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Earnings analysis · 10-Q

TMO earnings analysis

Filed May 1, 2026 · Our reading of the company's report

The latest report

Thermo Fisher reported a strong Q1 2026 with revenue of $11,005 million, marking a 6% year-over-year growth, and adjusted EPS of $5.44, an 11% increase from the previous year. The Laboratory Products and Biopharma…

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Thermo Fisher reported a strong Q1 2026 with revenue of $11,005 million, marking a 6% year-over-year growth, and adjusted EPS of $5.44, an 11% increase from the previous year. The Laboratory Products and Biopharma Services segment led the growth, while the Analytical Instruments and Specialty Diagnostics segments faced declines. Management highlighted ongoing strategic investments and a focus on productivity improvements despite facing headwinds from tariffs and unfavorable business mix.

Read the original on SEC.gov

Where revenue came from

The business segments reported by the company.

Laboratory Products and Biopharma Services 52.4% Life Sciences Solutions 22.9% Analytical Instruments 14.9% Specialty Diagnostics 9.9%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$5.44
Operating margin
16.9%

What stood out

  • Revenue Growth

    Q1 2026 revenue was $11,005 million, a 6% increase year-over-year from $10,364 million.

  • Adjusted EPS Beat

    The adjusted EPS of $5.44 surpassed the estimate of $5.23, showing an 11% year-over-year improvement.

  • Segment Performance

    The Laboratory Products and Biopharma Services segment grew to $6,036 million, up 7% year-over-year.

  • Increased GAAP Operating Income

    GAAP operating income rose to $1,863 million, up 9% from $1,716 million a year ago.

  • Enhanced Free Cash Flow

    Free cash flow increased to $825 million, up from $373 million year-over-year.

  • Strong Growth in Life Sciences Solutions

    Revenue in the Life Sciences Solutions segment rose to $2,636 million, a 13% increase year-over-year.

What to watch

  • Decline in Academic and Government Markets

    Sales to academic and government sectors declined due to muted conditions, impacting overall revenue.

  • Increased Debt Levels

    Total debt rose to $43,161 million from $39,384 million, indicating a higher leverage risk.

  • Foreign Currency Impacts

    Unfavorable currency translation and tariffs negatively impacted operating income margins.

Management's outlook

No updated financial guidance provided; further details expected in the earnings call.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.