Thermo Fisher Scientific Inc · NYSE:TMO
Thermo Fisher Scientific — Q4 2025 Earnings Presentation
17 slides from Thermo Fisher Scientific's earnings presentation, Jan 29, 2026
Slide 1: GAAP/Non-GAAP Reconciliation and Financial Package
GAAP/Non-GAAP Reconciliation and Financial Package January 29, 2026
Slide 2: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/div
Slide 3: Table of Contents
Table of Contents Page 4 Annual Reconciliation of Adjusted P&L (2022 - 2025) 6 Annual Reconciliation of Adjusted EBITDA (2022 - 2025) 7 Quarterly Reconciliation of Adjusted P&L and Free Cash Flow (2024 - 2025) 9 Quarterly Reconciliation of Adjusted EBITDA (2024 - 2025) 10 Free Cash Flow, Adjusted Re
Slide 4: Annual Reconciliation of Adjusted P&L
Annual Reconciliation of Adjusted P&L (Dollars in millions except EPS) 2022 2023 2024 2025 GAAP consolidated revenues $44,915 $42,857 $42,879 $44,556 Reconciliation of organic revenue growth Revenue growth 15% -5% 0% 4% Impact of acquisitions 18% 1% 0% 1% Impact of currency translation -3% 0% 0% 1%
Slide 5: Annual Reconciliation of Adjusted P&L
Annual Reconciliation of Adjusted P&L (Dollars in millions except EPS) 2022 2023 2024 2025 $ % $ % $ % $ % Reconciliation of adjusted tax provision GAAP tax provision 703 9.0% 284 4.5% 657 9.3% 547 7.5% Tax effect of adjusted items (e) 672 4.0% 645 5.5% 329 1.2% 458 2.9% Adjusted tax provision (non-
Slide 6: Annual Reconciliation of Adjusted EBITDA
Annual Reconciliation of Adjusted EBITDA (Dollars in millions) 2022 2023 2024 2025 Reconciliation of adjusted EBITDA GAAP net income attributable to Thermo Fisher Scientific Inc. $ 6,950 $ 5,995 $ 6,335 $ 6,704 Interest income (272) (879) (1,078) (993) Interest expense 726 1,375 1,390 1,419 Other in
Slide 7: Quarterly Reconciliation of Adjusted P&L and Free Cash Flow
Quarterly Reconciliation of Adjusted P&L and Free Cash Flow (Dollars in millions except EPS) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Revenue Life Sciences Solutions Segment $2,285 $2,355 $2,387 $2,604 $2,341 $2,499 $2,588 $2,946 Analytical Instruments Segment 1,687 1,782 1,808 2,186 1,718 1,
Slide 8: Quarterly Reconciliation of Adjusted P&L and Free Cash Flow
Quarterly Reconciliation of Adjusted P&L and Free Cash Flow (Dollars in millions except EPS) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 $ % $ % $ % $ % $ % $ % $ % $ % Reconciliation of adjusted tax provision GAAP tax provision 281 17.7% 128 7.2% 99 5.7% 150 7.7% 95 5.8% 92 5.4% 207 11.3% 153 7
Slide 9: Quarterly Reconciliation of Adjusted EBITDA
Quarterly Reconciliation of Adjusted EBITDA (Dollars in millions) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Reconciliation of adjusted EBITDA GAAP net income attributable to Thermo Fisher Scientific Inc. $ 1,328 $ 1,548 $ 1,630 $ 1,830 $ 1,507 $ 1,617 $ 1,616 $ 1,964 Interest income (279) (295
Slide 10: Free Cash Flow, Adjusted Return on Invested Capital and Adjusted Return on Equity
Free Cash Flow, Adjusted Return on Invested Capital and Adjusted Return on Equity (Dollars in millions) 2022 2023 2024 Q1-25 Q2-25 Q3-25 Q4-25 Reconciliation of free cash flow GAAP net cash provided by operating activities $ 9,154 $ 8,406 $ 8,667 $ 723 $ 1,399 $ 2,239 $ 3,457 Purchases of property,
Slide 11: Business Segment Information
Business Segment Information (Dollars in millions) Q1-24 Q2-24 Q3-24 Q4-24 2024 Q1-25 Q2-25 Q3-25 Q4-25 2025 Life Sciences Solutions Segment Revenues 2,285 2,355 2,387 2,604 9,631 2,341 2,499 2,588 2,946 10,374 Total revenue growth -13% -4% -2% 5% -3% 2% 6% 8% 13% 8% Impact of acquisitions 0% 0% 2%
Slide 12: Balance Sheets and Leverage Ratios
Balance Sheets and Leverage Ratios (Dollars in millions) 12/31/2022 12/31/2023 12/31/2024 3/29/2025 6/28/2025 9/27/2025 12/31/2025 Assets Current assets: Cash and cash equivalents 8,524 8,077 4,009 4,134 4,576 1,982 9,852 Short-term investments — 3 1,561 1,813 1,814 1,564 253 Accounts receivable, ne
Slide 13: Debt
Debt Effective Interest Maturity (Dollars in millions) Rate at 12/31/25 Date 12/31/2022 12/31/2023 12/31/2024 3/29/2025 6/28/2025 9/27/2025 12/31/2025 Short-term 0.125% Senior Notes (euro-denominated) 3/1/2025 0 0 828 0 0 0 0 2.00% Senior Notes (euro denominated) 4/15/2025 0 0 662 693 0 0 0 0.853% S
Slide 14: Debt
Debt Continued from the prior page Effective Interest Rate at Maturity (Dollars in millions) 12/31/25 Date 12/31/2022 12/31/2023 12/31/2024 3/29/2025 6/28/2025 9/27/2025 12/31/2025 0.875% Senior Notes (euro-denominated) 1.14% 10/1/2031 953 984 924 967 1,047 1,046 1,050 2.00% Senior Notes 2.23% 10/15
Slide 15: 2022 - 2025 Notable Acquisitions
2022 - 2025 Notable Acquisitions Transaction Revenue (a) closing date Entity Business description Segment (millions) 2025 September 1 Solventum's Purification & Filtration business Leading provider of purification and filtration technologies LSS $700 2024 July 10 Olink Leading provider of solutions
Slide 16: Capital Deployment
Capital Deployment Share buybacks 2022 2023 2024 2025 Total number of shares purchased (millions) 5.3 5.2 7.4 5.8 Average price paid per share $569.47 $574.47 $539.68 $521.25 Total spend ($ millions) $3,000 $3,000 $4,000 $3,000 Remaining Share Repurchase Authorization (in millions) as of 1/29/2026:
Slide 17: Fiscal Calendar
Fiscal Calendar 2025 FISCAL CALENDAR FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week 1 2 3 4 1 30 31 1 2 3 4 5 14 29 30 1 2 3 4 5 27 28 29 30 1 2 3 4 40 JAN 5 6 7 8 9 10 11 2 APRIL 6 7 8 9 1
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