Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Thermo Fisher Scientific Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Net income experienced initial decline followed by stabilization and modest growth over the five-year period. While net income decreased from US$7,728 million in 2021 to US$5,955 million in 2023, it subsequently increased to US$6,338 million in 2024 and US$6,721 million in 2025. Comprehensive income mirrored this trend, decreasing from US$8,206 million in 2021 to US$5,822 million in 2023, then increasing to US$6,858 million in 2024 and US$6,970 million in 2025. The fluctuations in comprehensive income are significantly influenced by items impacting other comprehensive income.
- Currency Translation Adjustments
- Currency translation adjustments exhibited substantial volatility. A positive adjustment of US$373 million in 2021 was followed by a significant negative adjustment of US$822 million in 2022. These adjustments became less pronounced in subsequent years, with a negative US$69 million in 2023, a positive US$525 million in 2024, and a more moderate positive adjustment of US$222 million in 2025. This suggests increased sensitivity to exchange rate fluctuations in 2022, followed by a return to more manageable levels.
- Hedging Instruments
- Unrealized gains (losses) on hedging instruments remained relatively stable and consistently positive, albeit small, throughout the period, ranging from US$2 million to US$56 million. This indicates a consistent, though limited, positive contribution from hedging activities.
- Pension and Postretirement Benefits
- Pension and other postretirement benefit liability adjustments demonstrated considerable fluctuation. Positive adjustments were observed in 2021 (US$36 million) and 2022 (US$38 million), followed by a substantial negative adjustment of US$69 million in 2023. This trend reversed somewhat in 2024 (-US$12 million) and 2025 (US$13 million). Amortization of net loss and prior service benefit also showed a decreasing trend, from US$13 million in 2021 to US$5 million in 2022, with no value reported in 2023, then increasing to US$4 million in 2024 and US$5 million in 2025. These fluctuations likely reflect changes in actuarial assumptions and benefit obligations.
- Other Comprehensive Income
- Other comprehensive income (loss) experienced significant swings. A positive US$478 million in 2021 was followed by a substantial loss of US$777 million in 2022. This was followed by a loss of US$133 million in 2023, a gain of US$520 million in 2024, and a gain of US$249 million in 2025. The volatility in this component significantly impacts overall comprehensive income.
- Attribution to Noncontrolling Interests
- Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interest was generally small, but exhibited variability. It was negative in 2021 and 2022, positive in 2023 and 2024, and negative again in 2025. The magnitude of these adjustments remained relatively limited compared to the overall comprehensive income.
Overall, the period was characterized by initial declines in both net and comprehensive income, largely driven by fluctuations in other comprehensive income components, particularly currency translation adjustments and pension-related items. Subsequent years showed a recovery and stabilization, with modest growth in both metrics. The impact of noncontrolling interests remained relatively minor.