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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Thermo Fisher Scientific
Thermo Fisher Scientific (TMO) investor relations material
Thermo Fisher Scientific Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary21 Oct, 2026
Executive summary
Q3 revenue rose 9% YoY to $12,137M, with 6% organic growth; adjusted EPS increased 15% to $6.68.
Strong productivity lifted adjusted operating margin to 24.5%, up 1.2 points; management raised FY26 revenue, adjusted EPS and free cash flow guidance.
Customer activity and end-market conditions improved; growth strategy and PPI Business System supported performance.
Financial highlights
Q3 GAAP operating income rose 17% to $2,263M; adjusted operating income increased 15% to $2,968M.
GAAP diluted EPS rose 9% to $4.64; adjusted diluted EPS increased 15% to $6.68.
Q3 net income attributable to shareholders was $1,721M versus $1,616M; adjusted net income was $2,477M versus $2,190M.
9M revenue increased 9% to $35,136M; adjusted operating income rose 12% to $8,102M and adjusted EPS increased 11% to $18.15.
Adjusted gross margin was 42.8%; adjusted SG&A was 15.5% of revenue and R&D expense was $350M.
Outlook and guidance
FY26 revenue guidance rose to $47.7B-$48.2B, representing 7%-8% reported growth; organic revenue growth outlook increased to 4%.
FY26 adjusted EPS guidance rose to $25.13-$25.43, representing 10%-11% growth; adjusted operating margin expansion assumption remained 80 bps.
FY26 free cash flow guidance increased to $7B-$7.5B; net capex is expected at $1.9B-$2B.
H2 organic growth outlook increased to 5%; Q4 guidance remained 4%, with some Pharma Services activity shifted from Q4 into Q3.
Management expects progress toward a more normal growth environment by late 2027 to H1 2028; 7% organic growth is a reasonable normal-period outlook, not a ceiling.
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Latest events from Thermo Fisher Scientific
- Strong Q2 growth, AI-driven demand, and reshoring trends support a robust multi-year outlook.TMO
Morgan Stanley 24th Annual Global Healthcare Conference - Q2 2026 revenue up 10% to $11.99B, adjusted EPS up 13%, and $1B in stock repurchases.TMOQ2 2026
- Director nominees elected, auditor ratified, executive pay not approved; strong growth and AI focus.TMOAGM 2026
- Targets 3–6% organic growth for 2026–2027, fueled by AI, innovation, and accretive M&A.TMOInvestor Day 2026
- Executive compensation program revised for 2026 to enhance pay-for-performance and shareholder alignment.TMOProxy filing
- Q1 2026 revenue rose 6% to $11.01B, adjusted EPS up 6%, and guidance was raised.TMOQ1 2026
- Q3 revenue up 5% to $11.12B, adjusted EPS up 10%, with strong innovation and acquisitions.TMOQ3 2025
- Targets 7–9% organic growth, margin expansion, and share gains through innovation and execution.TMOInvestor Day 2024
- Q2 revenue dipped 1% but EPS grew, and guidance was raised after the Olink acquisition.TMOQ2 2024
Next Thermo Fisher Scientific earnings date
Q4 202628 Jan, 2027
Thermo Fisher Scientific
Next Thermo Fisher Scientific earnings date
Q4 202628 Jan, 2027
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Frequently asked questions
Supplying Tools for Science
The American company Thermo Fisher Scientific is one of the leaders in the life sciences industry, known for its significant contributions to research, diagnostics, and laboratory technology. With operations across numerous countries, Thermo Fisher offers a broad catalog of products and services, including analytical instruments, consumables, software, and services.
Born From a Merger
The company's roots can be traced back to the merger of Thermo Electron and Fisher Scientific in 2006, a strategic move that created one of the most comprehensive science service companies globally. The aim was to provide a single, reliable source of laboratory equipment, chemicals, software, services, and consumables to the global scientific research and healthcare communities. Thermo Fisher has played an instrumental role in countless groundbreaking research projects, including the Human Genome Project, and it continues to provide equipment for scientists globally.
Products for the Life Science Industry
Thermo Fisher Scientific offers a comprehensive suite of products and services geared toward advancing scientific research and enhancing patient health. They produce laboratory equipment, consumables, reagents, and software that support a variety of scientific procedures, from genetic sequencing to electron microscopy. One standout product is their qPCR systems, used extensively for disease diagnostics and genomics research.
Moreover, they offer analytical instruments crucial for pharmaceutical and biotech companies for drug development and testing. Thermo Fisher's services also include research services, clinical trial solutions, and laboratory management. These services enable researchers to run their experiments and trials in a safe and effective manner by enabling them to focus on areas in which their expertise resides.
Their Customers
Thermo Fisher Scientific caters to a vast array of sectors. In healthcare and life sciences, their products aid drug discovery and development, fueling advancements in medical treatments. Their tools are the silent partners in scientific exploration at universities and research institutions, aiding breakthroughs in fields as diverse as genomics and proteomics.
Government bodies and regulatory agencies utilize their diagnostic tools and software to safeguard public health, a critical role underscored during the COVID-19 pandemic. Some notable publicly traded customers and partners include Novo Nordisk, Pfizer, and Astra Zeneca.