Short answer
Thermo Fisher Scientific (TMO) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $44.6B (+3.9% year over year) and net income of $6.7B.
- Top risk flagged: China regulations requiring local suppliers plus tariff volatility directly threaten international revenues, with currency translation adding $0.37B to 2025 revenues
FY2025 key financial metrics · XBRL
- Revenue
- $44.6B
- +3.9% YoY
- Net income
- $6.7B
- +5.8% YoY
- Operating margin
- 17.4%
- +0.3 pp YoY
- EPS (diluted)
- $17.74
- +7.3% YoY
- ROE
- 12.6%
- −0.2 pp YoY
- Operating cash flow
- $7.8B
- −9.8% YoY
Source: XBRL data from the Thermo Fisher Scientific (TMO) FY2025 10-K on SEC EDGAR. USD.
Thermo Fisher Scientific FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Life sciences tools & services conglomerate serving pharma/biotech, academic, industrial, and healthcare markets across four segments
- Sept 2025 acquisition of Solventum's filtration/separation business (~$4.04B total acquisition spend in 2025) added bioproduction purification tech plus industrial filtration for battery, semiconductor, and medical device markets
- Revenue $44.6B in 2025, up ~4% YoY; adjusted EPS $22.87 vs $21.86; Analytical Instruments segment margin compressed to 23.0% from 26.2% due to tariff impacts and FX headwinds
- Total debt surged to $39.4B from $31.3B YoY, while cash jumped to $9.85B from $4.0B, reflecting $7.76B new debt issuance; $5B share buyback authorized Nov 2025
- Federal government shutdown noted in Oct 2025 as a specific demand risk, with academic/government revenue explicitly declining due to U.S. policy uncertainty and China macro weakness
Management Discussion & Analysis
- Revenue $44,556M, up ~3.9% YoY from $42,879M; Lab Products & Biopharma Services largest segment at $23,984M
- GAAP operating margin 17.4% vs 17.1%; adjusted operating margin 22.7% vs 22.6%; driven by productivity gains offset by tariffs and mix
- Best segment: Specialty Diagnostics margin 26.9% vs 25.7% (+1.2pt); worst: Analytical Instruments margin 23.0% vs 26.2% (-3.2pt) hit by tariffs
- Free cash flow $6,337M vs $7,324M; capex $1,525M; buybacks $3.0B (5.8M shares); dividends $0.64B; total debt rose to $39.4B from $31.3B
- 2026 capex guided $1.8B–$2.0B; GAAP tax rate 7%–9%; risks include academic/government spending hesitancy, China macro weakness, tariff impacts
Risk Factors
- China regulations requiring local suppliers plus tariff volatility directly threaten international revenues, with currency translation adding $0.37B to 2025 revenues
- Outstanding debt ~$39.38B with $5.00B revolving credit facility; covenant requires minimum 3.5:1.0 Consolidated Net Interest Coverage Ratio
- Goodwill and indefinite-lived intangibles total ~$50.59B ($49.36B + $1.23B) on balance sheet, vulnerable to impairment if acquisitions underperform
- FDA and DEA regulatory exposure: sole manufacturer for numerous pharma customers, meaning single negative regulatory event disrupts multiple downstream supply chains
- Sole/limited-source suppliers for certain materials; no quick qualification of replacements if supplier exits, faces bankruptcy, or is hit by sanctions
Generated from the filing text; verify against the original. How to read a 10-K
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