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:	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
Product revenues	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)	8,644)	6,782)	5,250)	4,630)
Service revenues	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)	1,906)	1,739)	1,667)	1,600)
Revenues	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)	10,550)	8,521)	6,917)	6,230)
Cost of product revenues	(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)	(3,675)	(3,001)	(2,391)	(2,340)
Cost of service revenues	(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)	(1,319)	(1,189)	(1,149)	(1,150)
Cost of revenues	(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)	(4,994)	(4,190)	(3,540)	(3,490)
Gross profit	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)	5,556)	4,331)	3,377)	2,740)
Selling, general and administrative expenses	(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)	(2,077)	(1,592)	(1,710)	(1,551)
Research and development expenses	(342)	(374)	(346)	(339)	(331)	(327)	(319)	(345)	(346)	(391)	(351)	(365)	(364)	(392)	(351)	(343)	(320)	(376)	(296)	(264)	(245)
Restructuring and other costs	(99)	(229)	(46)	(77)	(28)	(80)	(84)	(183)	(112)	(55)	(33)	(24)	(2)	(46)	(18)	(119)	(14)	(32)	(17)	(12)	(38)
Operating income	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)	3,071)	2,426)	1,391)	906)
Interest income	203)	227)	277)	295)	279)	309)	246)	178)	146)	150)	68)	36)	18)	11)	9)	11)	12)	12)	9)	8)	36)
Interest expense	(303)	(317)	(356)	(354)	(363)	(390)	(359)	(326)	(300)	(269)	(173)	(148)	(136)	(161)	(128)	(122)	(125)	(146)	(144)	(137)	(126)
Other income (expense)	4)	15)	(17)	4)	10)	(33)	14)	—)	(46)	35)	(4)	28)	(163)	(526)	18)	(3)	(183)	(45)	(39)	(9)	12)
Income from continuing operations before income taxes	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)	2,892)	2,252)	1,253)	828)
Provision for income taxes	(95)	(149)	(99)	(128)	(281)	(133)	(53)	(52)	(46)	(173)	(31)	(198)	(301)	(203)	(271)	(219)	(416)	(394)	(319)	(97)	(40)
Equity in earnings (losses) of unconsolidated entities	(14)	33)	(14)	(84)	23)	(1)	(17)	(16)	(25)	(30)	(72)	(51)	(19)	—)	(3)	(1)	—)	—)	—)	—)	—)
Net income	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)	2,498)	1,933)	1,156)	788)
Net (income) losses attributable to noncontrolling interests and redeemable noncontrolling interest	(4)	4)	1)	(5)	(3)	24)	20)	(1)	(3)	2)	(3)	(4)	(5)	(1)	(1)	(1)	—)	—)	—)	—)	—)
Net income attributable to Thermo Fisher Scientific Inc.	1,507)	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)	2,498)	1,933)	1,156)	788)

Revenues Trend

Revenues exhibited a general upward trend from March 2020 to December 2021, peaking several times with a high point in April 2022. Post that, revenues showed some fluctuations but largely stabilized in a range between approximately 10,300 to 11,400 million US dollars. A noticeable decline occurred in the March 2025 quarter when revenues dropped below previous peaks, indicating a possible softening in sales.

Product and Service Revenues

Product revenues initially surged significantly from March 2020 to December 2020 but displayed a downward trend after this peak through late 2023, followed by mild fluctuations and a decline into early 2025. Conversely, service revenues demonstrated consistent growth through December 2022, hitting the highest values in this period, followed by a relatively stable plateau with minor declines and recovery patterns into early 2025. The overall service revenues appear more resilient and steadily increasing compared to product revenues after 2020.

Cost of Revenues and Gross Profit

Costs associated with both product and service revenues rose steadily up to late 2022, reflecting increased expenses in parallel with revenue growth. Although cost of revenues remained relatively volatile, particularly for service costs with substantial increases, gross profit maintained a generally high level with peaks around late 2021 and fluctuated afterward, trending slightly downward by the end of 2024 and early 2025. The narrowing margin in gross profit during the later periods suggests pressure on cost efficiency or pricing power.

Operating Expenses and Income

Selling, general and administrative expenses remained fairly consistent with minor fluctuations, not showing significant cost-cutting trends. Research and development expenses also remained stable, indicating continued investment in innovation. Restructuring and other costs spiked intermittently, with large increases observed in mid-2023 and especially toward the end of 2024, which may reflect organizational adjustments or one-time charges affecting operating income fluctuations.

Operating income peaked around December 2020, followed by moderate volatility, with a downward tendency through late 2022 and partial recovery into 2024. The fluctuating operating income amid steady expenses highlights margin pressures and operational challenges during the period.

Interest and Other Income

Interest income showed a strong upward trajectory, particularly from late 2021 onwards, increasing substantially through 2024, which positively contributed to earnings. In contrast, interest expense increased steadily until late 2023 before slight reductions in 2024, implying increased borrowing costs or leverage during earlier periods.

Other income (expense) fluctuated widely with occasional large negative impacts, particularly in late 2021 and mid-2023, pointing to irregular financial gains or losses that likely influenced net results unpredictably.

Net Income and Tax Provision

Net income generally followed the trend in revenues and operating income, recording a peak in late 2020. After this peak, earnings decreased with notable volatility and fluctuating tax provisions, which showed irregular patterns without a clear longer-term trend. Tax expenses varied substantially quarter to quarter, sometimes showing sharp decreases that positively impacted net income and times with higher charges limiting earnings.

Net income attributable to the company matched the consolidated net income pattern, reflecting consistent minority interests. Overall, net income exhibited resilience but faced headwinds from cost pressures, restructuring activities, and tax rate variability.

Summary Insight

The financial data reveals strong revenue growth through 2021, driven mainly by both products and services, before encountering volatility and signs of contraction in product-related sales. Service revenues remained more stable, contributing to more consistent total revenues. Rising and somewhat volatile costs limited gross profit growth, while operating income was affected by steady operational expenses and variable restructuring charges.

Increasing interest income helped offset some expense pressures, though interest costs also rose. The net income showed robust peaks but experienced pressure from fluctuating costs and tax provisions in later periods. The data suggests challenges in maintaining margin expansion and managing restructuring impacts amid fluctuating market conditions through 2023 and into 2025.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Income Statement Quarterly Data

Income Statement
Quarterly Data