Thermo Fisher (TMO) Q2 2026 Earnings Report

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Previous Report: Q1 2026

TMO Q2 2026 EPS Results

Actual EPS$6.03

Consensus EPS$5.72

Beat/MissBeat by +$0.31

One Year Ago EPS$5.36

TMO Q2 2026 Revenue Results

Actual Revenue$11.99B

Expected Revenue$11.71B

Beat/MissBeat by +$287.95M

YoY Revenue Growth+10.49%

Earnings Announcement Details

QuarterQ2 2026

Date07/23/2026

TimeBefore Open

Conference CallThursday, July 23, 2026

TMO Upcoming Earnings

Thermo Fisher's next earnings date is estimated for October 21, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

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.

TMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 21, 2026	2026 (Q3)	6.40 / -	5.79	―
Jul 23, 2026	2026 (Q2)	5.72 / 6.03	5.36	12.50% (+0.67)
Apr 23, 2026	2026 (Q1)	5.25 / 5.44	5.15	5.63% (+0.29)
Jan 29, 2026	2025 (Q4)	6.45 / 6.57	6.1	7.70% (+0.47)
Oct 22, 2025	2025 (Q3)	5.50 / 5.79	5.28	9.66% (+0.51)
Jul 23, 2025	2025 (Q2)	5.23 / 5.36	5.37	-0.19% (>-0.01)
Apr 23, 2025	2025 (Q1)	5.10 / 5.15	5.11	0.78% (+0.04)
Jan 30, 2025	2024 (Q4)	5.94 / 6.10	5.67	7.58% (+0.43)
Oct 23, 2024	2024 (Q3)	5.24 / 5.28	5.69	-7.21% (-0.41)
Jul 24, 2024	2024 (Q2)	5.12 / 5.37	5.15	4.27% (+0.22)

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