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:	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	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	4,970)	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	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	(3,722)	(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	(3,482)	(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	(7,204)	(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	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	(2,352)	(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	(357)	(346)	(352)	(342)	(374)	(346)	(339)	(331)	(327)	(319)	(345)	(346)	(391)	(351)	(365)	(364)	(392)	(351)	(343)	(320)
Restructuring and other costs	(47)	(134)	(83)	(99)	(229)	(46)	(77)	(28)	(80)	(84)	(183)	(112)	(55)	(33)	(24)	(2)	(46)	(18)	(119)	(14)
Operating income	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	259)	234)	297)	203)	227)	277)	295)	279)	309)	246)	178)	146)	150)	68)	36)	18)	11)	9)	11)	12)
Interest expense	(365)	(347)	(404)	(303)	(317)	(356)	(354)	(363)	(390)	(359)	(326)	(300)	(269)	(173)	(148)	(136)	(161)	(128)	(122)	(125)
Other income (expense)	4)	(2)	(18)	4)	15)	(17)	4)	10)	(33)	14)	—)	(46)	35)	(4)	28)	(163)	(526)	18)	(3)	(183)
Income from continuing operations before income taxes	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	(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	(29)	2)	1)	(14)	33)	(14)	(84)	23)	(1)	(17)	(16)	(25)	(30)	(72)	(51)	(19)	—)	(3)	(1)	—)
Net income	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	(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.	1,964)	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 presented demonstrates a generally positive trend in revenue and profitability over the analyzed period, although with some fluctuations. Revenues experienced growth from 2021 through 2023, peaking in the fourth quarter of 2023, before experiencing some volatility in 2024 and 2025. Cost of revenues and operating expenses have generally increased alongside revenue, impacting gross profit and operating income.

Revenue Trends: Total revenues increased from $9,906 million in April 2021 to $12,215 million in September 2025. However, this growth wasn't linear. A significant increase occurred between 2021 and 2022, followed by a period of relative stagnation and then a surge in the final quarter of 2023. The first half of 2024 showed a slight decline before recovering towards the end of the period. Product revenues consistently represent the majority of total revenue, while service revenues have shown a more consistent growth pattern, exceeding $4.9 billion in December 2025.
Profitability Analysis: Gross profit generally followed the revenue trend, increasing from $5,209 million in April 2021 to $5,011 million in September 2025. However, the gross margin experienced some compression, particularly in later periods, as cost of revenues increased at a faster rate than revenues. Operating income demonstrated similar fluctuations, peaking at $2,821 million in April 2022 and then experiencing a decline before recovering to $2,255 million in September 2025. Net income attributable to Thermo Fisher Scientific Inc. mirrored this trend, reaching $2,215 million in April 2022 and $1,964 million in September 2025.
Expense Management: Selling, general and administrative expenses have remained relatively stable as a percentage of revenue, consistently representing a significant portion of operating expenses. Research and development expenses have also shown a consistent pattern, with a slight increase over time. Restructuring and other costs were particularly high in certain quarters, notably in December 2021 and December 2024, impacting overall profitability. Interest expense increased over the period, while interest income also showed an upward trend, partially offsetting the expense.
Tax Impact and Other Adjustments: The provision for income taxes generally decreased as a percentage of income from continuing operations before income taxes. Equity in earnings (losses) of unconsolidated entities fluctuated, with losses in some periods and gains in others, having a relatively minor impact on net income. Other income (expense) was volatile, with significant expenses in December 2021 and fluctuations throughout the period.

In summary, the company experienced revenue growth over the analyzed period, but profitability faced challenges due to increasing costs and fluctuating expenses. Service revenues demonstrated consistent growth, while product revenues experienced more volatility. Careful monitoring of cost management and expense control will be crucial for sustaining profitability in the future.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Income StatementQuarterly Data

Income Statement
Quarterly Data