Thermo Fisher Scientific (TMO) Balance Sheet: Assets & Liabilities

Thermo Fisher Scientific (TMO) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Thermo Fisher Scientific reported total assets of $110.34B and total liabilities of $56.81B. Shareholders' equity was $53.54B, up 8.0% from $49.58B a year earlier. Total debt stood at $39.38B against $10.11B in cash and short-term investments, a net debt position of $29.28B. That puts debt-to-equity at 0.74, compared with 0.66 a year earlier.

Thermo Fisher Scientific Balance Sheet Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Thermo Fisher Scientific Inc. (TMO) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	9.85	4.02	8.08	8.52	4.48	10.33	2.40	2.10	1.34
Short-Term Investments	0.25	1.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	10.11	5.58	8.08	8.52	4.48	10.33	2.40	2.10	1.34
Accounts Receivable	8.90	9.63	9.66	8.12	8.95	6.47	4.95	4.60	3.88
Inventory	5.43	4.98	5.09	5.63	5.05	4.03	3.37	3.01	2.97
Other Current Assets	4.28	1.95	1.76	2.96	1.64	1.13	1.17	0.92	1.24
Total Current Assets	28.71	22.14	24.59	25.23	20.11	21.96	11.89	10.63	9.42
Non-Current Assets
Property, Plant & Equipment (Net)	10.57	10.80	11.00	9.28	9.86	6.69	5.45	4.17	4.05
Long-Term Investments	0.00	0.56	0.06	0.15	0.07	0.07	0.04	0.05	0.03
Goodwill	49.36	45.85	44.02	41.20	41.92	26.04	25.71	25.35	25.29
Intangible Assets	15.84	15.53	16.67	17.48	20.15	12.69	14.01	14.98	16.68
Other Non-Current Assets	5.87	2.44	2.38	4.01	3.00	1.57	1.28	1.06	1.19
Total Non-Current Assets	81.64	75.18	74.14	71.93	75.01	47.10	46.49	45.61	47.25
Total Assets	110.34	97.32	98.73	97.15	95.12	69.05	58.38	56.23	56.67
Current Liabilities
Accounts Payable	3.62	3.08	2.87	3.38	2.87	2.18	1.92	1.62	1.43
Short-Term Debt	3.53	2.48	3.87	5.58	2.80	2.81	0.84	1.27	2.14
Current Portion of Long-Term Debt	3.53	2.20	3.61	5.27	-	-	-	-	-
Accrued Liabilities	5.32	5.19	4.84	5.45	5.38	-	-	-	-
Deferred Revenue	2.71	2.85	2.69	2.60	2.66	1.27	0.92	0.81	0.72
Other Current Liabilities	11.66	4.93	4.58	0.06	5.11	4.05	2.52	2.45	2.33
Total Current Liabilities	15.19	13.33	14.01	17.01	13.44	10.30	6.20	6.15	7.05
Non-Current Liabilities
Long-Term Debt	35.85	30.30	32.55	28.91	33.54	19.73	17.65	17.73	18.88
Deferred Tax Liabilities	1.49	1.27	1.92	2.85	3.84	1.79	2.19	2.27	2.77
Other Non-Current Liabilities	5.77	1.61	1.90	7.09	2.10	1.94	2.08	2.16	2.57
Total Non-Current Liabilities	41.62	34.32	37.87	36.00	40.71	24.23	22.51	22.50	24.21
Total Liabilities	56.81	47.65	51.88	53.01	54.15	34.54	28.71	28.65	31.26
Stockholders' Equity
Common Stock	0.45	0.44	0.44	0.44	0.44	0.44	0.43	0.43	0.43
Retained Earnings	59.16	53.10	47.36	41.91	35.43	28.12	22.09	18.70	15.91
Accumulated Other Comprehensive Income	-2.45	-2.70	-3.22	-3.10	-2.33	-2.81	-2.68	-2.50	-2.00
Treasury Stock	22.31	19.23	15.13	12.02	8.92	-	-	-	-
Additional Paid-in Capital	18.56	-1.27	2.15	16.74	7.25	8.76	9.83	10.96	11.07
Minority Interest	0.13	0.09	0.11	0.17	0.18	0.01	0.00	0.00	0.00
Shares Outstanding	0.38	0.38	0.39	0.39	0.39	-	-	-	-
Total Stockholders' Equity	53.54	49.58	46.74	44.15	40.79	34.51	29.68	27.59	25.41
Total Liabilities & Equity	110.34	97.32	98.73	97.15	95.12	69.05	58.38	56.23	56.67

Source: Company financial statements from annual and quarterly filings. Data as of Sep 26, 2026. Data sources and methodology

Frequently Asked Questions About Thermo Fisher Scientific Balance Sheet

How much debt does Thermo Fisher Scientific have?

Thermo Fisher Scientific had total debt of $39.38B as of Dec 31, 2025, against $10.11B in cash and short-term investments. Its debt-to-equity ratio was 0.74. Total debt was $32.77B a year earlier.

What are Thermo Fisher Scientific's total assets?

Thermo Fisher Scientific reported total assets of $110.34B as of Dec 31, 2025, up 13.4% from $97.32B a year earlier. Total liabilities were $56.81B.

What is Thermo Fisher Scientific's shareholders' equity?

Thermo Fisher Scientific's shareholders' equity was $53.54B as of Dec 31, 2025, or about $142.30 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition