THERMO FISHER SCIENTIFIC INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 27, 2025
Entity Listings [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-8002    
Entity Registrant Name THERMO FISHER SCIENTIFIC INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 04-2209186    
Entity Address, Address Line One 168 Third Avenue    
Entity Address, City or Town Waltham    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02451    
City Area Code 781    
Local Phone Number 622-1000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 154,038,987
Entity Common Stock, Shares Outstanding   371,484,244  
Documents Incorporated by Reference Sections of Thermo Fisher’s definitive Proxy Statement for the 2026 Annual Meeting of Shareholders (the “Proxy Statement”) are incorporated by reference into Part III of this report.    
Entity Central Index Key 0000097745    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Common Stock, $1.00 par value      
Entity Listings [Line Items]      
Title of 12(b) Security Common Stock, $1.00 par value    
Trading Symbol TMO    
Security Exchange Name NYSE    
1.450% Notes due 2027      
Entity Listings [Line Items]      
Title of 12(b) Security 1.450% Notes due 2027    
Trading Symbol TMO 27    
Security Exchange Name NYSE    
1.750% Notes due 2027      
Entity Listings [Line Items]      
Title of 12(b) Security 1.750% Notes due 2027    
Trading Symbol TMO 27B    
Security Exchange Name NYSE    
Floating Rate Notes due 2027      
Entity Listings [Line Items]      
Title of 12(b) Security Floating Rate Notes due 2027    
Trading Symbol TMO 27D    
Security Exchange Name NYSE    
0.500% Notes due 2028      
Entity Listings [Line Items]      
Title of 12(b) Security 0.500% Notes due 2028    
Trading Symbol TMO 28A    
Security Exchange Name NYSE    
1.375% Notes due 2028      
Entity Listings [Line Items]      
Title of 12(b) Security 1.375% Notes due 2028    
Trading Symbol TMO 28    
Security Exchange Name NYSE    
1.950% Notes due 2029      
Entity Listings [Line Items]      
Title of 12(b) Security 1.950% Notes due 2029    
Trading Symbol TMO 29    
Security Exchange Name NYSE    
0.875% Notes due 2031      
Entity Listings [Line Items]      
Title of 12(b) Security 0.875% Notes due 2031    
Trading Symbol TMO 31    
Security Exchange Name NYSE    
2.375% Notes due 2032      
Entity Listings [Line Items]      
Title of 12(b) Security 2.375% Notes due 2032    
Trading Symbol TMO 32    
Security Exchange Name NYSE    
3.650% Notes due 2034      
Entity Listings [Line Items]      
Title of 12(b) Security 3.650% Notes due 2034    
Trading Symbol TMO 34    
Security Exchange Name NYSE    
3.628% Notes due 2035      
Entity Listings [Line Items]      
Title of 12(b) Security 3.628% Notes due 2035    
Trading Symbol TMO 35A    
Security Exchange Name NYSE    
2.875% Notes due 2037      
Entity Listings [Line Items]      
Title of 12(b) Security 2.875% Notes due 2037    
Trading Symbol TMO 37    
Security Exchange Name NYSE    
1.500% Notes due 2039      
Entity Listings [Line Items]      
Title of 12(b) Security 1.500% Notes due 2039    
Trading Symbol TMO 39    
Security Exchange Name NYSE    
1.875% Notes due 2049      
Entity Listings [Line Items]      
Title of 12(b) Security 1.875% Notes due 2049    
Trading Symbol TMO 49    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Boston, Massachusetts
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 9,852 $ 4,009
Short-term investments 253 1,561
Accounts receivable, less allowances of $147 and $173 8,900 8,191
Inventories 5,425 4,978
Contract assets, net 1,666 1,435
Other current assets 2,612 1,964
Total current assets 28,707 22,137
Property, plant and equipment, net 10,565 9,306
Acquisition-related intangible assets, net 15,838 15,533
Other assets 5,871 4,492
Goodwill 49,362 45,853
Total assets 110,343 97,321
Current liabilities:    
Short-term obligations and current maturities of long-term obligations 3,533 2,214
Accounts payable 3,622 3,079
Accrued payroll and employee benefits 1,995 1,988
Contract liabilities 2,710 2,852
Other accrued expenses 3,329 3,199
Total current liabilities 15,189 13,332
Deferred income taxes 1,493 1,268
Other long-term liabilities 4,273 3,989
Long-term obligations 35,852 29,061
Commitments and contingencies (Note 5)
Redeemable noncontrolling interest 122 120
Thermo Fisher Scientific Inc. shareholders’ equity:    
Preferred stock, $100 par value, 50,000 shares authorized; none issued 0 0
Common stock, $1 par value, 1,200,000,000 shares authorized; 445,160,301 and 443,841,240 shares issued 445 444
Capital in excess of par value 18,563 17,962
Retained earnings 59,156 53,102
Treasury stock at cost, 68,938,831 and 63,066,906 shares (22,309) (19,226)
Accumulated other comprehensive income/(loss) (2,448) (2,697)
Total Thermo Fisher Scientific Inc. shareholders’ equity 53,407 49,584
Noncontrolling interests 7 (33)
Total equity 53,415 49,551
Total liabilities, redeemable noncontrolling interest and equity $ 110,343 $ 97,321
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable allowances $ 147 $ 173
Preferred stock, par value (in dollars per share) $ 100 $ 100
Preferred stock, shares authorized (in shares) 50,000 50,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 1,200,000,000 1,200,000,000
Common stock, shares issued (in shares) 445,160,301 443,841,240
Treasury stock at cost (in shares) 68,938,831 63,066,906
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Total revenues $ 44,556 $ 42,879 $ 42,857
Costs and operating expenses:      
Selling, general and administrative expenses 8,732 8,595 8,445
Research and development expenses 1,397 1,390 1,337
Restructuring and other costs 362 379 459
Total costs and operating expenses 36,810 35,542 35,998
Operating income 7,746 7,337 6,859
Interest income 993 1,078 879
Interest expense (1,419) (1,390) (1,375)
Other income/(expense) (12) 12 (65)
Income before income taxes 7,308 7,037 6,298
Benefit from/(provision for) income taxes (547) (657) (284)
Equity in earnings/(losses) of unconsolidated entities (41) (42) (59)
Net income 6,721 6,338 5,955
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest 17 3 (40)
Net income attributable to Thermo Fisher Scientific Inc. $ 6,704 $ 6,335 $ 5,995
Earnings per share attributable to Thermo Fisher Scientific Inc.      
