Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Thermo Fisher Scientific Inc., consolidated balance sheet: assets (quarterly data)

US$ in millions

	Sep 27, 2025	Jun 28, 2025	Mar 29, 2025	Dec 31, 2024	Sep 28, 2024	Jun 29, 2024	Mar 30, 2024	Dec 31, 2023	Sep 30, 2023	Jul 1, 2023	Apr 1, 2023	Dec 31, 2022	Oct 1, 2022	Jul 2, 2022	Apr 2, 2022	Dec 31, 2021	Oct 2, 2021	Jul 3, 2021	Apr 3, 2021	Dec 31, 2020	Sep 26, 2020	Jun 27, 2020	Mar 28, 2020
Cash and cash equivalents	1,982)	4,576)	4,134)	4,009)	4,645)	7,073)	5,499)	8,077)	6,151)	3,133)	3,482)	8,524)	2,919)	1,888)	2,752)	4,477)	12,027)	7,023)	5,583)	10,325)	7,540)	5,818)	2,981)
Short-term investments	1,564)	1,814)	1,813)	1,561)	2,000)	1,750)	1,751)	3)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, less allowances	8,911)	8,594)	8,455)	8,191)	8,255)	7,943)	7,931)	8,221)	8,370)	8,019)	7,922)	8,115)	7,671)	7,745)	7,889)	7,977)	5,557)	5,476)	5,554)	5,741)	5,186)	4,478)	4,508)
Inventories	5,745)	5,559)	5,224)	4,978)	5,430)	5,198)	5,133)	5,088)	5,404)	5,655)	5,664)	5,634)	5,722)	5,668)	5,483)	5,051)	4,906)	4,625)	4,342)	4,029)	3,829)	3,648)	3,454)
Contract assets, net	1,620)	1,441)	1,366)	1,435)	1,541)	1,487)	1,422)	1,443)	1,465)	1,467)	1,375)	1,312)	1,248)	1,147)	1,064)	968)	808)	804)	783)	731)	697)	686)	658)
Other current assets	2,473)	2,600)	2,386)	1,963)	1,912)	2,025)	1,904)	1,757)	1,702)	1,721)	1,766)	1,644)	1,739)	1,652)	1,588)	1,640)	1,426)	1,332)	1,423)	1,131)	982)	1,145)	1,137)
Current assets	22,295)	24,584)	23,378)	22,137)	23,783)	25,476)	23,640)	24,589)	23,092)	19,995)	20,209)	25,229)	19,299)	18,100)	18,776)	20,113)	24,724)	19,260)	17,685)	21,957)	18,234)	15,775)	12,738)
Property, plant and equipment, net	10,177)	9,635)	9,331)	9,306)	9,412)	9,282)	9,324)	9,448)	9,167)	9,292)	9,354)	9,280)	8,628)	8,529)	8,448)	8,333)	7,049)	6,560)	6,133)	5,912)	5,180)	4,887)	4,736)
Acquisition-related intangible assets, net	16,242)	15,148)	15,323)	15,533)	16,262)	15,519)	16,048)	16,670)	17,091)	17,437)	17,972)	17,442)	17,813)	18,578)	19,378)	20,113)	11,927)	12,390)	12,831)	12,685)	12,870)	13,170)	13,543)
Other assets	5,019)	4,614)	4,516)	4,492)	4,181)	4,376)	4,240)	3,999)	4,124)	4,108)	3,983)	4,007)	4,308)	4,306)	4,424)	4,640)	2,991)	2,584)	2,459)	2,457)	1,995)	2,061)	2,057)
Goodwill	49,287)	47,249)	46,493)	45,853)	46,726)	43,843)	43,843)	44,020)	43,583)	43,273)	43,140)	41,196)	40,488)	41,066)	41,721)	41,924)	26,909)	26,904)	26,823)	26,041)	25,782)	25,700)	25,614)
Long-term assets	80,725)	76,646)	75,663)	75,184)	76,581)	73,020)	73,455)	74,137)	73,965)	74,110)	74,449)	71,925)	71,237)	72,479)	73,971)	75,010)	48,876)	48,438)	48,246)	47,095)	45,827)	45,818)	45,950)
Total assets	103,020)	101,230)	99,041)	97,321)	100,364)	98,496)	97,095)	98,726)	97,057)	94,105)	94,658)	97,154)	90,536)	90,579)	92,747)	95,123)	73,600)	67,698)	65,931)	69,052)	64,061)	61,593)	58,688)

