Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Thermo Fisher Scientific Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03).
The financial data reveals a corporate cash flow profile characterized by strong, cyclical operating cash generation used to fund an aggressive inorganic growth strategy and consistent shareholder returns. Operating activities serve as the primary source of liquidity, while investing and financing activities exhibit high volatility due to large-scale acquisitions and subsequent debt restructuring.
- Operating Performance and Cash Generation
- Net income remains relatively stable, generally fluctuating between 1.3 billion and 2.3 billion US dollars per quarter. However, net cash provided by operating activities demonstrates significant seasonality, with consistent peaks occurring in the December quarters, such as the 3.72 billion US dollars recorded in December 2023 and 3.46 billion US dollars in December 2025. Non-cash adjustments, particularly amortization of acquisition-related intangible assets, represent a substantial and steady add-back to net income, typically ranging from 400 million to 600 million US dollars per quarter.
- Capital Allocation and Strategic Investing
- Investing activities are dominated by a pattern of large, episodic acquisitions rather than steady organic growth alone. Significant capital outflows are observed periodically, most notably the 17.88 billion US dollars spent in December 2021 and 8.87 billion US dollars in March 2026. In contrast, purchases of property, plant, and equipment are more consistent, typically ranging between 300 million and 600 million US dollars per quarter, indicating a balanced approach between maintaining physical infrastructure and expanding through mergers and acquisitions.
- Financing Strategy and Capital Structure
- The company utilizes the debt market strategically to finance its acquisition activity. Large injections of cash via the issuance of debt often coincide with major investing outflows, exemplified by the 15.02 billion US dollars in debt issued in December 2021. Debt repayment occurs in a less concentrated manner but remains frequent. Shareholder returns are managed through a dual approach: dividends show a disciplined and steady quarterly increase from 87 million US dollars in early 2021 to 162 million US dollars by 2026, while share repurchases are executed in large, sporadic tranches of 1 billion to 3 billion US dollars.
- Liquidity and Net Cash Position
- The net change in cash is subject to extreme swings, reflecting the timing of massive acquisition payments and the subsequent issuance of debt. These fluctuations are not indicative of operational instability but rather the execution of a high-growth investment cycle. The frequent movement between large cash decreases and subsequent increases suggests a highly active treasury management strategy designed to optimize leverage for strategic growth.