$TMO

THERMO ELECTRON CORP

CIK:0000097745|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Revenues
Total revenues	$ 11,994	$ 10,855	$ 22,999	$ 21,219
Costs and operating expenses:
Selling, general and administrative expenses	2,333	2,140	4,514	4,218
Research and development expenses	364	352	700	695
Restructuring and other costs	98	82	147	180
Total costs and operating expenses	9,907	9,021	19,049	17,668
Operating income	2,087	1,834	3,950	3,551
Interest income			440	501
Interest expense			(755)	(707)
Other income/(expense)			22	(16)
Income before income taxes	1,924	1,709	3,658	3,329
Benefit from/(provision for) income taxes	(167)	(92)	(238)	(187)
Equity in earnings/(losses) of unconsolidated entities	(15)	2	(23)	(12)
Net income	1,741	1,618	3,397	3,130
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest	5	2	10	6
Net income attributable to Thermo Fisher Scientific Inc.	$ 1,736	$ 1,617	$ 3,387	$ 3,124
Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic (in dollars per share)	$ 4.68	$ 4.28	$ 9.11	$ 8.27
Diluted (in dollars per share)	$ 4.68	$ 4.28	$ 9.10	$ 8.26
Weighted average shares
Basic (in shares)	371	378	372	378
Diluted (in shares)	371	378	372	378
Product revenues
Revenues
Total revenues	$ 6,823	$ 6,249	$ 13,100	$ 12,229
Costs and operating expenses:
Cost of revenues	3,462	3,239	6,723	6,364
Service revenues
Revenues
Total revenues	5,171	4,605	9,899	8,990
Costs and operating expenses:
Cost of revenues	$ 3,650	$ 3,207	$ 6,964	$ 6,212

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Operating activities
Net income	$ 3,397	$ 3,130
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	638	532
Amortization of acquisition-related intangible assets	915	859
Change in deferred income taxes	(466)	(601)
Stock-based compensation	165	156
Other net non-cash expenses	205	198
Changes in assets and liabilities, excluding the effects of acquisitions	(1,537)	(2,151)
Net cash provided by operating activities	3,317	2,122
Investing activities
Purchases of property, plant and equipment	(826)	(656)
Proceeds from sale of property, plant and equipment	13	13
Proceeds from cross-currency interest rate swap interest settlements	187	134
Acquisitions, net of cash acquired	(8,872)	0
Purchases of investments	(35)	(311)
Proceeds from sales and maturities of investments	253	6
Net proceeds from terminations of cross-currency interest rate swaps	481	0
Other investing activities, net	1	0
Net cash used in investing activities	(8,797)	(815)
Financing activities
Net proceeds from issuance of debt	5,238	2,840
Repayment of debt	(1,412)	(1,625)
Proceeds from issuance of commercial paper	389	0
Repayments of commercial paper	(389)	0
Purchases of company common stock	(4,000)	(2,000)
Dividends paid	(337)	(311)
Other financing activities, net	33	3
Net cash used in financing activities	(478)	(1,093)
Exchange rate effect on cash	176	348
Increase/(decrease) in cash, cash equivalents and restricted cash	(5,782)	563
Cash, cash equivalents and restricted cash at beginning of period	9,879	4,040
Cash, cash equivalents and restricted cash at end of period	$ 4,096	$ 4,603

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 27, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 4,064	$ 9,852
Short-term investments	0	253
Accounts receivable, less allowances of $148 and $147	9,451	8,900
Inventories	5,627	5,425
Contract assets, net	1,688	1,666
Other current assets	2,536	2,612
Total current assets	23,365	28,707
Property, plant and equipment, net	10,755	10,565
Acquisition-related intangible assets, net	18,606	15,838
Other assets	5,616	5,871
Goodwill	54,832	49,362
Total assets	113,174	110,343
Current liabilities:
Short-term obligations and current maturities of long-term obligations	3,368	3,533
Accounts payable	3,268	3,622
Accrued payroll and employee benefits	1,694	1,995
Contract liabilities	2,918	2,710
Other accrued expenses	3,823	3,329
Total current liabilities	15,069	15,189
Deferred income taxes	1,579	1,493
Other long-term liabilities	4,538	4,273
Long-term obligations	39,181	35,852
Redeemable noncontrolling interest	121	122
Thermo Fisher Scientific Inc. shareholders’ equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued	0	0
Common stock, $1 par value, 1,200,000,000 shares authorized; 445,673,899 and 445,160,301 shares issued	446	445
Capital in excess of par value	18,870	18,563
Retained earnings	62,194	59,156
Treasury stock at cost, 75,926,613 and 68,938,831 shares	(26,370)	(22,309)
Accumulated other comprehensive income/(loss)	(2,460)	(2,448)
Total Thermo Fisher Scientific Inc. shareholders’ equity	52,679	53,407
Noncontrolling interests	7	7
Total equity	52,686	53,415
Total liabilities, redeemable noncontrolling interest and equity	$ 113,174	$ 110,343