Thermo Fisher Scientific Inc. (NYSE:TMO)

The company’s total debt obligations, as measured by the carrying amount, exhibited a fluctuating pattern over the five-year period. Initial values decreased slightly before increasing again, ultimately concluding with a notable rise in the final year.

Overall Trend

From 2021 to 2024, total debt obligations generally decreased, followed by a substantial increase in 2025. The value began at US$34,870 million in 2021, dipped to US$34,488 million in 2022, and then rose to US$34,917 million in 2023. A decrease was observed in 2024, with total debt falling to US$31,275 million, before increasing significantly to US$39,385 million in 2025.

Short-Term Obligations

Short-term obligations and current maturities of long-term obligations demonstrated considerable volatility. A significant increase occurred between 2021 and 2022, rising from US$2,537 million to US$5,579 million. This was followed by a decrease to US$3,609 million in 2023 and a further reduction to US$2,214 million in 2024. However, these obligations increased again in 2025, reaching US$3,533 million.

Long-Term Obligations

Long-term obligations, excluding current maturities, showed a more moderate pattern. The value decreased from US$32,333 million in 2021 to US$28,909 million in 2022, then increased to US$31,308 million in 2023. A slight decrease was noted in 2024, with the value falling to US$29,061 million, before rising substantially to US$35,852 million in 2025.

The increase in total debt obligations in 2025 appears to be primarily driven by a rise in long-term obligations. The fluctuations in short-term obligations contribute to the overall variability in total debt, but their impact is less pronounced than that of long-term debt.