Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

$24.99

Common-Size Income Statement
Quarterly Data

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Thermo Fisher Scientific Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 29, 2025 Dec 31, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020
Product revenues
Service revenues
Revenues
Cost of product revenues
Cost of service revenues
Cost of revenues
Gross profit
Selling, general and administrative expenses
Research and development expenses
Restructuring and other costs
Operating income
Interest income
Interest expense
Other income (expense)
Income from continuing operations before income taxes
Provision for income taxes
Equity in earnings (losses) of unconsolidated entities
Net income
Net (income) losses attributable to noncontrolling interests and redeemable noncontrolling interest
Net income attributable to Thermo Fisher Scientific Inc.

Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).


Revenue Composition
Over the observed periods, the proportion of product revenues showed a declining trend, starting at 74.32% in early 2020 and gradually decreasing to approximately 57.7% by early 2025. Conversely, service revenues exhibited a rising pattern, increasing from 25.68% to 42.3% during the same timeframe. This indicates a strategic shift toward service revenues within the total revenue mix.
Cost of Revenues
The cost structure reveals an overall increase in total cost of revenues as a percentage of revenues, moving from -56.02% to fluctuating levels around -59% toward the end of the timeline. The cost of product revenues decreased moderately from -37.56% to about -30.15%, suggesting improved efficiency or cost management in product-related activities. Conversely, the cost of service revenues increased notably from -18.46% to nearly -29%, indicating rising expenses associated with the expanding service segment.
Gross Profit
Gross profit margins experienced a reduction over time, declining from 43.98% in early 2020 to approximately 40.86% by early 2025. This decline aligns with the higher cost proportions in service revenues and the decreasing share of product revenues, which tend to have higher margins.
Operating Expenses
Selling, general, and administrative expenses remained relatively stable as a percentage of revenues, fluctuating around the -20% range throughout the period. Research and development expenses modestly decreased from -3.93% to about -3.3%, reflecting steady investment levels relative to revenues. Restructuring and other costs showed variability, with some spikes observed, particularly around 2023 and the end of 2024, suggesting occasional increased expenditure related to organizational changes or other adjustments.
Operating Income
Operating income margins demonstrated notable volatility. The margin peaked around 30.78% in early 2021 but declined thereafter, stabilizing near 16-17% levels from 2022 onwards. This pattern reflects the interplay between rising costs and relatively stable operating expenses.
Interest and Other Income/Expense
Interest income showed a consistent upward trend, increasing from around 0.58% to nearly 2% of revenues by 2025, indicating growing returns on invested funds or cash holdings. Interest expense also rose, moving from approximately -2% to fluctuating near -3% by the end period. Other income and expense items were more volatile without a clear trend but generally remained close to zero.
Income Before and After Taxes
Income from continuing operations before income taxes exhibited significant variation, with a high near 27.79% in early 2021, dropping to a range near 15-17% during later periods. Provision for income taxes varied, without a consistent pattern, often below -1.5% of revenues. Net income margins roughly tracked operating income trends, reducing from highs above 22% to levels around 14-16% in recent quarters.
Net Income Attributable to Parent Company
This metric generally mirrored the net income trend, showing a decrease from about 22.69% to around 14.54% by early 2025, reflecting the overall pressure on profitability within the observed timeframe.
Summary
The data indicates a strategic shift toward service-driven revenue, accompanied by increased costs in servicing activities, which contributed to a compression of gross and operating margins. Despite increasing interest income, rising interest expenses and fluctuating other costs moderated net profitability. Operating income and net income margins peaked early in the period and settled to lower, more stable levels subsequently. The company appears to be balancing growth in services with careful management of operating expenses and R&D investment.