Thermo Fisher Scientific (NYSE: TMO) beat Wall Street’s Q1 2026 estimates, posting adjusted EPS of $5.44 (beat by ~4%) and revenue of $11.01 billion (beat by ~$150M). The company also raised full-year guidance. Despite the beat, shares fell roughly 9.2% on April 23, 2026, as organic revenue growth of 1% missed estimates and investors weighed macro uncertainty.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, founded in 1956 and headquartered in Waltham, Massachusetts. The company reported annual revenue of over $45 billion and employs approximately 122,000 people globally. Its mission is to enable customers to make the world healthier, cleaner, and safer through an industry-leading portfolio of analytical instruments, reagents, consumables, software, and laboratory services.
Thermo Fisher serves pharmaceutical and biotech companies, academic research institutions, hospitals, and government agencies through brands including Thermo Scientific, Applied Biosystems, Invitrogen, Gibco, Fisher Scientific, and PPD. As of Q1 2026, the company carried a market capitalization of approximately $191 billion, a trailing P/E ratio of 29.08, and a net margin of 15.05%.
Top Financial Highlights
- Q1 2026 total revenue reached $11.01 billion, increasing 6% year over year from $10.36 billion.
- GAAP diluted EPS was $4.43, up 11% compared to Q1 2025.
- Adjusted EPS stood at $5.44, reflecting a 6% increase year over year.
- GAAP net income attributable to the company was $1.651 billion, representing a 15.0% net margin.
- GAAP operating income totaled $1.86 billion, with an operating margin of 16.9%, slightly higher than 16.6% in Q1 2025.
- Adjusted operating income reached $2.40 billion, with an adjusted operating margin of 21.8%.
- Free cash flow was $825 million, rising from $373 million in Q1 2025, while operating cash flow totaled $1.192 billion.
- Cash and cash equivalents stood at $3.254 billion at quarter end, down from $9.852 billion at year-end, primarily due to acquisition-related outflows.
- Laboratory Products and Biopharma Services generated $6.036 billion in revenue, while Life Sciences Solutions contributed $2.636 billion.
- The company completed the Clario acquisition for approximately $9 billion, contributing $30 million in revenue and $0.01 to adjusted EPS during the quarter.
- Shareholder returns included $3.0 billion in share repurchases, alongside a 10% increase in the quarterly dividend.
- Full-year 2026 revenue guidance has been raised to a range of $47.3 billion to $48.1 billion, indicating 6% to 8% growth.
- Adjusted EPS guidance for 2026 has been increased to $24.64 to $25.12, reflecting expected growth of 8% to 10%.
Beat or Miss?
| Metric | Reported | Estimated | Difference/Analysis |
| Total Revenue | $11.01 billion | $10.84-$10.86 billion | Beat by ~$150-170M (+1.5%) |
| Adjusted EPS | $5.44 | $5.23-$5.25 | Beat by $0.19-$0.21 (+3.8-4.0%) |
| GAAP Diluted EPS | $4.43 | N/A | 11% growth vs. Q1 2025 |
| Organic Revenue Growth | 1% | ~1.2% | Missed consensus slightly |
| Adjusted Operating Margin | 21.80% | N/A | 10 bps lower than Q1 2025 |
| Adjusted EBITDA | $2.68 billion | $2.63 billion | Beat; margin at 24.4% |
| Free Cash Flow | $825 million | N/A | More than doubled vs. Q1 2025 ($373M) |
What Leadership Is Saying?
“We delivered a strong start to the year, reflecting excellent execution by our team, as we leveraged the PPI Business System to drive operational excellence and enable our customers’ success. We continued to make great progress executing our strategy, further strengthening our capabilities with the addition of Clario. Looking ahead, we are well positioned to deliver a strong year. As the trusted partner to our customers, we are uniquely equipped to help them accelerate their innovation and enhance their productivity.”- Marc N. Casper, Chairman and Chief Executive Officer, Thermo Fisher Scientific
“We had a strong start to the year. We advanced our proven growth strategy, closed the acquisition of Clario, and delivered strong earnings growth. On the bottom line, we delivered adjusted EPS in the quarter that was $0.14 ahead of our previous guidance. This included $0.01 from Clario and $0.13 from strong operational performance, demonstrating our continued active management of the company and the power of the PPI Business System.” – Jim Meyer, Senior Vice President and Chief Financial Officer, Thermo Fisher Scientific
Historical Performance
| Category | Q1 2026 | Q1 2025 | Change (%) |
| Total Revenue | $11.005 billion | $10.364 billion | 6.20% |
| Net Income (GAAP, attributable) | $1.651 billion | $1.507 billion | 9.60% |
| GAAP Operating Income | $1.863 billion | $1.716 billion | 8.60% |
| Adjusted EPS | $5.44 | $5.15 | 5.60% |
| GAAP Diluted EPS | $4.43 | $3.98 | 11.30% |
| Adjusted Operating Margin | 21.80% | 21.90% | -10 bps |
| Free Cash Flow | $825 million | $373 million | 121% |
| Operating Cash Flow | $1.192 billion | $723 million | 64.90% |
Competitor Performance
| Company | Q1 2026 Revenue | Q1 2025 Revenue (approx.) | Change (%) | Key Note |
| Thermo Fisher (TMO) | $11.01 billion | $10.36 billion | 6.20% | Adjusted EPS beat estimates by 3.8%; organic growth 1% |
| Danaher (DHR) | $5.951 billion | ~$5.75 billion | 3.50% | Core sales growth 0.5%; EPS of $2.06 beat estimates; revenue slightly missed |
| Agilent Technologies (A) | $1.798 billion | $1.681 billion | +7.0% reported; +4.4% core | Non-GAAP EPS $1.36 grew 4%; Q1 fiscal year ends Jan 31, 2026 |
How the Market Reacted?
Despite reporting results that beat analyst estimates on both revenue and adjusted EPS, Thermo Fisher shares fell sharply on April 23, 2026, closing at $466.70, a decline of approximately 9.2% from the prior day’s close of $513.98. Analysts attributed the selloff primarily to organic revenue growth of only 1%, which missed the consensus estimate of approximately 1.2%, as well as concerns about the company’s ramp-up required to achieve its full-year organic growth guidance of 3%-4%.
The stock had additional pressure from a broader macro backdrop, including tariff-related headwinds of roughly 80 basis points on adjusted operating margin and modest inflation risk flagged by new CFO Jim Meyer. William Blair reiterated a Buy rating on the stock, citing solid core growth and emerging AI and reshoring catalysts as reasons for longer-term confidence
