What is the primary revenue source for Thermo Fisher Scientific (TMO)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze TMO's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Thermo Fisher Scientific's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Thermo Fisher Scientific Makes Money: TMO Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Revenue: USD 23.00B
Largest revenue segment share (Service): 43.04%
Cost of revenue: USD 6.72B
Selling, general and administrative: USD 4.51B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Largest revenue segment share (Service)Service · segment_value / revenue * 100
RevenueTotal revenues · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of revenues · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expenses · SellingGeneralAndAdministrativeExpense

Assets

Where is the money tied up, and how is the company financed?

Watch

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Goodwill accounts for 48.45% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 54.83B
Property, plant and equipment: USD 10.76B
Accounts receivable: USD 9.45B
Shareholder equity: USD 52.69B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Accounts receivableAccounts receivable, less allowances of $148 and $147 · AccountsReceivableNetCurrent
GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant, and equipment, after accumulated depreciation, depletion, and amortization · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 97.93% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 3.39B
Operating cash flow: USD 3.32B
Cash conversion: 97.93%
Free cash flow: USD 2.49B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to thermo fisher scientific inc. · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 337.00M
Share repurchases: USD 4.00B
Net shareholder return: USD 4.34B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?