Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Thermo Fisher Scientific Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Short-term obligations and current maturities of long-term obligations
Accounts payable
Accrued payroll and employee benefits
Contract liabilities
Other accrued expenses
Current liabilities
Deferred income taxes
Other long-term liabilities
Long-term obligations, excluding current maturities
Long-term liabilities
Total liabilities
Redeemable noncontrolling interest
Preferred stock, $100 par value; none issued
Common stock, $1 par value
Capital in excess of par value
Retained earnings
Treasury stock at cost
Accumulated other comprehensive loss
Total Thermo Fisher Scientific Inc. shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interest and equity

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the company’s financial position demonstrates a generally stable trend in liabilities and stockholders’ equity from 2021 to 2025, with a notable increase in total liabilities and equity in the final year. While current liabilities fluctuate, long-term liabilities and total stockholders’ equity exhibit consistent growth over the period.

Current Liabilities
Current liabilities increased from US$13,436 million in 2021 to a peak of US$17,010 million in 2022, before decreasing to US$13,332 million in 2024. A subsequent rise to US$15,189 million is observed in 2025. Within current liabilities, accounts payable remained relatively stable, fluctuating between US$2,867 million and US$3,622 million. Accrued payroll and employee benefits decreased consistently from US$2,427 million in 2021 to US$1,988 million in 2024, with a slight increase to US$1,995 million in 2025. Contract liabilities remained relatively consistent, ranging from US$2,601 million to US$2,852 million. Short-term obligations show significant volatility, peaking in 2022 at US$5,579 million, decreasing substantially in 2024, and then increasing again in 2025.
Long-Term Liabilities
Long-term liabilities experienced a slight decrease from US$40,710 million in 2021 to US$35,996 million in 2022, followed by a recovery to US$37,872 million in 2023. A further decrease to US$34,318 million in 2024 is observed, with a substantial increase to US$41,617 million in 2025. Long-term obligations, excluding current maturities, follow a similar pattern, increasing from US$32,333 million in 2021 to US$35,852 million in 2025. Deferred income taxes decreased consistently from US$3,837 million in 2021 to US$1,268 million in 2024, before increasing slightly to US$1,493 million in 2025. Other long-term liabilities remained relatively stable, fluctuating between US$4,238 million and US$4,642 million.
Stockholders’ Equity
Total stockholders’ equity demonstrated consistent growth throughout the period, increasing from US$40,793 million in 2021 to US$53,407 million in 2025. Common stock remained constant at US$1 million per year, while capital in excess of par value increased steadily from US$16,174 million to US$18,563 million. Retained earnings exhibited the most significant growth, rising from US$35,431 million in 2021 to US$59,156 million in 2025. Treasury stock increased in absolute value (negative equity) from -US$8,922 million to -US$22,309 million, indicating increased share repurchases. Accumulated other comprehensive loss remained relatively stable, fluctuating between -US$2,329 million and -US$3,224 million.
Total Liabilities and Equity
Total liabilities increased slightly from US$54,146 million in 2021 to US$53,006 million in 2022, then decreased to US$47,650 million in 2024. A significant increase to US$56,806 million is observed in 2025. Total equity increased consistently from US$40,855 million in 2021 to US$53,415 million in 2025. Consequently, total liabilities, redeemable noncontrolling interest, and equity increased from US$95,123 million in 2021 to US$110,343 million in 2025. Redeemable noncontrolling interest remained relatively stable, fluctuating between US$116 million and US$122 million. Noncontrolling interests show a slight fluctuation, ending at US$8 million in 2025.