Thermo Fisher Scientific reports third-quarter revenue up 9% to $12.14 billion and adjusted EPS $6.68

Thermo Fisher Scientific Inc. (TMO) reported third-quarter revenue of $12.14 billion on Wednesday, up 9% from $11.12 billion a year earlier. The results cover the quarter ended Sept. 26, 2026, the company said in a filing.

Organic revenue growth, which excludes acquisitions, divestitures and currency translation, was 6%. Acquisitions and divestitures contributed 3%, and currency translation contributed 0%.

Here's how the company did:

• Revenue: $12.14 billion vs. $11.12 billion a year earlier
• GAAP diluted EPS: $4.64 vs. $4.27 a year earlier
• Adjusted EPS: $6.68 vs. $5.79 a year earlier
• Net income attributable to Thermo Fisher Scientific: $1,721 million vs. $1,616 million a year earlier
• Adjusted operating margin: 24.5% vs. 23.3% a year earlier
• Free cash flow: $2,115 million vs. $1,840 million a year earlier

GAAP operating income was $2.26 billion, 17% higher than a year earlier. GAAP operating margin was 18.6%, compared with 17.4% in the third quarter of 2025.

Adjusted operating income was $2.97 billion, 15% higher than the year-ago quarter. Adjusted operating margin was 24.5%, up from 23.3%.

Restructuring and other costs were $199 million, compared with $135 million a year earlier. Amortization of acquisition-related intangible assets was $519 million, up from $435 million.

The adjusted figures also exclude a $72 million gain on the sale of a business and a $244 million held-for-sale loss. The filing does not name the business behind either item.

During the quarter, the company completed its previously announced divestiture of its microbiology business, the filing said.

“We are very pleased to deliver another excellent quarter, with outstanding financial performance on both the top and bottom line,” said Chairman and Chief Executive Officer Marc N. Casper.

Casper added that the company is “well positioned to deliver an excellent 2026.”

Here's how the company's segments did during the quarter:

• Life Sciences Solutions: revenue $2.72 billion vs. $2.59 billion; segment income $1,022 million vs. $968 million
• Analytical Instruments: revenue $2.00 billion vs. $1.89 billion; segment income $538 million vs. $429 million
• Specialty Diagnostics: revenue $1.10 billion vs. $1.17 billion; segment income $341 million vs. $321 million
• Laboratory Products and Biopharma Services: revenue $6.86 billion vs. $5.97 billion; segment income $1,067 million vs. $868 million

Laboratory Products and Biopharma Services revenue rose to $6.86 billion, and its segment income margin was 15.5%, up from 14.5%.

Specialty Diagnostics revenue fell to $1.10 billion from $1.17 billion, while its segment income margin rose to 31.0% from 27.4%.

The company said it launched new products during the quarter, including the Orbitrap Isora mass spectrometer, which the filing describes as the first Orbitrap system designed for isotope ratio analysis.

The release also cites the FDA-cleared EliA CTD 13 Screen in the U.S., an autoimmune test for systemic connective tissue diseases, and the Ion 560 Chip for the Ion GeneStudio S5 platform, which provides nearly twice the sequencing capacity of the prior offering.

In partnership with Mayo Clinic, the company launched Precure, an initiative that will combine data from more than one million patient samples with its proteomics ecosystem. The company also opened an AI-Automation Innovation Center in South Korea and a distribution center in Kentucky.

Nine-month revenue was $35.14 billion, up from $32.34 billion. Nine-month GAAP diluted EPS was $13.75, compared with $12.53, and adjusted EPS was $18.15, up from $16.30.

For the first nine months, operating cash flow was $5.87 billion, compared with $4.36 billion a year earlier. The company spent $8.88 billion on acquisitions, net of cash acquired, up from $4.04 billion, and bought back $4.00 billion of its common stock, compared with $2.96 billion.

Cash and cash equivalents were $5.46 billion at Sept. 26, down from $9.85 billion at Dec. 31. Long-term obligations rose to $39.11 billion from $35.85 billion.

Consolidated depreciation expense was $307 million in the quarter, up from $227 million a year earlier.

The filing does not include updated 2026 financial guidance. The company said it would provide updated guidance on its earnings conference call that morning at 7:00 a.m. Eastern Time.

Adjusted EPS, a non-GAAP measure, excludes items such as restructuring costs and amortization of acquisition-related intangible assets. The company said it does not provide GAAP figures on a forward-looking basis because it cannot predict certain items with reasonable certainty, including the timing and amount of restructuring actions.