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How Thermo Fisher Scientific (TMO) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/23/2026
Thermo Fisher Scientific Inc. is an American life science and clinical research company. · Wikipedia
More about the company
It is a global supplier of analytical instruments, clinical development solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services. Based in Waltham, Massachusetts, Thermo Fisher was formed through the merger of Thermo Electron and Fisher Scientific in 2006. Thermo Fisher Scientific has acquired other reagent, consumable, instrumentation, and service providers, including Life Technologies Corporation (2013), Alfa Aesar (2015), Affymetrix (2016), FEI Company (2016), BD Advanced Bioprocessing (2018), and PPD (2021).
Key growth driver: Laboratory Products & Biopharma Services — the fastest-growing revenue line: $6,693, +12% y/y. · by the Q2 2026 report
How does Thermo Fisher Scientific make money?
Thermo Fisher Scientific brought in $12.0 billion of revenue in Q2 2026, up 10.5% year over year. The largest source was Laboratory Products & Biopharma Services: $6.13 billion, or 51% of the total, followed by Life Sciences Solutions ($2.81B, 23%) and Analytical Instruments ($1.85B, 15%); other lines add the remaining 10%. Net income for the quarter was $1.74 billion, up 7.4% year over year.
Revenue by source, Q2 2026
- Laboratory Products & Biopharma Services$6.13B · 51% · +12%
- Life Sciences Solutions$2.81B · 23% · +13%
- Analytical Instruments$1.85B · 15% · +7%
- Specialty Diagnostics$1.21B · 10% · +6%
Shares of $12.0B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is TMO’s next earnings date?
Wednesday, October 21, 2026confirmed · before market open
Thermo Fisher Scientific (TMO) is scheduled to report results for the quarter ending Sep 2026 on Oct 21, 2026. Consensus EPS forecast: $6.40 (8 analysts), vs $5.79 in the same quarter last year.
What time does TMO report? Usually before market open: the last 4 results releases reached the SEC at 6:04 am, 6:03 am, 6:02 am, 6:05 am ET.
Last report: Jul 23, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$11,994
+10.5%
Gross profit
$4,882
+15.1%
40.7% margin
Operating income
$2,087
+13.8%
17.4% margin
Net income
$1,736
+7.4%
$4.68 diluted EPS
Verdict: a solid, broad-based quarter with revenue up 10% and GAAP operating margin expanding to 17.4%, powered by Laboratory Products & Biopharma Services (Clario acquisition, clinical research strength) and Analytical Instruments, though rising net interest expense from debt-funded M&A and buybacks partly offset operating gains at the net income line.
6M OCF $3,317M; free cash flow $2,503M (6M); $4,000M buybacks and $337M dividends paid in H1 2026; FY26 capex guided $1.9-2.1B; FY26 GAAP tax rate guided 9-11%.
Source and notation
* marks non-cash / ≈ estimated. Source: Thermo Fisher Scientific press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- debt load increased (Q2 2026)
Most likely because net interest expense rose to $194M from $107M y/y, driven by debt issued for the Clario acquisition, buybacks and dividends, a headwind below the operating line; revenue grew 10% reported but only 5% organic; acquisitions (notably Clario, closed 3/24/26) added ~5 pts and FX added ~1 pt. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗TMO earnings history: past report dates
| Jul 23, 2026 Thu | 6:04 ambefore market open | Jun 27, 2026 | $12.0B+10% y/y | $4.68+9% y/y |
| Apr 23, 2026 Thu | 6:03 ambefore market open | Mar 28, 2026 | $11.0B+6% y/y | $4.43+11% y/y |
| Jan 29, 2026 Thu | 6:02 ambefore market open | Dec 31, 2025 | ≈$12.2B+7% y/y | ≈$5.21+9% y/y |
| Oct 22, 2025 Wed | 6:05 ambefore market open | Sep 27, 2025 | $11.1B+5% y/y | $4.27+0% y/y |
