TMO Filings — Thermo Fisher Scientific Inc. - FilingSpy
TMO
Thermo Fisher Scientific Inc.
A global life sciences company that makes the instruments, reagents, and consumables used in biological research, drug and vaccine discovery, and disease diagnosis. Its brands include Thermo Scientific, Applied Biosystems, Invitrogen, and Fisher Scientific, and it also runs outsourced pharma services through Patheon and PPD, helping develop and manufacture medicines and run clinical trials.
Q2 2026 revenue rose 10.5% to $12.0B with organic growth of 5%
reached 5% for the first time in over two years. rose 10.5% to $12.0B and rose 9.3% to $4.68 as broad end-market strength and productivity gains lifted 0.9 points to 22.8%. The core business has reaccelerated, but $8.9B of acquisition spend in the half has pushed to $42.3B.
Key takeaways
Organic grew 5% in the quarter, led by and , ending the flat-to-low-single-digit pattern of the prior eight quarters.
rose 10.5% to $12.0B and rose 13.8% to $2,087M, with up 0.5 points to 17.4% and up 0.9 points to 22.8% on productivity improvements.
rose 4.2 points to 23.0% on productivity, favorable volume , and foreign exchange, reversing the margin pressure from tariffs and China weakness seen in 2025.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue grew 10% to $12.0B with adjusted EPS up 13% to $6.03, driven by broad end-market strength and productivity gains.
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Consolidated organic grew 5% in Q2, led by the and segments.
rose 13% reported, with bioproduction growing $196M on higher pharma and biotech demand and the filtration and separation acquisition.
rose 51.6% to $1,675M and rose 51.9% to $2,125M , though net cash from operations was $3.3B for the first six months while $8.9B was used on acquisitions including Clario Holdings, Inc. and $4.0B on repurchases.
rose 9.3% to $4.68 and rose 7.4% to $1,736M; the company guided a 2026 tax rate of 9%–11% and an adjusted rate of about 11.5%.
What changed
Q2 2026 and against the $10.9B Q2 2025 base: revenue rose 10.5% to $12.0B with organic growth at 5%, recovering past the 2% organic rate as acquisition and pharma demand persisted.
Q2 2026 against the $361M Q1 figure: free cash flow rose to $1,675M, more than doubling from Q1, as payment timing normalized and climbed.
against the $42.9B Q1 level: debt fell 1.5% to $42.3B after $8.87B of acquisition deployment and $3.0B of Q1 repurchases, easing the rise to 20.7%.
margin against the 22.6% Q3 2025 and 18.8% Q2 2025 levels: margin rose 4.2 points to 23.0%, reversing tariff- and FX-driven declines.
: no charge was reported against the $49.36B balance in this filing as Clario, Solventum, Olink, PPD, Binding Site, and CorEvitas integrate.
FY2026 against the $6.3B 2025 figure remains open: first-half was $3.3B against $8.9B acquisition spend and $4.0B repurchases.
What to watch
Q3 2026 and against the $11.1B Q3 2025 figure to confirm the 5% organic rate holds as Clario and Solventum integrate.
FY2026 against the $6.3B 2025 figure as rises to $1.8–2.0B and acquisition integration absorbs cash.
Any charge against the $49.36B balance in the Q3 or FY2026 filings as Clario, Solventum, and other acquired businesses integrate.
Q3 2026 against the $42.3B Q2 level after $8.9B half-year acquisition spend and continued repurchases.
expanded 0.5 points to 17.4%, while adjusted operating margin rose 0.9 points to 22.8%, primarily from strong productivity improvements.
rose 13% reported, with bioproduction growing $196M on higher pharma/biotech demand and the filtration and separation acquisition.
jumped 4.2 points to 23.0% on very strong productivity, favorable volume , and foreign exchange.
Net was $3.3B for the first six months; acquisitions used $8.9B, including the Clario Holdings, Inc. deal, and $4.0B was spent on share repurchases.
The company expects its 2026 between 9% and 11% and an adjusted tax rate of approximately 11.5%.
Quantitative and Qualitative Disclosures About Market Risk
The company’s exposure to market risk from changes in interest rates and currency exchange rates has not changed materially from its exposure discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025. 36 THERMO FISHER SCIENTIFIC INC.
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The company’s exposure to market risk from changes in interest rates and currency exchange rates has not changed materially from its exposure discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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THERMO FISHER SCIENTIFIC INC.
There are various lawsuits and claims against the company involving product liability, intellectual property, employment and commercial issues. See Note 5 to our Condensed Consolidated Financial Statements under the heading “Commitments and Contingencies.”
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There are various lawsuits and claims against the company involving product liability, intellectual property, employment and commercial issues. See Note 5 to our Condensed Consolidated Financial Statements under the heading “Commitments and Contingencies.”
The risks that we believe are material to our investors are detailed under the caption “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 (which is on file with the SEC).
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The risks that we believe are material to our investors are detailed under the caption “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 (which is on file with the SEC).