Thermo Fisher (1TMO) Q3 2026 Earnings Report
IT:1TMO Q3 2026 EPS Results
- Actual EPS
- EUR 5.96
- Consensus EPS
- EUR 5.71
- Beat/Miss
- Beat by +EUR 0.25
- One Year Ago EPS
- EUR 5.17
IT:1TMO Q3 2026 Revenue Results
- Actual Revenue
- EUR 10.83B
- Expected Revenue
- EUR 10.67B
- Beat/Miss
- Beat by +EUR 164.49M
- YoY Revenue Growth
- +9.13%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
IT:1TMO Upcoming Earnings
Thermo Fisher's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
IT:1TMO Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Thermo Fisher delivered broad-based revenue, profit, margin, cash flow, and organic growth improvements; exceeded prior guidance; raised full-year revenue, EPS, and free cash flow guidance; and reported continued momentum in pharma, biotech, analytical instruments, AI, clinical research, and bioproduction. The main challenges were flat academic and government revenue, a decline in reported Specialty Diagnostics revenue, muted reagent demand, unfavorable mix, and some Pharma Services timing between the third and fourth quarters.
Company Guidance
For 2026, guidance is revenue of $47.7 billion-$48.2 billion, representing 7%-8% reported revenue growth over 2025 and full-year organic revenue growth of 4%; adjusted earnings per share is $25.13-$25.43 per share, representing 10%-11% growth; fourth-quarter organic revenue growth is expected to be 4%, with a year over year revenue tailwind from foreign exchange of approximately $200 million for the year; guidance assumes 80 basis points of adjusted operating income margin expansion, approximately $650 million of net interest expense, an adjusted income tax rate of 11.5%, between $1.9 billion and $2 billion of net capital expenditures, free cash flow between $7 billion and $7.5 billion, $4 billion of share buybacks, approximately $700 million of capital returned through dividends, and a full-year average diluted share count between 371 million and 372 million shares.
- Strong Third-Quarter Financial PerformanceRevenue grew 9% year over year to $12.14 billion, adjusted operating income increased 15% to $2.97 billion, adjusted operating margin expanded by 120 basis points to 24.5%, and adjusted EPS grew 15% to $6.68. GAAP EPS was $4.64, up 9%.
- Organic Growth Outperformed Prior ExpectationsOrganic revenue growth was 6%, approximately two points above the prior guidance assumption. Revenue was more than $200 million ahead of prior guidance, and adjusted EPS was $0.26 above prior guidance, including $0.08 from operational performance, $0.03 from foreign exchange, and $0.15 from tariff refunds.
- Improved End-Market Conditions ContinuedManagement said the improved end-market conditions observed in the second quarter continued in the third quarter, with strong customer activity and high execution across the company.
- Pharma and Biotech Growth StrengthenedPharma and biotech delivered high single-digit growth, led by Pharma Services and the research and safety market channel, with strong growth in clinical research. Management said biotech continued to improve, customer confidence was strong, and funding and pipeline activity had improved.
- Industrial and Applied GrowthIndustrial and applied revenue grew at a high single-digit rate, led by electron microscopy and the research and safety market channel. Demand was described as strong in semiconductor research, quality control, and manufacturing ramp applications.
- Diagnostics and Healthcare GrowthDiagnostics and healthcare revenue grew at a low single-digit rate, with strong growth in transplant diagnostics.
- Strong Analytical Instruments PerformanceAnalytical Instruments reported revenue and organic revenue growth of 6%. Adjusted operating income increased 26%, and adjusted operating margin expanded by 430 basis points to 26.9%, supported by strong productivity, good volume leverage, and favorable mix.
- Laboratory Products and Biopharma Services MomentumLaboratory Products and Biopharma Services reported revenue growth of 15% and organic revenue growth of 10%. Adjusted operating income increased 23%, and adjusted operating margin expanded by 100 basis points to 15.5%, driven by strong Pharma Services, research and safety market channel, and clinical research performance.
- Life Sciences Solutions Profitability ImprovementLife Sciences Solutions reported revenue growth of 5% and adjusted operating income growth of 6%. Adjusted operating margin increased by 20 basis points to 37.6%, with growth led by bioproduction.
- Product Innovation Across Multiple BusinessesThe company launched the Orbitrap Isora mass spectrometer, the EMPAD G2 electron detector, the FDA-cleared EliA CTD 13 Screen in the U.S., and the Ion 560 Chip. The Ion 560 Chip provides nearly twice the sequencing capacity of the previous offering.
