Jun 2026 (Q2 FY26) — Jul 23, 2026
Thermo Fisher Scientific Q2 FY26 — Strong Organic Growth and Raised Full-Year Outlook
Read the full callThermo Fisher Scientific (TMO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Thermo Fisher Scientific earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,994 | +10.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.4 | +0.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,736 | +7.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
25 of 26 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 adjusted EPS | $0.25 to $0.30 higher than Q1 FY26's $5.44 (~$5.69-$5.74) | Mar 2026 | we grew adjusted EPS by 13% to $6.03 per share | Achieved |
| FY26 adjusted EPS | $24.22 to $24.80 per share | Dec 2025 | We're also increasing our adjusted earnings per share guidance to be in the range of $24.93 to $25.33 | Revised Up |
| 2H FY26 organic revenue growth | step up to about 4% | Jun 2026 | expect that to step up to 4% for the second half | New |
1 of THERMO FISHER SCIENTIFIC INC.'s 43 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 40 more targets are in the full ledger.
Claimed
- Revenue grew 10% to $11.99 billion, exceeding expectations.
- Adjusted operating income grew 15% to $2.73 billion, with margin expanding 90 basis points to 22.8%.
- Adjusted EPS grew 13% to $6.03 per share, significantly ahead of previous guidance.
- Full-year organic revenue growth outlook increased to "about 4%", now expecting the upper end of the 3%-4% range.
- Clinical Research (PPD) and Bioproduction businesses delivered strong organic growth and authorizations.
Qualified
- Divestiture of microbiology business reduces 2026 revenue by approximately $200 million and adjusted EPS by $0.05.
- Foreign exchange rates are expected to create a $0.05 adjusted EPS headwind for the second half of 2026.
- Academic and Government end market, while returning to growth, remains in a "stabilization period" with China's segment muted.
Price
$679.38 −1.54% · −$10.62
Performance +26.1% 1Y
1Y: $538.92 on 17 Oct 2025 → $679.38. High $696.49 (15 Oct 2026), low $438.34 (15 May 2026).
- Previous close
- $690
- 52-week range
- $438.34 – $696.49
- One year
- +24.92%
Overview
- Symbol
- TMO
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
25 of 26 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 adjusted EPS | $0.25 to $0.30 higher than Q1 FY26's $5.44 (~$5.69-$5.74) | Mar 2026 | we grew adjusted EPS by 13% to $6.03 per share | Achieved |
| FY26 adjusted EPS | $24.22 to $24.80 per share | Dec 2025 | We're also increasing our adjusted earnings per share guidance to be in the range of $24.93 to $25.33 | Revised Up |
| 2H FY26 organic revenue growth | step up to about 4% | Jun 2026 | expect that to step up to 4% for the second half | New |
Claimed
- Revenue grew 10% to $11.99 billion, exceeding expectations.
- Adjusted operating income grew 15% to $2.73 billion, with margin expanding 90 basis points to 22.8%.
- Adjusted EPS grew 13% to $6.03 per share, significantly ahead of previous guidance.
- Full-year organic revenue growth outlook increased to "about 4%", now expecting the upper end of the 3%-4% range.
- Clinical Research (PPD) and Bioproduction businesses delivered strong organic growth and authorizations.
Qualified
- Divestiture of microbiology business reduces 2026 revenue by approximately $200 million and adjusted EPS by $0.05.
- Foreign exchange rates are expected to create a $0.05 adjusted EPS headwind for the second half of 2026.
- Academic and Government end market, while returning to growth, remains in a "stabilization period" with China's segment muted.
