Revenue growth remains inconsistent, fluctuating between a 4.9% contraction in 2023Q4 and a 7.2% expansion in 2025Q4, while operating margins struggle to break above the 19.9% threshold.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 45.2B | 44.56B | 42.88B | 42.86B | 44.91B | 39.21B | 32.22B | 25.54B | 24.36B | 20.92B | 18.27B | 16.97B | 16.89B | 13.09B | 12.51B | 11.73B | 10.79B | 10.11B | 10.5B | 9.75B | 3.79B | 2.63B | 2.21B | 2.1B | 2.09B | 2.19B | 2.28B | 2.47B | 3.87B | 3.56B | 2.93B |
| Revenue Growth % | 5.36% | 3.91% | 0.05% | -4.58% | 14.55% | 21.71% | 26.14% | 4.86% | 16.45% | 14.47% | 7.71% | 0.45% | 29.02% | 4.64% | 6.69% | 8.69% | 6.72% | -3.7% | 7.71% | 157.05% | 44% | 19.36% | 5.19% | 0.52% | -4.65% | -4.05% | -7.72% | -36.11% | 8.69% | 21.34% | 32.85% |
| Cost of Goods Sold | 27.39B | 27.78B | 25.15B | 25.66B | 25.9B | 19.58B | 16.19B | 14.2B | 13.37B | 11.24B | 9.69B | 9.13B | 9B | 7.46B | 7.1B | 6.69B | 6.12B | 6.04B | 6.26B | 5.85B | 2.1B | 1.4B | 1.19B | 1.15B | 1.16B | 1.23B | 1.26B | 1.26B | 2.02B | 1.84B | 1.54B |
| COGS % of Revenue | - | 62.34% | 58.66% | 59.88% | 57.67% | 49.93% | 50.25% | 55.59% | 54.89% | 53.73% | 53.04% | 53.8% | 53.31% | 57.02% | 56.72% | 57.07% | 56.71% | 59.74% | 59.59% | 60.05% | 55.51% | 53% | 53.96% | 54.79% | 55.55% | 56.19% | 55.19% | 51.19% | 52.35% | 51.64% | 52.6% |
| Gross Profit | 17.81B | 16.78B | 17.73B | 17.19B | 19.01B | 19.63B | 16.03B | 11.34B | 10.99B | 9.68B | 8.58B | 7.84B | 7.89B | 5.63B | 5.41B | 4.87B | 4.27B | 4.07B | 4.24B | 3.89B | 1.69B | 1.24B | 1.02B | 948.01M | 927.38M | 958.62M | 1.02B | 1.21B | 1.84B | 1.72B | 1.39B |
| Gross Margin % | 39.41% | 37.66% | 41.34% | 40.12% | 42.33% | 50.07% | 49.75% | 44.41% | 45.11% | 46.27% | 46.96% | 46.2% | 46.69% | 42.98% | 43.28% | 41.5% | 39.62% | 40.26% | 40.41% | 39.95% | 44.49% | 47% | 46.04% | 45.21% | 44.45% | 43.81% | 44.81% | 48.81% | 47.65% | 48.36% | 47.4% |
| Gross Profit Growth % | - | -5.36% | 3.11% | -9.56% | -3.17% | 22.51% | 41.28% | 3.24% | 13.52% | 12.78% | 9.49% | -0.6% | 40.17% | 3.9% | 11.25% | 13.85% | 5.02% | -4.06% | 8.94% | 130.84% | 36.32% | 21.85% | 7.13% | 2.23% | -3.26% | -6.19% | -15.29% | -34.55% | 7.11% | 23.78% | 28.39% |
| Operating Expenses | 9.79B | 8.67B | 10.07B | 9.75B | 10.49B | 9.32B | 8.13B | 7.08B | 7.12B | 6.41B | 5.72B | 5.34B | 5.54B | 3.83B | 3.79B | 3.39B | 3.01B | 2.95B | 2.98B | 2.83B | 1.32B | 943.68M | 761.14M | 714.53M | 719.78M | 791.72M | 823.68M | 957.7M | 1.47B | 1.31B | 1.11B |
| OpEx % of Revenue | - | 19.46% | 23.48% | 22.75% | 23.35% | 23.76% | 25.23% | 27.74% | 29.21% | 30.65% | 31.32% | 31.5% | 32.78% | 29.24% | 30.26% | 28.87% | 27.9% | 29.2% | 28.35% | 29.02% | 34.86% | 35.84% | 34.5% | 34.07% | 34.5% | 36.18% | 36.12% | 38.75% | 37.94% | 36.92% | 37.71% |
| Selling, General & Admin | 7.92B | 7.27B | 8.68B | 8.41B | 9.02B | 7.91B | 6.95B | 6.06B | 6.03B | 5.41B | 4.87B | 4.57B | 4.77B | 3.36B | 3.34B | 3.04B | 2.73B | 2.67B | 2.69B | 2.55B | 1.11B | 761.79M | 626.46M | 568.14M | 564.66M | 620.1M | 646.92M | 673M | 937.6M | 840.7M | 990.7M |
