# Thermo Fisher Scientific (TMO) Q2 2026 earnings

Results filed 2026-07-23 for the quarter ended 2026-06-27. Source page: https://earnings.opennash.com/companies/tmo/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/97745/000009774526000138/0000097745-26-000138-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $11.99 billion | up 10% from a year ago | GAAP |
| Net income attributable to Thermo Fisher Scientific Inc. (in millions) | $1,736 | versus $1,617 in the second quarter of 2025 | GAAP |
| GAAP diluted EPS | $4.68 | up 9% from a year ago | GAAP |
| Adjusted EPS | $6.03 | up 13% from a year ago | non-GAAP |
| GAAP operating income | $2.09 billion | 14% higher than the year-ago quarter | GAAP |
| GAAP operating margin | 17.4% | compared with 16.9% in the second quarter of 2025 | GAAP |
| Adjusted operating margin | 22.8% | compared with 21.9% in the second quarter of 2025 | non-GAAP |
| Net cash provided by operating activities (in millions) | $2,125 | versus $1,399 in the second quarter of 2025 | GAAP |
| Free cash flow (in millions) | $1,678 | versus $1,105 in the second quarter of 2025 | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Life Sciences Solutions | $2,815 | versus $2,499 in the second quarter of 2025 |
| Analytical Instruments | 1,847 | versus 1,728 in the second quarter of 2025 |
| Specialty Diagnostics | 1,205 | versus 1,134 in the second quarter of 2025 |
| Laboratory Products and Biopharma Services | 6,693 | versus 5,995 in the second quarter of 2025 |

## Key takeaways

1. **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%.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.