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Thermo Fisher Scientific Inc. (NYSE:TMO)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Thermo Fisher Scientific Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Jun 27, 2026 Mar 28, 2026 Dec 31, 2025 Sep 27, 2025 Jun 28, 2025 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
Short-term obligations and current maturities of long-term obligations 2.98 2.73 3.20 3.71 2.19 2.85 2.27 4.10 5.20 4.58 3.66 4.94 5.12 6.47 5.74 1.12 1.12 2.01 2.67 0.03 0.01 0.01
Accounts payable 2.89 2.95 3.28 3.03 2.94 3.08 3.16 2.60 2.59 2.63 2.91 2.58 2.57 2.96 3.48 2.73 2.85 2.88 3.01 3.13 3.10 3.25
Accrued payroll and employee benefits 1.50 1.38 1.81 1.83 1.50 1.43 2.04 1.82 1.52 1.35 1.62 1.50 1.39 1.38 2.16 2.06 1.90 1.76 2.55 2.47 2.20 1.99
Contract liabilities 2.58 2.58 2.46 2.77 2.77 2.89 2.93 2.65 2.63 2.71 2.72 2.62 2.75 2.81 2.68 2.84 3.01 3.10 2.79 1.96 2.17 2.12
Other accrued expenses 3.38 3.26 3.02 3.11 3.16 3.05 3.29 3.38 3.06 3.07 3.29 2.93 3.16 3.16 3.45 3.54 3.26 3.27 3.10 2.96 2.75 3.24
Current liabilities 13.31% 12.91% 13.77% 14.45% 12.56% 13.30% 13.70% 14.55% 15.00% 14.35% 14.19% 14.59% 15.00% 16.78% 17.51% 12.28% 12.14% 13.01% 14.12% 10.53% 10.23% 10.61%
Deferred income taxes 1.40 1.86 1.35 0.82 0.62 1.05 1.30 1.12 1.54 1.87 1.95 2.70 3.02 3.14 2.93 3.47 3.67 3.77 4.03 1.99 2.41 2.86
Other long-term liabilities 4.01 3.90 3.87 4.15 4.22 4.01 4.10 4.33 4.46 4.70 4.70 4.46 4.30 4.47 4.36 4.86 5.01 5.03 4.77 5.41 5.19 5.08
Long-term obligations, excluding current maturities 34.62 35.37 32.49 30.92 32.61 31.67 29.86 31.08 30.75 32.09 31.71 31.41 31.02 30.78 29.76 31.09 32.29 33.84 33.99 29.47 27.73 28.27
Long-term liabilities 40.03% 41.14% 37.72% 35.89% 37.45% 36.73% 35.26% 36.53% 36.74% 38.66% 38.36% 38.57% 38.34% 38.39% 37.05% 39.42% 40.97% 42.64% 42.80% 36.87% 35.33% 36.22%
Total liabilities 53.34% 54.04% 51.48% 50.35% 50.01% 50.04% 48.96% 51.08% 51.74% 53.01% 52.55% 53.16% 53.33% 55.17% 54.56% 51.70% 53.11% 55.65% 56.92% 47.40% 45.56% 46.83%
Redeemable noncontrolling interest 0.11 0.11 0.11 0.13 0.12 0.13 0.12 0.13 0.12 0.12 0.12 0.12 0.12 0.13 0.12 0.13 0.13 0.12 0.13 0.00 0.00 0.00
Preferred stock, $100 par value; none issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $1 par value 0.39 0.39 0.40 0.43 0.44 0.45 0.46 0.44 0.45 0.46 0.45 0.46 0.47 0.47 0.45 0.49 0.49 0.47 0.46 0.60 0.65 0.66
Capital in excess of par value 16.67 16.52 16.82 17.79 18.01 18.29 18.46 17.77 17.92 18.01 17.51 17.69 18.10 17.84 17.23 18.33 18.18 17.57 17.00 21.68 23.38 23.79
Retained earnings 54.95 53.52 53.61 55.67 55.22 54.97 54.56 51.23 50.70 49.99 47.98 47.26 47.06 45.49 43.14 44.68 43.14 40.46 37.25 46.03 47.38 46.03
Treasury stock at cost -23.30 -22.39 -20.22 -21.66 -21.01 -21.47 -19.76 -18.16 -18.46 -18.73 -15.33 -15.58 -16.03 -15.93 -12.37 -12.16 -12.10 -11.82 -9.38 -12.11 -13.08 -13.43
Accumulated other comprehensive loss -2.17 -2.20 -2.22 -2.72 -2.76 -2.37 -2.77 -2.47 -2.45 -2.85 -3.27 -3.12 -3.11 -3.23 -3.19 -3.23 -3.01 -2.53 -2.45 -3.61 -3.88 -3.89
Total Thermo Fisher Scientific Inc. shareholders’ equity 46.55% 45.85% 48.40% 49.52% 49.90% 49.87% 50.95% 48.81% 48.16% 46.88% 47.34% 46.70% 46.49% 44.64% 45.27% 48.10% 46.69% 44.16% 42.88% 52.60% 54.44% 53.17%
Noncontrolling interests 0.01 0.01 0.01 0.01 -0.04 -0.03 -0.03 -0.02 -0.01 -0.01 -0.01 0.02 0.05 0.06 0.06 0.07 0.07 0.07 0.07 0.00 0.00 0.00
Total equity 46.55% 45.85% 48.41% 49.53% 49.86% 49.83% 50.92% 48.79% 48.14% 46.87% 47.33% 46.72% 46.55% 44.70% 45.32% 48.17% 46.76% 44.23% 42.95% 52.60% 54.44% 53.17%
Total liabilities, redeemable noncontrolling interest and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-27), 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 capital structure of the entity exhibits a balanced distribution between total liabilities and total equity, with both components generally fluctuating around the 50% mark over the analyzed period. A period of increased leverage was observed in late 2021, where total liabilities peaked at 56.92%, coinciding with a corresponding dip in total equity to 42.88%. Following this peak, the balance sheet stabilized, with liabilities typically ranging between 49% and 54% and equity between 46% and 51%.

