Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, reported its financial results for the third quarter ended September 27, 2025.

Third Quarter Highlights

• Third quarter revenue grew 5% to $11.12 billion.
• Third quarter GAAP diluted earnings per share (EPS) was $4.27, in-line with the prior-year quarter.
• Third quarter adjusted EPS grew 10% to $5.79.
  
  
• Delivered excellent operational performance in the quarter demonstrating the strength of our proven growth strategy, the power of our PPI Business System, and the continued active management of our company.
  
  
• Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. To advance precision medicine, we received FDA approval for the Oncomine™ Dx Express Test on the Ion Torrent™ Genexus Dx Integrated Sequencer. This is a companion diagnostic for Dizal’s ZEGFROVY® to treat non-small cell lung cancer and for use in tumor profiling, enabling faster therapy decisions by healthcare providers. We also launched the Olink® Target 48 Neurodegeneration panel to help customers advance research and unlock new insights into neurodegenerative diseases such as Alzheimer’s and Parkinson’s. For our structural biology customers, we launched the Thermo Scientific™ Talos™ 12 transmission electron microscope, which advances scientific understanding by delivering enhanced imaging resolution, greater ease of use and higher automation to support biological research, pathology and drug development.
  
  
• Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers to accelerate innovation and enhance productivity. Established a strategic collaboration with OpenAI to further increase the use of artificial intelligence (AI) across our operations, products and services to accelerate scientific breakthroughs, enhance drug development and drive greater productivity.
  
  
• Our PPI Business System and strong execution from our global team resulted in excellent operational performance, including the strong management of our cost base.
  
  
• Continued to successfully execute our capital deployment strategy. During the quarter, we advanced our strategic position by completing the acquisitions of our Filtration and Separation business from Solventum, an excellent complement to our bioproduction capabilities, and Sanofi’s Ridgefield, New Jersey, sterile fill-finish site, expanding our U.S. capacity for drug product manufacturing. We also repurchased $1.0 billion of stock.

“Our team did an outstanding job and delivered excellent operational performance in the quarter, reflecting the strength of our proven growth strategy, the power of our PPI Business System, and the continued active management of our company,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “I’m also very pleased with the progress we made executing our strategy – launching outstanding new products, completing complementary acquisitions, and collaborating with OpenAI to accelerate scientific advancement.”

Casper added, “Looking ahead, we’re in a great position to deliver on our 2025 objectives as we continue to drive long-term value creation for all stakeholders and build an even brighter future for our company.”

Third Quarter 2025

Revenue for the third quarter of 2025 grew 5% to $11.12 billion, versus $10.60 billion in the third quarter of 2024. Organic revenue growth was 3%.

GAAP Earnings Results

GAAP diluted EPS in the third quarter of 2025 was $4.27, versus $4.25 in the third quarter of 2024. GAAP operating income for the third quarter of 2025 was $1.94 billion, compared with $1.84 billion in the year-ago quarter. GAAP operating margin was 17.4%, compared with 17.3% in the third quarter of 2024.

Non-GAAP Earnings Results

Adjusted EPS in the third quarter of 2025 was $5.79, versus $5.28 in the third quarter of 2024. Adjusted operating income for the third quarter of 2025 was $2.59 billion, compared with $2.36 billion in the year-ago quarter. Adjusted operating margin was 23.3%, compared with 22.3% in the third quarter of 2024.