Analysis of Debt
Total Debt (Carrying Amount)
Thermo Fisher Scientific Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
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$35,852 million in 2025.
The increase in total debt obligations in 2025 appears to be primarily driven by a rise in long-term obligations. The fluctuations in short-term obligations contribute to the overall variability in total debt, but their impact is less pronounced than that of long-term debt.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Senior notes | 36,606) |
| Commercial paper | —) |
| Finance lease liabilities | 213) |
| Other | 1) |
| Total debt obligations (fair value) | 36,820) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.93 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted average effective interest rate on borrowings: 2.76%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.18% | 587) | 19) | |
| 1.45% | 822) | 12) | |
| 5.18% | 600) | 31) | |
| 1.14% | 517) | 6) | |
| 5.25% | 1,000) | 53) | |
| 1.66% | 587) | 10) | |
| 1.97% | 705) | 14) | |
| 1.18% | 184) | 2) | |
| 5.00% | 600) | 30) | |
| 2.58% | 1,175) | 30) | |
| 1.35% | 111) | 1) | |
| 0.78% | 940) | 7) | |
| 1.79% | 416) | 7) | |
| 0.90% | 185) | 2) | |
| 1.46% | 705) | 10) | |
| 1.89% | 700) | 13) | |
| 5.24% | 1,000) | 52) | |
| 1.26% | 397) | 5) | |
| 2.08% | 822) | 17) | |
| 2.74% | 900) | 25) | |
| 1.44% | 30) | —) | |
| 1.25% | 295) | 4) | |
| 5.12% | 750) | 38) | |
| 0.89% | 2,056) | 18) | |
| 4.41% | 500) | 22) | |
| 1.14% | 1,057) | 12) | |
| 2.23% | 1,200) | 27) | |
| 1.92% | 524) | 10) | |
| 2.55% | 705) | 18) | |
| 4.62% | 750) | 35) | |
| 1.60% | 40) | 1) | |
| 5.09% | 600) | 31) | |
| 1.49% | 442) | 7) | |
| 5.20% | 1,000) | 52) | |
| 1.21% | 1,762) | 21) | |
| 5.34% | 500) | 27) | |
| 3.76% | 881) | 33) | |
| 1.58% | 137) | 2) | |
| 4.91% | 750) | 37) | |
| 3.70% | 1,292) | 48) | |
| 2.10% | 410) | 9) | |
| 1.56% | 392) | 6) | |
| 1.71% | 271) | 5) | |
| 2.94% | 822) | 24) | |
| 5.00% | 500) | 25) | |
| 1.73% | 1,057) | 18) | |
| 2.90% | 1,200) | 35) | |
| 1.78% | 1,468) | 26) | |
| 2.13% | 93) | 2) | |
| 5.50% | 600) | 33) | |
| 2.06% | 185) | 4) | |
| 5.37% | 400) | 21) | |
| 1.54% | 233) | 4) | |
| 1.95% | 170) | 3) | |
| 4.23% | 750) | 32) | |
| 1.99% | 1,175) | 23) | |
| 1.49% | 413) | 6) | |
| 2.07% | 881) | 18) | |
| 2.43% | 212) | 5) | |
| Total | 39,456) | 1,088) | |
| 2.76% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 1,088 ÷ 39,456 = 2.76%