THERMO FISHER SCIENTIFIC INC.: revenue accelerated to +10.5%, but net debt rose by 9.6 bn over the year

23 июля 2026 года THERMO FISHER SCIENTIFIC INC. раскрыла результаты за второй квартал 2026 года: выручка выросла на 10,5% год к году до 11 994 млн долларов, EBITDA – на 24,7% до 2 904 млн, чистая прибыль – на 7,4% до 1 736 млн. Акции на релизе прибавили 8,7%, а с момента публикации до 4 сентября – ещё 16,6%. При текущей оценке в 24,3x EV/EBITDA LTM против собственной трёхлетней средней в 22,3x и с учётом модели портала, дающей потенциал +9%, бумага выглядит скорее привлекательной, но с оговорками из-за выросшего долга.

Key takeaways

— Q2 2026 revenue grew 10.5% – the strongest in the last five quarters

— EBITDA margin expanded 3 p.p. to 26.2% – the best in the period under review

— Net profit rose only 7.4%, lagging EBITDA due to higher amortization and taxes

— Net debt increased by 9.6 bn over the year to 38.5 bn, with Net Debt/EBITDA LTM at 2.88

— Operating cash flow for the quarter rose 1.5x to 2,125 mln, but capex increased to 450 mln

— The company announced the divestiture of its microbiology business and repurchased $1.0 bn of stock in the quarter

— Shares rose 8.7% on the release day and another 16.6% by September 4, but valuation is already above its own three-year average

Attractiveness

Key figures, USD bn

1. Q2 2026 revenue grew 10.5% – the strongest in the last five quarters

In Q2 2026, THERMO FISHER SCIENTIFIC INC. revenue reached 11,994 mln, up 10.5% year-over-year. This is an acceleration from prior quarters: Q1 2026 grew 6.2%, Q4 2025 – 7.2%, Q3 2025 – 4.9%. Organic growth was 5%, acquisitions added 5%, and currency translation contributed 1%.

The main driver was the Laboratory Products and Biopharma Services segment, whose revenue rose from 5,995 to 6,693 mln (55.8% of total revenue). Life Sciences Solutions grew from 2,499 to 2,815 mln, Analytical Instruments from 1,728 to 1,847 mln, and Specialty Diagnostics from 1,134 to 1,205 mln. The company notes strengthening customer activity across all end markets.

2. EBITDA margin expanded 3 p.p. to 26.2% – the best in the period under review

EBITDA in Q2 2026 grew 24.7% to 2,904 mln, with EBITDA margin reaching 26.2% versus 23.2% a year earlier. This is the highest level across all quarters in the facts: Q1 2026 margin was 23.6%, Q4 2025 – 24.4%, Q3 2025 – 23.4%.

Margin expansion came from operating leverage and cost control: GAAP operating margin rose from 16.9% to 17.4%, and adjusted operating margin from 21.9% to 22.8%. The company also benefited from recent acquisitions, which add to revenue but, judging by the dynamics, do not dilute profitability.

3. Net profit rose only 7.4%, lagging EBITDA due to higher amortization and taxes

Net income attributable to THERMO FISHER SCIENTIFIC INC. shareholders in Q2 2026 was 1,736 mln, up 7.4% year-over-year. This is noticeably slower than EBITDA growth (24.7%), as amortization of acquired intangibles rose from 429 to 485 mln, and the effective tax rate increased: income tax expense rose from 92 to 167 mln, almost doubling.

GAAP diluted EPS grew 9% to $4.68, adjusted EPS grew 13% to $6.03. The gap between GAAP and adjusted earnings is mainly due to amortization of acquired intangibles (485 mln) and restructuring costs (98 mln).

4. Net debt increased by 9.6 bn over the year to 38.5 bn, with Net Debt/EBITDA LTM at 2.88

At the end of Q2 2026, THERMO FISHER SCIENTIFIC INC.'s net debt stood at 38,485 mln – up 9.6 bn from a year earlier (28,839 mln). Over the quarter, debt declined by 1.4 bn from 39,905 mln, but remains well above 2024–2025 levels.

Net Debt/EBITDA LTM is 2.88. The increase in debt is related to large acquisitions: in H1 2026, the company spent 8,872 mln on purchases, raising debt. At the same time, the company continues to return capital to shareholders: it repurchased $1.0 bn of stock in the quarter, and dividends for the half-year totaled 337 mln.

5. Operating cash flow for the quarter rose 1.5x to 2,125 mln, but capex increased to 450 mln

Operating cash flow in Q2 2026 was 2,125 mln versus 1,399 mln a year earlier – a 1.5x increase. Free cash flow, as calculated by the company, rose from 1,105 to 1,678 mln.

Capital expenditures for the quarter increased from 294 to 450 mln, reflecting investments in manufacturing capacity and innovation. For H1, free cash flow was 2,503 mln versus 1,479 mln a year earlier. Cash flow remains solid and covers both capex and dividends.

6. The company announced the divestiture of its microbiology business and repurchased $1.0 bn of stock in the quarter

In its Q2 2026 report, THERMO FISHER SCIENTIFIC INC. announced the decision to divest its microbiology business. This continues the strategy of focusing on key areas, which already included large acquisitions in H1.

In parallel, the company repurchased its own shares for $1.0 bn in the quarter, and $4.0 bn in H1. This supports earnings per share but increases debt. Management also announced an updated 2026 outlook on the conference call.

7. Shares rose 8.7% on the release day and another 16.6% by September 4, but valuation is already above its own three-year average

The closing price before the release was $526.46; on the release day shares rose 8.7%, and by September 4, 2026 – another 16.6%. The market reacted positively to the acceleration in revenue growth and margin expansion.

Current EV/EBITDA LTM is 24.3x, above its own three-year average of 22.3x. P/E LTM is 33.1x. According to the portal's model, upside to fair value is +9%. Thus, after the rally, shares trade at a premium to their history, but the portal's model still indicates moderate potential.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report showed strong revenue acceleration (+10.5%) and a record EBITDA margin (26.2%), confirming the recovery in demand across the company's markets. However, net profit grew half as fast as EBITDA due to higher amortization and taxes, and net debt increased by 9.6 bn over the year, making leverage a notable risk factor. Shares have already rallied 8.7% on the release and trade above their own three-year average EV/EBITDA, but the portal's model implies +9% upside. Given this, the share looks rather attractive, but only if the company continues to generate strong cash flow and reduce debt.