Why Is Thermo Fisher (TMO) Up 0.2% Since Last Earnings Report?
Zacks Equity Research
November 21, 2025 4 min read
TMO
-0.14%
^SPX
+0.32%
It has been about a month since the last earnings report for Thermo Fisher Scientific (TMO). Shares have added about 0.2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Thermo Fisher due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
Thermo Fisher's Q3 Earnings & Revenues Top Estimates
Thermo Fisher Scientific Inc.'s third-quarter 2025 adjusted earnings per share of .79 beat the Zacks Consensus Estimate by 5.27%. The figure increased 9.7% year over year.
The adjusted number excludes certain expenses, including asset amortization costs and certain restructuring costs.
GAAP earnings per share was .27, consistent with the year-ago figure.
TMO’s Q3 Revenues
Revenues in the quarter increased 4.9% year over year to 1.12 billion. The top line surpassed the Zacks Consensus Estimate by 1.99%. Organic revenues in the reported quarter increased 3% year over year.
Thermo Fisher’s Q3 Segmental Analysis
Thermo Fisher operates under four business segments, as discussed below:
Life Sciences Solutions
Revenues in the Life Sciences Solutions segment (23.3% of total revenues) increased 8.4% year over year to .59 billion. The number surpassed our model’s estimate of .41 billion.
Analytical Instruments
Revenues in this segment (17%) rose 4.7% year over year to .89 billion. The figure missed our model’s estimate of .87 billion.
Specialty Diagnostics
Revenues in the Specialty Diagnostics segment (10.6%) increased 4% year over year to .17 billion. The number missed our model’s prediction of .18 billion.
Laboratory Products and Biopharma Services
Revenues in this segment (53.7%) rose 4% year over year to .97 billion. Our model’s estimate was .89 billion.
TMO’s Margin Performance
The gross margin of 41.8% in the third quarter increased 14 basis points (bps) year over year despite a 4.7% rise in the cost of revenues.
In the quarter, selling, general and administrative expenses rose 3.2% to .80 billion. Research and development expenses came in at 46 million, unchanged year over year.
The adjusted operating margin in the quarter was 22.6%, reflecting an expansion of 56 bps.
TMO’s Financial Position
The company ended the third quarter of 2025 with cash and cash equivalents and short-term investments of .55 billion compared with .39 billion at the end of the second quarter.
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