Thermo Fisher Scientific Inc. (TMO) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
TMO Revenue Growth
Revenue Breakdown (FY 2025)
TMO's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
TMO Revenue Analysis (2014–2025)
As of May 8, 2026, Thermo Fisher Scientific Inc. (TMO) generated trailing twelve-month (TTM) revenue of $45.20 billion, reflecting solid growth of +6.2% year-over-year. The most recent quarter (Q1 2026) recorded $11.01 billion in revenue, down 9.9% sequentially.
Looking at the longer-term picture, TMO's 5-year compound annual growth rate (CAGR) stands at +6.7%, indicating steady revenue expansion. The company achieved its highest annual revenue of $44.91 billion in 2022.
Revenue diversification analysis shows TMO's business is primarily driven by Consumables (42%), Service (42%), and Instruments (16%).
When compared to Healthcare sector peers including DHR (+4.0% YoY), A (+8.1% YoY), and WAT (+26.4% YoY), TMO has underperformed the peer group in terms of revenue growth. Compare TMO vs DHR →
TMO Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TMOCurrent | $45.2B | +6.2% | +6.7% | 18.2% | |
 DHR | $24.6B | +4.0% | +2.0% | 20.9% | |
 A | $6.9B | +8.1% | +5.4% | 21.3% | |
 WAT | $3.2B | +26.4% | +6.0% | 28.2% | |
 BIO | $2.6B | +1.9% | +0.3% | 10.5% | |
 BRKR | $3.4B | +0.4% | +11.6% | 6.9% |
TMO Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $44.56B | +3.9% | $16.78B | 37.7% | $8.11B | 18.2% |
| 2024 | $42.88B | +0.1% | $17.73B | 41.3% | $7.66B | 17.9% |
| 2023 | $42.86B | -4.6% | $17.19B | 40.1% | $7.45B | 17.4% |
| 2022 | $44.91B | +14.5% | $19.01B | 42.3% | $8.53B | 19.0% |
| 2021 | $39.21B | +21.7% | $19.63B | 50.1% | $10.32B | 26.3% |
| 2020 | $32.22B | +26.1% | $16.03B | 49.7% | $7.90B | 24.5% |
| 2019 | $25.54B | +4.9% | $11.34B | 44.4% | $4.26B | 16.7% |
| 2018 | $24.36B | +16.4% | $10.99B | 45.1% | $3.87B | 15.9% |
| 2017 | $20.92B | +14.5% | $9.68B | 46.3% | $3.27B | 15.6% |
| 2016 | $18.27B | +7.7% | $8.58B | 47.0% | $2.86B | 15.6% |
Full TMO Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
Should I Buy TMO Right Now?
Bull case, key risks, Wall St analyst verdict, and what council investors are saying — updated daily.
See TMO's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs TMO Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare TMO vs DBVT
Side-by-side business, growth, and profitability comparison vs DBV Technologies S.A..
Start ComparisonTMO — Frequently Asked Questions
Quick answers to the most common questions about buying TMO stock.
Is TMO's revenue growth accelerating or slowing?
TMO maintains +6.2% revenue growth, in line with its 5-year CAGR of +6.7%. TTM revenue stands at $45.2B. Growth rate remains consistent with historical average.
What is TMO's long-term revenue growth rate?
Thermo Fisher Scientific Inc.'s 5-year revenue CAGR of +6.7% reflects the sustained expansion pattern. Current YoY growth of +6.2% is near this long-term average.
How is TMO's revenue distributed by segment?
TMO reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.