MARKETS / NYSE / TMO

NYSE · MEASURING & CONTROLLING DEVICES, NEC · LARGE CAP

Thermo Fisher Scientific Inc. TMO

19 fiscal years on record · USD · FY2025 reported · SEC filings only

8 YEARS OF DIVIDEND GROWTH

Revenue

$44.6B

▲ 3.9% YoY

Net income

$6.7B

▲ 5.8% YoY

Free cash flow

$6.3B

▼ 13.4% YoY

In brief

What this company does

Thermo Fisher serves customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, research and development, quality and process control settings. It markets and sells its products and services through a direct sales force, customer-service professionals, electronic commerce and third-party distributors. As of December 31, 2025 the company employed approximately 125,000 colleagues globally, with 59,000 based in the Americas, 44,000 in Europe, the Middle East and Africa, and 22,000 in the Asia-Pacific region. It reports its business in four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. Through the Life Sciences Solutions segment it provides reagents, instruments and consumables used in biological and medical research, in the discovery and production of new drugs and vaccines and in the diagnosis of disease. Through the Analytical Instruments segment it provides instruments and the supporting consumables, software and services that are used for a range of applications.

Written from the business description in THERMO FISHER SCIENTIFIC INC.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 44.6B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 44.6 · Net income 6.7

Compound annual growth

Revenue

−0.3%

+6.7%

+10.1%

+10.2%

Net income

+13.3%

EPS, diluted

+0.2%

+2.1%

+13.7%

+13.9%

Dividend / share

+12.7%

+14.3%

+11.1%

Returned to shareholders

+1.7%

+17.2%

+9.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +6.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

15 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 17.4% · Net 15.1%

ROE

FY2025 · ROE 13.0%

Gross margin—

Operating margin17.4%

Net margin15.1%

Return on assets6.5%

EBITDAUSD 8.8B

Each USD of equity produced 13 cents of profit this year.

Cash & shareholders

USD 3.6B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 6.3

Net buybacks $B Dividends $B

FY2025 · Dividends 0.6 · Net buybacks 3.0

Dividends paidUSD 636.0M

Net buybacksUSD 3.0B

Share of profit54.2%

Consecutive raises8 years

USD 636.0M in dividends and USD 3.0B in buybacks — 54% of the year's profit went back to shareholders.

Total assetsUSD 110.3B

EquityUSD 53.4B

CashUSD 9.9B

Gross debtUSD 42.7B

Net debtUSD 32.9B

Current ratio1.89×

Net debt stands at 62% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	44.6	42.9	42.9	44.9	39.2	32.2	25.5	24.4	20.9	18.3	17.0	16.9	13.1	12.5	11.6	10.4	9.9	10.5	9.7
Operating income $B	7.7	7.3	6.9	8.4	10.0	7.8	4.6	3.8	3.0	2.5	2.3	2.5	1.6	1.5	1.3	1.2	1.0	1.2	1.0
EBITDA $B	8.8	8.5	7.9	9.4	10.9	8.5	5.2	4.3	3.4	4.2	4.0	4.2	2.6	2.5	2.1	1.9	1.8	2.0	1.7
Income tax $B	0.5	0.7	0.3	0.7	1.1	0.8	0.4	0.3	0.2	−0.0	−0.0	0.2	0.0	0.0	0.1	0.1	0.1	0.2	0.1
Net income $B	6.7	6.3	6.0	7.0	7.7	6.4	3.7	2.9	2.2	2.0	2.0	1.9	1.3	1.2	1.3	1.0	0.9	1.0	0.7
Free cash flow $B	6.3	7.3	6.9	6.9	6.8	6.8	4.0	3.8	3.5	2.8	2.5	2.2	1.7	1.7	1.4	1.3	1.5	1.2	1.3
EPS, diluted $	17.74	16.53	15.45	17.63	19.46	15.96	9.17	7.24	5.59	5.09	4.92	4.71	3.48	3.21	3.46	2.53	2.01	2.25	1.69
Dividend / sh $	1.72	1.56	1.40	1.20	1.04	0.88	0.76	0.68	0.60	0.60	0.60	0.60	0.60	0.54	0.00	0.00	·	·	·
Payout %	9	9	9	7	5	5	8	9	11	12	12	12	17	12	0	·	·	·	·
ROE %	13.0	13.2	13.2	16.4	20.5	19.9	12.9	11.1	9.5	9.4	9.4	10.1	7.9	7.7	8.7	6.7	5.6	6.7	5.2

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Thermo Fisher Scientific Inc.vsNorthrop Grumman Corp.Same industry: Measuring & Controlling Devices, NEC Thermo Fisher Scientific Inc.vsMedtronic PLCSame industry: Measuring & Controlling Devices, NEC Thermo Fisher Scientific Inc.vsStryker Corp.Same industry: Measuring & Controlling Devices, NEC Thermo Fisher Scientific Inc.vs3M Co.Same industry: Measuring & Controlling Devices, NEC Thermo Fisher Scientific Inc.vsDanaher Corp.Same industry: Measuring & Controlling Devices, NEC Thermo Fisher Scientific Inc.vsBecton Dickinson & Co.Same industry: Measuring & Controlling Devices, NEC Thermo Fisher Scientific Inc.vsTrane Technologies PLCSame industry: Measuring & Controlling Devices, NEC

Provenance

Company facts, as filed

How we verify · 0 failures in 74 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 10 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityMeasuring & Controlling Devices, NEC

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2007