$TMO · THERMO FISHER SCIENTIFIC INC.
Thermo Fisher Scientific filed its 10-Q for Q3 FY2026 (ended September 26, 2026), reporting total revenues of $12.137B (+9.1% YoY), GAAP diluted EPS of $4.64, and adjusted EPS of $6.68. Net income attributable to TMO was $1.721B. The company deployed $4.0B in share repurchases during the first nine months and completed $8.877B in acquisitions, net of cash.
- Q3 revenue $12.137B, +9.1% YoY, with product revenue $6.753B and service revenue $5.384B
- Q3 GAAP diluted EPS $4.64 vs $4.27 prior year; adjusted EPS $6.68 per XBRL
- Nine-month operating income $6.213B vs $5.491B, operating margin 18.6% in Q3
- Lab Products & Biopharma Services segment drove growth: Q3 revenue $6.863B vs $5.970B (+15%)
- Company repurchased $4.0B in stock YTD (7M shares), up from $3.0B in prior-year period
TMO down 1.56% in regular session to $698.12 despite strong results; the -0.15% move since filing suggests the print was largely in line with expectations for this $258B mega-cap. Restructuring charges of $199M in Q3 and $180M in additional expected charges may be weighing on sentiment.
Thermo Fisher's 9.1% revenue growth and aggressive $4B buyback program signal confidence, but $199M in quarterly restructuring costs and $180M more to come suggest ongoing operational streamlining at the $258B giant.
Thermo Fisher's 9.1% organic-like revenue growth and 18.6% operating margin reinforce its position as the life-sciences tools bellwether. The Lab Products & Biopharma Services segment's 15% Q3 jump signals robust pharma-services demand, a read-through for peers like Danaher and Agilent.
Restructuring and other costs hit $199M in Q3 and $346M YTD, with an additional ~$180M in charges expected primarily in 2026, concentrated in Lab Products and Biopharma Services. Severance actions affected ~2% of the workforce. Goodwill ballooned to $54.26B from $49.36B at year-end 2025, reflecting acquisition activity that carries integration risk.