Thermo Fisher Organic Growth Accelerates to 6%

The Tip Desk · October 21, 2026 · 2 min read

Third-quarter revenue reached $12.14 billion as adjusted EPS rose 15% to $6.68.

Thermo Fisher Scientific (TMO) reported third-quarter revenue of $12.14 billion, up 9% from a year earlier, as organic growth accelerated to 6% after 5% in the second quarter and 1% in the first.

The life-sciences and laboratory products company said acquisitions and divestitures added 3 percentage points to reported growth and currency translation added none. GAAP diluted earnings per share were $4.64, matching the 9% year-over-year pace of the prior quarter. Adjusted EPS rose 15% to $6.68, faster than the 13% increase in the second quarter.

GAAP operating income was $2.26 billion, and GAAP operating margin expanded to 18.6% from 17.4% a year earlier. Adjusted operating income was $2.97 billion, and adjusted operating margin was 24.5%. Restructuring and other costs were $199 million, or 1.6% of revenue. Adjusted results excluded a $72 million gain on the sale of a business and a $244 million held-for-sale loss.

Laboratory Products and Biopharma Services remained the largest reportable segment, with revenue of $6.86 billion, or 56.5% of sales, versus $5.97 billion, or 53.7%, a year earlier. Specialty Diagnostics revenue was $1.10 billion, or 9.1% of sales. Life Sciences Solutions contributed $2.72 billion, or 22.4%, and Analytical Instruments contributed $2.00 billion, or 16.5%.

Analytical Instruments segment income margin widened to 26.9% from 22.6% a year earlier. Specialty Diagnostics segment income margin rose to 31.0% from 27.4%. Life Sciences Solutions segment income was $1.02 billion, or 37.6% of segment revenue. Laboratory Products and Biopharma Services segment income was $1.07 billion, or 15.5%.

Chairman and Chief Executive Officer Marc N. Casper said the company delivered “outstanding financial performance on both the top and bottom line” and that its PPI Business System was enabling execution across the company. He said Thermo Fisher is “well positioned to deliver an excellent 2026.”

The company completed the previously announced divestiture of its microbiology business during the quarter. It also launched several products, including the Orbitrap Isora mass spectrometer for isotope ratio analysis, the EMPAD G2 electron detector, the FDA-cleared EliA CTD 13 Screen autoimmune test in the United States, and the Ion 560 Chip for the Ion GeneStudio S5 sequencing platform.

In partnership with Mayo Clinic, Thermo Fisher launched Precure, which it said will combine data from more than one million patient samples with its proteomics ecosystem, including Orbitrap mass spectrometry and Olink technologies. The company opened its first AI-Automation Innovation Center in South Korea and a highly automated distribution center in Kentucky.

Free cash flow was $2.12 billion in the three months ended September 26, 2026, versus $1.84 billion in the year-ago quarter. The company said it will provide updated 2026 financial guidance during its earnings conference call.