Analyst Consensus ?
ConsensusBuy42 ratings
Bullish3583.3%
Neutral716.7%
Bearish00.0%
Thermo Fisher Scientific Inc. · TMO · FY2026 Q2 · Calendar Q3 2026
TMO Q2 2026: Revenue Up 10%, EPS Up 13% as Guidance Rises Again
Thermo Fisher delivered its second consecutive guidance raise of 2026, with Q2 revenue accelerating to 10% year-over-year growth ($11.99 billion) and adjusted EPS up 13% to $6.03, beating consensus estimates on both lines. The quarter featured broad-based strength across pharma/biotech, industrial, academic, and diagnostic end markets, plus the first full quarter of Clario ownership. Management raised full-year revenue guidance to $47.4-$48.1 billion and adjusted EPS to $24.93-$25.33, tightening the floor on revenue while lifting the EPS range meaningfully. A planned microbiology divestiture will fund $1 billion in share repurchases. The stock's roughly 10% abnormal move on the report signals investor recognition that organic growth is re-accelerating after a softer Q1 and that acquisitions are delivering synergies. Whether H2 can sustain this pace and how competitive dynamics in…
Reported Before market openNYSEHealthcare
$207.93B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$6.03
Consensus $6
EPS surprise
+5.4%
Reported versus consensus
Reported revenue
$11.99B
Consensus $11.71B
Revenue surprise
+2.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$574.3Previous close
$460Low
$618.98Average
$750High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Aug 1, 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 previous close $574.3. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $600 | $568.26 | +4.5% | Jul 27, 2026 |
| Morgan Stanley | Analyst unavailable | $650 | $568.26 | +13.2% | Jul 24, 2026 |
| RBC Capital | Dan Leonard | $580 | $561.09 | +1.0% | Jul 24, 2026 |
| Jefferies | Tycho Peterson | $630 | $572.6 | +9.7% | Jul 23, 2026 |
| Evercore ISI | Analyst unavailable | $570 | $511.31 | -0.7% | Jul 6, 2026 |
| Bernstein | Analyst unavailable | $520 | $505.75 | -9.5% | Jun 26, 2026 |
| Piper Sandler | Analyst unavailable | $510 | $482.04 | -11.2% | Jun 11, 2026 |
| HSBC | Sidharth Sahoo | $540 | $482.08 | -6.0% | Jun 3, 2026 |
| RBC Capital | Analyst unavailable | $490 | $448.21 | -14.7% | May 14, 2026 |
| Morgan Stanley | Kallum Titchmarsh | $620 | $472.23 | +8.0% | Apr 27, 2026 |
| Stifel Nicolaus | Daniel Arias | $600 | $467.47 | +4.5% | Apr 24, 2026 |
| Robert W. Baird | Catherine Ramsey Schulte | $639 | $466.7 | +11.3% | Apr 24, 2026 |
| UBS | Analyst unavailable | $615 | $579.86 | +7.1% | Jan 30, 2026 |
| Wells Fargo | Analyst unavailable | $683 | $580.09 | +18.9% | Jan 30, 2026 |
| Robert W. Baird | Analyst unavailable | $653 | $583.12 | +13.7% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $650 | $592.16 | +13.2% | Jan 30, 2026 |
| Stifel Nicolaus | Daniel Arias | $700 | $606.5 | +21.9% | Jan 9, 2026 |
| Evercore ISI | Vijay Kumar | $650 | $605.83 | +13.2% | Jan 5, 2026 |
| Wells Fargo | Analyst unavailable | $675 | $571.99 | +17.5% | Dec 15, 2025 |
| Goldman Sachs | Evie Koslosky | $685 | $568.21 | +19.3% | Dec 9, 2025 |
| KeyBanc | Paul Knight | $750 | $572.77 | +30.6% | Dec 7, 2025 |
| Argus Research | Analyst unavailable | $610 | $570.82 | +6.2% | Oct 29, 2025 |
| Morgan Stanley | Analyst unavailable | $656 | $563.28 | +14.2% | Oct 28, 2025 |
