A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Thermo Fisher Scientific reported strong Q2 FY2026 financial results, with revenue increasing 10.5% YoY to $11.99B and diluted EPS rising 9.3% YoY to $4.68, driven by robust pharma and biotech market demand and strategic M&A integration.
Revenue
$11.99B
+10.49% YoY
EPS (Diluted)
$4.68
+9.35% YoY
Operating Income
$2.09B
+13.79% YoY
Thermo Fisher Scientific (TMO) reported Q2 FY2026 revenue of $11.99B, up 10.5% year over year. The company posted net income of $1.74B, up 7.4% from a year earlier, with diluted EPS of $4.68. Operating income was $2.09B, up 13.8% year over year. TMO's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Thermo Fisher Scientific delivered solid Q2 FY2026 performance with $11.99B in revenue (+10.5% YoY), $2.09B in GAAP operating income (+13.8% YoY), and $4.68 diluted EPS (+9.3% YoY).
Last 4 quarters: 4 beats
Adjusted (non-GAAP) EPS of $6.03 versus the $5.77 analyst consensus — a +4.5% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $4.68.
Q2 FY2026 consolidated revenue reached $11.99B, up 10.5% YoY (5% organic growth, 5% acquisition impact, 1% FX). Growth was led by the Laboratory Products and Biopharma Services segment ($6.69B, up 12% YoY) and the Life Sciences Solutions segment ($2.82B, up 13% YoY), driven by strengthening customer demand in pharma and biotech markets.
Source: 10-Q Item 2 MD&A, p.29-31
GAAP operating income increased 13.8% YoY to $2.09B, with GAAP operating margin expanding 50 bps YoY to 17.40%. Non-GAAP Adjusted Operating Margin reached 22.8% (up 90 bps YoY), primarily driven by Practical Process Improvement (PPI) system productivity gains, partially offset by unfavorable business mix.
Source: 10-Q Item 2 MD&A, p.29
On March 24, 2026, Thermo Fisher completed the acquisition of Clario Holdings, Inc. within the Laboratory Products and Biopharma Services segment, adding $441M in reported revenue for the clinical research business in Q2 FY2026. This complements the September 2025 acquisition of the filtration and separation business from Solventum Corporation.
Source: 10-Q Item 2 MD&A, p.29, 31
The company recorded an effective GAAP tax rate of 8.7% for Q2 FY2026. The first six months benefited from a $175M deferred tax benefit related to domestication transactions and $148M from tax assets expected to be realized. Full-year 2026 GAAP effective tax rate is projected between 9% and 11%.
Source: 10-Q Item 2 MD&A, p.32-33
Total long-term debt increased 20.7% YoY to $42.28B to fund capital deployment and acquisitions. Consequently, net interest expense increased significantly to $194M in Q2 FY2026 compared to $107M in Q2 FY2025.
Source: 10-Q Balance Sheet (XBRL)
Cash and cash equivalents declined 11.2% YoY to $4.06B as of Q2 FY2026 (down from $9.85B at year-end 2025), primarily driven by $8.87B in YTD acquisition outflows and $4.00B in share repurchases.
Source: 10-Q Cash Flow (XBRL)
Current liabilities expanded by 18.5% YoY to $15.07B, including $3.37B of short-term debt and current maturities of long-term debt due within 12 months.
Source: 10-Q Balance Sheet (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Thermo Fisher Scientific (TMO) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the TMO earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $11.99B | $10.86B | +10.49% |
Operating Income | $2.09B | $1.83B | +13.79% |
Net Income | $1.74B | $1.62B | +7.36% |
EPS (Basic) | $4.68 | $4.28 | +9.35% |
EPS (Diluted) | $4.68 | $4.28 | +9.35% |
R&D Expense | $364M | $352M | +3.41% |
SG&A Expense | $2.33B | $2.14B | +9.02% |
Thermo Fisher Scientific posted Q2 FY2026 revenue of $11.99B (+10.5% YoY) and GAAP operating income of $2.09B (+13.8% YoY). Diluted EPS grew 9.3% YoY to $4.68, while non-GAAP adjusted EPS reached $6.03, driven by 5% organic revenue growth and contributions from recent acquisitions.
Laboratory Products and Biopharma Services led performance with $6.69B in revenue (+12% YoY), buoyed by the Clario acquisition. Life Sciences Solutions generated $2.82B (+13% YoY), Analytical Instruments delivered $1.85B (+7% YoY), and Specialty Diagnostics reached $1.21B (+6% YoY).
Year-to-date operating cash flow increased 56.3% YoY to $3.32B, generating $2.50B in free cash flow. Total debt stood at $42.55B, while cash and cash equivalents were $4.06B after spending $8.87B on acquisitions and $4.00B on share repurchases YTD.
Thermo Fisher Scientific (TMO) is next expected to report earnings on Oct 20, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
Thermo Fisher Scientific delivered solid Q1 FY2026 results with revenue of $11.0B (+6.2% YoY), net income of $1.65B (+9.6% YoY), and a significant jump in operating cash flow (+64.9% YoY), though long-term debt surged 26.4% reflecting major acquisition activity.
Thermo Fisher Scientific delivered solid FY2025 growth with revenue rising 3.9% to $44.6B and net income up 5.8% to $6.7B, while a significant acquisition drove a 26.1% increase in long-term debt and a 145.7% surge in cash balances.
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