- AI-Enabled Electron Microscopy ProductivityAI-enabled software was embedded in the Krios 5 and Glacios 3 cryo-electron microscopes. The technology supports automated workflows and structure-based drug discovery while generating higher-quality data and reducing manual setup time by approximately 90%.
- Expansion of AI in Clinical ResearchThe company launched an AI-based clinical research assistant that connects multiple systems using proprietary clinical and operational data, allowing teams to focus more on site engagement, risk assessment, and study quality. Management said AI capabilities are helping the company win business in clinical research.
- Customer Partnerships and Innovation CentersThermo Fisher launched Precure with Mayo Clinic, combining Mayo Clinic biological samples and clinical insights with Olink proteomics and Orbitrap mass spectrometry. It also opened its first AI-Automation Innovation Center in South Korea to develop scientific workflows with customers.
- Expanded Distribution CapacityThe company opened a highly automated distribution center in Kentucky, expanding capacity and enhancing speed, flexibility, and assurance of supply for North American research and safety and healthcare market channels.
- Capital Deployment and M&A ProgressThe Clario acquisition was performing well, integration was proceeding smoothly, and management cited momentum toward meaningful revenue synergies. The filtration and separation business was also performing very well and strengthened upstream and downstream bioproduction capabilities. The company completed the divestiture of its microbiology business.
- Tariff Refund Recovery and Targeted ReinvestmentThe company recognized approximately $60 million of adjusted operating income from tariff refunds, equivalent to 50 basis points of adjusted operating margin and $0.15 of adjusted EPS. Management said the net amount included targeted reinvestment in AI deployment, Pharma Services capacity scale-up, and additional investments in colleagues.
- Strong Cash Flow and Shareholder ReturnsYear-to-date operating cash flow was $5.9 billion and free cash flow was $4.6 billion after $1.2 billion of net capital expenditures. The company repaid approximately $1.1 billion of senior notes, returned $175 million through dividends, received $1 billion from the microbiology business sale, and had reduced its average diluted share count by 8 million year over year through share repurchases, net of option dilution.
- Raised Full-Year 2026 GuidanceRevenue guidance was raised to $47.7 billion-$48.2 billion, representing 7%-8% reported revenue growth over 2025. Organic revenue growth guidance was raised to 4%, adjusted EPS guidance was raised to $25.13-$25.43, representing 10%-11% growth, and free cash flow guidance was raised to $7 billion-$7.5 billion.
- Positive Geographic PerformanceNorth America and Europe each grew at mid-single-digit rates, while Asia Pacific grew at a low double-digit rate. China also grew at a low double-digit rate, with strength primarily in pharma, biotech, and industrial and applied markets.
- Positive Longer-Term OutlookManagement said the company is progressing through its midterm growth framework, is on track for 4% growth in 2026 after 2% growth last year, and is targeting a return to a normal growth period by the back half of 2027 or the first half of 2028. Management described 7% organic growth as a reasonable long-term outlook but not a ceiling.
- Bioprocessing Business Remains Well PositionedBioproduction was the strongest-growing business in Life Sciences Solutions during the quarter. Management cited leading positions in cell culture media and single-use technologies, expanding positions in purification and filtration, and long-term prospects for the business as a high single-digit to low double-digit growth business.
IT:1TMO Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 6.37- | 5.86 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 5.715.96 | 5.17 | 15.37% (+0.79) | |
| Jul 23, 2026 | 2026 (Q2) | 5.105.38 | 4.78 | 12.50% (+0.60) | |
| Apr 23, 2026 | 2026 (Q1) | 4.684.85 | 4.6 | 5.63% (+0.26) | |
| Jan 29, 2026 | 2025 (Q4) | 5.765.86 | 5.44 | 7.70% (+0.42) | |
| Oct 22, 2025 | 2025 (Q3) | 4.915.17 | 4.71 | 9.66% (+0.46) | |
| Jul 23, 2025 | 2025 (Q2) | 4.664.78 | 4.79 | -0.19% (-0.01) | |
| Apr 23, 2025 | 2025 (Q1) | 4.554.60 | 4.56 | 0.78% (+0.04) | |
| Jan 30, 2025 | 2024 (Q4) | 5.305.44 | 5.06 | 7.58% (+0.38) | |
| Oct 23, 2024 | 2024 (Q3) | 4.684.71 | 5.08 | -7.21% (-0.37) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