| UBS | Analyst unavailable | $590 | $571.68 | +2.7% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $625 | $567.2 | +8.8% | Oct 23, 2025 |
| Leerink Partners | Analyst unavailable | $580 | $567.2 | +1.0% | Oct 22, 2025 |
| Redburn Partners | Analyst unavailable | $575 | $536.19 | +0.1% | Oct 8, 2025 |
| Redburn Partners | Analyst unavailable | $580 | $539.17 | +1.0% | Oct 8, 2025 |
| Barclays | Luke Sergott | $585 | $530.73 | +1.9% | Oct 2, 2025 |
| RBC Capital | Conor McNamara | $561 | $487.53 | -2.3% | Sep 2, 2025 |
| UBS | Dan Leonard | $460 | $426.17 | -19.9% | Jul 8, 2025 |
| Scotiabank | Analyst unavailable | $605 | $424.24 | +5.3% | Apr 25, 2025 |
| Goldman Sachs | Matthew Sykes | $610 | $431.64 | +6.2% | Apr 23, 2025 |
| RBC Capital | Conor McNamara | $693 | $597.75 | +20.7% | Jan 31, 2025 |
| Evercore ISI | Vijay Kumar | $585 | $522.57 | +1.9% | Jan 2, 2025 |
| Robert W. Baird | Catherine Schulte | $622 | $576.49 | +8.3% | Oct 24, 2024 |
| Barclays | Luke Sergott | $610 | $570.92 | +6.2% | Oct 23, 2024 |
| Evercore ISI | Vijay Kumar | $630 | $618.57 | +9.7% | Oct 1, 2024 |
| Stifel Nicolaus | Daniel Arias | $680 | $620.25 | +18.4% | Sep 20, 2024 |
| Robert W. Baird | Catherine Schulte | $632 | $620.25 | +10.0% | Sep 20, 2024 |
| Citigroup | Patrick Donnelly | $620 | $617.1 | +8.0% | Sep 19, 2024 |
| Deutsche Bank | Justin Bowers | $630 | $609.41 | +9.7% | Sep 18, 2024 |
| Bank of America Securities | Derik de Bruin | $675 | $611.17 | +17.5% | Sep 16, 2024 |
| Raymond James | Andrew Cooper | $660 | $593.86 | +14.9% | Jul 25, 2024 |
| Barclays | Luke Sergott | $600 | $550.78 | +4.5% | Jun 28, 2024 |
| HSBC | Sidharth Sahoo | $670 | $576.89 | +16.7% | Apr 30, 2024 |
| Deutsche Bank | Justin Bowers | $610 | $577.39 | +6.2% | Apr 25, 2024 |
| Barclays | Luke Sergott | $615 | $577.39 | +7.1% | Apr 25, 2024 |
| Robert W. Baird | Catherine Schulte | $670 | $531.65 | +16.7% | Dec 28, 2023 |
| Raymond James | Andrew Cooper | $530 | $444.46 | -7.7% | Oct 26, 2023 |
| Credit Suisse | Thermo Fisher | $620 | $525.63 | +8.0% | Jul 13, 2023 |
| Cowen & Co. | Analyst unavailable | $711 | $591.95 | +23.8% | Feb 2, 2023 |
| Citigroup | Analyst unavailable | $700 | $589.73 | +21.9% | Feb 2, 2023 |
| Barclays | Analyst unavailable | $660 | $587.36 | +14.9% | Feb 2, 2023 |
| Leerink Partners | Analyst unavailable | $630 | $587.36 | +9.7% | Feb 2, 2023 |
| Leerink Partners | Analyst unavailable | $620 | $532.88 | +8.0% | Jan 6, 2023 |
| Wells Fargo | Analyst unavailable | $505 | $553.18 | -12.1% | Jan 3, 2023 |
| Deutsche Bank | Analyst unavailable | $620 | $571.38 | +8.0% | Dec 14, 2022 |
| RBC Capital | Analyst unavailable | $661 | $550.53 | +15.1% | Dec 7, 2022 |
| Barclays | Analyst unavailable | $570 | $540.03 | -0.7% | Nov 29, 2022 |
| Barclays | Analyst unavailable | $595 | $569.4 | +3.6% | Sep 12, 2022 |
| Barclays | Luke Sergott | $685 | $587.98 | +19.3% | Aug 4, 2022 |
| Morgan Stanley | Analyst unavailable | $678 | $606.24 | +18.1% | Jul 29, 2022 |
| Leerink Partners | Analyst unavailable | $650 | $597.64 | +13.2% | Jul 29, 2022 |
| Barclays | Analyst unavailable | $630 | $530.93 | +9.7% | Jul 13, 2022 |
| Morgan Stanley | Analyst unavailable | $670 | $563.79 | +16.7% | Apr 29, 2022 |
| Wells Fargo | Analyst unavailable | $525 | $561.28 | -8.6% | Apr 25, 2022 |
