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Thermo Fisher Scientific Inc. (NYSE:TMO)

Income Statement
Quarterly Data

Beginner level

The income statement presents information on the financial results of a company’s 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

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3 months ended Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 31, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Oct 1, 2016 Jul 2, 2016 Apr 2, 2016 Dec 31, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015
Product revenues 4,630  5,151  4,798  4,827  4,720  5,061  4,571  4,708  4,528  4,742  4,232  4,298  4,102  4,259  3,867  3,896  3,690  4,033  3,570  3,677  3,388 
Service revenues 1,600  1,678  1,474  1,489  1,405  1,446  1,349  1,370  1,325  1,305  884  692  663  694  624  639  604  620  553  594  531 
Revenues 6,230  6,829  6,272  6,316  6,125  6,507  5,920  6,078  5,853  6,047  5,116  4,990  4,765  4,953  4,491  4,535  4,295  4,653  4,123  4,271  3,919 
Cost of product revenues (2,340) (2,674) (2,471) (2,478) (2,414) (2,610) (2,357) (2,390) (2,325) (2,428) (2,174) (2,244) (2,130) (2,217) (2,024) (2,039) (1,934) (2,102) (1,854) (1,907) (1,721)
Cost of service revenues (1,150) (1,120) (1,038) (1,015) (1,004) (973) (948) (950) (948) (949) (642) (463) (443) (458) (413) (417) (403) (442) (386) (422) (376)
Cost of revenues (3,490) (3,794) (3,509) (3,493) (3,418) (3,583) (3,305) (3,340) (3,273) (3,378) (2,816) (2,707) (2,573) (2,674) (2,437) (2,457) (2,337) (2,544) (2,240) (2,329) (2,096)
Gross profit 2,740  3,035  2,763  2,823  2,707  2,924  2,615  2,738  2,580  2,669  2,300  2,283  2,193  2,279  2,054  2,079  1,958  2,108  1,883  1,942  1,823 
Selling, general and administrative expenses (1,551) (1,512) (1,539) (1,565) (1,528) (1,510) (1,490) (1,542) (1,515) (1,477) (1,397) (1,288) (1,331) (1,265) (1,275) (1,223) (1,213) (1,190) (1,133) (1,151) (1,137)
Research and development expenses (245) (262) (247) (246) (248) (251) (240) (242) (234) (233) (218) (222) (215) (213) (183) (182) (177) (180) (172) (175) (166)
Restructuring and other income (costs), net (38) (29) (31) 484  (11) (15) 27  (17) (45) (2) (49) (23) (24) (48) (55) (35) (51) (47) (16) (20) (32)
Operating income 906  1,232  946  1,496  920  1,148  912  937  786  958  636  752  622  753  541  638  518  690  563  596  487 
Interest income 36  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Interest expense (126) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Other income (expense), net 12  (194) (124) (103) (103) (136) (102) (131) (152) (138) (156) (126) (120) (101) (113) (117) (95) (108) (95) (92) (105)
Income from continuing operations before income taxes 828  1,038  822  1,393  817  1,012  810  806  634  820  481  626  503  652  428  521  423  583  468  504  382 
(Provision for) benefit from income taxes (40) (36) (62) (274) (2) (114) (101) (54) (55) (289) 53  (13) 49  (19) 46  (4) (21) 24  9  8  3 
Income from continuing operations 788  1,002  760  1,119  815  898  709  752  579  531  534  612  551  633  474  517  402  606  477  512  385 
Loss from discontinued operations, net of income tax —  —  —  —  —  —  —  —  —  (2) —  (1) —  (3) —  —  —  (4) (1) —  — 
Net income 788  1,002  760  1,119  815  898  709  752  579  528  534  612  551  630  474  517  402  603  476  512  385 

Based on: 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-01), 10-Q (filing date: 2019-08-02), 10-Q (filing date: 2019-05-03), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-02), 10-Q (filing date: 2018-08-03), 10-Q (filing date: 2018-05-04), 10-K (filing date: 2018-02-28), 10-Q (filing date: 2017-11-03), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-05), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

Income statement item Description The company
Revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Thermo Fisher Scientific Inc.’s revenues increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.
Operating income The net result for the period of deducting operating expenses from operating revenues. Thermo Fisher Scientific Inc.’s operating income increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 2020.
Income from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Thermo Fisher Scientific Inc.’s income from continuing operations before income taxes increased from Q3 2019 to Q4 2019 but then slightly decreased from Q4 2019 to Q1 2020 not reaching Q3 2019 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Thermo Fisher Scientific Inc.’s net income increased from Q3 2019 to Q4 2019 but then slightly decreased from Q4 2019 to Q1 2020 not reaching Q3 2019 level.