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Sentiment · FY2026 Q2
Revenue grew 6% to $11.01 billion led by pharma and biotech driving mid-single-digit growth, while the Clario acquisition closed enhancing clinical research capabilities. Strong productivity efforts offset tariff and FX headwinds as adjusted EPS grew 6% to $5.44. Management raised full-year EPS guidance to $24.64-$25.12 representing 8-10% growth, noting reshoring dynamics were creating future tailwinds for CDMO and bioproduction.
Demand | Revenue Growth | Guidance Reliability | Competitive Dynamics | Regulation Policy | Geographic Expansion | Trade Tariffs | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 4 | 1 | 3 | 3 | 2 | 2 |
| 2025Q1 | 5 | 2 | 4 | 3 | 3 | 1 | 4 | |
| 2025Q2 | 7 | 4 | 2 | 1 | 2 | 1 | 1 | |
| 2025Q3 | 7 | 3 | 2 | 2 | 1 | 3 | 2 | 2 |
| 2025Q4 | 6 | 5 | 4 | 4 | 2 | 1 | ||
| 2026Q1 | 10 | 6 | 3 | 2 | 1 | 1 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 5 | 7 | 7 | 6 | 10 |
| Revenue Growth | 4 | 2 | 4 | 3 | 5 | 6 |
| Guidance Reliability | 4 | 4 | 2 | 2 | 4 | 3 |
| Competitive Dynamics | 1 | 3 | 1 | 2 | 4 | 2 |
| Regulation Policy | 3 | 3 | 2 | 1 | 2 | 1 |
| Geographic Expansion | 3 | 1 | 1 | 3 | 1 | |
| Trade Tariffs | 2 | 4 | 1 | 2 | ||
| Innovation & R&D | 2 | 2 | 1 | 3 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $11.39B | +4.7% | $4.78 | +13.8% | 39.2% | 19.9% | 16.1% | $2.81B |
| FY2025 Q1 | $10.36B | +0.2% | $3.98 | +15.0% | 41.0% | 17.8% | 14.5% | $361M |
| FY2025 Q2 | $10.86B | +3.0% | $4.28 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Ryskin | Bank of America | 14 (0%) |
| Jack Meehan | Operon Research | 13 (0%) |
| Tycho Peterson | Jefferies |
| +5.9% |
| 37.3% |
| 17.7% |
| 14.9% |
| $1.10B |
| FY2025 Q3 | $11.12B | +4.9% | $4.27 | +0.7% | 41.8% | 17.5% | 14.5% | $1.83B |
| FY2025 Q4 | $12.21B | +7.2% | $5.21 | +9.0% | 38.0% | 18.8% | 16.2% | $2.99B |
| FY2026 Q1 | $11.01B | +6.2% | $4.43 | +11.3% | 40.7% | 16.9% | 15.0% | $816M |
| FY2026 Q2 | $11.99B | +10.5% | $4.68 | +9.3% | 41.2% | 17.4% | 14.5% | $1.68B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Dan Arias | Stifel | 9 (0%) |
| Dan Brennan | TD Cowen | 8 (0%) |
| Rachel Vatnsdal | JPMorgan | 6 (0%) |
| Matt Larew | William Blair | 5 (0%) |
| Casey Woodring | JPMorgan | 4 (0%) |
| Doug Schenkel | Wolfe Research | 3 (33%) |
| Matt Sykes | Goldman Sachs | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 14 (0%) |
| Operon Research | 1 | 13 (0%) |
| Jefferies | 1 | 10 (0%) |
| JPMorgan | 2 | 10 (0%) |
| Stifel | 1 | 9 (0%) |
| TD Cowen | 1 | 8 (0%) |
| William Blair | 1 | 5 (0%) |
| Wolfe Research | 1 | 3 (33%) |
What TMO and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We're also very pleased with the progress we're making with our filtration and separation business, which we acquired from Solventum.”
Thermo Fisher reports smooth integration of the filtration and separation business it acquired from Solventum; read-through on Solventum's divestiture.
“And we're embedding AI into our capabilities per that collaboration we had announced some time ago with OpenAI and customers value that, and that positions us very well.”
Thermo Fisher references an existing OpenAI collaboration embedding AI into its clinical research capabilities.
“we formed a strategic collaboration with SHL Medical, a leading provider of advanced drug delivery systems.”
Thermo Fisher partnered with SHL Medical to offer integrated sterile fill-finish and device assembly at its Ridgefield site.
“Earlier in the year, we announced a strategic collaboration with NVIDIA, combining our leadership and laboratory technologies with NVIDIA's advanced AI capabilities.”
Thermo Fisher and NVIDIA are collaborating to bring NVIDIA's AI into lab instrumentation workflows; positive read-through on NVIDIA's life-sciences AI reach.
“In late March, we completed the acquisition of Clario and had a terrific kickoff with our new colleagues. Clario is a market leader in digital endpoint data solutions.”
Thermo Fisher closed its ~$9B acquisition of Clario, a digital endpoint data solutions leader, to strengthen its clinical research capabilities.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
TMO Thermo Fisher Scientific | 7 | +6.2% | |
| A Agilent Technologies | 6 | +7.0% | |
| CRL Charles River Laboratories | 4 | +1.2% | |
| DGX Quest Diagnostics | 9 | +9.2% | |
| DHR Danaher Corporation | 7 | +3.7% | |
| IDXX Idexx Laboratories | 8 | +14.3% | |
| IQV IQVIA | 7 | +8.4% | |
| LH LabCorp | 8 | +5.8% | |
| MTD Mettler Toledo | 7 | +7.2% | |
| RVTY Revvity | 5 | +7.0% | |
| WAT Waters Corporation | 9 | +91.5% |