Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	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
Product revenues	6,823)	6,277)	7,245)	6,489)	6,250)	5,980)	6,768)	6,148)	6,163)	5,955)	6,411)	6,157)	6,271)	6,404)	6,945)	6,583)	7,003)	8,017)	7,931)	7,360)	7,214)	7,856)
Service revenues	5,171)	4,728)	4,970)	4,633)	4,605)	4,384)	4,627)	4,450)	4,378)	4,390)	4,475)	4,417)	4,416)	4,306)	4,505)	4,094)	3,967)	3,801)	2,771)	1,970)	2,059)	2,050)
Revenues	11,994)	11,005)	12,215)	11,122)	10,855)	10,364)	11,395)	10,598)	10,541)	10,345)	10,886)	10,574)	10,687)	10,710)	11,450)	10,677)	10,970)	11,818)	10,702)	9,330)	9,273)	9,906)
Cost of product revenues	(3,462)	(3,261)	(3,722)	(3,319)	(3,239)	(3,125)	(3,334)	(3,170)	(3,080)	(2,939)	(3,339)	(3,214)	(3,278)	(3,337)	(3,682)	(3,494)	(3,516)	(3,555)	(3,617)	(3,298)	(3,352)	(3,327)
Cost of service revenues	(3,650)	(3,314)	(3,482)	(3,220)	(3,207)	(3,004)	(3,239)	(3,100)	(3,114)	(3,201)	(3,154)	(3,044)	(3,158)	(3,233)	(3,162)	(2,881)	(2,855)	(2,799)	(1,831)	(1,381)	(1,397)	(1,370)
Cost of revenues	(7,112)	(6,575)	(7,204)	(6,539)	(6,446)	(6,129)	(6,573)	(6,270)	(6,194)	(6,140)	(6,493)	(6,258)	(6,436)	(6,570)	(6,844)	(6,375)	(6,371)	(6,354)	(5,448)	(4,679)	(4,749)	(4,697)
Gross profit	4,882)	4,430)	5,011)	4,583)	4,409)	4,235)	4,822)	4,328)	4,347)	4,205)	4,393)	4,316)	4,251)	4,140)	4,606)	4,302)	4,599)	5,464)	5,254)	4,651)	4,524)	5,209)
Selling, general and administrative expenses	(2,333)	(2,181)	(2,352)	(2,162)	(2,140)	(2,078)	(2,203)	(2,098)	(2,111)	(2,183)	(2,132)	(2,049)	(2,145)	(2,119)	(2,299)	(2,208)	(2,209)	(2,277)	(2,278)	(2,004)	(1,899)	(1,826)
Research and development expenses	(364)	(336)	(357)	(346)	(352)	(342)	(374)	(346)	(339)	(331)	(327)	(319)	(345)	(346)	(391)	(351)	(365)	(364)	(392)	(351)	(343)	(320)
Restructuring and other costs	(98)	(50)	(47)	(134)	(83)	(99)	(229)	(46)	(77)	(28)	(80)	(84)	(183)	(112)	(55)	(33)	(24)	(2)	(46)	(18)	(119)	(14)
Operating income	2,087)	1,863)	2,255)	1,941)	1,834)	1,716)	2,016)	1,838)	1,820)	1,663)	1,854)	1,864)	1,578)	1,563)	1,861)	1,710)	2,001)	2,821)	2,538)	2,278)	2,163)	3,049)
Interest income	207)	233)	259)	234)	297)	203)	227)	277)	295)	279)	309)	246)	178)	146)	150)	68)	36)	18)	11)	9)	11)	12)
Interest expense	(401)	(354)	(365)	(347)	(404)	(303)	(317)	(356)	(354)	(363)	(390)	(359)	(326)	(300)	(269)	(173)	(148)	(136)	(161)	(128)	(122)	(125)
Other income (expense)	31)	(8)	4)	(2)	(18)	4)	15)	(17)	4)	10)	(33)	14)	—)	(46)	35)	(4)	28)	(163)	(526)	18)	(3)	(183)
Income before income taxes	1,924)	1,734)	2,153)	1,826)	1,709)	1,620)	1,941)	1,742)	1,765)	1,589)	1,740)	1,765)	1,430)	1,363)	1,777)	1,601)	1,917)	2,540)	1,862)	2,177)	2,049)	2,753)
Provision for income taxes	(167)	(70)	(153)	(207)	(92)	(95)	(149)	(99)	(128)	(281)	(133)	(53)	(52)	(46)	(173)	(31)	(198)	(301)	(203)	(271)	(219)	(416)
Equity in earnings (losses) of unconsolidated entities	(16)	(8)	(29)	2)	1)	(14)	33)	(14)	(84)	23)	(1)	(17)	(16)	(25)	(30)	(72)	(51)	(19)	—)	(3)	(1)	—)
Net income	1,741)	1,656)	1,971)	1,621)	1,618)	1,511)	1,825)	1,629)	1,553)	1,331)	1,606)	1,695)	1,362)	1,292)	1,574)	1,498)	1,668)	2,220)	1,659)	1,903)	1,829)	2,337)
Net (income) losses attributable to noncontrolling interests and redeemable noncontrolling interest	(5)	(5)	(7)	(5)	(1)	(4)	4)	1)	(5)	(3)	24)	20)	(1)	(3)	2)	(3)	(4)	(5)	(1)	(1)	(1)	—)
Net income attributable to Thermo Fisher Scientific Inc.	1,736)	1,651)	1,964)	1,616)	1,617)	1,507)	1,829)	1,630)	1,548)	1,328)	1,630)	1,715)	1,361)	1,289)	1,576)	1,495)	1,664)	2,215)	1,658)	1,902)	1,828)	2,337)

