Thermo Fisher Scientific (TMO) · Life Sciences
Thermo Fisher Scientific Q2 2026 earnings: summary, key numbers & outlook
Results filed 23 Jul 2026 · Quarter ended 27 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Second quarter revenue grew 10% to $11.99 billion, GAAP diluted EPS grew 9% to $4.68, and adjusted EPS grew 13% to $6.03.
Thermo Fisher grew second-quarter revenue 10% to $11.99 billion, with organic growth of 5%. Acquisitions added 5 points and currency 1 point. GAAP diluted EPS rose 9% to $4.68, and adjusted EPS rose 13% to $6.03. Adjusted operating margin widened to 22.8% from 21.9%. Operating cash flow was $2,125 million and free cash flow was $1,678 million. The company repurchased $1.0 billion of stock and announced the sale of its microbiology business.
The press release gives no numeric outlook. It says updated 2026 guidance would come on the morning earnings call, and no transcript was available for this summary. Management says customer activity across its end markets continues to strengthen. The tension is that organic growth of 5% is half the reported 10%, so acquisitions drive much of the growth. Acquisitions also lifted debt: long-term obligations were $39,181 million, versus $35,852 million at December 31.
Key numbers
- Revenue · GAAP
- $11.99 billion
- Net income attributable to Thermo Fisher Scientific Inc. · GAAP
- $1.7B
- GAAP diluted EPS · GAAP
- $4.68
- Adjusted EPS · non-GAAP
- $6.03
- GAAP operating income · GAAP
- $2.09 billion
- GAAP operating margin · GAAP
- 17.4%
- Adjusted operating margin · non-GAAP
- 22.8%
- Net cash provided by operating activities · GAAP
- $2.1B
up 10% from a year ago
versus $1,617 in the second quarter of 2025
up 9% from a year ago
up 13% from a year ago
14% higher than the year-ago quarter
compared with 16.9% in the second quarter of 2025
compared with 21.9% in the second quarter of 2025
versus $1,399 in the second quarter of 2025
| Segment or metric | Value | Change |
|---|---|---|
| Life Sciences Solutions | $2.8B | versus $2,499 in the second quarter of 2025 |
| Analytical Instruments | $1.8B | versus 1,728 in the second quarter of 2025 |
| Specialty Diagnostics | $1.2B | versus 1,134 in the second quarter of 2025 |
| Laboratory Products and Biopharma Services | $6.7B | versus 5,995 in the second quarter of 2025 |
Where each number comes from
- Revenue: “Revenue for the second quarter of 2026 grew 10% to $11.99 billion, versus $10.85 billion in the same quarter of 2025. Organic revenue growth was 5%.”
- Net income attributable to Thermo Fisher Scientific Inc.: “Net income attributable to Thermo Fisher Scientific Inc. | $1,736 | 14.5% | $1,617 | 14.9% Earnings per share attributable to Thermo Fisher Scientific Inc.:”
- GAAP diluted EPS: “GAAP diluted EPS in the second quarter of 2026 was $4.68, 9% growth versus the second quarter of 2025.”
- Adjusted EPS: “Adjusted EPS for the second quarter of 2026 was $6.03, 13% growth versus the second quarter of 2025.”
- GAAP operating income: “GAAP operating income for the second quarter of 2026 was $2.09 billion, 14% higher than the year-ago quarter.”
- GAAP operating margin: “GAAP operating margin was 17.4%, compared with 16.9% in the second quarter of 2025.”
- Adjusted operating margin: “Adjusted operating margin was 22.8%, compared with 21.9% in the second quarter of 2025.”
