TMO earnings analysis
What we found in TMO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $5.44
- Operating margin
- 16.9%
- Segment
- Life Sciences Solutions: $2,636M
- Segment
- Analytical Instruments: $1,716M
- Segment
- Specialty Diagnostics: $1,142M
- Segment
- Laboratory Products and Biopharma Services: $6,036M
What they said about what is next.
No updated financial guidance provided; further details expected in the earnings call.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing TMO makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever