third quarter 2026
Filed Oct 21, 2026Third quarter revenue grew 9% to $12.14 billion; GAAP diluted EPS grew 9% to $4.64 and adjusted EPS grew 15% to $6.68.
Revenue, GAAP operating income, GAAP diluted EPS, adjusted operating income, adjusted EPS and free cash flow all increased from the comparable prior-year quarter. Organic revenue growth was 6%, and both GAAP and adjusted operating margins expanded.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third quarter revenueGAAP | $12.14B | – | 9% |
| Third quarter organic revenue growthnon-GAAP | 6% | – | – |
| Third quarter GAAP operating incomeGAAP | $2.26B | – | 17% |
| Third quarter GAAP operating marginGAAP | 18.6% | – | – |
| Third quarter adjusted operating incomenon-GAAP | $2.97B | – | 15% |
| Third quarter adjusted operating marginnon-GAAP | 24.5% | – | – |
| Third quarter GAAP net income attributable to Thermo Fisher Scientific Inc.GAAP | $1.72B | – | – |
| Third quarter adjusted net incomenon-GAAP | $2.48B | – | – |
| Third quarter GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.GAAP | $4.64 | – | 9% |
| Third quarter adjusted EPSnon-GAAP | $6.68 | – | 15% |
| Third quarter GAAP net cash provided by operating activitiesGAAP | $2.55B | – | – |
| Third quarter free cash flownon-GAAP | $2.12B | – | – |
| Nine months revenueGAAP | $35.14B | – | 9% |
| Nine months organic revenue growthnon-GAAP | 4% | – | – |
| Nine months GAAP operating incomeGAAP | $6.21B | – | – |
| Nine months GAAP operating marginGAAP | 17.7% | – | – |
| Nine months adjusted operating incomenon-GAAP | $8.1B | – | – |
| Nine months adjusted operating marginnon-GAAP | 23.1% | – | – |
| Nine months GAAP net income attributable to Thermo Fisher Scientific Inc.GAAP | $5.11B | – | – |
| Nine months adjusted net incomenon-GAAP | $6.75B | – | – |
| Nine months GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.GAAP | $13.75 | – | – |
| Nine months adjusted EPSnon-GAAP | $18.15 | – | – |
| Nine months GAAP net cash provided by operating activitiesGAAP | $5.87B | – | – |
| Nine months free cash flownon-GAAP | $4.62B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Life Sciences Solutions, third quarter 2026No segment-specific revenue driver was disclosed. | $2.72B | – | – |
| Analytical Instruments, third quarter 2026No segment-specific revenue driver was disclosed. | $2.00B | – | – |
| Specialty Diagnostics, third quarter 2026No segment-specific revenue driver was disclosed. | $1.10B | – | – |
| Laboratory Products and Biopharma Services, third quarter 2026No segment-specific revenue driver was disclosed. | $6.86B | – | – |
| Life Sciences Solutions, nine months ended September 26, 2026No segment-specific revenue driver was disclosed. | $8.17B | – | – |
| Analytical Instruments, nine months ended September 26, 2026No segment-specific revenue driver was disclosed. | $5.56B | – | – |
| Specialty Diagnostics, nine months ended September 26, 2026No segment-specific revenue driver was disclosed. | $3.44B | – | – |
| Laboratory Products and Biopharma Services, nine months ended September 26, 2026No segment-specific revenue driver was disclosed. | $19.59B | – | – |
Capital returns
- Nine months purchases of company common stock: $(4,000) million.
- Nine months dividends paid: $(511) million.
- The company completed its previously announced divestiture of its microbiology business during the quarter.
What drove it
- Third quarter reported revenue growth was 9%, comprising 6% organic revenue growth, 3% acquisitions/divestitures and 0% currency translation.
- The company launched products including the Thermo Scientific™ Orbitrap™ Isora™ mass spectrometer, Thermo Scientific™ EMPAD™ G2 electron detector, FDA-cleared EliA™ CTD 13 Screen and Ion 560 Chip.
- Thermo Fisher launched Precure with Mayo Clinic, opened its first AI-Automation Innovation Center in South Korea and opened a highly automated distribution center in Kentucky.
- Third quarter GAAP operating margin was 18.6%, compared with 17.4%; adjusted operating margin was 24.5%, compared with 23.3%.
- Analytical Instruments third-quarter segment income margin was 26.9%, compared with 22.6%; Specialty Diagnostics was 31.0%, compared with 27.4%; and Laboratory Products and Biopharma Services was 15.5%, compared with 14.5%.
Concerns
- Specialty Diagnostics third-quarter revenue was $1,098 million, compared with $1,174 million in the prior-year quarter.
- Third-quarter restructuring and other costs were $199 million, compared with $135 million in the prior-year quarter.
- Cash and cash equivalents were $5,461 million at September 26, 2026, compared with $9,852 million at December 31, 2025.