Liability Composition and Debt Profile
Long-term obligations represent the most significant portion of the liability structure, consistently accounting for approximately 28% to 35% of total funding. A gradual increase in long-term debt is evident toward the end of the period, reaching 35.37% by March 2026. Current liabilities remained relatively stable, generally oscillating between 10% and 17%, with intermittent spikes typically occurring at year-end closes. Short-term obligations and current maturities of long-term debt showed high volatility, shifting from negligible levels in early 2021 to a peak of 6.47% in April 2023 before stabilizing between 2% and 4%.
Equity Dynamics and Shareholder Value
A significant shift is observed within the composition of shareholders' equity. Retained earnings demonstrate a strong upward trend, increasing from 46.03% in April 2021 to 54.95% by June 2026, indicating consistent profitability and the accumulation of earnings over time. Conversely, treasury stock at cost has expanded significantly as a contra-equity account, moving from -13.43% to -23.30%. This trend suggests an aggressive and sustained share repurchase strategy, which has offset some of the growth in retained earnings to keep total equity relatively stable.
Other Balance Sheet Trends
Deferred income taxes have seen a steady decline, falling from 2.86% in early 2021 to 1.40% by mid-2026, suggesting a reduction in timing differences between accounting and tax reporting. Capital in excess of par value has also trended downward, decreasing from 23.79% to 16.67% over the same period. Noncontrolling interests have remained immaterial, fluctuating marginally around 0% to 0.13% of the total balance sheet.

In summary, the financial position is characterized by a reliance on long-term debt for funding, balanced by a strong internal capital generation mechanism. The increasing proportion of retained earnings combined with expanded treasury stock indicates a mature financial strategy focused on returning value to shareholders while maintaining a stable leverage ratio.

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