Thermo Fisher Scientific Inc. is a global leader in scientific services, providing a comprehensive range of offerings that include life sciences solutions, ...
Thermo Fisher Scientific Inc. (NYSE: TMO) is a global leader in scientific services and products, with annual revenue exceeding $45 billion (2025). The company operates through four major segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment provides reagents, instruments, ...Thermo Fisher Scientific Inc. (NYSE: TMO) is a global leader in scientific services and products, with annual revenue exceeding $45 billion (2025). The company operates through four major segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment provides reagents, instruments, and consumables for biological and medical research, including genetic and bioscience technologies used in drug development, vaccine production, and disease detection. The Analytical Instruments segment offers precision instruments, software, and services for pharmaceutical, biotechnology, academic, and environmental sectors. The Specialty Diagnostics segment supplies diagnostic kits and systems for clinical testing, including immunodiagnostics, allergy and autoimmune testing, and HLA typing for organ transplants. The Laboratory Products and Biopharma Services segment delivers laboratory equipment, research supplies, and comprehensive pharmaceutical services including clinical research support. The company's brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD. Founded in 1956 and headquartered in Waltham, Massachusetts, Thermo Fisher employs approximately 125,000 people globally. Financially, the company has shown strong performance with a market capitalization of about $218 billion, a return on equity of 13.4%, and a net profit margin of 15.1%. Under the leadership of CEO Marc N. Casper, who has served since 2009, the company continues to drive innovation in science, helping customers accelerate research and improve patient outcomes. With a focus on strategic acquisitions, operational excellence, and customer-centricity, Thermo Fisher aims to expand its reach and impact, reaffirming its commitment to making the world healthier, cleaner, and safer.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$44.6B
+3.9%
+9.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$6.7B
+6.3%
+5.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+37.7%
-8.9%
+1.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+18.2%
+1.9%
+2.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+15.1%
+2.3%
-3.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$6.3B
-13.4%
+105.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+14.1%
-16.7%
+88.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
73.7%
+11.6%
-2.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.89x
+13.8%
+1.6%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2026 Second Quarter Conference Call. [Operator Instructions] I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations. Mr. Tejada, you may begin the call.
Rafael Tejada : Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman and Chief Executive Officer; and Jim Meyer, Senior Vice President and Chief Financial Officer. Please note this call is being webcast live and will be archived on the Investors section of our website thermofisher.com under the heading News Events and Presentations until October 20, 2026. A copy of the press release of our second quarter earnings is available in the Investors section of our website under the heading Financials. So before we begin, let me briefly cover our safe harbor statement. Various remarks that we may make about the company's future expectations, plans and prospects constitute forward-looking statements within the meaning of applicable securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various risks and uncertainties including those discussed in the company's most recent reports on Form 10-K and Form 10-Q under the heading Risk Factors. These forward-looking statements are based on our current expectations and speak only as of the date they are made. While we may like to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even in the event of new information, future developments or otherwise. Also, during this call, we will be referring to certain financial measures not prepared in accordance with Generally Accepted Accounting Principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our second quarter earnings, and also in the Investors section of our website under the heading Financials. So with that, I'll now turn the call over to Marc.
Marc Casper : Thank you, Raf. Good morning, everyone, and thanks for joining us today for our second quarter call. As you saw in our press release, we delivered an outstanding quarter. Customer activity across our end markets continue to strengthen. Our proven growth strategy is enhancing our capabilities, further advancing our trusted partner status with customers and continuing to drive share gain. And we're continuing to actively manage the company, leveraging our global scale and strength of our PPI business system to create value for our stakeholders and build an even brighter future for our company. To start, let me recap the second quarter financial results. Our revenue grew 10% to $11.99 billion. Adjusted operating income grew 15% to $2.73 billion. Adjusted operating margin expanded by 90 basis points to 22.8%, and we grew adjusted EPS by 13% to …