◆ Inside the Latest Quarter (Q2 2026)

Thermo Fisher Scientific (TMO) — the variant view

In the second quarter of 2026 Thermo Fisher grew 10%, half of it organic, lifted margins in instruments and raised its guidance.

📈 TMO valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Thermo Fisher's second quarter of 2026 brought its fastest organic growth in five quarters. Revenue grew 10% to $11,994 million1: 5% organic, 5% from acquisitions and 1% from currency2. GAAP diluted earnings per share rose 9% to $4.68, and adjusted earnings per share rose 13% to $6.033.

Revenue growth by segment, Q2 2026 (%)12.6%Life Sciences Solutions11.6%Lab Productsand Biopharma6.9%Analytical Instruments6.3%Specialty DiagnosticsThermo Fisher Q2 2026 results release; reported growth, calculated
The two segments with acquisitions grew fastest.

Every segment grew. Life Sciences Solutions revenue was $2,815 million, Analytical Instruments $1,847 million, Specialty Diagnostics $1,205 million and Laboratory Products and Biopharma Services $6,693 million4. Analytical Instruments did best on profit: its segment margin rose to 23.0% from 18.8%5, and management said adjusted operating income there "increased 30%"6.

Clario, completed in March, showed up in clinical research, which was $2,396 million against $1,955 million7. The company agreed in April to sell its microbiology business to Astorg for approximately $1.075 billion8.

Cash and capital moved quickly. Free cash flow was $1,678 million against $1,105 million9, and the company bought back 2,071,838 shares at an average $482.6610. It raised 2026 revenue guidance to $47.4 billion to $48.1 billion and adjusted earnings per share to $24.93 to $25.3311.

The gap between reported and adjusted profit stayed wide. GAAP operating income was $2,087 million, a 17.4% margin, against adjusted operating income of $2,735 million, 22.8%12; the difference is mostly amortization of what was bought. The adjusted gross margin was 41.4% and adjusted selling, general and administrative expense 15.6% of revenue13. The company also cut about 1% of its workforce through severance actions in the first half14.

The quarter confirms the recovery. The third-quarter results, due around 21 October 202615, will show whether organic growth holds at 5%; the company expects adjusted earnings per share $0.35 to $0.40 above the second quarter's16.

References
  1. ReportedRevenue grew 10% to $11,994 million: 5% organic, 5% from acquisitions and 1% from currency.
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  2. ReportedRevenue grew 10% to $11,994 million: 5% organic, 5% from acquisitions and 1% from currency.
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  3. ReportedGAAP diluted earnings per share rose 9% to $4.68, and adjusted earnings per share rose 13% to $6.03.
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  4. ReportedLife Sciences Solutions revenue was $2,815 million, Analytical Instruments $1,847 million, Specialty Diagnostics $1,205 million and Laboratory Products and Biopharma Services $6,693 million.
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  5. ReportedAnalytical Instruments did best on profit: its segment margin rose to 23.0% from 18.8%, and management said adjusted operating income there "increased 30%".
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  6. ReportedAnalytical Instruments did best on profit: its segment margin rose to 23.0% from 18.8%, and management said adjusted operating income there "increased 30%".
    Thermo Fisher Scientific second-quarter 2026 earnings call transcript (Motley Fool) - organic growth by segment and market, China, the raised 2026 guidance, leverage, adjusted ROIC and the microbiology sale. Figures from the transcript body, not the summary block - organic growth by segment, end market and region, and the microbiology sale. — Q2 2026 · publ. 23 July 2026 · source ↗
  7. ReportedClario, completed in March, showed up in clinical research, which was $2,396 million against $1,955 million.
    Thermo Fisher Scientific Form 10-Q for the quarter ended 27 June 2026 - revenue by business and by type, the Clario purchase price, the microbiology sale, share repurchases, dividends and the balance sheet. — Q2 2026 · publ. 31 July 2026 · source ↗
  8. ReportedThe company agreed in April to sell its microbiology business to Astorg for approximately $1.075 billion.
    Thermo Fisher Scientific Form 10-Q for the quarter ended 27 June 2026 - revenue by business and by type, the Clario purchase price, the microbiology sale, share repurchases, dividends and the balance sheet. — Q2 2026 · publ. 31 July 2026 · source ↗
  9. ReportedFree cash flow was $1,678 million against $1,105 million, and the company bought back 2,071,838 shares at an average $482.66.
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  10. ReportedFree cash flow was $1,678 million against $1,105 million, and the company bought back 2,071,838 shares at an average $482.66.
    Thermo Fisher Scientific Form 10-Q for the quarter ended 27 June 2026 - revenue by business and by type, the Clario purchase price, the microbiology sale, share repurchases, dividends and the balance sheet. — Q2 2026 · publ. 31 July 2026 · source ↗
  11. ReportedIt raised 2026 revenue guidance to $47.4 billion to $48.1 billion and adjusted earnings per share to $24.93 to $25.33.
    Thermo Fisher Scientific second-quarter 2026 earnings call transcript (Motley Fool) - organic growth by segment and market, China, the raised 2026 guidance, leverage, adjusted ROIC and the microbiology sale. Figures from the transcript body, not the summary block - 2026 guidance, capital deployment, leverage and adjusted ROIC. — Q2 2026 · publ. 23 July 2026 · source ↗
  12. ReportedGAAP operating income was $2,087 million, a 17.4% margin, against adjusted operating income of $2,735 million, 22.8%; the difference is mostly amortization of what was bought.
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  13. ReportedThe adjusted gross margin was 41.4% and adjusted selling, general and administrative expense 15.6% of revenue.
    Thermo Fisher Scientific second-quarter 2026 earnings call transcript (Motley Fool) - organic growth by segment and market, China, the raised 2026 guidance, leverage, adjusted ROIC and the microbiology sale. Figures from the transcript body, not the summary block - organic growth by segment, end market and region, and the microbiology sale. — Q2 2026 · publ. 23 July 2026 · source ↗
  14. ReportedThe company also cut about 1% of its workforce through severance actions in the first half.
    Thermo Fisher Scientific Form 10-Q for the quarter ended 27 June 2026 - revenue by business and by type, the Clario purchase price, the microbiology sale, share repurchases, dividends and the balance sheet. — Q2 2026 · publ. 31 July 2026 · source ↗
  15. ReportedThe third-quarter results, due around 21 October 2026, will show whether organic growth holds at 5%; the company expects adjusted earnings per share $0.35 to $0.40 above the second quarter's.
    Thermo Fisher (TMO) statistics - trailing P/E 36.32, forward P/E 25.69, P/S 5.39, 369.75 million shares, institutions 92.99%, 52-week change +44.23%. — September 2026 · publ. 25 September 2026 · source ↗
  16. ReportedThe third-quarter results, due around 21 October 2026, will show whether organic growth holds at 5%; the company expects adjusted earnings per share $0.35 to $0.40 above the second quarter's.
    Thermo Fisher Scientific second-quarter 2026 earnings call transcript (Motley Fool) - organic growth by segment and market, China, the raised 2026 guidance, leverage, adjusted ROIC and the microbiology sale. Figures from the transcript body, not the summary block - 2026 guidance, capital deployment, leverage and adjusted ROIC. — Q2 2026 · publ. 23 July 2026 · source ↗
Sources
Generated September 28, 2026