Thermo Fisher Scientific has reported solid financial results for both the fourth quarter and full year of 2025, reflecting continued operational strength, steady revenue growth, and ongoing investment in strategic expansion.
In the fourth quarter of 2025, the company recorded $12.21 billion in revenue, representing 7% growth compared with the same period in 2024. GAAP diluted earnings per share rose 9% to $5.21, while adjusted EPS increased 8% to $6.57.
For the full year, Thermo Fisher generated $44.56 billion in revenue, up 4% year over year. Full-year GAAP diluted EPS reached $17.74, a 7% increase, while adjusted EPS rose 5% to $22.87.
The company attributed its performance to strong execution, the continued momentum of its growth strategy, and the operational discipline supported by its PPI Business System.
Beyond financial performance, Thermo Fisher highlighted several strategic developments throughout 2025. These included the launch of multiple new products across its analytical, diagnostics, and bioproduction portfolio, as well as the expansion of its commercial and technology partnerships. The company also emphasized progress in artificial intelligence and biopharma services, including a strategic collaboration with OpenAI and the continued expansion of its bioprocess design footprint in Asia.
Thermo Fisher was also highly active in capital deployment during the year, allocating approximately $16.5 billion. This included $13 billion committed to mergers and acquisitions, alongside shareholder returns through dividends and stock repurchases. Among the notable transactions were the acquisition of its Filtration and Separation business from Solventum, the purchase of Sanofi’s sterile fill-finish site in New Jersey, and the announced agreement to acquire Clario, a provider of endpoint data solutions for clinical trials.
From a segment perspective, Laboratory Products and Biopharma Services remained the company’s largest business area, generating $23.98 billion in full-year revenue, followed by Life Sciences Solutions at $10.37 billion, Analytical Instruments at $7.55 billion, and Specialty Diagnostics at $4.68 billion.
Thermo Fisher ended 2025 with a strong balance sheet, including $9.85 billion in cash and cash equivalents, compared with $4.01 billion at the end of 2024. Total assets rose to $110.34 billion, reflecting both business growth and acquisition activity.
In commenting on the results, CEO Marc N. Casper said the company delivered a strong finish to the year, supported by effective execution and the continued strength of its long-term growth strategy. He also stated that Thermo Fisher enters 2026 from a position of strength, with confidence in its ability to continue gaining share and delivering on its objectives.
Overall, the results present a picture of a company that not only expanded financially in 2025, but also strengthened its strategic position through innovation, acquisitions, and continued investment in future growth.
