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:	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	Dec 31, 2020	Sep 26, 2020	Jun 27, 2020	Mar 28, 2020
Product revenues	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)	8,644)	6,782)	5,250)	4,630)
Service revenues	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)	1,906)	1,739)	1,667)	1,600)
Revenues	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)	10,550)	8,521)	6,917)	6,230)
Cost of product revenues	(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)	(3,675)	(3,001)	(2,391)	(2,340)
Cost of service revenues	(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)	(1,319)	(1,189)	(1,149)	(1,150)
Cost of revenues	(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)	(4,994)	(4,190)	(3,540)	(3,490)
Gross profit	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)	5,556)	4,331)	3,377)	2,740)
Selling, general and administrative expenses	(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)	(2,077)	(1,592)	(1,710)	(1,551)
Research and development expenses	(346)	(352)	(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	(134)	(83)	(99)	(229)	(46)	(77)	(28)	(80)	(84)	(183)	(112)	(55)	(33)	(24)	(2)	(46)	(18)	(119)	(14)	(32)	(17)	(12)	(38)
Operating income	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)	3,071)	2,426)	1,391)	906)
Interest income	234)	297)	203)	227)	277)	295)	279)	309)	246)	178)	146)	150)	68)	36)	18)	11)	9)	11)	12)	12)	9)	8)	36)
Interest expense	(347)	(404)	(303)	(317)	(356)	(354)	(363)	(390)	(359)	(326)	(300)	(269)	(173)	(148)	(136)	(161)	(128)	(122)	(125)	(146)	(144)	(137)	(126)
Other income (expense)	(2)	(18)	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	1,826)	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)	2,892)	2,252)	1,253)	828)
Provision for income taxes	(207)	(92)	(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	2)	1)	(14)	33)	(14)	(84)	23)	(1)	(17)	(16)	(25)	(30)	(72)	(51)	(19)	—)	(3)	(1)	—)	—)	—)	—)	—)
Net income	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)	2,498)	1,933)	1,156)	788)
Net (income) losses attributable to noncontrolling interests and redeemable noncontrolling interest	(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.	1,616)	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)	2,498)	1,933)	1,156)	788)

The financial data reveals multiple insights into the company’s revenue, cost, and profitability trends over the series of quarterly periods.

Revenue Trends: Overall revenues demonstrate a cyclical pattern with pronounced peaks and troughs. Product revenues initially show significant growth reaching a high point at the end of 2020, followed by a gradual decline through 2023 with some intermittent recoveries. Service revenues show a more consistent upward trajectory, increasing steadily from 2020 through early 2023, although growth appears to moderate somewhat later.
Cost Structure: Costs closely follow the revenue movements. The cost of product revenues rises sharply until the end of 2020, then displays some fluctuations but generally trends slightly downward or stabilizes in the subsequent periods. The cost of service revenues shows a marked increase through 2022, mirroring the expansion in service revenues, then stabilizes or slightly decreases. Total cost of revenues peaks towards the end of 2022 and slightly decreases thereafter but remains substantial relative to revenues.
Profitability: Gross profit reaches its maximum at the end of 2020, in line with the peak in revenues, then declines with decreasing product revenue contribution. Despite fluctuating gross profit levels, selling, general, and administrative expenses maintain a fairly stable range with minor fluctuations, suggesting consistent operational spending. Research and development expenses remain relatively stable, indicating sustained investment in innovation or product development.
Operating Performance: Operating income peaks in late 2020 and subsequently declines, consistent with the gross profit trend. Restructuring and other costs increase markedly starting in 2021, which could reflect strategic shifts or cost management efforts. Interest expense is relatively stable, with a slight rising trend in recent quarters, while interest income shows substantial growth over time, possibly reflecting higher investment yields or cash balances.
Net Income and Taxation: Net income also peaks at the end of 2020, followed by declines and then some recovery periods. Income before taxes experiences a similar trend but shows slightly more volatility. The provision for income taxes fluctuates substantially, with some quarters showing relatively low tax charges and others higher, possibly influenced by changes in profitability or tax strategy. Equity earnings from unconsolidated entities fluctuate but are generally negative or minimal in impact.
Summary of Trends: The company experienced strong revenue and profit growth during 2020, followed by a period of consolidation and moderate declines. Service revenue is a growth driver with more stability than product revenues, which exhibit more volatility. Cost management efforts seem active but challenged by the scale of revenues and external costs. Profit ratios appear pressured in recent quarters, with operating income and net income reflecting margin constraints. Financial income trends offset some interest expenses, contributing positively to overall return. The financial data indicates a transitional phase with focus on maintaining profitability amidst changing revenue dynamics.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Income StatementQuarterly Data

Income Statement
Quarterly Data