Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Thermo Fisher Scientific Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 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).
The financial performance exhibits a significant structural transition in revenue composition and a subsequent compression of profit margins. There is a clear migration from a product-centric revenue model toward a service-oriented model, which has fundamentally altered the cost profile and profitability of the organization over the analyzed period.
- Revenue Composition Shift
- A substantial reallocation of revenue streams is observed. Product revenues declined from a high of 79.31% in April 2021 to approximately 57.04% by March 2026. Conversely, service revenues grew from 20.69% in the same starting period to a range between 40% and 43% in later quarters, indicating a strategic pivot toward recurring service-based income.
- Gross Profitability and Cost Structure
- Gross profit margins experienced a marked decline from 52.58% in April 2021, stabilizing between 40% and 42% from mid-2022 through 2026. This compression is primarily driven by the increased weight of service revenues, as the cost of service revenues rose from -13.83% to approximately -30%. While the cost of product revenues remained relatively stable, the shift in the revenue mix toward lower-margin services reduced the overall gross margin.
- Operating Expense Trends
- Selling, general, and administrative (SG&A) expenses remained relatively consistent, generally fluctuating between 19% and 21% of revenues. Research and development (R&D) expenses showed high stability, consistently representing approximately 3% of revenues. Occasional volatility is noted in restructuring and other costs, with periodic spikes reaching as high as -2.01% in December 2024.
- Operating and Net Income Margins
- Operating income margins saw a significant contraction from 30.78% in April 2021 to a range of 14% to 18% between 2023 and 2026. Net income attributable to the parent company followed a similar trajectory, descending from 23.59% to a stabilized range of 12% to 16%. This decline reflects the combined impact of gross margin compression and increased financial costs.
- Financial Income and Expenses
- A notable increase in both interest income and interest expense is evident. Interest income grew from 0.12% in early 2021 to peak around 2.8% in 2023 and 2024. Simultaneously, interest expenses increased from -1.26% to peaks of -3.72% in June 2025, suggesting an increase in both cash holdings and debt obligations during this period.