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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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Thermo Fisher Scientific Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Net Income
- The net income shows significant volatility across the periods analyzed. Starting at 788 million USD in March 2020, it peaked at 2,498 million USD by December 2020, followed by fluctuations with notable declines and recoveries. The latest figures indicate a moderate decline, finishing at 1,511 million USD in March 2025, suggesting variability in profitability.
- Depreciation of Property, Plant and Equipment
- Depreciation steadily increased over the period, from 149 million USD in March 2020 to a peak exceeding 300 million USD in late 2024, before slightly declining to 276 million USD by March 2025. This trend reflects ongoing asset additions or increased asset base subject to depreciation.
- Amortization of Acquisition-Related Intangible Assets
- This expense remained relatively stable initially, around 400-470 million USD until mid-2021, followed by an upward jump to above 600 million USD in 2022. Subsequently, there is a gradual decrease back to around 429 million USD by early 2025, indicating timing differences or completion of certain amortization schedules.
- Change in Deferred Income Taxes
- The change in deferred income taxes exhibited negative values predominantly, with occasional minor positive intervals. The amounts fluctuate significantly quarter to quarter, peaking negatively around -669 million USD in December 2022. The persistent negative adjustments suggest continued deferred tax liabilities or timing differences.
- Stock-Based Compensation
- Stock-based compensation remained fairly consistent throughout the periods, stabilizing mainly in the 50 to 80 million USD range, with no marked increasing or decreasing trend observed.
- Other Net Non-Cash Expenses
- These expenses display high variability, ranging from negative figures to peaks over 500 million USD in December 2021, indicating irregular and possibly non-recurring items impacting non-cash expenses.
- Changes in Assets and Liabilities (Excluding Acquisitions)
- A highly volatile pattern was noted, with significant negative swings such as -1,533 million USD in April 2023 and positive spikes like 1,723 million USD in December 2022. This suggests considerable fluctuations in working capital components affecting cash flow.
- Adjustments to Reconcile Net Income to Net Cash from Operating Activities
- These adjustments showed inconsistent movements, with positive peaks such as 1,913 million USD in December 2022 and significant negatives like -788 million USD in March 2025. The irregularity implies variable non-cash and working capital items influencing operating cash flow reconciliation.
- Net Cash Provided by Operating Activities
- Operating cash flow demonstrated strong growth until December 2020, reaching a high of 3,339 million USD, followed by fluctuating values with notable dips, such as 729 million USD in April 2023. The most recent figures suggest resilience with a level above 700 million USD despite volatility.
- Purchases of Property, Plant, and Equipment (CapEx)
- Capital expenditures consistently represent cash outflows, with considerable rises around late 2020 (up to -831 million USD) and sustained elevated spending in subsequent years, indicating ongoing investment in fixed assets.
- Proceeds from Sale of Property, Plant, and Equipment
- Proceeds remain relatively low and steady compared to CapEx, occasionally spiking to 66 million USD in October 2022, but generally insufficient to offset outflows, concluding a net investing outflow position.
- Acquisitions, Net of Cash Acquired
- Significant outflows are apparent, notably in December 2021 with a massive cash use of -17,876 million USD, reflecting a large acquisition transaction. Other periods also show smaller but noteworthy acquisition spending, highlighting active expansion via acquisitions.
- Net Cash Used in Investing Activities
- Investing activities consistently consumed cash, with spikes during large acquisitions and increased CapEx periods, reaching a peak negative balance of -18,692 million USD in December 2021. Later periods reflect reduced but still substantial outflows, confirming ongoing investment and acquisition activity.
- Issuance and Repayment of Debt
- Debt issuance surged notably in late 2021, reaching up to 15,015 million USD, possibly to fund acquisitions or other investments. Parallel repayments increased in volume in some periods, including a large repayment of -8,931 million USD in December 2021. Net activity indicates strategic debt management with large fluctuations correlating with major financial events.
- Issuance and Repayment of Commercial Paper
- There is a pattern of modest issuance and repayment of commercial paper, mainly in earlier periods and tapering off in later quarters, suggesting short-term liquidity management without extreme swings.
- Purchases of Company Common Stock
- Share repurchases are consistent and sizeable, with multiple instances of -3,000 million USD or more in some quarters, especially in 2022 and 2023, denoting aggressive capital return policies via buybacks.
- Dividends Paid
- Dividend payments have gradually increased from -76 million USD in early 2020 to approximately -150 million USD by late 2024 and early 2025, indicating a gradual rise in shareholder returns through dividends.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows were volatile, with significant positive spikes in late 2021 (up to 8,467 million USD), largely attributable to debt issuance and equity transactions. Other periods recorded sharp outflows due to share repurchases and debt repayments, reflecting active capital structure adjustments.
- Exchange Rate Effect on Cash
- The effect of exchange rate changes on cash balances displayed inconsistent impacts, with positive and negative fluctuations but no clear trend over the long term, reflecting currency exposure volatility.
- Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- Cash flow changes fluctuate widely, with large inflows e.g., 5,603 million USD in December 2022, and substantial outflows such as -7,557 million USD in the same year. This variability is largely driven by financial activities, acquisitions, and operating performance, resulting in an overall inconsistent cash position.