Analyst Consensus ?
ConsensusBuy42 ratings
Bullish3583.3%
Neutral716.7%
Bearish00.0%
Thermo Fisher Scientific Inc. · TMO · FY2025 Q3 · Calendar Q4 2025
Thermo Fisher raises outlook as bioproduction and diagnostics strengthen
The quarter supports a constructive view that earnings growth and resilient demand can extend over the next year: revenue and adjusted EPS grew, management raised guidance, and cited bioproduction, diagnostics, innovation, and onshoring as drivers. The case is not settled because China pricing, tariffs, FX, funding uncertainty, and acquisition integration could weaken that trajectory.
Reported Before market openNYSEHealthcare
$242.11B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$5.79
Consensus $5.50
EPS surprise
+5.3%
Reported versus consensus
Reported revenue
$11.12B
Consensus $10.92B
Revenue surprise
+1.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.7%
Event window
SPY move
-0.5%
Same window
Abnormal move
+2.2%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
+1.2%
Up to 20 sessions
TMOSPY benchmark
Ask FN2 about TMO FY2025 Q3
Transcript, numbers and history already loaded
Why did TMO rise 1.7% after beating EPS estimates in FY2025 Q3?What changed in TMO's guidance and outlook in FY2025 Q3?Give me the bull and bear case for TMO after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the analysis shows stronger Q3 growth, a further raised full-year outlook, increased capex, and expanded strategic initiatives around AI, U.S. capacity, and partnerships. The risk set broadened to include acquisition integration, potential government-shutdown effects, China pricing and reimbursement, and continued uncertainty in biotech and clinical research spending.
Guidance delta
Management raised full-year 2025 revenue guidance to $44.1-$44.5 billion and adjusted EPS guidance to $22.60-$22.86, versus the prior quarter's $43.6-$44.2 billion revenue and $22.22-$22.84 adjusted EPS outlook.
Key takeaways
- Q3 revenue grew 5% year over year to $11.12 billion, while adjusted EPS increased 10% to $5.79.
- Bioproduction, electron microscopy, and transplant/immunodiagnostics were highlighted as areas of momentum.
- Management raised full-year guidance and continued active capital deployment, including acquisitions and share repurchases.
- Onshoring, new product launches, and AI integration are part of the growth agenda, but tariffs, FX, China pricing, and spending uncertainty remain risks.
Management priorities
- Expand U.S. bioproduction and sterile-fill capacity.
- Continue product innovation and AI integration across products, services, and operations.
- Broaden the integrated CRO/CDMO Accelerator program and pursue aligned acquisitions.
- Deepen collaboration with AstraZeneca and support U.S. supply-chain resilience.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$654.8Current
$460Low
$627.9Average
$750High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Neutral | Neutral | Maintain | Jul 27, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 27, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| HSBC | Hold | Buy | Downgrade | Jun 3, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | May 8, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 24, 2026 |
| Baird | Outperform | Outperform | Maintain | Apr 24, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Jan 30, 2026 |
| Keybanc | Overweight | Sector Weight | Upgrade | Dec 8, 2025 |
| Argus Research | Buy | Buy | Maintain | Oct 29, 2025 |
| UBS | Neutral | Neutral | Maintain | Oct 23, 2025 |
| Leerink Partners | Outperform | Outperform | Maintain | Oct 22, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 9, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Jul 24, 2025 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Jul 11, 2025 |
| B of A Securities | Buy | Buy | Maintain | Dec 13, 2024 |
| Bernstein | Market Perform | Market Perform | Maintain | Oct 24, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 25, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 10, 2024 |
| Credit Suisse | Outperform | Neutral | Upgrade | Jul 13, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Jul 6, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 2, 2023 |
