Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Thermo Fisher Scientific Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Product revenues	25,243)	28,548)	30,361)	25,306)	19,496)
Service revenues	17,614)	16,367)	8,850)	6,912)	6,046)
Revenues	42,857)	44,915)	39,211)	32,218)	25,542)
Cost of product revenues	(13,168)	(14,247)	(13,594)	(11,407)	(10,037)
Cost of service revenues	(12,589)	(11,697)	(5,979)	(4,807)	(4,177)
Cost of revenues	(25,757)	(25,944)	(19,573)	(16,214)	(14,214)
Gross profit	17,100)	18,971)	19,638)	16,004)	11,328)
Selling, general and administrative expenses	(8,445)	(8,993)	(8,007)	(6,930)	(6,144)
Research and development expenses	(1,337)	(1,471)	(1,406)	(1,181)	(1,003)
Restructuring and other income (costs)	(459)	(114)	(197)	(99)	413)
Operating income	6,859)	8,393)	10,028)	7,794)	4,594)
Interest income	879)	272)	43)	65)	224)
Interest expense	(1,375)	(726)	(536)	(553)	(676)
Other income (expense)	(65)	(104)	(694)	(76)	(70)
Income before income taxes	6,298)	7,835)	8,841)	7,230)	4,072)
Provision for income taxes	(284)	(703)	(1,109)	(850)	(374)
Equity in losses of unconsolidated entities	(59)	(172)	(4)	(3)	—)
Net income	5,955)	6,960)	7,728)	6,377)	3,698)
Net (income) losses attributable to noncontrolling interests and redeemable noncontrolling interest	40)	(10)	(3)	(2)	(2)
Net income attributable to Thermo Fisher Scientific Inc.	5,995)	6,950)	7,725)	6,375)	3,696)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Thermo Fisher Scientific Inc. revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Thermo Fisher Scientific Inc. operating income decreased from 2021 to 2022 and from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Thermo Fisher Scientific Inc. income before income taxes decreased from 2021 to 2022 and from 2022 to 2023.
Net income attributable to Thermo Fisher Scientific Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Thermo Fisher Scientific Inc. net income attributable to Thermo Fisher Scientific Inc. decreased from 2021 to 2022 and from 2022 to 2023.

Thermo Fisher Scientific Inc. (NYSE:TMO)

Income Statement