Thermo Fisher Scientific Inc. (TMO): 2Q26 Recap — Broad-Based Strength Points Towards Ongoing End-Market Recovery

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Thermo Fisher Scientific Inc. (TMO): 2Q26 Recap — Broad-Based Strength Points Towards Ongoing End-Market Recovery

Equity Research

23 July 2026 | 11:38PM EDT

Thermo Fisher Scientific Inc. (TMO): 2Q26 Recap — Broad-Based

Strength Points Towards Ongoing End-Market Recovery

2Q26 top- and bottom-line beat with ~5% organic growth: 2Q revenue of Evie Koslosky

+1(212)357-1694 | e.v.koslosky@gs.com

$11.99bn came in above consensus (FactSet Consensus Data, unless otherwise Goldman Sachs & Co. LLC

noted) of $11.71bn and GSe of $11.73bn. 2Q EPS of $6.03 beat consensus of $5.72 Grey Smith

and GSe of $5.70. Organic revenue growth was ~+5% compared to consensus and +1(212)934-1193Goldman Sachs & Co.| grey.smith@gs.comLLC

GSe of +3.1%. Adjusted operating margin was 22.8% (compared to GS estimate of

22.4%); this is compared with 21.9% in 2Q25.

TMO updated its FY26 revenue outlook to be at the higher end of the guidance range

of 3-4% versus the original expectation of ~3% following the better-than-expected

results. The company also raised its revenue guidance range to $47.4bn-$48.1bn vs

previous guidance of $47.3bn-$48.1bn and EPS guidance of $24.93-$25.33

(previously $24.64-$25.12) vs. consensus/prior GSe of $24.85/$24.84. The updated

guidance now includes stronger performance from acquisitions and the pending

divestiture of TMO’s microbiology business.

Executive Summary

What You Need to Know: TMO’s 2Q organic growth of 5% represents a 400bps

sequential acceleration, or ~200bps in underlying end-market improvement after

accounting for 100bps selling day and 100bps Pharma Services phasing headwinds

that temporarily impacted the organic growth line in 1Q. The company maintained

their FY26 guidance range of 3-4%, but are now pointing towards 4% versus