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.

Thermo Fisher Scientific Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2025	Sep 27, 2025	Jun 28, 2025	Mar 29, 2025	Dec 31, 2024	Sep 28, 2024	Jun 29, 2024	Mar 30, 2024	Dec 31, 2023	Sep 30, 2023	Jul 1, 2023	Apr 1, 2023	Dec 31, 2022	Oct 1, 2022	Jul 2, 2022	Apr 2, 2022	Dec 31, 2021	Oct 2, 2021	Jul 3, 2021	Apr 3, 2021
Net income	1,970)	1,621)	1,619)	1,511)	1,824)	1,629)	1,554)	1,331)	1,606)	1,695)	1,362)	1,292)	1,574)	1,498)	1,668)	2,220)	1,661)	1,901)	1,829)	2,337)
Depreciation of property, plant and equipment	292)	226)	256)	276)	304)	290)	277)	285)	276)	269)	270)	253)	256)	244)	236)	250)	217)	205)	211)	198)
Amortization of acquisition-related intangible assets	436)	435)	430)	429)	438)	449)	514)	551)	563)	584)	585)	606)	592)	594)	600)	609)	466)	423)	449)	423)
Change in deferred income taxes	89)	(127)	(322)	(279)	(202)	(400)	(354)	(253)	(669)	(303)	(182)	(146)	(133)	(261)	(262)	(339)	(192)	(148)	(331)	24)
Stock-based compensation	84)	70)	81)	75)	79)	68)	84)	70)	61)	67)	74)	76)	75)	77)	77)	78)	77)	51)	51)	51)
Other net non-cash expenses	139)	118)	61)	136)	253)	100)	101)	54)	163)	111)	149)	181)	81)	152)	58)	259)	566)	(19)	144)	266)
Changes in assets and liabilities, excluding the effects of acquisitions	447)	(104)	(726)	(1,425)	594)	30)	(216)	(787)	1,723)	(9)	(718)	(1,533)	1,042)	(367)	(849)	(875)	(338)	237)	(126)	(1,321)
Adjustments to reconcile net income to net cash provided by operating activities	1,487)	618)	(220)	(788)	1,466)	537)	406)	(80)	2,117)	719)	178)	(563)	1,913)	439)	(140)	(18)	796)	749)	398)	(359)
Net cash provided by operating activities	3,457)	2,239)	1,399)	723)	3,290)	2,166)	1,960)	1,251)	3,723)	2,414)	1,540)	729)	3,487)	1,937)	1,528)	2,202)	2,457)	2,650)	2,227)	1,978)
Purchases of property, plant and equipment	(465)	(404)	(294)	(362)	(480)	(272)	(301)	(347)	(405)	(332)	(284)	(458)	(550)	(547)	(506)	(640)	(831)	(524)	(540)	(628)
Proceeds from sale of property, plant and equipment	27)	4)	1)	12)	17)	20)	16)	4)	11)	66)	4)	6)	6)	4)	12)	2)	11)	4)	—)	5)
Proceeds from cross-currency interest rate swap interest settlements	50)	84)	47)	87)	49)	92)	47)	64)	34)	1)	33)	2)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisitions, net of cash acquired	—)	(4,037)	—)	—)	—)	(3,132)	—)	—)	—)	(909)	(47)	(2,704)	—)	1)	—)	(40)	(17,876)	(94)	(82)	(1,343)
Purchases of investments	(32)	(40)	(47)	(264)	(1,331)	(287)	(20)	(1,758)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sales and maturities of investments	1,311)	254)	—)	—)	1,761)	9)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities, net	—)	16)	5)	—)	4)	(8)	5)	7)	(16)	(7)	(149)	12)	19)	(3)	75)	8)	4)	(2)	(4)	(32)
Net cash used in investing activities	891)	(4,123)	(288)	(527)	20)	(3,578)	(253)	(2,030)	(376)	(1,181)	(443)	(3,142)	(525)	(545)	(419)	(670)	(18,692)	(616)	(626)	(1,998)
Net proceeds from issuance of debt	4,919)	—)	—)	2,840)	—)	—)	(1)	1,205)	2,476)	3,466)	—)	—)	3,193)	—)	—)	—)	15,015)	3,122)	—)	—)
Repayment of debt	(787)	—)	(787)	(838)	(2,500)	(1,107)	—)	—)	(3,782)	(1,000)	(1,000)	—)	—)	—)	—)	(375)	(8,931)	(2)	(1)	(2,804)
Proceeds from issuance of commercial paper	—)	1,095)	—)	—)	—)	—)	—)	—)	—)	—)	593)	1,027)	295)	199)	406)	626)	2,512)	—)	—)	—)
Repayments of commercial paper	(498)	(597)	—)	—)	—)	—)	—)	—)	—)	(494)	(918)	(523)	—)	(200)	(2,231)	(1,259)	—)	—)	—)	—)
Purchases of company common stock	(37)	(963)	—)	(2,000)	(1,000)	—)	—)	(3,000)	—)	—)	—)	(3,000)	(1,000)	—)	—)	(2,000)	—)	—)	—)	(2,000)
Dividends paid	(162)	(163)	(162)	(149)	(149)	(150)	(149)	(135)	(136)	(135)	(135)	(117)	(117)	(118)	(117)	(103)	(103)	(102)	(103)	(87)
Other financing activities, net	91)	(4)	(42)	45)	(17)	67)	35)	109)	14)	18)	4)	20)	20)	(32)	37)	(34)	(26)	22)	28)	41)
Net cash provided by (used in) financing activities	3,526)	(632)	(991)	(102)	(3,666)	(1,190)	(115)	(1,821)	(1,428)	1,855)	(1,456)	(2,593)	2,391)	(151)	(1,905)	(3,145)	8,467)	3,040)	(76)	(4,850)
Exchange rate effect on cash	(6)	(76)	311)	38)	(274)	175)	(14)	22)	10)	(73)	12)	(31)	250)	(212)	(78)	(99)	211)	(61)	(93)	137)
Increase (decrease) in cash, cash equivalents and restricted cash	7,868)	(2,592)	431)	132)	(630)	(2,427)	1,578)	(2,578)	1,929)	3,015)	(347)	(5,037)	5,603)	1,029)	(874)	(1,712)	(7,557)	5,013)	1,432)	(4,733)

