Thermo Fisher Scientific Inc · NYSE:TMO
Thermo Fisher Scientific — Q1 2026 Earnings Presentation
17 slides from Thermo Fisher Scientific's earnings presentation, Apr 23, 2026
Slide 1: GAAP/Non-GAAP Reconciliation and Financial Package
GAAP/Non-GAAP Reconciliation and Financial Package April 23, 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 (2023 - 2025) 6 Annual Reconciliation of Adjusted EBITDA (2023 - 2025) 7 Quarterly Reconciliation of Adjusted P&L and Free Cash Flow (2025 - 2026) 9 Quarterly Reconciliation of Adjusted EBITDA (2025 - 2026) 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) 2023 2024 2025 GAAP consolidated revenues $42,857 $42,879 $44,556 Reconciliation of organic revenue growth Revenue growth -5% 0% 4% Impact of acquisitions 1% 0% 1% Impact of currency translation 0% 0% 1% Organic revenue growth (n
Slide 5: Annual Reconciliation of Adjusted P&L
Annual Reconciliation of Adjusted P&L (Dollars in millions except EPS) 2023 2024 2025 $ % $ % $ % Reconciliation of adjusted tax provision GAAP tax provision 284 4.5% 657 9.3% 547 7.5% Tax effect of adjusted items (e) 645 5.5% 329 1.2% 458 2.9% Adjusted tax provision (non-GAAP measure) 929 10.0% 986
Slide 6: Annual Reconciliation of Adjusted EBITDA
Annual Reconciliation of Adjusted EBITDA (Dollars in millions) 2023 2024 2025 Reconciliation of adjusted EBITDA GAAP net income attributable to Thermo Fisher Scientific Inc. $ 5,995 $ 6,335 $ 6,704 Interest income (879) (1,078) (993) Interest expense 1,375 1,390 1,419 Other income/expense 65 (12) 12
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) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Revenue Life Sciences Solutions Segment $2,341 $2,499 $2,588 $2,946 $2,636 Analytical Instruments Segment 1,718 1,728 1,893 2,215 1,716 Specialty Diagnostics Segment 1,148 1,134
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) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 $ % $ % $ % $ % $ % Reconciliation of adjusted tax provision GAAP tax provision 95 5.8% 92 5.4% 207 11.3% 153 7.1% 70 4.0% Tax effect of adjusted items (e) 122 4.2% 133 4.6% 64
Slide 9: Quarterly Reconciliation of Adjusted EBITDA
Quarterly Reconciliation of Adjusted EBITDA (Dollars in millions) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Reconciliation of adjusted EBITDA GAAP net income attributable to Thermo Fisher Scientific Inc. $ 1,507 $ 1,617 $ 1,616 $ 1,964 $ 1,651 Interest income (203) (297) (234) (258) (233) Interest expense 303 4
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) 2023 2024 2025 Q1-26 Reconciliation of free cash flow GAAP net cash provided by operating activities $ 8,406 $ 8,667 $ 7,818 $ 1,192 Purchases of property, plant and equipment (1,479) (1,400) (1,5
Slide 11: Business Segment Information
Business Segment Information (Dollars in millions) Q1-25 Q2-25 Q3-25 Q4-25 2025 Q1-26 Life Sciences Solutions Segment Revenues 2,341 2,499 2,588 2,946 10,374 2,636 Total revenue growth 2% 6% 8% 13% 8% 13% Impact of acquisitions 2% 1% 3% 8% 3% 9% Impact of currency translation -1% 1% 1% 2% 1% 3% Orga
Slide 12: Balance Sheets and Leverage Ratios
Balance Sheets and Leverage Ratios (Dollars in millions) 12/31/2023 12/31/2024 12/31/2025 3/28/2026 Assets Current assets: Cash and cash equivalents 8,077 4,009 9,852 3,254 Short-term investments 3 1,561 253 2 Accounts receivable, net 8,221 8,191 8,900 9,204 Inventories 5,088 4,978 5,425 5,496 Other
Slide 13: Debt
Debt Effective Interest Maturity (Dollars in millions) Rate at 3/28/26 Date 12/31/2023 12/31/2024 12/31/2025 3/28/2026 Short-term 3.20% Senior Notes (euro-denominated) 1/21/2026 0 0 587 0 1.40% Senior Notes (euro-denominated) 1/23/2026 0 0 822 0 4.953% Senior Notes 5.15% 8/10/2026 0 0 599 600 0.832%
Slide 14: Debt
Debt Continued from the prior page Effective Interest Maturity (Dollars in millions) Rate at 3/28/26 Date 12/31/2023 12/31/2024 12/31/2025 3/28/2026 1.4175% Senior Notes (Swiss franc-denominated) 1.49% 3/7/2033 0 0 439 436 4.550% Senior Notes 4.73% 6/15/2033 0 0 0 742 5.086% Senior Notes 5.20% 8/10/
Slide 15: 2023 - 2026 Notable Acquisitions
2023 - 2026 Notable Acquisitions Transaction Revenue (a) closing date Entity Business description Segment (millions) 2026 March 24 Clario Holdings, Inc. Leading provider of endpoint data solutions for clinical trials LPBS $1,225 2025 September 1 Solventum's Purification & Filtration business Leading
Slide 16: Capital Deployment
Capital Deployment Share buybacks 2023 2024 2025 2026 Total number of shares purchased (millions) 5.2 7.4 5.8 4.9 Average price paid per share $574.47 $539.68 $521.25 $616.04 Total spend ($ millions) $3,000 $4,000 $3,000 $3,000 Remaining Share Repurchase Authorization (in millions) as of 4/23/2026:
Slide 17: Fiscal Calendar
Fiscal Calendar 2026 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 1 29 30 31 1 2 3 4 14 28 29 30 1 2 3 4 27 27 28 29 30 1 2 3 40 JAN 4 5 6 7 8 9 10 2 APRIL 5 6 7 8 9
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