| BTIG | Buy | Buy | Maintain | Feb 2, 2022 |
| Benchmark | Buy | Buy | Maintain | Jul 16, 2021 |
| Needham | Buy | Buy | Maintain | Dec 1, 2020 |
| Atlantic Equities | Overweight | Overweight | Maintain | Sep 30, 2020 |
| Cleveland Research | Buy | Neutral | Upgrade | Jul 15, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Nov 15, 2019 |
| Bank of America | Buy | Buy | Maintain | Feb 1, 2018 |
| BTIG Research | Buy | Buy | Maintain | Jan 5, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Oct 9, 2017 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 19, 2017 |
| Jefferies | Hold | Buy | Downgrade | Apr 29, 2016 |
| Avondale Partners | Outperform | Market Outperform | Maintain | Jan 6, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Jul 24, 2014 |
| Janney Capital | Buy | Buy | Maintain | Aug 15, 2013 |
| ISI Group | Buy | Buy | Maintain | Jan 31, 2013 |
| Wallachbeth | Buy | Buy | Maintain | Aug 9, 2012 |
| Mizuho | Neutral | Buy | Downgrade | May 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $654.8. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Analyst unavailable | $720 | $665.25 | +10.0% | Sep 25, 2026 |
| UBS | Analyst unavailable | $730 | $603.02 | +11.5% | Sep 8, 2026 |
| CLSA | Michael Luo | $748 | $608.54 | +14.2% | Sep 3, 2026 |
| Stifel Nicolaus | Analyst unavailable | $650 | $564.75 | -0.7% | Aug 5, 2026 |
| Piper Sandler | Analyst unavailable | $600 | $568.26 | -8.4% | Jul 27, 2026 |
| Morgan Stanley | Analyst unavailable | $650 | $568.26 | -0.7% | Jul 24, 2026 |
| RBC Capital | Dan Leonard | $580 | $561.09 | -11.4% | Jul 24, 2026 |
| Jefferies | Tycho Peterson | $630 | $572.6 | -3.8% | Jul 23, 2026 |
| Evercore ISI | Analyst unavailable | $570 | $511.31 | -13.0% | Jul 6, 2026 |
| Bernstein | Analyst unavailable | $520 | $505.75 | -20.6% | Jun 26, 2026 |
| Piper Sandler | Analyst unavailable | $510 | $482.04 | -22.1% | Jun 11, 2026 |
| HSBC | Sidharth Sahoo | $540 | $482.08 | -17.5% | Jun 3, 2026 |
| RBC Capital | Analyst unavailable | $490 | $448.21 | -25.2% | May 14, 2026 |
| Morgan Stanley | Kallum Titchmarsh | $620 | $472.23 | -5.3% | Apr 27, 2026 |
| Stifel Nicolaus | Daniel Arias | $600 | $467.47 | -8.4% | Apr 24, 2026 |
| Robert W. Baird | Catherine Ramsey Schulte | $639 | $466.7 | -2.4% | Apr 24, 2026 |
| UBS | Analyst unavailable | $615 | $579.86 | -6.1% | Jan 30, 2026 |
| Wells Fargo | Analyst unavailable | $683 | $580.09 | +4.3% | Jan 30, 2026 |
| Robert W. Baird | Analyst unavailable | $653 | $583.12 | -0.3% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $650 | $592.16 | -0.7% | Jan 30, 2026 |
| Stifel Nicolaus | Daniel Arias | $700 | $606.5 | +6.9% | Jan 9, 2026 |
| Evercore ISI | Vijay Kumar | $650 | $605.83 | -0.7% | Jan 5, 2026 |
| Wells Fargo | Analyst unavailable | $675 | $571.99 | +3.1% | Dec 15, 2025 |
| Goldman Sachs | Evie Koslosky | $685 | $568.21 | +4.6% | Dec 9, 2025 |
| KeyBanc | Paul Knight | $750 | $572.77 | +14.5% | Dec 7, 2025 |
| Argus Research | Analyst unavailable | $610 | $570.82 | -6.8% | Oct 29, 2025 |
| Morgan Stanley | Analyst unavailable | $656 | $563.28 | +0.2% | Oct 28, 2025 |
| UBS | Analyst unavailable | $590 | $571.68 | -9.9% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $625 | $567.2 | -4.6% | Oct 23, 2025 |
| Leerink Partners | Analyst unavailable | $580 | $567.2 | -11.4% | Oct 22, 2025 |
| Redburn Partners | Analyst unavailable | $575 | $536.19 | -12.2% | Oct 8, 2025 |
| Redburn Partners | Analyst unavailable | $580 | $539.17 | -11.4% | Oct 8, 2025 |
| Barclays | Luke Sergott | $585 | $530.73 | -10.7% | Oct 2, 2025 |
| RBC Capital | Conor McNamara | $561 | $487.53 | -14.3% | Sep 2, 2025 |
| UBS | Dan Leonard | $460 | $426.17 | -29.7% | Jul 8, 2025 |
| Scotiabank | Analyst unavailable | $605 | $424.24 | -7.6% | Apr 25, 2025 |
| Goldman Sachs | Matthew Sykes | $610 | $431.64 | -6.8% | Apr 23, 2025 |
| RBC Capital | Conor McNamara | $693 | $597.75 | +5.8% | Jan 31, 2025 |
| Evercore ISI | Vijay Kumar | $585 | $522.57 | -10.7% | Jan 2, 2025 |
| Robert W. Baird | Catherine Schulte | $622 | $576.49 | -5.0% | Oct 24, 2024 |
| Barclays | Luke Sergott | $610 | $570.92 | -6.8% | Oct 23, 2024 |
