WALTHAM, Mass. — Thermo Fisher Scientific Inc. reported higher revenue and earnings for both the fourth quarter and full year of 2025, reflecting steady organic growth, new product launches, and an active year of acquisitions and partnerships.
Revenue for the fourth quarter rose 7 percent to $12.21 billion, up from $11.40 billion a year earlier. On a GAAP basis, diluted earnings per share increased 9 percent to $5.21, while adjusted earnings per share rose 8 percent to $6.57. Organic revenue growth for the quarter was 3 percent.
For the full year, Thermo Fisher reported revenue of $44.56 billion, a 4 percent increase from 2024, with organic growth of 2 percent. GAAP diluted earnings per share for the year climbed 7 percent to $17.74, while adjusted earnings per share increased 5 percent to $22.87.
Chairman, President and Chief Executive Officer Marc N. Casper said the company ended the year with strong execution despite a challenging external environment. “Thanks to our exceptional team, we delivered a strong finish to 2025, reflecting outstanding execution and the continued strength of our proven growth strategy,” Casper said. He added that the company enters 2026 “from a position of strength,” supported by customer demand and operational discipline.
During 2025, Thermo Fisher launched several new products across its analytical instruments, bioprocessing, and diagnostics businesses. These included new mass spectrometry and cryo-electron microscopy systems, automated laboratory platforms, and a bench-scale single-use bioreactor. In the fourth quarter, the company also received regulatory clearances for new diagnostic tools in oncology and multiple myeloma.
The company continued to expand its services and partnerships, including scaling adoption of its Accelerator Drug Development offering, which integrates contract development and manufacturing with clinical research services. Thermo Fisher also entered into a technology alliance with the Chan Zuckerberg Institute for Advanced Biological Imaging and established a strategic collaboration with OpenAI to expand the use of artificial intelligence across its operations and products. In addition, the company expanded bioprocess design centers in Asia, including opening a new site in India.
Capital deployment remained a major focus in 2025, with approximately $16.5 billion deployed during the year. Thermo Fisher committed about $13 billion to mergers and acquisitions, including the purchase of a filtration and separation business from Solventum and Sanofi’s sterile fill-finish site in Ridgefield, New Jersey. In the fourth quarter, the company also announced an agreement to acquire Clario, a provider of endpoint data solutions for clinical trials. Thermo Fisher returned $3.6 billion to shareholders through dividends and share buybacks over the course of the year.
Operating performance improved alongside revenue growth. Fourth-quarter GAAP operating income rose 12 percent to $2.26 billion, with operating margin increasing to 18.5 percent. For the full year, GAAP operating income reached $7.75 billion, up 6 percent from 2024, while operating margin expanded to 17.4 percent.
Thermo Fisher said it will provide detailed financial guidance for 2026 during its earnings conference call.
