Thermo Fisher grows third-quarter revenue 9% to $12.14 billion as adjusted EPS jumps 15%

Thermo Fisher Scientific grew third-quarter revenue 9% to $12.14 billion and lifted adjusted earnings 15%, as its biggest unit posted double-digit sales growth.

Adjusted earnings, a non-GAAP measure, were $6.68 a share, up from $5.79 a year earlier, according to its earnings release filed with an 8-K on Wednesday. GAAP diluted earnings rose 9% to $4.64 a share from $4.27, and net income was $1.72 billion versus $1.62 billion.

Organic revenue growth, which excludes acquisitions, divestitures and currency, was 6%. Chief Executive Marc Casper called it "another excellent quarter."

Margins widen

GAAP operating income rose 17% to $2.26 billion, for a margin of 18.6% versus 17.4%. Adjusted operating margin improved to 24.5% from 23.3%.

The Laboratory Products and Biopharma Services segment, which makes up more than half of revenue, grew sales about 15% to $6.86 billion, and its segment margin rose to 15.5% from 14.5%. Analytical Instruments revenue rose about 6% to $2.0 billion, with segment margin up to 26.9% from 22.6%.

Life Sciences Solutions revenue rose about 5% to $2.72 billion. Specialty Diagnostics revenue fell to $1.10 billion from $1.17 billion, though its segment margin improved to 31.0% from 27.4%.

Cash and guidance

Free cash flow, a non-GAAP measure, was $2.12 billion, up from $1.84 billion. During the quarter, Thermo Fisher completed its previously announced sale of its microbiology business.

The company did not include a full-year forecast in the release. It said it would provide updated 2026 guidance on its earnings call Wednesday morning.

By the numbers

• Revenue: $12.14 billion, up 9%; organic growth 6%
• Adjusted EPS: $6.68, vs. $5.79
• GAAP diluted EPS: $4.64, vs. $4.27
• Adjusted operating margin: 24.5%, vs. 23.3%
• Free cash flow: $2.12 billion, vs. $1.84 billion

Sources

1. Thermo Fisher Scientific Inc., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release, filed Oct. 21, 2026, accession 0000097745-26-000173

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