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Thermo Fisher Scientific (TMO) investor relations material
Thermo Fisher Scientific Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 revenue increased 5% year-over-year to $11.12B, with organic growth of 3% and strong operational execution, innovation, and customer partnerships.
Adjusted EPS rose 10% to $5.79, while GAAP diluted EPS was $4.27, flat year-over-year.
Recent acquisitions included Solventum's Filtration and Separation business, Sanofi's fill-finish site, and Olink Holding AB, expanding bioproduction and proteomics capabilities.
Strategic collaborations and product launches, including an FDA-approved companion diagnostic and AI partnership with OpenAI, supported growth.
$1B in share repurchases in Q3, totaling $3B for the year; $160M returned via dividends.
Financial highlights
Q3 adjusted operating income was $2.59B (23.3% margin), up 9% year-over-year; GAAP operating income was $1.94B (17.4% margin).
Free cash flow for the nine months was $3.32B; Q3 free cash flow was $1.84B.
Cash and cash equivalents at quarter-end were $1.98B; total debt was $35.68B.
Adjusted gross margin was 41.9%, up 10 bps year-over-year.
Net income for Q3 was $1.62B; nine-month net income was $4.74B.
Outlook and guidance
2025 revenue guidance raised to $44.1B–$44.5B; organic growth at midpoint remains 2%, including a 1% headwind from pandemic revenue runoff.
Adjusted EPS guidance raised to $22.60–$22.86, reflecting higher revenue and margin expansion.
Adjusted operating margin outlook increased to 22.7%–22.8%.
GAAP effective tax rate for 2025 expected between 8% and 10%; adjusted tax rate around 10.5%.
Expenditures for property, plant, and equipment for 2025 expected between $1.4B and $1.7B.
AI integration's expected impact on operations?
Explain YTD free cash flow decline.
Why did Analytical Instruments margin decline?
OpenAI collaboration's impact on drug development
Re-shoring: incremental vs. ongoing revenue impact?
Analytical Instruments: drivers of Q3 strength & Q4 outlook?
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Next Thermo Fisher Scientific earnings date
Q4 202529 Jan, 2026
Next Thermo Fisher Scientific earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Supplying Tools for Science
The American company Thermo Fisher Scientific is one of the leaders in the life sciences industry, known for its significant contributions to research, diagnostics, and laboratory technology. With operations across numerous countries, Thermo Fisher offers a broad catalog of products and services, including analytical instruments, consumables, software, and services.
Born From a Merger
The company's roots can be traced back to the merger of Thermo Electron and Fisher Scientific in 2006, a strategic move that created one of the most comprehensive science service companies globally. The aim was to provide a single, reliable source of laboratory equipment, chemicals, software, services, and consumables to the global scientific research and healthcare communities. Thermo Fisher has played an instrumental role in countless groundbreaking research projects, including the Human Genome Project, and it continues to provide equipment for scientists globally.
Products for the Life Science Industry
Thermo Fisher Scientific offers a comprehensive suite of products and services geared toward advancing scientific research and enhancing patient health. They produce laboratory equipment, consumables, reagents, and software that support a variety of scientific procedures, from genetic sequencing to electron microscopy. One standout product is their qPCR systems, used extensively for disease diagnostics and genomics research.
Moreover, they offer analytical instruments crucial for pharmaceutical and biotech companies for drug development and testing. Thermo Fisher's services also include research services, clinical trial solutions, and laboratory management. These services enable researchers to run their experiments and trials in a safe and effective manner by enabling them to focus on areas in which their expertise resides.
Their Customers
Thermo Fisher Scientific caters to a vast array of sectors. In healthcare and life sciences, their products aid drug discovery and development, fueling advancements in medical treatments. Their tools are the silent partners in scientific exploration at universities and research institutions, aiding breakthroughs in fields as diverse as genomics and proteomics.
Government bodies and regulatory agencies utilize their diagnostic tools and software to safeguard public health, a critical role underscored during the COVID-19 pandemic. Some notable publicly traded customers and partners include Novo Nordisk, Pfizer, and Astra Zeneca.
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