THERMO FISHER SCIENTIFIC INC. Earnings Summary — Q1 2026

• Revenue reached $11.0 billion in Q1 2026, representing 6.18% year-over-year growth, showing continued recovery post-pandemic stabilization.
• Net income rose to $1.66 billion, a 9.1% increase compared to Q1 2025, suggesting improved operational efficiency.
• Operating income of $1.86 billion suggests a margin expansion of approximately 37 basis points year-over-year.
• The 'M&A flywheel' strategy continues to drive scale, with the company maintaining its status as the healthcare sector's leading 'arms dealer'.
• Diluted shares outstanding have trended downward from 379M to 373M year-over-year, reflecting aggressive share buyback execution.
• Interest expense rose to $354 million, up from $303 million in the prior year quarter, reflecting higher financing costs on the debt-heavy balance sheet.

Management remains focused on high single-digit organic growth and double-digit EPS expansion through the PPI (Practical Process Improvement) Business System.

Improving

Revenue growth has accelerated from 0.18% in Q1 2025 to 6.19% in Q1 2026, indicating a successful pivot back to long-term secular growth trends.

The company is positioned for a recovery trend following the subsidence of COVID-related demand, leveraging its diversified bioprocessing and clinical research services segments.