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:	Mar 28, 2026	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	1,656)	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	306)	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	430)	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	(258)	89)	(127)	(322)	(279)	(202)	(400)	(354)	(253)	(669)	(303)	(182)	(146)	(133)	(261)	(262)	(339)	(192)	(148)	(331)	24)
Stock-based compensation	83)	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	87)	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	(1,112)	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	(464)	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	1,192)	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	(376)	(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	9)	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	96)	50)	84)	47)	87)	49)	92)	47)	64)	34)	1)	33)	2)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisitions, net of cash acquired	(8,872)	—)	(4,037)	—)	—)	—)	(3,132)	—)	—)	—)	(909)	(47)	(2,704)	—)	1)	—)	(40)	(17,876)	(94)	(82)	(1,343)
Purchases of investments	(14)	(32)	(40)	(47)	(264)	(1,331)	(287)	(20)	(1,758)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sales and maturities of investments	250)	1,311)	254)	—)	—)	1,761)	9)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities, net	(54)	—)	16)	5)	—)	4)	(8)	5)	7)	(16)	(7)	(149)	12)	19)	(3)	75)	8)	4)	(2)	(4)	(32)
Net cash used in investing activities	(8,961)	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	5,238)	4,919)	—)	—)	2,840)	—)	—)	(1)	1,205)	2,476)	3,466)	—)	—)	3,193)	—)	—)	—)	15,015)	3,122)	—)	—)
Repayment of debt	(1,412)	(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	389)	—)	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	(3,000)	(37)	(963)	—)	(2,000)	(1,000)	—)	—)	(3,000)	—)	—)	—)	(3,000)	(1,000)	—)	—)	(2,000)	—)	—)	—)	(2,000)
Dividends paid	(162)	(162)	(163)	(162)	(149)	(149)	(150)	(149)	(135)	(136)	(135)	(135)	(117)	(117)	(118)	(117)	(103)	(103)	(102)	(103)	(87)
Other financing activities, net	40)	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	1,093)	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	77)	(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	(6,599)	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 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.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data