | 178 | 87 | 121 | 1,013 | 1,479 | ||||||||||||||
| Depreciation of property, plant and equipment | — | 220 | 93 | 86 | 669 | 1,068 | ||||||||||||||
Geographical Information
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
Revenues | ||||||||||||||||||||
United States | $ | 22,240 | $ | 21,755 | $ | 22,013 | ||||||||||||||
Other | 22,316 | 21,124 | 20,844 | |||||||||||||||||
Consolidated revenues | $ | 44,556 | $ | 42,879 | $ | 42,857 | ||||||||||||||
Long-lived Assets | ||||||||||||||||||||
United States | $ | 6,547 | $ | 6,245 | $ | 6,352 | ||||||||||||||
Other | 5,465 | 4,550 | 4,652 | |||||||||||||||||
Consolidated long-lived assets | $ | 12,012 | $ | 10,795 | $ | 11,004 | ||||||||||||||
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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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.