The financial information reveals fluctuating cash flows over the analyzed period, spanning from April 2021 to June 2025. Operating activities generally provide a net cash inflow, though with considerable variation. Investing activities consistently represent a net cash outflow, while financing activities demonstrate a more complex pattern, alternating between net cash inflows and outflows.

Net Income: Net income exhibits volatility, peaking at US$2,337 million in April 2021 and declining to US$1,292 million in April 2023 before showing some recovery. The most recent quarters show a slight upward trend, reaching US$1,970 million in December 2025. This suggests potential sensitivity to external economic factors or company-specific operational changes.
Operating Activities: Net cash provided by operating activities generally remains positive, but fluctuates significantly. A peak of US$3,487 million was observed in December 2022, followed by a substantial decrease to US$729 million in April 2023. The final periods show a recovery, reaching US$3,457 million in December 2025. Adjustments to reconcile net income to net cash provided by operating activities also show considerable variation, particularly in the change in deferred income taxes and other net non-cash expenses.
Investing Activities: Net cash used in investing activities is consistently negative, indicating ongoing investment in the business. The largest outflow occurred in December 2021, primarily driven by significant acquisitions totaling negative US$17,876 million. While acquisitions are less substantial in subsequent periods, purchases of property, plant, and equipment and investments consistently contribute to cash outflows. Proceeds from sales of assets offer only partial offsets.
Financing Activities: Financing activities demonstrate a more dynamic pattern. Large net cash inflows were observed in December 2021 (US$8,467 million) and September 2024 (US$4,919 million), largely attributable to net proceeds from the issuance of debt. Conversely, significant net cash outflows occurred in April 2021 (negative US$4,850 million) and March 2024 (negative US$2,030 million), driven by debt repayment and purchases of company common stock. Dividend payments consistently represent a cash outflow.
Non-Cash Items: Depreciation and amortization consistently contribute to cash flow from operations, with amortization of acquisition-related intangible assets representing a substantial portion. Stock-based compensation also provides a consistent, though smaller, contribution. The change in deferred income taxes exhibits significant volatility, impacting overall operating cash flow.
Cash Flow Trends: Overall, the period demonstrates a complex interplay of cash flows. While operating activities generally provide cash, significant investment and financing activities influence the net change in cash. The large acquisition in December 2021 had a substantial impact on cash flow, and subsequent financing activities appear to be partially aimed at managing the associated debt. The exchange rate effect on cash also introduces some variability, though its impact is generally smaller than other factors.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data