| SG&A % of Revenue | - | 16.32% | 20.23% | 19.63% | 20.07% | 20.17% | 21.57% | 23.73% | 24.75% | 25.88% | 26.66% | 26.91% | 28.21% | 25.67% | 26.72% | 25.97% | 25.27% | 26.38% | 25.65% | 26.15% | 29.28% | 28.93% | 28.4% | 27.09% | 27.06% | 28.34% | 28.37% | 27.23% | 24.24% | 23.63% | 33.78% |
| Research & Development | 1.39B | 1.4B | 1.39B | 1.34B | 1.47B | 1.41B | 1.18B | 1B | 967M | 888M | 754.8M | 692.3M | 691.1M | 395.5M | 376.4M | 340.2M | 284.4M | 246.1M | 249.1M | 238.7M | 170.18M | 152.78M | 134.68M | 146.39M | 155.12M | 171.61M | 176.76M | 171.1M | 367.3M | 337.3M | 0 |
| R&D % of Revenue | - | 3.14% | 3.24% | 3.12% | 3.28% | 3.59% | 3.67% | 3.93% | 3.97% | 4.25% | 4.13% | 4.08% | 4.09% | 3.02% | 3.01% | 2.9% | 2.64% | 2.43% | 2.37% | 2.45% | 4.49% | 5.8% | 6.11% | 6.98% | 7.43% | 7.84% | 7.75% | 6.92% | 9.5% | 9.48% | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 121M | 110M | 96.2M | 85.4M | 80.6M | 70.7M | 66.2M | 0 | 0 | 38.9M | 34.7M | 40.5M | 41.26M | 29.12M | 0 | 0 | 0 | 0 | 0 | 113.6M | 162.3M | 135.7M | 115.2M |
| Operating Income | 8.03B | 8.11B | 7.66B | 7.45B | 8.53B | 10.32B | 7.9B | 4.26B | 3.87B | 3.27B | 2.86B | 2.49B | 2.35B | 1.8B | 1.63B | 1.48B | 1.26B | 1.12B | 1.27B | 1.07B | 365.3M | 293.77M | 254.44M | 184.77M | 155.45M | 34.2M | 198.16M | 248.6M | 375.8M | 407M | 284.2M |
| Operating Margin % | 17.76% | 18.2% | 17.87% | 17.37% | 18.98% | 26.31% | 24.51% | 16.67% | 15.9% | 15.62% | 15.64% | 14.7% | 13.9% | 13.74% | 13.02% | 12.63% | 11.72% | 11.06% | 12.06% | 10.94% | 9.63% | 11.16% | 11.53% | 8.81% | 7.45% | 1.56% | 8.69% | 10.06% | 9.72% | 11.44% | 9.69% |
| Operating Income Growth % | - | 5.83% | 2.9% | -12.66% | -17.38% | 30.66% | 85.42% | 9.99% | 18.52% | 14.27% | 14.61% | 6.22% | 30.56% | 10.4% | 9.98% | 17.15% | 13.11% | -11.72% | 18.81% | 191.76% | 24.35% | 15.46% | 37.7% | 18.86% | 354.51% | -82.74% | -20.29% | -33.85% | -7.67% | 43.21% | 14.92% |
| EBITDA | 10.53B | 10.89B | 10.77B | 10.85B | 11.91B | 12.91B | 10.22B | 6.54B | 6.14B | 5.3B | 4.62B | 4.18B | 4.03B | 2.8B | 2.61B | 2.34B | 2B | 1.91B | 2.06B | 1.82B | 606.07M | 417.05M | 320.58M | 243.32M | 211.83M | 132.72M | 295.65M | 362.2M | 538.1M | 542.7M | 399.4M |
| EBITDA Margin % | 23.3% | 24.44% | 25.12% | 25.32% | 26.51% | 32.92% | 31.73% | 25.59% | 25.2% | 25.34% | 25.26% | 24.65% | 23.88% | 21.38% | 20.89% | 19.96% | 18.58% | 18.85% | 19.61% | 18.7% | 15.98% | 15.84% | 14.53% | 11.6% | 10.15% | 6.07% | 12.96% | 14.66% | 13.91% | 15.25% | 13.62% |
| EBITDA Growth % | -2.13% | 1.1% | -0.76% | -8.85% | -7.78% | 26.3% | 56.4% | 6.48% | 15.81% | 14.8% | 10.38% | 3.71% | 44.11% | 7.1% | 11.62% | 16.8% | 5.2% | -7.47% | 12.97% | 200.72% | 45.32% | 30.09% | 31.75% | 14.87% | 59.6% | -55.11% | -18.37% | -32.69% | -0.85% | 35.88% | 20.19% |
| D&A (Non-Cash Add-back) | 2.5B | 2.78B | 3.11B | 3.41B | 3.38B | 2.59B | 2.33B | 2.28B | 2.27B | 2.03B | 1.76B | 1.69B | 1.68B | 999.9M | 983.7M | 859.6M | 739.7M | 787.3M | 792.7M | 756.8M | 240.77M | 123.27M | 66.14M | 58.55M | 56.38M | 98.52M | 97.49M | 113.6M | 162.3M | 135.7M | 115.2M |