The full ledger
Open THERMO FISHER SCIENTIFIC INC.’s full ledger
A free account opens 5 company ledgers a month. All 43 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Thermo Fisher Scientific Inc. Q1 FY26 — Strong Start with Raised Full-Year Guidance
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Thermo Fisher Scientific Q4 FY25 — Strong Finish to the Year with Robust Earnings Growth and Strategic Acquisitions
Read the full callEvery analysed call
Thermo Fisher Scientific earnings calls (TMO)
Financials
What the filings say
Net profit, year on year: +7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 10,598 | 11,395 | 10,364 | 10,855 | 11,122 | 12,215 | 11,005 | 11,994 |
| Expenses | 8,759 | 9,379 | 8,648 | 9,021 | 9,182 | 9,959 | 9,142 | 9,907 |
| Operating profit | 1,838 | 2,016 | 1,716 | 1,834 | 1,941 | 2,255 | 1,863 | 2,087 |
| Operating margin | 17.3% | 17.7% | 16.6% | 16.9% | 17.4% | 18.5% | 16.9% | 17.4% |
| Interest | 356 | 317 | 303 | 404 | 347 | 365 | 354 | — |
| Profit before tax | 1,742 | 1,941 | 1,620 | 1,709 | 1,826 | 2,153 | 1,734 | 1,924 |
| Tax rate | 5.7% | 7.7% | 5.9% | 5.4% | 11.3% | 7.1% | 4.0% | 8.7% |
| Net profit | 1,630 | 1,830 | 1,507 | 1,617 | 1,616 | 1,964 | 1,651 | 1,736 |
| EPS ($ per share) | 4.26 | — | 3.99 | 4.28 | 4.28 | — | 4.44 | 4.68 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 432 | 434 | 437 | 439 | 441 | 442 | 444 | 445 |
| Reserves | 18,696 | 22,092 | 28,116 | 35,431 | 41,910 | 47,364 | 53,102 | 59,156 |
| Total liabilities | 28,638 | 28,697 | 34,535 | 54,268 | 53,122 | 52,002 | 47,770 | 56,928 |
| Fixed assets | 4,165 | 4,749 | 5,912 | 8,333 | 9,280 | 9,448 | 9,306 | 10,565 |
| Investments | — | — | — | — | — | 3 | 1,561 | 253 |
| Total assets | 56,232 | 58,381 | 69,052 | 95,123 | 97,154 | 98,726 | 97,321 | 110,343 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,543 | 4,973 | 8,289 | 9,312 | 9,154 | 8,406 | 8,667 | 7,818 |
| Cash from investing | -1,253 | -1,487 | -1,510 | -21,932 | -2,159 | -5,142 | -5,841 | -4,047 |
| Cash from financing | -2,237 | -3,118 | 959 | 6,581 | -2,810 | -3,622 | -6,792 | 1,801 |
| Net cash flow | 756 | 305 | 7,914 | -5,845 | 4,046 | -440 | -4,057 | 5,839 |
| Capital expenditure | -758 | -926 | -1,474 | -2,523 | -2,243 | -1,479 | -1,400 | -1,525 |
| Free cash flow | 3,785 | 4,047 | 6,815 | 6,789 | 6,911 | 6,927 | 7,267 | 6,293 |
TMO revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Laboratory Products and Biopharma Services | — | — | — | — | 53% | — | 54% | 55% | — |
| Life Sciences Solutions | 23% | 10% | 19% | 19% | 20% | 21% | 20% | 20% | +11.3% |
| Analytical Instruments | 17% | 17% | 16% | 15% | 17% | 18% | 15% | 15% | +7.8% |
| Specialty Diagnostics | 11% | 10% | 11% | 10% | 10% | 10% | 10% | 10% | +6.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- North America 51% ↓ 1 pt
- Europe 28% ↑ 2 pt
- Asia Pacific 18% ↓ 1 pt
- Other Regions 4%
As TMO cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
262 filings between Oct 24, 2025 and Aug 31, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$158.13M
160 sales by 7 insiders
93% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 24
- Award — granted as compensation
- 29
- Option exercise — converted options into shares
- 47
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CASPER MARC N | — | $53.89M | Aug 24, 2026 |
| Lagarde Michel | — | $51.31M | Dec 4, 2025 |
| Shafer Michael D | — | $22.54M | Aug 11, 2026 |
| Britt Lisa P. | — | $16.87M | Aug 19, 2026 |
| Lowery Frederick M. | — | $8.15M | Dec 2, 2025 |
| Pettiti Gianluca | — | $5.12M | Aug 31, 2026 |
| Holmes Joseph R. | — | $245.6K | Aug 7, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 31, 2026 | Pettiti Gianluca President & COO | Option exercise 10b5-1 plan | 3,733 | $1.16M |
| Aug 31, 2026 | Pettiti Gianluca President & COO | Sale 10b5-1 plan | 3,733 | $2.29M |
| Aug 31, 2026 | Pettiti Gianluca President & COO | Sale 10b5-1 plan | 400 | $245.8K |
| Aug 28, 2026 | Shropshire Thomas B Jr. SVP and General Counsel | Tax withheld | 49 | $30.5K |