The financial performance over the analyzed period is characterized by a fundamental shift in the revenue mix, a mid-period contraction in profitability, and a subsequent recovery in the later quarters. Total revenues exhibited volatility, peaking in early 2022 before experiencing a decline through 2023 and returning to growth trajectories by 2025 and 2026.

Revenue Composition and Trends: A significant transition from product-based to service-based revenue is observed. Product revenues declined from a high of 7,856 million in April 2021 to lows around 5,955 million in March 2024, before showing a modest recovery toward 6,823 million by June 2026. Conversely, service revenues demonstrated consistent and substantial growth, rising from 2,050 million in April 2021 to 5,171 million by June 2026. This indicates a strategic pivot or market shift toward recurring service streams, which now comprise a much larger portion of the total revenue base.
Gross Profit and Cost Management: Gross profit margins were impacted by the shifting revenue mix. While total revenues remained relatively resilient, the cost of service revenues increased significantly in tandem with service growth, rising from 1,370 million in April 2021 to 3,650 million by June 2026. Gross profit peaked at 5,464 million in April 2022 but faced downward pressure in 2023, bottoming at 4,140 million in April 2023 before recovering to 4,882 million by June 2026.
Operating Expenses and Efficiency: Operating expenses remained relatively controlled. Selling, general, and administrative expenses fluctuated within a range of 2,049 million to 2,352 million, showing a general stability relative to revenue fluctuations. Research and development expenditures remained remarkably consistent, typically hovering between 319 million and 392 million per quarter. Restructuring and other costs were highly episodic, with significant spikes occurring in December 2021 (46 million), July 2023 (183 million), and December 2024 (229 million), which contributed to short-term volatility in operating income.
Operating and Net Income Trajectories: Operating income followed a U-shaped trend, starting at 3,049 million in April 2021, declining to a low of 1,563 million in April 2023, and gradually recovering to 2,087 million by June 2026. Net income attributable to the company mirrored this pattern, dropping from 2,337 million in early 2021 to 1,289 million in April 2023, before climbing back to 1,736 million by the end of the period.
Interest and Non-Operating Items: There is a notable increase in both interest income and interest expense over the timeline. Interest income rose from approximately 12 million in 2021 to peaks over 300 million in late 2023. Simultaneously, interest expenses grew from 125 million in April 2021 to 401 million in June 2026, suggesting an increase in the company's debt load or a higher interest rate environment affecting its financing costs.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Income Statement Quarterly Data

Income Statement
Quarterly Data