| Evercore ISI | Vijay Kumar | $630 | $618.57 | -3.8% | Oct 1, 2024 |
| Stifel Nicolaus | Daniel Arias | $680 | $620.25 | +3.8% | Sep 20, 2024 |
| Robert W. Baird | Catherine Schulte | $632 | $620.25 | -3.5% | Sep 20, 2024 |
| Citigroup | Patrick Donnelly | $620 | $617.1 | -5.3% | Sep 19, 2024 |
| Deutsche Bank | Justin Bowers | $630 | $609.41 | -3.8% | Sep 18, 2024 |
| Bank of America Securities | Derik de Bruin | $675 | $611.17 | +3.1% | Sep 16, 2024 |
| Raymond James | Andrew Cooper | $660 | $593.86 | +0.8% | Jul 25, 2024 |
| Barclays | Luke Sergott | $600 | $550.78 | -8.4% | Jun 28, 2024 |
| HSBC | Sidharth Sahoo | $670 | $576.89 | +2.3% | Apr 30, 2024 |
| Deutsche Bank | Justin Bowers | $610 | $577.39 | -6.8% | Apr 25, 2024 |
| Barclays | Luke Sergott | $615 | $577.39 | -6.1% | Apr 25, 2024 |
| Robert W. Baird | Catherine Schulte | $670 | $531.65 | +2.3% | Dec 28, 2023 |
| Raymond James | Andrew Cooper | $530 | $444.46 | -19.1% | Oct 26, 2023 |
| Credit Suisse | Thermo Fisher | $620 | $525.63 | -5.3% | Jul 13, 2023 |
| Cowen & Co. | Analyst unavailable | $711 | $591.95 | +8.6% | Feb 2, 2023 |
| Citigroup | Analyst unavailable | $700 | $589.73 | +6.9% | Feb 2, 2023 |
| Barclays | Analyst unavailable | $660 | $587.36 | +0.8% | Feb 2, 2023 |
| Leerink Partners | Analyst unavailable | $630 | $587.36 | -3.8% | Feb 2, 2023 |
| Leerink Partners | Analyst unavailable | $620 | $532.88 | -5.3% | Jan 6, 2023 |
| Wells Fargo | Analyst unavailable | $505 | $553.18 | -22.9% | Jan 3, 2023 |
| Deutsche Bank | Analyst unavailable | $620 | $571.38 | -5.3% | Dec 14, 2022 |
| RBC Capital | Analyst unavailable | $661 | $550.53 | +0.9% | Dec 7, 2022 |
| Barclays | Analyst unavailable | $570 | $540.03 | -13.0% | Nov 29, 2022 |
| Barclays | Analyst unavailable | $595 | $569.4 | -9.1% | Sep 12, 2022 |
| Barclays | Luke Sergott | $685 | $587.98 | +4.6% | Aug 4, 2022 |
| Morgan Stanley | Analyst unavailable | $678 | $606.24 | +3.5% | Jul 29, 2022 |
| Leerink Partners | Analyst unavailable | $650 | $597.64 | -0.7% | Jul 29, 2022 |
| Barclays | Analyst unavailable | $630 | $530.93 | -3.8% | Jul 13, 2022 |
| Morgan Stanley | Analyst unavailable | $670 | $563.79 | +2.3% | Apr 29, 2022 |
| Wells Fargo | Analyst unavailable | $525 | $561.28 | -19.8% | Apr 25, 2022 |
| Morgan Stanley | Tejas Savant | $700 | $619.47 | +6.9% | Oct 28, 2021 |
| Benchmark Co. | Robert Wasserman | $650 | $611.7 | -0.7% | Oct 27, 2021 |
| Goldman Sachs | Matthew Sykes | $690 | $607.64 | +5.4% | Sep 23, 2021 |
| J.P. Morgan | Tycho Peterson | $700 | $589.63 | +6.9% | Sep 20, 2021 |
| Bank of America Securities | Derik De Bruin | $670 | $589.63 | +2.3% | Sep 20, 2021 |
| KeyBanc | Paul Knight | $710 | $589.63 | +8.4% | Sep 20, 2021 |
| Jefferies | Brandon Couillard | $540 | $589.63 | -17.5% | Sep 20, 2021 |
| Argus Research | David Toung | $600 | $538.11 | -8.4% | Aug 4, 2021 |
Track every rating change on TMO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThermo Fisher Scientific Inc. is a global leader in scientific services, providing a comprehensive range of offerings that include life sciences solutions, advanced analytical instruments, specialized diagnostic products, and an extensive portfolio of laboratory supplies and biopharmaceutical services. The company's reach extends across North America, Europe, Asia-Pacific, and other international markets. Its Life Sciences Solutions division furnishes researchers with essential reagents, state-of-the-art instruments, and consumables vital for biological and medical exploration, the development and manufacturing of therapeutics and vaccines, and the detection of infections and various diseases. This segment encompasses bioscience, genetic science, and bioproduction technologies, serving a broad spectrum of clients in the pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and governmental sectors.…
Historical context
All TMO earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
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Get the TMO recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-03T16:10:42.534936+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T16:10:42.532021+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.