Cash and Cash Equivalents: The cash and cash equivalents exhibit significant volatility over the analyzed periods. Initially rising from 2,981 million USD to a peak of 10,325 million USD by the end of 2020, the balance then fluctuates notably. Throughout 2021 and 2022, it declines sharply to 1,888 million USD before recovering again in subsequent quarters. This pattern suggests active cash management possibly linked to financing or operational cycles.
Short-term Investments: Short-term investments data are sparse but show a sudden increase starting in early 2024, rising to around 1,800 million USD and maintained at similar levels. This trend may indicate a strategic shift toward more liquid investments or an effort to optimize returns on excess cash.
Accounts Receivable, net: Accounts receivable demonstrate a generally upward trend, increasing from approximately 4,500 million USD in early 2020 to over 8,900 million USD by late 2025. This growth suggests higher sales volume or extended credit terms over time, especially notable with a strong jump starting from late 2020 into 2021.
Inventories: Inventory levels gradually increase from 3,454 million USD in early 2020 to a peak above 5,700 million USD in late 2025, with some fluctuations. The steady rise may reflect increased production or stockpiling to meet demand, although some periods denote slight declines or stabilization, indicating inventory management adjustments.
Contract Assets, net: Contract assets steadily rise from 658 million USD through to 1,620 million USD by the end of 2025. This gradual growth aligns with expanding business activities where revenue recognition is deferred, hinting at increased long-term contracts on the balance sheet.
Other Current Assets: Other current assets show an upward trajectory with minor fluctuations, growing from around 1,137 million USD to approximately 2,473 million USD over the periods. This increase could be due to prepayments or other liquid assets supporting operational needs.
Current Assets: Current assets rise markedly in 2020, peaking at over 25,000 million USD at the end of 2022, followed by some downward corrections but staying generally high. The fluctuations reflect the combined effects of cash management, receivables, inventories, and short-term investments, indicating an overall growth in liquidity and working capital components.
Property, Plant, and Equipment (PP&E), net: PP&E assets consistently increase from 4,736 million USD to over 10,100 million USD by late 2025. This upward trend reflects ongoing capital expenditures and possibly acquisitions, suggesting expansion in production capacity or operational infrastructure.
Acquisition-related Intangible Assets, net: There is a notable shift in intangible assets, with values initially declining from around 13,500 million USD to about 11,900 million USD by late 2021, then surging to over 20,000 million USD at the end of 2021. Afterwards, the balance gradually declines to 16,000 million USD by late 2025. This pattern may indicate large acquisitions or impairments occurring near the end of 2021, followed by amortization or disposals.
Other Assets: Other long-term assets increase moderately from approximately 2,000 million USD to over 5,000 million USD, reflecting possible investments, deferred charges, or other non-current asset growth aligned with company expansion.
Goodwill: Goodwill sees a significant jump from approximately 25,600 million USD to over 41,900 million USD at the end of 2021, maintaining an upward trend to nearly 49,300 million USD by late 2025. The sharp increase in 2021 is consistent with major acquisition activity, highlighting the impact of intangible value additions and consolidation.
Long-term Assets: Long-term assets steadily increase from about 45,950 million USD to over 80,700 million USD, consistent with growth in PP&E, intangible assets, goodwill, and other assets, supporting the narrative of sustained investment and acquisition strategy over the periods analyzed.
Total Assets: Total assets grow from roughly 58,700 million USD in early 2020 to over 103,000 million USD by late 2025, with some fluctuations notably around 2021. This overall increase indicates expansion through organic growth and acquisitions. The substantial rises in goodwill and intangible assets during 2021 suggest significant acquisition activity as a primary driver.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data