| EBIT | 8.66B | 8.69B | 8.69B | 7.79B | 8.56B | 9.38B | 7.78B | 4.75B | 3.93B | 3.02B | 2.49B | 2.35B | 2.57B | 1.58B | 1.51B | 1.32B | 1.17B | 1.05B | 1.28B | 1.02B | 261.3M | 312.61M | 270.2M | 232.58M | 207.55M | 166.9M | 198.16M | 248.6M | 257.3M | 285.5M | 284.2M |
| Net Interest Income | -448M | -426M | -576M | -612M | -454M | -493M | -488M | -452M | -530M | -511M | -421.2M | -384.3M | -432.2M | -234.3M | -216.4M | -165M | -72.3M | -102M | -78.2M | -93.3M | -35.51M | -15.15M | -1.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.02B | 993M | 1.08B | 879M | 272M | 43M | 65M | 224M | 137M | 81M | 48.4M | 30.6M | 47.7M | 28M | 25.2M | 26.8M | 12.4M | 16.1M | 51.7M | 46.5M | 16.42M | 11.57M | 9.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.47B | 1.42B | 1.65B | 1.49B | 726M | 536M | 553M | 676M | 667M | 592M | 469.6M | 414.9M | 479.9M | 262.3M | 241.6M | 191.8M | 84.7M | 118.1M | 129.9M | 139.8M | 51.93M | 26.71M | 10.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -629M | -842M | -667M | -1.21B | -862M | -1.48B | -670M | -189M | -610M | -838M | -835M | -558.1M | -261.2M | -479.2M | -359.9M | -348.6M | -176.8M | -190.8M | -116.7M | -184.5M | -155.93M | -7.88M | 4.78M | 35.25M | 131.5M | 42.32M | -23.9M | -230.1M | -28.3M | -100.3M | 17.4M |
| Pretax Income | 7.4B | 7.27B | 7B | 6.24B | 7.66B | 8.84B | 7.23B | 4.07B | 3.26B | 2.43B | 2.02B | 1.94B | 2.09B | 1.32B | 1.27B | 1.13B | 1.09B | 927.1M | 1.15B | 881.3M | 209.37M | 285.9M | 259.22M | 218.63M | 287.99M | 76.52M | 174.26M | 18.5M | 347.5M | 414M | 301.6M |
| Pretax Margin % | 16.36% | 16.31% | 16.31% | 14.56% | 17.06% | 22.54% | 22.43% | 15.93% | 13.39% | 11.61% | 11.08% | 11.41% | 12.36% | 10.08% | 10.15% | 9.66% | 10.08% | 9.17% | 10.95% | 9.04% | 5.52% | 10.86% | 11.75% | 10.43% | 13.8% | 3.5% | 7.64% | 0.75% | 8.98% | 11.63% | 10.28% |
| Income Tax | 522M | 547M | 657M | 284M | 703M | 1.11B | 850M | 374M | 324M | 201M | -1.4M | -43.9M | 191.7M | 40.4M | 11M | 109.4M | 101.6M | 75.8M | 160.9M | 101.7M | 43.05M | 87.6M | 40.85M | 45.94M | 92.99M | 26.93M | 112.22M | 33.1M | 170.7M | 174.7M | 110.8M |
| Effective Tax Rate % | 7.06% | 7.53% | 9.39% | 4.55% | 9.17% | 12.55% | 11.76% | 9.19% | 9.93% | 8.28% | -0.07% | -2.27% | 9.18% | 3.06% | 0.87% | 9.66% | 9.34% | 8.18% | 14% | 11.54% | 20.56% | 30.64% | 15.76% | 21.01% | 32.29% | 35.19% | 64.39% | 178.92% | 49.12% | 42.2% | 36.74% |
| Net Income | 6.86B | 6.74B | 6.33B | 6B | 6.95B | 7.72B | 6.38B | 3.7B | 2.94B | 2.23B | 2.02B | 1.98B | 1.89B | 1.27B | 1.18B | 1.33B | 1.04B | 850.3M | 994.2M | 761.1M | 168.94M | 223.22M | 361.84M | 200.01M | 309.73M | -781K | -36.11M | -174.6M | 181.9M | 239.3M | 190.8M |
| Net Margin % | 15.18% | 15.12% | 14.77% | 13.99% | 15.47% | 19.7% | 19.79% | 14.47% | 12.06% | 10.64% | 11.06% | 11.64% | 11.22% | 9.73% | 9.42% | 11.34% | 9.6% | 8.41% | 9.47% | 7.81% | 4.46% | 8.48% | 16.4% | 9.54% | 14.85% | -0.04% | -1.58% | -7.07% | 4.7% | 6.73% | 6.51% |
| Net Income Growth % | 5.28% | 6.35% | 5.67% | -13.74% | -10.03% | 21.18% | 72.48% | 25.8% | 32.04% | 10.05% | 2.35% | 4.28% | 48.78% | 8.1% | -11.43% | 28.42% | 21.79% | -14.47% | 30.63% | 350.53% | -24.32% | -38.31% | 80.91% | -35.42% | 39758.13% | 97.84% | 79.32% | -195.99% | -23.99% | 25.42% | 36.19% |
