Thermo Fisher Scientific Inc. Q3 2026 Earnings Recap

Thermo Fisher’s shares fell 1.6% after earnings, a roughly flat reaction. Revenue and adjusted EPS grew, but performance was uneven across end markets: academic and government revenue was flat, while diagnostics and healthcare grew at a low-single-digit rate.

Key Takeaways

• Q3 revenue increased 9% to $12.14 billion; adjusted EPS rose 15% to $6.68.
• Adjusted operating income grew 15% to $2.97 billion, and adjusted operating margin expanded 120 basis points to 24.5%.
• Pharma and biotech and industrial and applied each delivered high-single-digit growth; academic and government revenue was flat.
• Diagnostics and healthcare grew low single digits, with transplant diagnostics cited as a source of strength.
• Management said improved end-market conditions seen in Q2 continued in Q3; the excerpt provides no updated full-year outlook.