# Thermo Fisher Scientific (TMO) Q2 2025 Financial Results Summary
On July 23, 2025, Thermo Fisher Scientific Inc. (NYSE: TMO) announced its financial results for the second quarter ending June 28, 2025. Below is a summary of the key financial metrics and performance highlights from the report.
## Second Quarter Highlights
– **Revenue**:
– Grew **3%** to **$10.85 billion** compared to **$10.54 billion** in Q2 2024.
– Organic revenue growth was **2%**.
– **Earnings per Share (EPS)**:
– GAAP diluted EPS increased by **6%** to **$4.28**, up from **$4.04** in Q2 2024.
– Adjusted EPS for the quarter was **$5.36**, compared to **$5.37** a year earlier.
– **Operating Performance**:
– GAAP operating income was **$1.83 billion**, slightly up from **$1.82 billion** in the previous year.
– GAAP operating margin stood at **16.9%**, a decrease from **17.3%** in Q2 2024.
– Adjusted operating income rose to **$2.38 billion** from **$2.35 billion**, with an adjusted operating margin of **21.9%**, down from **22.3%** in the same period last year.
## Strategic Developments
– The company showcased strong operational performance attributed to effective management within a challenging macroenvironment.
– **Product Innovations**: Several high-impact inventions were launched, including:
– Thermo Scientific™ Orbitrap™ Astral™ Zoom and Excedion™ Pro mass spectrometers.
– Thermo Scientific™ Krios™ 5 Cryo-TEM instrument.
– Expanded DynaDrive™ single-use bioreactor portfolio.
– **Partnership Expansion**:
– Expanded strategic partnership with Sanofi, acquiring its Ridgefield, New Jersey sterile fill-finish site to enhance capacity for clients in the pharmaceutical and biotech industries.
## Financial Overview
### Key Financial Metrics
– **Revenue**:
– Total: **$10.85 billion** (3% growth)
– Organic growth: **2%**
– **Net Income**:
– GAAP net income attributable to Thermo Fisher Scientific stood at **$1.62 billion**, reflecting an increase from **$1.55 billion** a year earlier.
– **Free Cash Flow**:
– Generated **$1.48 billion** during the quarter.
### Costs & Expenses
– **Total Costs and Operating Expenses**:
– Increased to **$9.02 billion** from **$8.8 billion** year-over-year.
– **Research and Development Expenses**:
– Rose to **$1.78 billion** from **$1.69 billion** in Q2 2024.
## Shareholder Returns
– **Dividends**:
– The company paid dividends totaling **$311 million**, up from **$284 million** in the same quarter last year.
– **Share Repurchase**:
– Repurchased **$2 billion** of its own stock, compared to **$3 billion** in the same quarter of the previous year.
## Annual Guidance
– An updated financial outlook for 2025 was scheduled to be provided during the earnings conference call held on July 23, 2025.
## Summary
Thermo Fisher Scientific’s Q2 2025 financial results reflect steady growth amidst challenging market conditions. Key performance metrics indicate a successful navigation of the operational landscape, enhanced by strategic partnerships and innovative product launches. The company remains committed to returning value to shareholders through dividends and share repurchase programs. The expanded partnership with Sanofi further reinforces its competitive advantage in the life sciences sector.
# Condensed Consolidated Statements of Income (unaudited)
(Dollars in millions except per share amounts)
| Revenues | Three months ended | ||
|---|---|---|---|
| June 28, 2025 | June 29, 2024 | ||
| Cost of revenues (a) | 10,855 | 10,541 | |
| Selling, general and administrative expenses (b) | 6,378 | 6,106 | |
| Amortization of acquisition-related intangible assets | 1,779 | 1,687 | |
| Research and development expenses | 429 | 513 | |
| Total costs and operating expenses | 352 | 339 | |
| Operating income | 82 | 77 | |
| Interest income | 9,021 | 8,722 | |
| Interest expense | 1,834 | 1,820 | |
| Other income/(expense) (d) | 297 | 295 | |
| Income before income taxes | (404) | (354) | |
| Benefit from/(provision for) income taxes (e) | (19) | 5 | |
| Equity in earnings/(losses) of unconsolidated entities | 1,709 | 1,765 | |
| Net income | (92) | (128) | |
| Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f) | 2 | (84) | |
| Net income attributable to Thermo Fisher Scientific Inc. | 1,618 | 1,553 | |
| Earnings per share attributable to Thermo Fisher Scientific Inc.: | |||
| Basic | $4.28 | $4.05 | |
| Diluted | $4.28 | $4.04 | |
| Weighted average shares: | |||
| Basic | 378 | 382 | |
| Diluted | 378 | 383 |
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# Condensed Consolidated Balance Sheets (unaudited)
(In millions)
| Assets | June 28, 2025 | December 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $4,576 | $4,009 |
| Short-term investments | 1,814 | 1,561 |
| Accounts receivable, net | 8,594 | 8,191 |
| Inventories | 5,559 | 4,978 |
| Other current assets | 4,040 | 3,399 |
| Total current assets | 24,584 | 22,137 |
| Property, plant and equipment, net | 9,635 | 9,306 |
| Acquisition-related intangible assets, net | 15,148 | 15,533 |
| Other assets | 4,615 | 4,492 |
| Goodwill | 47,249 | 45,853 |
| Total assets | $101,230 | $97,321 |
| Liabilities, redeemable noncontrolling interest and equity | ||
| Current liabilities: | ||
| Short-term obligations and current maturities of long-term obligations | $2,214 | $2,214 |
| Other current liabilities | 10,504 | 11,118 |
| Total current liabilities | 12,718 | 13,332 |
| Other long-term liabilities | 4,894 | 5,257 |
| Long-term obligations | 33,015 | 29,061 |
| Redeemable noncontrolling interest | 126 | 120 |
| Total equity | 50,476 | 49,551 |
| Total liabilities, redeemable noncontrolling interest and equity | $101,230 | $97,321 |
