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Get filing alertsThermo Fisher reports Q2 2026 revenue up 10% to $12.0B, adjusted EPS rises 13% to $6.03
Filed July 23, 2026 · Period ending July 23, 2026 · ~1 min read
Key Changes
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Q2 2026 revenue grew 10% year-over-year to $11.99 billion with 5% organic growth; adjusted EPS increased 13% to $6.03 (GAAP EPS up 9% to $4.68), driven by strengthening end markets and market share gains.
Exhibit 99.1 view on EDGAR → -
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Adjusted operating margin expanded 90 basis points to 22.8% from 21.9% year-over-year, reflecting operational leverage and efficiency gains from the company's PPI Business System.
Exhibit 99.1 view on EDGAR → -
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First half 2026 free cash flow surged 69% to $2.50 billion from $1.48 billion in the prior-year period, demonstrating strong cash generation capability.
Exhibit 99.1 view on EDGAR → -
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Company deployed $8.87 billion for acquisitions (net of cash acquired) in H1 2026, funded through $5.24 billion in net debt proceeds and cash on hand, marking significant M&A activity versus zero in the prior year.
Exhibit 99.1 view on EDGAR → -
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Announced divestiture of microbiology business and repurchased $1.0 billion of stock during Q2 2026, demonstrating active portfolio management and capital return.
Exhibit 99.1 view on EDGAR →
Summary
Thermo Fisher delivered strong second quarter 2026 results with double-digit revenue growth and margin expansion. Revenue reached $11.99 billion, up 10% year-over-year with 5% organic growth, while adjusted EPS climbed 13% to $6.03. The 90-basis-point improvement in adjusted operating margin to 22.8% demonstrates the company's ability to convert revenue growth into profitability gains through operational efficiency.
The company's capital deployment was notably active in the first half of 2026, with $8.87 billion spent on acquisitions—a sharp increase from zero in the prior-year period. This M&A activity was funded through a combination of $5.24 billion in net debt issuance and existing cash. Despite this deployment, free cash flow surged 69% to $2.50 billion in H1 2026, underscoring robust cash generation. The company also announced the divestiture of its microbiology business and returned $1.0 billion to shareholders through stock repurchases during the quarter, signaling disciplined portfolio management alongside growth investments.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Thermo Fisher announced Q2 2026 financial results for the quarter ended June 27, 2026.
Added in current filing · verify on EDGAR →
On July 23, 2026, the Registrant announced its financial results for the fiscal quarter ended June 27, 2026.
Thermo Fisher disclosed its second quarter 2026 financial results. The 8-K references a press release (Exhibit 99.1) containing the detailed results, but the body of the filing does not provide specific financial metrics such as revenue, earnings per share, or guidance.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
GAAP operating income for the second quarter of 2026 was $2.09 billion, 14% higher than the year-ago quarter. GAAP operating margin was 17.4%, compared with 16.9% in the second quarter of 2025. ... Adjusted operating income for the second quarter of 2026 was $2.73 billion, 15% higher than the year-ago quarter. Adjusted operating margin was 22.8%, compared with 21.9% in the second quarter of 2025.
Operating margins expanded in Q2 2026, with GAAP operating margin improving to 17.4% from 16.9% year-over-year, and adjusted operating margin rising to 22.8% from 21.9%. This 90 basis point improvement in adjusted margin reflects operational leverage and efficiency gains from the company's PPI Business System.
Added in current filing · view on EDGAR →
GAAP net cash provided by operating activities $ 3,317 $ 2,122
Purchases of property, plant and equipment (826) (656)
Proceeds from sale of property, plant and equipment 13 13
Free cash flow (non-GAAP measure) $ 2,503 $ 1,479
For the six months ended June 27, 2026, Thermo Fisher generated$$4.1 billion in free cash flow (operating cash flow of $3.32 billion less net capital expenditures of $813 million), up from $1.48 billion in the prior-year period. This 69% increase demonstrates strong cash generation capability.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 24, 2026 · How we verify