| Morgan Stanley | Tejas Savant | $700 | $619.47 | +21.9% | Oct 28, 2021 |
| Benchmark Co. | Robert Wasserman | $650 | $611.7 | +13.2% | Oct 27, 2021 |
| Goldman Sachs | Matthew Sykes | $690 | $607.64 | +20.1% | Sep 23, 2021 |
| J.P. Morgan | Tycho Peterson | $700 | $589.63 | +21.9% | Sep 20, 2021 |
| Bank of America Securities | Derik De Bruin | $670 | $589.63 | +16.7% | Sep 20, 2021 |
| KeyBanc | Paul Knight | $710 | $589.63 | +23.6% | Sep 20, 2021 |
| Jefferies | Brandon Couillard | $540 | $589.63 | -6.0% | Sep 20, 2021 |
| Argus Research | David Toung | $600 | $538.11 | +4.5% | Aug 4, 2021 |
Track every rating change on TMO the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+8.7%
Event window
SPY move
-1.2%
Same window
Abnormal move
+9.9%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
-2.2%
Up to 20 sessions
TMOSPY benchmark
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What changed
Revenue growth accelerated from 6% in Q1 to 10% in Q2, reaching $11.99B vs $11.01B prior quarter. Adjusted EPS growth accelerated from 6% to 13%, with Q2 EPS of $6.03 vs $5.44 in Q1. Full-year revenue guidance floor raised by $0.1B to $47.4B. Full-year EPS guidance range raised from $24.64-$25.12 to $24.93-$25.33. Clario contributed its first full quarter of revenue and earnings, accelerating integration synergies. New product launches included Orbitrap Tribrid Apex and Excedion mass spectrometers, Vanquish Amplify UHPLC, PowerFlex thermal cycler, and DynaDrive single-use bioreactors. Microbiology divestiture announced with proceeds funding a $1B share buyback. New partnership with Precision Health Research Singapore on population-scale proteomics.
Guidance delta
Full-year 2026 revenue guidance tightened to $47.4-$48.1B (from $47.3-$48.1B), raising the floor by $0.1B. Adjusted EPS guidance raised from $24.64-$25.12 to $24.93-$25.33, a $0.29 increase at the low end and $0.21 at the high end. This marks the second consecutive quarterly guidance raise.
Key takeaways
- Q2 revenue grew 10% YoY to $11.99B, beating consensus by ~2.5% and accelerating from 6% growth in Q1
- Adjusted EPS of $6.03 beat estimates by 5.4%, with growth accelerating to 13% from 6% prior quarter
- Full-year 2026 guidance raised for the second consecutive quarter, reflecting management confidence
- Clario acquisition delivered its first full quarter of revenue and synergies, complementing broad-based end-market strength
- Microbiology divestiture announced, with proceeds funding $1B in share repurchases
- Product innovation ramped with launches across mass spectrometry, chromatography, and bioproduction platforms
Management priorities
- Continue integrating Clario and filtration & separation acquisitions to realize revenue synergies
- Execute microbiology divestiture and deploy proceeds into share repurchases
- Open flagship U.S. bioprocess design center in Massachusetts to expand bioproduction capabilities
- Advance AI-enabled software across mass spectrometry and instrumentation platforms
- Maintain active M&A pipeline targeting fragmented industry opportunities
- Expand capacity for bioproduction and filtration businesses to meet growing demand
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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 . For educational purposes only; not investment advice.