Common-Size Income Statement
Quarterly Data
Paying user area
Try for free
Thermo Fisher Scientific Inc. pages available for free this week:
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Thermo Fisher Scientific Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Thermo Fisher Scientific Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 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 Trends
- Over the observed periods, a notable shift in revenue composition occurred. Product revenues as a percentage of total revenues exhibited a declining trend from over 74% in early 2020 to approximately 57-59% in the most recent quarters of 2024 and 2025. Conversely, service revenues gained prominence, increasing from around 26% to a consistent level above 40%. This indicates a strategic transition or evolving market demand favoring services over products.
- Cost of Revenues Analysis
- The costs associated with product revenues generally decreased relative to total revenues, moving from around -37.5% in early 2020 to just below -30% in recent quarters. Similarly, costs related to service revenues increased notably, rising from approximately -18.5% to near -29% towards the later periods. Overall, the total cost of revenues increased, reaching near -59% in recent quarters, having risen from about -56% in 2020. This suggests that while product cost efficiency improved, service costs rose substantially, reflecting possibly higher service delivery expenses or increased service penetration.
- Gross Profit Margin Developments
- Gross profit margins declined from a high of approximately 52-53% in early 2021 to a narrower range around 40-42% in later quarters. The decrease reflects the increased cost pressure on service revenues and the declining share of higher-margin product revenues. Although the gross margin stabilized somewhat in the later periods, it remained significantly below earlier peaks, indicating margin compression.
- Operating Expenses Evaluations
- Selling, general and administrative expenses as a percentage of revenues fluctuated but generally remained in the 19-21% range, showing relative stability with minor variations. Research and development expenses consistently remained below 4% of revenues, showing modest reductions in relative spending over time. Restructuring and other costs, while generally low, displayed occasional spikes, indicating periodic organizational adjustments or one-time costs.
- Operating Income Patterns
- Operating income margins peaked around 30% during 2020 and early 2021 but subsequently declined to approximately 16-18% in the latter periods. This trend mirrors the compression in gross margins and suggests challenges in sustaining earlier profitability levels amid changing revenue mix and cost dynamics.
- Interest and Other Income (Expense)
- Interest income demonstrated a gradual increase from below 0.2% to over 2% in recent periods, contributing positively to overall income. Interest expense rose as well, reaching above -3% in later quarters, indicating higher financing costs or increased debt levels. Other income and expense items fluctuated around neutral, with no clear consistent impact on overall profitability.
- Income Before Taxes and Tax Provisions
- Income from continuing operations before income taxes followed a declining pattern similar to operating income, decreasing from over 27% in early 2021 to around 15-17% in recent quarters. Tax provisions as a percentage of revenues remained relatively modest but showed some volatility, ranging mostly between -0.3% and -2.7%, without a clear directional trend.
- Net Income and Attributable Earnings
- Net income margins exhibited a declining trend from above 22% in mid-2020 to a more stable range around 14-16% in recent periods. Net income attributable to the company followed the same pattern. This reflects the overall impact of revenue mix changes, cost pressures, and operating margins on bottom-line profitability.
- Summary of Financial Performance
- Overall, the data reveals a transition in revenue drivers from products toward services, accompanied by increased cost pressures in the services segment. This shift contributed to compression in gross and operating margins. Despite rising interest expenses and fluctuating other income, the company maintained positive income before taxes and net income margins, though at lower levels than peak historical values. Operating efficiencies and cost management efforts appear to have mitigated some margin erosion, but profitability remains challenged by the evolving business mix.