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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Thermo Fisher Scientific Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
The financial data over the examined quarters reveals several noteworthy trends across key operational, investing, and financing activities.
- Net Income
- Net income experienced significant volatility over the periods, reaching a peak in the latter part of 2020 and early 2021. After a high of 2,498 million USD at the end of 2020, it declined to 1,661 million USD by the end of 2021. Fluctuations continue through 2023 and 2024, with values generally remaining in the range of approximately 1,300 to 1,800 million USD, displaying no persistent upward or downward trajectory but periodic variability quarter to quarter.
- Depreciation and Amortization
- Depreciation of property, plant and equipment exhibited a steady rising trend, growing from 149 million USD to around 304 million USD before a minor reduction towards the latest quarter. Amortization of acquisition-related intangible assets showed an initial slight downward progression from 425 million USD toward 411 million USD in late 2020, then a marked increase peaking near 609 million USD in Q2 2022, thereafter declining to approximately 430 million USD by mid-2025. This pattern suggests significant acquisition-related asset amortizations peaking around 2022 followed by a reduction.
- Deferred Income Taxes
- The change in deferred income taxes fluctuated significantly throughout, with mostly negative values implying deferred tax liabilities or tax expense impacts. Notable deep declines occurred at multiple points including significant dips in early 2021 and mid-2023, highlighting periods of increased tax charge or timing differences.
- Stock-Based Compensation and Other Non-Cash Expenses
- Stock-based compensation remained relatively stable, averaging around 50 to 80 million USD across the periods, without major spikes. Other net non-cash expenses were more erratic, with extreme variations including a significant positive value in Q4 2021 (566 million USD) followed by sharp decreases and moderate fluctuations afterward, indicating one-time or irregular non-cash adjustments.
- Operating Cash Flows and Reconciling Adjustments
- Net cash provided by operating activities showed strong but volatile performance. Peaks occurred in Q4 2020 and Q4 2023 exceeding 3,000 million USD, with troughs near 700 million USD in early 2023. Adjustments to reconcile net income to operating cash were positive and sizable during high cash flow quarters, signifying effective conversion of accrual earnings to cash during those times.
- Capital Expenditures and Investing Activities
- Purchases of property, plant and equipment consistently resulted in substantial cash outflows, ranging mostly between 250 to 830 million USD quarterly, reflecting ongoing investments in fixed assets. Proceeds from sales of property were minimal except for occasional spikes. Investing activities showed large negative cash flows especially in Q4 2021 and Q1 2023, linked to significant acquisitions and investment purchases, including one period with nearly 18,700 million USD outflow for acquisitions, pointing to aggressive expansion through acquisitions during those quarters.
- Financing Activities
- Financing cash flows were highly variable. Large proceeds from debt issuance were recorded intermittently, including a sharp spike to over 15,000 million USD in Q4 2021. Repayments of debt and commercial paper also showed sizeable outflows but were less volatile than issuances. Stock repurchases occurred in large amounts, often reaching up to 3,000 million USD in single quarters, demonstrating active capital return to shareholders. Dividends steadily increased in amount over time, suggesting ongoing shareholder distribution policy. Overall, net cash flows from financing activities shifted between large inflows and outflows, influenced heavily by debt instrument movements and equity repurchases.
- Cash Balance Movement and Exchange Effects
- Quarter-to-quarter changes in cash, cash equivalents, and restricted cash were inconsistent, with periods of strong increases, notably end of 2023, and sharp decreases, especially mid-2021 and late 2021. Exchange rate effects on cash introduced additional volatility, with both positive and negative impacts, sometimes markedly large, highlighting sensitivity to foreign currency fluctuations.
In summary, the data reveal a company with strong operational cash-generating capability but marked by significant variability in net income and cash flows. The firm engaged in substantial acquisition activity around late 2021 and early 2023, contributing to large investing cash outflows and increased amortization expenses. Financing activities were characterized by aggressive debt issuance and repayment cycles alongside active share repurchases and steadily increasing dividends. These dynamics underscore a strategic focus on growth supported by both internal cash generation and external financing, with evident impacts from acquisition-related accounting and foreign exchange movements.