| Jul 23, 2025 Wed | 6:03 ambefore market open | Jun 28, 2025 | $10.9B+3% y/y | $4.28+6% y/y |
| Apr 23, 2025 Wed | 6:04 ambefore market open | Mar 29, 2025 | $10.4B+0% y/y | $3.98+15% y/y |
| Jan 30, 2025 Thu | 6:03 ambefore market open | Dec 31, 2024 | ≈$11.4B+5% y/y | ≈$4.78+14% y/y |
| Oct 23, 2024 Wed | 6:03 ambefore market open | Sep 28, 2024 | $10.6B+0% y/y | $4.25−4% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Thermo Fisher Scientific: 5-year financials
| 2025 | 44,556 | 7,746 | 6,704 | 6,293 | 636 |
| 2024 | 42,879 | 7,337 | 6,335 | 7,267 | 583 |
| 2023 | 42,857 | 6,859 | 5,995 | 6,927 | 523 |
| 2022 | 44,915 | 8,393 | 6,950 | 6,911 | 455 |
| 2021 | 39,211 | 10,028 | 7,725 | 6,789 | 395 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025 cover: a single class of common stock; Legal Proceedings lists only product, IP, employment and commercial claims — no shareholder suits and no SEC cases. sec.gov ↗
- Jan 2026Shares outstanding of 371.5M vs. 393.8M in February 2021 (−5.7% over 5 years); 2025 SBC of $310M, 0.7% of revenue. data.sec.gov ↗
- Dec 2025Dividend per share rose from $0.88 (2020) to $1.72 (2025); buybacks of $3–4B a year in 2022–2025. data.sec.gov ↗
Scoring: 2.0, no deductions: single share class, share count −5.7% over 5 years, SBC 0.7% of revenue, dividend raised every year, no shareholder suits or SEC cases = 2.0
- Share classes
- The 10-K cover registers a single class — Common Stock (NYSE: TMO); no deduction.
- Dilution
- Shares outstanding 393.8M (February 2021) → 371.5M (January 2026), −5.7%; SBC $310M = 0.7% of revenue; no deduction.
- Disclosure
- Full 10-K/10-Q reporting, filed on time.
- Dividends
- Dividend $0.88 (2020) → $1.72 (2025), raised every year; buybacks of $2–4B a year in 2021–2025; no policy breaches.
- Lawsuits & regulators
- Legal Proceedings in the 2025 10-K lists only product liability, IP, employment and commercial claims; no shareholder disclosure suits and no SEC cases.
- Related parties
- 2026 proxy: related-party transactions go through the audit committee, none material disclosed; no controlling shareholder.
How the score works · checked as of Sep 2026
Thermo Fisher Scientific (TMO) earnings: FAQ
How does Thermo Fisher Scientific make money?
Thermo Fisher Scientific brought in $12.0 billion of revenue in Q2 2026, up 10.5% year over year. The largest source was Laboratory Products & Biopharma Services: $6.13 billion, or 51% of the total, followed by Life Sciences Solutions ($2.81B, 23%) and Analytical Instruments ($1.85B, 15%); other lines add the remaining 10%. Net income for the quarter was $1.74 billion, up 7.4% year over year.
When is TMO's next earnings date?
Thermo Fisher Scientific (TMO) is scheduled to report on Oct 21, 2026, before market open.
What time does TMO report earnings?
Thermo Fisher Scientific is scheduled to report before market open on Oct 21, 2026. Its last results releases were filed before market open, most recently at 6:04 am ET on Jul 23, 2026.
When did TMO last report earnings?
Thermo Fisher Scientific reported Q2 2026 results on Jul 23, 2026.
What is the EPS estimate for TMO's next earnings?
The consensus EPS forecast is $6.40 (8 analysts), vs $5.79 in the same quarter last year.
Where can I find Thermo Fisher Scientific's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to TMO's filings; this page breaks the latest report down in a Sankey chart.
What was TMO's net income in Q2 2026?
Thermo Fisher Scientific reported net income of $1,736M for Q2 2026 (+7.4% year over year), under US GAAP.
Does Thermo Fisher Scientific pay dividends?
Yes. In 2025, Thermo Fisher Scientific paid $636M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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