Thermo Fisher Scientific Reports 9% Revenue Growth as Third-Quarter Earnings Beat Estimates

Thermo Fisher Scientific (NYSE:TMO) reported third-quarter 2026 earnings and revenue above analysts’ expectations on Wednesday, supported by growth in its laboratory products and services business and an improvement in operating margins.

The US life sciences and laboratory equipment company posted adjusted earnings per share of $6.68, exceeding the analyst consensus estimate of $6.40.

Quarterly revenue reached $12.14 billion, compared with market expectations of $11.95 billion. The figure represented a 9% increase from the corresponding period last year, including organic revenue growth of 6%.

Adjusted operating income rose 15% year on year to $2.97 billion, while the adjusted operating margin increased to 24.5% from 23.3% in the third quarter of 2025.

The margin exceeded analysts’ expectations of 24%, reflecting an improvement of 120 basis points compared with the prior-year period.

Marc Casper, Chairman and Chief Executive Officer of Thermo Fisher Scientific, commented on the company’s quarterly results.

“We are very pleased to deliver another excellent quarter, with outstanding financial performance on both the top and bottom line,” Casper said. “We’re advancing our proven growth strategy, which is resonating strongly with our customers, and our PPI Business System is enabling outstanding execution across the company.”

Performance varied across the company’s four principal operating segments, with laboratory products and services accounting for the largest share of quarterly revenue.

The Laboratory Products and Biopharma Services segment generated revenue of $6.86 billion, an increase of 15% compared with the previous year.

The result exceeded analysts’ forecasts of $6.56 billion and represented the largest contribution to the company’s overall revenue growth.

The Analytical Instruments division also recorded higher sales, with revenue increasing 5.8% to $2.00 billion, above market expectations.

Meanwhile, the Life Sciences Solutions segment reported revenue of $2.72 billion, representing year-on-year growth of 5.1%.

Despite the increase, the division’s revenue remained below the analyst consensus estimate of $2.84 billion.

The Specialty Diagnostics business recorded a 6.5% decline in revenue to $1.10 billion, compared with market expectations of $1.16 billion.

The segment results highlighted differing trading conditions across Thermo Fisher’s businesses, with growth in laboratory products, biopharma services and analytical instruments offsetting the decline in specialty diagnostics.

At group level, the increase in adjusted operating income outpaced revenue growth, contributing to the expansion in operating margins.

Thermo Fisher said it would provide updated financial guidance for 2026 during its quarterly earnings conference call, scheduled for 7 a.m. Eastern Time on Wednesday.

The revised outlook is expected to provide further information on the company’s revenue and earnings expectations for the remainder of the year.

The third-quarter results showed higher group revenue and profitability, although individual divisions recorded differing performances relative to market forecasts.

Investors will be assessing the updated guidance alongside demand trends across the company’s laboratory equipment, life sciences, diagnostics and biopharmaceutical services operations.

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