EarningsQ2 2026 Earnings Report

Thermo Fisher (TMO) Q2 2026 Earnings Report

0 Followers

Previous Report: Q1 2026

MX:TMO Q2 2026 EPS Results

Actual EPS$101.98

Consensus EPS$96.72

Beat/MissBeat by +$5.26

One Year Ago EPS$90.65

MX:TMO Q2 2026 Revenue Results

Actual Revenue$202.84B

Expected Revenue$197.97B

Beat/MissBeat by +$4.87B

YoY Revenue Growth+10.49%

Earnings Announcement Details

QuarterQ2 2026

Date07/23/2026

TimeBefore Open

Conference CallThursday, July 23, 2026

MX:TMO Upcoming Earnings

Thermo Fisher's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:TMO Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong operational execution: double-digit reported revenue growth, a clean beat to prior guidance, margin expansion, robust free cash flow, successful acquisition integration, numerous product launches and an upward revision to full-year guidance. The primary negatives were modest and manageable: the planned microbiology divestiture (small near-term revenue and EPS drag and future dilution), lingering softness in certain end markets (academic/government and parts of China), some unfavorable product mix impacts, a reduced FX tailwind and elevated leverage. Overall, the positives in the quarter — including beats, guidance raise, margin expansion and strong cash generation — substantially outweigh the lowlights.

Company Guidance

Thermo Fisher raised its 2026 outlook, now targeting revenue of $47.4 billion to $48.1 billion (3%–4% organic growth, now expected at about 4% at the upper end) and adjusted EPS of $24.93 to $25.33 (9%–11% growth vs. 2025, with a $0.25 midpoint increase), with embedded adjusted operating margin expansion of ~80 basis points; Q3 adjusted EPS is expected to be $0.35–$0.40 higher than Q2. Key assumptions include a $200 million FX revenue tailwind (about $100 million below prior view), acquisitions contributing ~$1.6 billion of revenue and $0.32 of EPS, the pending microbiology divestiture reducing 2026 revenue by ~ $200 million and EPS by $0.05 (and ~-$0.15 EPS in the first full year post-close), net interest of ~$660 million, an adjusted tax rate of 11.5%, free cash flow of $6.9–$7.4 billion (capex $1.9–$2.1 billion), $4 billion of share buybacks assumed (with $3B done in January and $1B in Q2), ~$700 million of dividends, and a full‑year diluted share count of ~370–373 million.

Strong Top-Line and EPS Beat

Q2 reported revenue grew 10% year-over-year to $11.99 billion, driven by 5% organic growth and a 5% contribution from acquisitions; adjusted EPS grew 13% to $6.03 and GAAP EPS was $4.68 (up 9%). Q2 revenue was approximately $300 million ahead of prior guidance and adjusted EPS was $0.30 ahead.

Margin Expansion and Profitability

Adjusted operating income increased 15% to $2.73 billion and adjusted operating margin expanded 90 basis points to 22.8%; adjusted gross margin was 41.4%. Productivity and favorable volume leverage offset unfavorable mix to drive margin improvement.

Organic Growth and Geographic Performance

Q2 organic revenue growth was 5%. By geography, Europe and Asia Pacific grew high single digits, North America grew low single digits, and China returned to low single-digit growth after prior declines.

Segment-Level Strength

Life Sciences Solutions: reported revenue +13% (organic +3%), adjusted operating margin 37.0% (up 20 bps). Analytical Instruments: organic +7%, adjusted operating income +30%, margin 23.0% (up 420 bps). Specialty Diagnostics: reported +6% (organic +5%), margin 27.7% (up 70 bps). Lab Products & Biopharma Services: reported +12% (organic +5%), margin 14.0% (up 20 bps).

Strong Free Cash Flow and Capital Return

Year-to-date cash from operations was $3.3 billion and free cash flow was $2.5 billion after $800 million of net CapEx in Q2. Q2 capital returns included $1.0 billion of share repurchases and ~$175 million of dividends; full-year plan assumes $4.0 billion of buybacks and ~$700 million of dividends.

Acquisitions Performing and Integration Progress

Recently closed acquisitions (including Clario and the filtration & separation business) delivered strong performance in Q2 and integrations are progressing smoothly; acquisitions are now expected to contribute ~$1.6 billion of revenue and $0.32 of adjusted EPS for 2026.

High-Impact Innovation and Commercial Momentum

Multiple product launches and AI-enabled solutions (Orbitrap Tribrid Apex, Orbitrap Excedion, Orbitrap Astral, Vanquish Amplify UHPLC, Applied Biosystems PowerFlex thermal cycler) drove adoption and supported share gains; opened a U.S. bioprocess design center and announced strategic collaborations to expand customer engagement.

Raised Full-Year Guidance

Full-year revenue guidance raised to $47.4 billion–$48.1 billion (6%–8% reported growth) and adjusted EPS guidance raised to $24.93–$25.33 (9%–11% growth). Full-year organic revenue growth expectation increased to about 4% with the company expecting to deliver at the upper end of its 3%–4% range.

MX:TMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	108.39 / -	97.921	―
Jul 23, 2026	2026 (Q2)	96.72 / 101.98	90.649	12.50% (+11.33)
Apr 23, 2026	2026 (Q1)	88.76 / 92.00	87.098	5.63% (+4.90)
Jan 29, 2026	2025 (Q4)	109.07 / 111.11	103.164	7.70% (+7.95)
Oct 22, 2025	2025 (Q3)	92.97 / 97.92	89.296	9.66% (+8.63)
Jul 23, 2025	2025 (Q2)	88.38 / 90.65	90.818	-0.19% (-0.17)
Apr 23, 2025	2025 (Q1)	86.27 / 87.10	86.421	0.78% (+0.68)
Jan 30, 2025	2024 (Q4)	100.49 / 103.16	95.892	7.58% (+7.27)
Oct 23, 2024	2024 (Q3)	88.65 / 89.30	96.23	-7.21% (-6.93)
Jul 24, 2024	2024 (Q2)	86.61 / 90.82	87.098	4.27% (+3.72)

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