- Net cash provided by operating activities: “GAAP net cash provided by operating activities | $2,125 | $1,399 Purchases of property, plant and equipment | (450) | (294)”
- Life Sciences Solutions: “Life Sciences Solutions | $2,815 | 23.5% | $2,499 | 23.0% Analytical Instruments | 1,847 | 15.4% | 1,728 | 15.9%”
- Analytical Instruments: “Analytical Instruments | 1,847 | 15.4% | 1,728 | 15.9% Specialty Diagnostics | 1,205 | 10.0% | 1,134 | 10.4%”
- Specialty Diagnostics: “Specialty Diagnostics | 1,205 | 10.0% | 1,134 | 10.4% Laboratory Products and Biopharma Services | 6,693 | 55.8%”
- Laboratory Products and Biopharma Services: “Laboratory Products and Biopharma Services | 6,693 | 55.8% | 5,995 | 55.2% Eliminations | (565) | -4.7% | (501) | -4.6%”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $12.0B | +10.5% | +9.0% |
| Operating income | $2.1B | +13.8% | +12.0% |
| Net income | $1.7B | +7.4% | +5.1% |
| Diluted EPS | $4.68 | +9.3% | +5.6% |
| Free cash flow | $1.7B | +51.6% | +105.3% |
| Operating margin | 17.4% | +0.5 pts | +0.5 pts |
Calculated by code from XBRL, not by the model.
Key takeaways
Revenue grew 10%, but organic growth was 5%
Revenue grew 10% to $11.99 billion, of which acquisitions contributed 5% and currency translation 1%. Organic revenue growth was 5%.
Adjusted operating margin widened to 22.8%
Adjusted operating margin was 22.8%, compared with 21.9% in the second quarter of 2025. Adjusted operating income was $2.73 billion, 15% higher than the year-ago quarter.
Free cash flow rose to $1,678 million
Free cash flow was $1,678 versus $1,105 a year earlier, in millions. Net cash from operating activities was $2,125 versus $1,399.
Analytical Instruments margin improved sharply
Analytical Instruments segment income margin was 23.0% versus 18.8% a year earlier. Its revenue was 1,847 versus 1,728, in millions.
Capital deployment: buybacks and a microbiology divestiture
During the quarter the company announced the divestiture of its microbiology business and repurchased $1.0 billion of stock. Six-month acquisitions, net of cash acquired, were (8,872) in millions.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $11.4B * |
| Q1 2025 | $10.4B |
| Q2 2025 | $10.9B |
| Q3 2025 | $11.1B |
| Q4 2025 | $12.2B * |
| Q1 2026 | $11.0B |
| Q2 2026 | $12.0B |
| Q3 2026 | $12.1B |
Data
| Q1 2025 | $3.98 |
| Q2 2025 | $4.28 |
| Q3 2025 | $4.27 |
| Q1 2026 | $4.43 |
| Q2 2026 | $4.68 |
| Q3 2026 | $4.64 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 17.7% |
| Q1 2025 | 16.6% |
| Q2 2025 | 16.9% |
| Q3 2025 | 17.5% |
| Q4 2025 | 18.5% |
| Q1 2026 | 16.9% |
| Q2 2026 | 17.4% |
| Q3 2026 | 18.6% |
Data
| Q4 2024 | $2.8B |
| Q1 2025 | $361.0M |
| Q2 2025 | $1.1B |
| Q3 2025 | $1.8B |
| Q4 2025 | $3.0B |
| Q1 2026 | $816.0M |
| Q2 2026 | $1.7B |
| Q3 2026 | $2.1B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Thermo Fisher's Q2 2026 revenue and growth?
Revenue grew 10% to $11.99 billion, versus $10.85 billion in the same quarter of 2025. Organic revenue growth was 5%.
What was Thermo Fisher's Q2 2026 EPS?
GAAP diluted EPS was $4.68, up 9%. Adjusted EPS was $6.03, up 13% from $5.36 a year earlier.
Did profitability improve in the second quarter?
Yes. GAAP operating margin was 17.4% versus 16.9%, and adjusted operating margin was 22.8% versus 21.9% in the second quarter of 2025.
How did cash flow and capital deployment look?
Free cash flow was $1,678 million versus $1,105 million a year earlier. The company repurchased $1.0 billion of stock in the quarter and announced the divestiture of its microbiology business.
What is Thermo Fisher's 2026 outlook?
The release gives no numbers and says updated 2026 guidance would be provided on the 8:30 a.m. Eastern call. The CEO said the company is well positioned to deliver a great 2026 and that end markets continue to strengthen.
Documents
SEC filing