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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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) 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: 2025-09-27), 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), 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 Trend
- Net income shows notable volatility across the periods. After a steady increase from 788 million USD in March 2020 to a peak of 2498 million USD by December 2020, it experienced fluctuations with occasional declines and recoveries. In the later periods, net income generally remained within a range of approximately 1300 to 1800 million USD, with some upward momentum towards the end.
- Depreciation and Amortization
- Depreciation of property, plant, and equipment consistently increased from 149 million USD in early 2020 to about 304 million USD in mid-2025 before tapering slightly. Amortization of acquisition-related intangible assets remained relatively stable between 400 and 600 million USD, peaking around 609 million USD in early 2022 and gradually declining thereafter.
- Deferred Income Taxes
- The change in deferred income taxes presented significant fluctuations, mostly negative, indicating varying tax-related timing differences. Except for some positive instances in early 2021, the adjustments were generally negative, often substantial, reflecting volatility in tax liabilities or assets.
- Stock-Based Compensation and Other Non-Cash Expenses
- Stock-based compensation remained relatively steady, around the mid-70s to low 80s in millions, showing moderate variation. Other net non-cash expenses were highly volatile, with a considerable spike to 566 million USD in December 2021 and intermittent large swings, indicating episodic accounting or valuation adjustments.
- Changes in Working Capital and Reconciliation Adjustments
- Changes in assets and liabilities excluding acquisitions showed substantial variability, with large negative swings (over -1500 million USD) and positive surges nearing 1700 million USD, suggestive of irregular shifts in operational working capital components. Adjustment items used to reconcile net income to net cash from operating activities also fluctuated, sometimes sharply negative or positive, likely reflecting timing effects and non-cash reconciliations.
- Net Cash Provided by Operating Activities
- Operating cash flow demonstrated strong growth early on, peaking around 3723 million USD by late 2023. Fluctuations followed, with troughs including 723 million USD in early 2025. Overall, operating cash flows remained robust, reflective of strong core business cash generation despite net income swings.
- Investing Activities
- Investments in property, plant, and equipment exhibited variability, with significant outlays peaking around -831 million USD in late 2021, and lower but consistent capital expenditures thereafter. Proceeds from sales of assets were minor and irregular. Notably, acquisitions net of cash acquired showed extreme spikes, especially a massive outflow of -17876 million USD in December 2021 and other large outflows in subsequent years, indicating substantial acquisition activity. Purchases and proceeds from investments reflected occasional large-scale transactions, with marked activity especially from 2023 onward. Overall, investing activities resulted in strongly negative cash flows, reflecting sustained capital investment and acquisition strategies.
- Financing Activities
- Financing cash flows portrayed considerable volatility. There were periods of large debt issuances, such as 15015 million USD in December 2021, alongside substantial repayments. Commercial paper issuance and repayments varied, indicating active short-term financing management. Significant stock repurchases were evident, including multiple tranches of -2000 to -3000 million USD, reflecting shareholder return policies. Dividends increased gradually over time, from 76 million USD initially to over 160 million USD by mid-2025. Overall, financing activities cycled through phases of heavy debt issuance, repayment, share buybacks, and dividend payments, producing net cash flows that alternated between positive and negative.
- Cash and Exchange Rate Effects
- The exchange rate effect on cash fluctuated between positive and negative impacts, occasionally reaching several hundred million USD, indicating currency translation risk impacting cash balances. The net change in cash and equivalents saw large swings, including dramatic decreases exceeding -4700 million USD and increases over 3700 million USD, aligning with the timing of financing and investing activities.
- Summary Insights
- The data reveals a dynamic financial profile marked by sizable acquisitions and capital expenditures, substantial but variable operating cash generation, and active financing through debt, equity repurchases, and dividends. Net income variability contrasts with relatively stable non-cash expenses, highlighting timing and adjustment factors in earnings quality. The significant acquisition-related cash flows and debt issuance notably shaped cash flow patterns, underscoring a growth strategy reliant on external financing and investments. Operational cash flow strength supports financial flexibility amidst these strategic moves. Fluctuations in working capital and exchange impacts introduce additional cash flow variability. Overall, the financial trends suggest an emphasis on expansion and shareholder returns, balanced by prudent operational cash management amidst market and currency fluctuations.