Earnings quality
Compare earnings and operating cash flow for earnings quality.
Thermo Fisher Scientific Inc.
Ticker TMO · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-26 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 17.4%; equity ratio is 48.4%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin17.4%
Equity ratio48.4%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
THERMO FISHER SCIENTIFIC INC. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 7816221000 · As of filing date 2026-02-26
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $42.9B | $44.6B |
| Cost of sales* | $40.1B | $41.5B |
| Gross profit | $2.8B | $3.0B |
| Operating profit | $7.3B | $7.7B |
| Income tax | $657.0M | $547.0M |
| Net income | $6.3B | $6.7B |
| Basic EPS | 16.58 | 17.77 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $4.0B | $9.9B |
| Current assets | $22.1B | $28.7B |
| Non-current assets* | $75.2B | $81.6B |
| Total assets | $97.3B | $110.3B |
| Current liabilities | $13.3B | $15.2B |
| Non-current liabilities* | — | — |
| Total liabilities | — | — |
| Stockholders’ equity | $49.6B | $53.4B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $8.7B | $7.8B |
| Investing cash flow | -$5.8B | -$4.0B |
| Financing cash flow | -$6.8B | $1.8B |
| Cash at end of period | $4.0B | $9.9B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B | |
| Operating profit | $10.0B | $8.4B | $6.9B | $7.3B | $7.7B | |
| Net income | — | — | $6.0B | $6.3B | $6.7B | |
| Total assets | $95.1B | $97.2B | $98.7B | $97.3B | $110.3B | |
| Cash & equivalents | $4.5B | $8.5B | $8.1B | $4.0B | $9.9B | |
| Stockholders’ equity | $40.8B | $44.0B | $46.7B | $49.6B | $53.4B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $42.9B to $44.6B (▲ +3.9%). Operating profit went from $7.3B to $7.7B (▲ +5.6%).
Operating cash flow was $7.8B (prior $8.7B), with cash on the balance sheet at $9.9B versus $4.0B.
Liquidity & leverage
Cash moved from $4.0B to $9.9B; current liabilities $15.2B.
Capital buffer
Stockholders’ equity moved from $49.6B to $53.4B.
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Source: SEC EDGAR 0000097745-26-000018
(THERMO FISHER SCIENTIFIC INC.), period end 2025-12-31.