- Long-term obligations were $39,108 million at September 26, 2026, compared with $35,852 million at December 31, 2025.
- Nine months acquisitions, net of cash acquired, were $(8,877) million, compared with $(4,037) million in the prior-year period.
What to watch
- Updated 2026 financial guidance, which the company said it would provide during its October 21, 2026 earnings conference call.
- Organic revenue growth following 6% in the third quarter and 4% for the nine months ended September 26, 2026.
- Performance in Specialty Diagnostics after third-quarter revenue of $1,098 million versus $1,174 million in the prior-year quarter.
- Cash deployment for acquisitions, debt issuance and repayments following the nine-month cash flow activity.
- Margin progression after third-quarter GAAP operating margin of 18.6% and adjusted operating margin of 24.5%.
Balance sheet and cash flow
- Cash and cash equivalents at September 26, 2026: $5,461 million; December 31, 2025: $9,852 million.
- Short-term investments at September 26, 2026: $600 million; December 31, 2025: $253 million.
- Short-term obligations and current maturities of long-term obligations at September 26, 2026: $2,262 million; December 31, 2025: $3,533 million.
- Long-term obligations at September 26, 2026: $39,108 million; December 31, 2025: $35,852 million.
- Nine months net cash provided by operating activities: $5,867 million; prior year: $4,361 million.
- Nine months purchases of property, plant and equipment: $(1,263) million; prior year: $(1,060) million.
- Nine months acquisitions, net of cash acquired: $(8,877) million; prior year: $(4,037) million.
- Nine months proceeds from sale of business, net of cash divested: $1,021 million.
- Nine months net proceeds from issuance of debt: $5,238 million; prior year: $2,840 million.
- Nine months repayment of debt: $(2,519) million; prior year: $(1,625) million.
- Nine months free cash flow: $4,618 million; prior year: $3,319 million.
Analysis
Thermo Fisher reported a strong third quarter, with revenue of $12.14 billion versus $11.12 billion in the comparable 2025 quarter. Reported revenue growth was 9%, including 6% organic revenue growth, while acquisitions/divestitures contributed 3% and currency translation was 0%. The nine-month period also produced 9% reported revenue growth to $35.14 billion, although organic growth for that period was 4%.
Profitability improved at both the GAAP and adjusted levels. Third-quarter GAAP operating income was $2.26 billion, 17% higher than the year-ago quarter, and GAAP operating margin increased to 18.6% from 17.4%. Adjusted operating income was $2.97 billion, 15% higher than the year-ago quarter, with adjusted operating margin increasing to 24.5% from 23.3%. GAAP diluted EPS was $4.64, up 9%, while adjusted EPS was $6.68, up 15%.
The segment revenue table showed growth in Life Sciences Solutions, Analytical Instruments and Laboratory Products and Biopharma Services, while Specialty Diagnostics reported revenue of $1,098 million compared with $1,174 million in the prior-year quarter. Margin expansion was broad across the reported segment-income table, including Analytical Instruments, Specialty Diagnostics and Laboratory Products and Biopharma Services. The company also cited product launches, the Precure initiative with Mayo Clinic, an AI-Automation Innovation Center in South Korea and a new Kentucky distribution center as commercial and operating initiatives.
Cash generation increased, with third-quarter operating cash flow of $2.55 billion and free cash flow of $2.12 billion. For the first nine months, operating cash flow was $5.87 billion and free cash flow was $4.62 billion. Capital allocation included $(8,877) million of acquisitions, $(4,000) million of common-stock repurchases, $(511) million of dividends paid and $5,238 million of net debt issuance. Cash and cash equivalents were $5,461 million at September 26, 2026, while long-term obligations were $39,108 million.
The release did not provide numerical 2026 guidance. Instead, Thermo Fisher stated that it would provide updated 2026 financial guidance during its earnings conference call. The principal next disclosure is therefore the company's specific outlook, alongside the trajectory of organic growth, Specialty Diagnostics revenue and cash deployment following the reported acquisition, debt and shareholder-return activity.
Management, verbatim
We’re advancing our proven growth strategy, which is resonating strongly with our customers, and our PPI Business System is enabling outstanding execution across the company.
Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific
Looking ahead, we’re well positioned to deliver an excellent 2026 as we continue to drive long-term value creation for all of our stakeholders and build an even brighter future for our company.
Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific
Not in the filing
stated, not guessed- Numerical updated 2026 financial guidance was not included in the filing text.
- Prior outlook was not provided, so no comparison of actual results with prior guidance is available.
- Third-quarter gross margin and nine-month gross margin were not reported.
- Third-quarter and nine-month tax rates were not reported.
- Quarterly cash balance, debt balance, share repurchases and dividends were not separately reported.
- Segment-specific revenue growth rates and segment-specific revenue drivers were not reported.
- Prior-quarter comparisons were not reported for the listed metrics.
- A GAAP reconciliation for forward-looking guidance was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.