Thermo Fisher Scientific reported a strong finish to 2025 with robust revenue and EPS growth in the fourth quarter, driven by excellent operational execution and strategic capital deployment. The company highlighted new product launches and advancements in its commercial engine, positioning it for continued share gain and value creation in 2026.
Fourth quarter revenue grew 7% to $12.21 billion, with organic revenue growth of 3%.
positiveFull year revenue grew 4% to $44.56 billion, with organic revenue growth of 2%.
positiveFourth quarter GAAP diluted EPS grew 9% to $5.21, and adjusted EPS grew 8% to $6.57.
positiveFull year GAAP diluted EPS grew 7% to $17.74, and adjusted EPS grew 5% to $22.87.
positiveAdjusted operating margin for Q4 FY2025 was 23.6%, a slight decrease from 23.9% in Q4 FY2024, but the full year adjusted operating margin improved to 22.7% from 22.6% in the prior year.
neutralThe company deployed approximately $16.5 billion in capital in 2025, including $13 billion committed to M&A.
positiveAdjusted operating margin for Q4 FY2025 was 23.6%, a slight decrease from 23.9% in Q4 FY2024.
attentionFull year GAAP net cash provided by operating activities decreased to $7.818 billion in 2025 from $8.667 billion in 2024.
attentionFree cash flow decreased to $6.337 billion in 2025 from $7.324 billion in 2024.
attentionInventories increased to $5.425 billion in 2025 from $4.978 billion in 2024.
attentionLong-term obligations increased significantly to $35.852 billion in 2025 from $29.061 billion in 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Life Sciences Solutions | N/A | — | — | — |
Analytical Instruments | N/A | — | — | — |
Specialty Diagnostics | N/A | — | — | — |
Laboratory Products and Biopharma Services | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Delivered a strong finish to 2025, reflecting outstanding execution and the continued strength of our proven growth strategy.
Effectively navigated the external environment and leveraged our PPI Business System to enable excellent operational performance.
It was also a very active year for capital deployment, as we advanced our strategy and added exciting new capabilities that further strengthen our long-term competitive position.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.