Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Thermo Fisher Scientific Inc., consolidated balance sheet: assets (quarterly data)

US$ in millions

	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
Cash and cash equivalents	4,134)	4,009)	4,645)	7,073)	5,499)	8,077)	6,151)	3,133)	3,482)	8,524)	2,919)	1,888)	2,752)	4,477)	12,027)	7,023)	5,583)	10,325)	7,540)	5,818)	2,981)
Short-term investments	1,813)	1,561)	2,000)	1,750)	1,751)	3)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, less allowances	8,455)	8,191)	8,255)	7,943)	7,931)	8,221)	8,370)	8,019)	7,922)	8,115)	7,671)	7,745)	7,889)	7,977)	5,557)	5,476)	5,554)	5,741)	5,186)	4,478)	4,508)
Inventories	5,224)	4,978)	5,430)	5,198)	5,133)	5,088)	5,404)	5,655)	5,664)	5,634)	5,722)	5,668)	5,483)	5,051)	4,906)	4,625)	4,342)	4,029)	3,829)	3,648)	3,454)
Contract assets, net	1,366)	1,435)	1,541)	1,487)	1,422)	1,443)	1,465)	1,467)	1,375)	1,312)	1,248)	1,147)	1,064)	968)	808)	804)	783)	731)	697)	686)	658)
Other current assets	2,386)	1,963)	1,912)	2,025)	1,904)	1,757)	1,702)	1,721)	1,766)	1,644)	1,739)	1,652)	1,588)	1,640)	1,426)	1,332)	1,423)	1,131)	982)	1,145)	1,137)
Current assets	23,378)	22,137)	23,783)	25,476)	23,640)	24,589)	23,092)	19,995)	20,209)	25,229)	19,299)	18,100)	18,776)	20,113)	24,724)	19,260)	17,685)	21,957)	18,234)	15,775)	12,738)
Property, plant and equipment, net	9,331)	9,306)	9,412)	9,282)	9,324)	9,448)	9,167)	9,292)	9,354)	9,280)	8,628)	8,529)	8,448)	8,333)	7,049)	6,560)	6,133)	5,912)	5,180)	4,887)	4,736)
Acquisition-related intangible assets, net	15,323)	15,533)	16,262)	15,519)	16,048)	16,670)	17,091)	17,437)	17,972)	17,442)	17,813)	18,578)	19,378)	20,113)	11,927)	12,390)	12,831)	12,685)	12,870)	13,170)	13,543)
Other assets	4,516)	4,492)	4,181)	4,376)	4,240)	3,999)	4,124)	4,108)	3,983)	4,007)	4,308)	4,306)	4,424)	4,640)	2,991)	2,584)	2,459)	2,457)	1,995)	2,061)	2,057)
Goodwill	46,493)	45,853)	46,726)	43,843)	43,843)	44,020)	43,583)	43,273)	43,140)	41,196)	40,488)	41,066)	41,721)	41,924)	26,909)	26,904)	26,823)	26,041)	25,782)	25,700)	25,614)
Long-term assets	75,663)	75,184)	76,581)	73,020)	73,455)	74,137)	73,965)	74,110)	74,449)	71,925)	71,237)	72,479)	73,971)	75,010)	48,876)	48,438)	48,246)	47,095)	45,827)	45,818)	45,950)
Total assets	99,041)	97,321)	100,364)	98,496)	97,095)	98,726)	97,057)	94,105)	94,658)	97,154)	90,536)	90,579)	92,747)	95,123)	73,600)	67,698)	65,931)	69,052)	64,061)	61,593)	58,688)

Cash and cash equivalents: The cash and cash equivalents showed significant volatility over the reported quarters. There was an initial increase from 2,981 million USD in March 2020 to a peak of 12,027 million USD in October 2021, followed by a sharp decline to 1,888 million USD in July 2022. Subsequently, a recovery trend is observed, reaching 8,077 million USD by December 2023, then fluctuating moderately around 4,000 to 7,000 million USD in 2024 and early 2025. This pattern indicates fluctuating liquidity positions, possibly influenced by operational or investment activities.
Short-term investments: Short-term investments data becomes available from March 2024 onwards, showing a notable increase from 3 million USD to a peak of 2,000 million USD in December 2024, reflecting a growing allocation in liquid investment instruments towards the end of the period.
Accounts receivable, less allowances: Accounts receivable displayed a generally upward trend, increasing from 4,508 million USD in March 2020 to a high of 8,370 million USD in September 2023. The values remained relatively stable around this level with minor fluctuations through early 2025, indicating growing sales on credit or extended collection periods.
Inventories: Inventory levels increased steadily from 3,454 million USD in March 2020 to a peak of 5,722 million USD in October 2022. After this peak, a gradual decrease occurred down to 4,978 million USD by December 2024, with a slight uptick in March 2025. This pattern suggests an initial build-up of goods possibly in anticipation of demand, followed by inventory optimization or reduced stock levels post-2022.
Contract assets, net: Contract assets consistently rose throughout the periods, from 658 million USD in early 2020 to a high of 1,541 million USD in September 2024, followed by a decrease to 1,366 million USD in March 2025. This upward trend denotes increasing amounts of revenue recognized but unbilled, reflecting expanded contract activities with customers.
Other current assets: Other current assets showed a steady increase from 1,137 million USD to a peak of 2,386 million USD in March 2025, suggesting growth in miscellaneous short-term assets, which may include prepaid expenses or other receivables.
Current assets: Aggregate current assets increased markedly from 12,738 million USD in March 2020 to 25,229 million USD in December 2022, showing robust growth in liquidity and near-term resources. However, volatility was observed thereafter, with fluctuations between approximately 22,000 and 25,400 million USD into early 2025, indicating dynamic management of short-term holdings.
Property, plant and equipment, net: Net property, plant, and equipment consistently increased from 4,736 million USD in March 2020 to a high of 9,448 million USD in December 2023, with slight decreases afterward, settling near 9,300 million USD by early 2025. This reflects ongoing capital expenditure and operational expansion, stabilizing in the later periods.
Acquisition-related intangible assets, net: These assets decreased from 13,543 million USD in March 2020 to 11,927 million USD in October 2021 before a sharp increase to 20,113 million USD in December 2021, followed by a steady decline to 15,323 million USD by March 2025. This volatile pattern may indicate significant acquisitions around late 2021, followed by amortization or impairment charges over time.
Other assets: Other assets showed moderate growth overall from 2,057 million USD to approximately 4,516 million USD by early 2025, with some fluctuations. This steady increase suggests accumulation of miscellaneous long-term assets or investments.
Goodwill: Goodwill remained relatively stable at around 25,600 million USD until late 2021, when it surged to over 41,900 million USD by December 2021. It stayed in the range of 40,000 to 46,700 million USD thereafter, with a general upward trend peaking around September 2024. This pattern aligns with acquisition activity experienced in late 2021, contributing to an elevated goodwill balance, which remained substantial through the following years.
Long-term assets: Long-term assets showed a notable increase from approximately 45,950 million USD in early 2020 to 75,010 million USD in December 2021, followed by a gradual decrease and fluctuations around 73,000 to 76,500 million USD through early 2025. This reflects major asset acquisitions or revaluations in 2021, subsequently stabilizing in later periods.
Total assets: Total assets increased from 58,688 million USD in March 2020 to a peak of 95,123 million USD in December 2021. After this peak, total assets displayed a downward trend with some fluctuations, moving between approximately 97,000 and 100,000 million USD in 2023 and early 2025. Overall, the total asset base nearly doubled over the course of the observed period, indicative of significant growth, particularly driven by acquisitions and asset revaluations around 2021.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data