| Net Income (Continuing) | 6.87B | 6.72B | 6.34B | 5.96B | 6.96B | 7.73B | 6.38B | 3.7B | 2.94B | 2.23B | 2.03B | 1.98B | 1.9B | 1.28B | 1.26B | 1.02B | 986.1M | 851.3M | 988.7M | 779.6M | 166.32M | 198.3M | 218.37M | 175.21M | 203.42M | 49.59M | 62.05M | -14.6M | 114.7M | 174.7M | 190.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 121M | 129M | 87M | 107M | 170M | 184M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.9M | 24.74M | 372M | 649.4M | 719.6M | 684.1M |
| EPS (Diluted) | 18.39 | 17.74 | 16.53 | 15.45 | 17.64 | 19.46 | 15.98 | 9.17 | 7.24 | 5.59 | 5.09 | 4.92 | 4.71 | 3.48 | 3.21 | 3.46 | 2.53 | 2.01 | 2.25 | 1.72 | 0.84 | 1.36 | 2.17 | 1.20 | 1.73 | -0.00 | -0.22 | -1.10 | 1.08 | 1.41 | 1.22 |
| EPS Growth % | 6.75% | 7.32% | 6.99% | -12.41% | -9.35% | 21.78% | 74.26% | 26.66% | 29.52% | 9.82% | 3.46% | 4.46% | 35.34% | 8.41% | -7.23% | 36.76% | 25.87% | -10.67% | 30.81% | 104.76% | -38.24% | -37.33% | 80.83% | -30.64% | - | 98.09% | 80% | -201.85% | -23.4% | 15.57% | 23.23% |
| EPS (Basic) | - | 17.77 | 16.58 | 15.53 | 17.73 | 19.61 | 16.10 | 9.24 | 7.31 | 5.64 | 5.12 | 4.96 | 4.76 | 3.53 | 3.24 | 3.49 | 2.57 | 2.06 | 2.34 | 1.81 | 0.86 | 1.38 | 2.22 | 1.23 | 1.84 | -0.00 | -0.22 | -1.11 | 1.12 | 1.57 | 1.35 |
| Diluted Shares Outstanding | 373M | 377M | 383M | 388M | 394M | 397M | 399M | 403M | 406M | 398M | 397.4M | 401.9M | 402.3M | 365.8M | 366.6M | 384.8M | 409.4M | 423.03M | 434.7M | 443.7M | 203.7M | 165.33M | 167.64M | 170.73M | 179.03M | 185.02M | 164.14M | 158.22M | 168.43M | 169.79M | 175.7M |
| Basic Shares Outstanding | 372M | 376M | 382M | 386M | 392M | 394M | 396M | 400M | 402M | 395M | 394.8M | 398.7M | 398.2M | 360.3M | 363.8M | 380.8M | 403.3M | 412.4M | 418.2M | 421.5M | 196.1M | 161.59M | 163.13M | 162.71M | 168.33M | 181.59M | 164.14M | 157.99M | 162.41M | 152.48M | 141.53M |
| Dividend Payout Ratio | - | 9.44% | 9.2% | 8.72% | 6.55% | 5.11% | 5.29% | 8.04% | 9.05% | 10.65% | 11.79% | 12.18% | 12.39% | 16.98% | 12.07% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Biotech funding and China
According to recent financial filings, TMO's revenue growth has fluctuated between a contraction of 4.9% in 2023Q4 and a peak expansion of 7.2% in 2025Q4, suggesting that the company is struggling to find a consistent post-pandemic growth trajectory amidst volatile demand in its core life sciences segments.
The erratic quarterly revenue growth figures indicate that the company is highly sensitive to the cyclical nature of biotech capital expenditure and research funding. Investors should monitor whether the recent 7.2% growth in 2025Q4 represents a sustainable recovery or merely a temporary easing of difficult year-over-year comparisons.
As reported in quarterly income statements, TMO's gross margin has oscillated between 36.3% and 41.8% over the last ten quarters, reflecting the inherent difficulty in maintaining pricing power while managing a complex mix of high-margin proprietary reagents and lower-margin third-party distribution and clinical research service offerings.
