Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.3B | $20.9B | $24.4B | $25.5B | $32.2B | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B |
| Revenue growth | — | 14.5% | 16.4% | 4.9% | 26.1% | 21.7% | 14.5% | -4.6% | 0.1% | 3.9% |
| Operating income | $2.46B | $2.96B | $3.78B | $4.59B | $7.79B | $10.0B | $8.39B | $6.86B | $7.34B | $7.75B |
| Operating margin | 13.5% | 14.2% | 15.5% | 18.0% | 24.2% | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% |
| Net income | — | — | — | $3.70B | $6.38B | $7.73B | $6.96B | $6.00B | $6.33B | $6.70B |
| Net margin | — | — | — | 14.5% | 19.8% | 19.7% | 15.5% | 14.0% | 14.8% | 15.0% |
| EPS (diluted) | $5.09 | $5.59 | $7.24 | $9.17 | $15.96 | $19.46 | $17.63 | $15.45 | $16.53 | $17.74 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.26B | $4.00B | $4.54B | $4.97B | $8.29B | $9.31B | $9.15B | $8.41B | $8.67B | $7.82B |
| Capital expenditures | $444M | $508M | $758M | $926M | $1.47B | $2.52B | $2.24B | $1.48B | $1.40B | $1.52B |
| Free cash flow | $2.81B | $3.50B | $3.79B | $4.05B | $6.82B | $6.79B | $6.91B | $6.93B | $7.27B | $6.29B |
| Share buybacks | $1.25B | $750M | $500M | $1.50B | $1.50B | $2.00B | $3.00B | $3.00B | $4.00B | $3.00B |
| Dividends paid | $238M | $237M | $266M | $297M | $337M | $395M | $455M | $523M | $583M | $636M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $786M | $1.33B | $2.10B | $2.40B | $10.3B | $4.48B | $8.52B | $8.08B | $4.01B | $9.85B |
| Total assets | $45.9B | $56.7B | $56.2B | $58.4B | $69.1B | $95.1B | $97.2B | $98.7B | $97.3B | $110B |
| Long-term debt | — | — | $19.0B | $17.8B | $21.7B | $34.7B | $34.3B | $34.7B | $31.1B | $39.2B |
| Shareholders' equity | $21.5B | $25.4B | $27.6B | $29.7B | $34.5B | $40.8B | $44.0B | $46.7B | $49.6B | $53.4B |
| Retained earnings | $13.9B | $15.9B | $16.0B | $22.1B | $28.1B | $35.4B | $41.9B | $47.4B | $53.1B | $59.2B |
| Shares (wtd avg diluted) | 397M | 398M | 406M | 403M | 399M | 397M | 394M | 388M | 383M | 378M |
Every figure is extracted from THERMO FISHER SCIENTIFIC INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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