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:
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
6,277)
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
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
11,005)
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
(3,261)
(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
(3,314)
(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
(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
4,430)
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
(2,181)
(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
(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
(50)
(47)
(134)
(83)
(99)
(229)
(46)
(77)
(28)
(80)
(84)
(183)
(112)
(55)
(33)
(24)
(2)
(46)
(18)
(119)
(14)
Operating income
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
233)
259)
234)
297)
203)
227)
277)
295)
279)
309)
246)
178)
146)
150)
68)
36)
18)
11)
9)
11)
12)
Interest expense
(354)
(365)
(347)
(404)
(303)
(317)
(356)
(354)
(363)
(390)
(359)
(326)
(300)
(269)
(173)
(148)
(136)
(161)
(128)
(122)
(125)
Other income (expense)
(8)
4)
(2)
(18)
4)
15)
(17)
4)
10)
(33)
14)
—)
(46)
35)
(4)
28)
(163)
(526)
18)
(3)
(183)
Income before income taxes
1,734)
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
(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
(8)
(29)
2)
1)
(14)
33)
(14)
(84)
23)
(1)
(17)
(16)
(25)
(30)
(72)
(51)
(19)
—)
(3)
(1)
—)
Net income
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)
(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.
A significant structural shift in the revenue mix is observed over the analyzed period. Product revenues, which initially peaked at 7,856 million USD in April 2021, experienced a sustained decline, reaching a trough of 5,955 million USD by December 2023 before beginning a recovery toward 7,245 million USD by December 2025. Conversely, service revenues demonstrated aggressive growth, increasing from approximately 2,050 million USD in early 2021 to a peak of 4,970 million USD by December 2025. This transition indicates a strategic pivot toward a more recurring, service-oriented revenue model, which helped stabilize total revenues despite the volatility in product sales.
Gross Profitability and Margin Trends
Gross profit exhibited a downward trend from a high of 5,209 million USD in April 2021 to a low of 4,140 million USD in April 2023. This compression coincided with the rapid increase in service revenues, which carry a higher associated cost of revenue compared to product sales. However, a recovery phase is noted starting in late 2023, with gross profit ascending to 5,011 million USD by December 2025, suggesting improved operational efficiencies or pricing adjustments within the service segment.
Operating Expense Management
Selling, general and administrative (SG&A) expenses remained relatively stable, generally fluctuating between 2,000 million USD and 2,300 million USD, indicating disciplined overhead control despite revenue shifts. Research and development (R&D) spending showed remarkable consistency, consistently staying within the 320 million USD to 390 million USD range, reflecting a steady commitment to innovation. In contrast, restructuring and other costs were highly volatile, with significant spikes occurring in July 2023 (183 million USD) and December 2024 (229 million USD), which intermittently pressured operating margins.
Operating and Net Income Performance
Operating income followed a U-shaped trajectory, falling from 3,049 million USD in April 2021 to a minimum of 1,563 million USD in April 2023, before recovering to 2,255 million USD by December 2025. Net income attributable to the company mirrored this pattern, maintaining a range between 1.3 billion USD and 2.3 billion USD. The recovery in net income in the latter part of the period was supported by a strengthening operating base and fluctuations in the provision for income taxes.
Financial Income and Debt Costs
A notable increase in both interest income and interest expense is evident. Interest income grew substantially from 12 million USD in April 2021 to a peak of 309 million USD in December 2023, suggesting higher cash balances or a higher interest rate environment. Simultaneously, interest expenses rose from 125 million USD to a peak of 404 million USD in June 2025, indicating an increase in the cost of debt servicing or an expansion of the company's leverage.
