Analysis of Revenues
Revenues as Reported
Thermo Fisher Scientific Inc., income statement, revenues
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 revenue composition of the organization demonstrates shifts in performance across its key segments between 2021 and 2025. While consolidated revenues generally remained stable, individual segment trends varied considerably.
- Consumables Revenue
- Consumables revenue experienced a decline from US$22,608 million in 2021 to US$17,597 million in 2023. This downward trend stabilized in 2024 at US$17,587 million, followed by a modest increase to US$18,663 million in 2025. The 2021-2023 decrease represents a significant contraction in this revenue stream.
- Instruments Revenue
- Instruments revenue exhibited relative stability throughout the period. Starting at US$7,753 million in 2021, it increased slightly to US$7,924 million in 2022, then decreased gradually over the subsequent three years, reaching US$7,301 million in 2025. The overall decline from 2022 to 2025 is moderate.
- Services Revenue
- Services revenue demonstrated substantial growth. It increased significantly from US$8,850 million in 2021 to US$16,367 million in 2022. This growth continued, albeit at a slower pace, reaching US$17,614 million in 2023, US$17,846 million in 2024, and US$18,592 million in 2025. Services consistently represented a growing portion of overall revenue.
- Consolidated Revenue Trend
- Consolidated revenues increased from US$39,211 million in 2021 to a peak of US$44,915 million in 2022. A subsequent decrease was observed in 2023, with revenues falling to US$42,857 million. Revenues remained relatively flat in 2024 at US$42,879 million before increasing slightly to US$44,556 million in 2025. The growth in services revenue partially offset the decline in consumables revenue, contributing to the overall revenue stability.
The organization’s revenue profile is evolving, with a decreasing reliance on consumables and instruments, and an increasing contribution from services. This shift suggests a potential strategic focus on recurring revenue models and value-added offerings.