The lack of a stable gross margin trend suggests that the company's product mix is shifting frequently, potentially due to the varying demand for high-margin consumables versus lower-margin service contracts. This variability warrants further investigation into whether the company can successfully defend its margins against rising labor costs in its PPD and Patheon service units.
Based on the provided income statement data, TMO's operating margin has remained largely range-bound between 16.6% and 19.9%, indicating that the company has not yet achieved significant operating leverage despite its massive scale and the integration of high-value acquisitions like PPD and Patheon into its ecosystem.
The inability to consistently expand operating margins suggests that SG&A expenses are scaling in lockstep with revenue, potentially due to the high costs associated with maintaining a global distribution network. Analysts should consider whether the company's 'Flywheel' model is reaching a point of diminishing returns regarding incremental cost efficiency.
As evidenced by the reported figures, TMO's net income has fluctuated significantly, with quarterly earnings per share ranging from $3.46 to $5.21, a trend that appears to be driven by non-operating items and the complex accounting associated with the amortization of intangible assets from large-scale acquisitions.
The divergence between GAAP net income and the company's adjusted performance metrics suggests that investors must be cautious when evaluating the underlying profitability of the business. The recent cessation of stock-based compensation reporting in the provided data also warrants further investigation into how management is incentivizing performance.
Based on an analysis of the income statement, short-sellers may focus on the company's inconsistent revenue growth and the persistent margin compression risks inherent in its service-heavy business model, which appears increasingly vulnerable to shifts in global biotech funding and potential market share loss in China.
The reliance on large-scale M&A to drive growth may be masking underlying organic stagnation, particularly if the company is overpaying for assets in a high-interest-rate environment. Investors should monitor whether the company's transition to a strategic partner model is sufficient to offset the cyclicality of its traditional laboratory equipment business.
Quick answers to the most common questions about buying TMO stock.
For fiscal year 2025, Thermo Fisher Scientific Inc. (TMO) reported total revenue of $44.56B. This represents a 1419.3% increase compared to $2.93B in 1996.
Thermo Fisher Scientific Inc. (TMO) is profitable, generating $6.74B in net income for the fiscal year ending 2025 with a net profit margin of 15.1%.
Thermo Fisher Scientific Inc. (TMO) reported an operating income of $8.11B, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Thermo Fisher Scientific Inc. (TMO) generated $16.78B in gross profit for the year, representing a gross profit margin of 37.7%. This demonstrates the company's core pricing power and production efficiency.