| Aug 28, 2026 | Holmes Joseph R. VP & Chief Accounting Officer | Tax withheld | 11 | $7.1K |
| Aug 28, 2026 | Meyer James Sr. Vice President & CFO | Tax withheld | 20 | $12.3K |
| Aug 28, 2026 | Shafer Michael D Executive Vice President | Tax withheld | 162 | $101.1K |
| Aug 28, 2026 | Britt Lisa P. Sr. VP and Chief HR Officer | Tax withheld | 87 | $54.1K |
| Aug 28, 2026 | Pettiti Gianluca President & COO | Tax withheld 10b5-1 plan | 249 | $154.9K |
| Aug 28, 2026 | Pettiti Gianluca President & COO | Tax withheld 10b5-1 plan | 304 | $188.9K |
| Aug 28, 2026 | CASPER MARC N Chairman & CEO | Tax withheld | 532 | $330.9K |
| Aug 28, 2026 | Meyer James Sr. Vice President & CFO | Tax withheld | 114 | $70.7K |
| Aug 28, 2026 | Meyer James Sr. Vice President & CFO | Tax withheld | 55 | $34.3K |
| Aug 28, 2026 | Britt Lisa P. Sr. VP and Chief HR Officer | Tax withheld | 116 | $72.2K |
| Aug 28, 2026 | Shafer Michael D Executive Vice President | Tax withheld | 211 | $131.2K |
| Aug 28, 2026 | Holmes Joseph R. VP & Chief Accounting Officer | Tax withheld | 13 | $8.0K |
| Aug 28, 2026 | Britt Lisa P. Sr. VP and Chief HR Officer | Tax withheld | 85 | $52.9K |
| Aug 28, 2026 | Holmes Joseph R. VP & Chief Accounting Officer | Tax withheld | 15 | $9.3K |
| Aug 28, 2026 | Britt Lisa P. Sr. VP and Chief HR Officer | Tax withheld | 105 | $65.6K |
| Aug 28, 2026 | Holmes Joseph R. VP & Chief Accounting Officer | Tax withheld | 11 | $6.6K |
| Aug 28, 2026 | Shafer Michael D Executive Vice President | Tax withheld | 227 | $141.4K |
| Aug 28, 2026 | Shafer Michael D Executive Vice President | Tax withheld | 190 | $117.9K |
| Aug 28, 2026 | Pettiti Gianluca President & COO | Tax withheld 10b5-1 plan | 212 | $132.1K |
| Aug 28, 2026 | CASPER MARC N Chairman & CEO | Tax withheld | 725 | $450.9K |
| Aug 28, 2026 | Pettiti Gianluca President & COO | Tax withheld 10b5-1 plan | 270 | $167.9K |
| Aug 28, 2026 | Meyer James Sr. Vice President & CFO | Tax withheld | 37 | $23.2K |
| Aug 28, 2026 | Meyer James Sr. Vice President & CFO | Tax withheld | 44 | $27.7K |
| Aug 24, 2026 | CASPER MARC N Chairman & CEO | Option exercise 10b5-1 plan | 275 | $85.1K |
| Aug 24, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 33 | $20.7K |
| Aug 24, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 62 | $39.0K |
| Aug 24, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 101 | $63.2K |
| Aug 24, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 79 | $49.6K |
| Aug 22, 2026 | Meyer James Sr. Vice President & CFO | Tax withheld | 31 | $19.5K |
| Aug 21, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 321 | $201.9K |
| Aug 21, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 2,147 | $1.35M |
| Aug 21, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 1,791 | $1.12M |
| Aug 21, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 3,014 | $1.89M |
| Aug 21, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 2,727 | $1.71M |
| Aug 21, 2026 | CASPER MARC N Chairman & CEO | Option exercise 10b5-1 plan | 10,000 | $3.10M |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 80 | $50.7K |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 560 | $354.4K |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 1,430 | $903.8K |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 1,035 | $653.0K |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 909 | $568.5K |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 1,250 | $787.3K |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 2,601 | $1.64M |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 821 | $514.6K |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Option exercise 10b5-1 plan | 10,000 | $3.10M |
| Aug 20, 2026 | CASPER MARC N Chairman & CEO | Sale 10b5-1 plan | 1,314 | $824.7K |
| Aug 19, 2026 | Britt Lisa P. Sr. VP and Chief HR Officer | Sale | 11,440 | $7.01M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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