Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Income Statement

Thermo Fisher Scientific Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Product revenues 25,034 25,243 28,548 30,361 25,306
Service revenues 17,845 17,614 16,367 8,850 6,912
Revenues 42,879 42,857 44,915 39,211 32,218
Cost of product revenues (12,523) (13,168) (14,247) (13,594) (11,407)
Cost of service revenues (12,654) (12,589) (11,697) (5,979) (4,807)
Cost of revenues (25,177) (25,757) (25,944) (19,573) (16,214)
Gross profit 17,702 17,100 18,971 19,638 16,004
Selling, general and administrative expenses (8,595) (8,445) (8,993) (8,007) (6,930)
Research and development expenses (1,390) (1,337) (1,471) (1,406) (1,181)
Restructuring and other costs (380) (459) (114) (197) (99)
Operating income 7,337 6,859 8,393 10,028 7,794
Interest income 1,078 879 272 43 65
Interest expense (1,390) (1,375) (726) (536) (553)
Other income (expense) 12 (65) (104) (694) (76)
Income before income taxes 7,037 6,298 7,835 8,841 7,230
Provision for income taxes (657) (284) (703) (1,109) (850)
Equity in losses of unconsolidated entities (42) (59) (172) (4) (3)
Net income 6,338 5,955 6,960 7,728 6,377
Net (income) losses attributable to noncontrolling interests and redeemable noncontrolling interest (3) 40 (10) (3) (2)
Net income attributable to Thermo Fisher Scientific Inc. 6,335 5,995 6,950 7,725 6,375

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Income statement item Description The company
Revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Thermo Fisher Scientific Inc. revenues decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Operating income The net result for the period of deducting operating expenses from operating revenues. Thermo Fisher Scientific Inc. operating income decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Thermo Fisher Scientific Inc. income before income taxes decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Net income attributable to Thermo Fisher Scientific Inc. The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Thermo Fisher Scientific Inc. net income attributable to Thermo Fisher Scientific Inc. decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.