Basic (in dollars per share) $ 17.77 $ 16.58 $ 15.52
Diluted (in dollars per share) $ 17.74 $ 16.53 $ 15.45
Weighted average shares      
Basic (in shares) 377 382 386
Diluted (in shares) 378 383 388
Product revenues      
Revenues      
Total revenues $ 25,965 $ 25,034 $ 25,243
Costs and operating expenses:      
Cost of revenues 13,405 12,523 13,168
Service revenues      
Revenues      
Total revenues 18,592 17,845 17,614
Costs and operating expenses:      
Cost of revenues $ 12,913 $ 12,654 $ 12,589
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Comprehensive income/(loss)      
Net income $ 6,721 $ 6,338 $ 5,955
Cumulative translation adjustment:      
Cumulative translation adjustment (net of tax provision (benefit) of $(386), $317 and $(134)) 223 525 (69)
Reclassification adjustment for losses included in net income 6 0 0
Unrealized gains and losses on hedging instruments:      
Reclassification adjustment for losses included in net income (net of tax benefit of $1, $1 and $2) 3 3 5
Pension and other postretirement benefit liability adjustments:      
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision (benefit) of $4, $2 and $(22)) 13 (12) (69)
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $1, $1 and $1) 5 4 0
Total other comprehensive income/(loss) 250 520 (133)
Comprehensive income/(loss) 6,970 6,858 5,822
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest 17 (4) (48)
Comprehensive income attributable to Thermo Fisher Scientific Inc. $ 6,953 $ 6,862 $ 5,870
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Tax provision (benefit) on cumulative translation adjustment $ (386) $ 317 $ (134)
Tax benefit on reclassification adjustment for losses on hedging instruments recognized in net income 1 1 2
Tax benefit (provision) on pension and other postretirement benefit liability adjustments arising during the period 4 2 (22)
Tax benefit on amortization of net loss and prior service benefit included in net periodic pension cost $ 1 $ 1 $ 1
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 6,721 $ 6,338 $ 5,955
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property, plant and equipment 1,050 1,156 1,068
Amortization of acquisition-related intangible assets 1,730 1,952 2,338
Change in deferred income taxes (639) (1,209) (1,300)
Stock-based compensation 310 301 278
Other net non-cash expenses 455 508 604
Changes in assets and liabilities, excluding the effects of acquisitions:      
Accounts receivable (426) (171) (43)
Inventories (74) (27) 598
Contract assets/liabilities (375) (162) 252
Accounts payable 421 212 (500)
Contributions to retirement plans (42) (45) (42)
Other (1,312) (186) (802)
Net cash provided by operating activities 7,818 8,667 8,406
Investing activities      
Purchases of property, plant and equipment (1,525) (1,400) (1,479)
Proceeds from sale of property, plant and equipment 44 57 87
Proceeds from cross-currency interest rate swap interest settlements 268 252 70
Acquisitions, net of cash acquired (4,037) (3,132) (3,660)
Purchases of investments (383) (3,396) (208)
Proceeds from sales and maturities of investments 1,565 1,770 15
Other investing activities, net 21 8 33
Net cash used in investing activities (4,047) (5,841) (5,142)
Financing activities      
Net proceeds from issuance of debt 7,759 1,204 5,942
Repayment of debt (2,412) (3,607) (5,782)
Proceeds from issuance of commercial paper 1,095 0 1,620
Repayments of commercial paper (1,095) 0 (1,935)
Purchases of company common stock (3,000) (4,000) (3,000)
Dividends paid (636) (583) (523)
Other financing activities, net 90 195 56
Net cash provided by/(used in) financing activities 1,801 (6,792) (3,622)
Exchange rate effect on cash 267 (91) (82)
Increase/(decrease) in cash, cash equivalents and restricted cash 5,839 (4,057) (440)
Cash, cash equivalents and restricted cash at beginning of year 4,040 8,097 8,537
Cash, cash equivalents and restricted cash at end of year $ 9,879 $ 4,040 $ 8,097
v3.25.4
CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY - USD ($)
$ in Millions
Total
Total Thermo Fisher Scientific Inc. Shareholders’ Equity
Common Stock
Capital in Excess of Par Value
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income/(Loss)
Noncontrolling Interests
Beginning balance at Dec. 31, 2022 $ 116              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 19              
Other comprehensive income/(loss) (3)              
Contributions from (distributions to) noncontrolling interests (14)              
Ending balance at Dec. 31, 2023 118              
Common stock, beginning balance (in shares) at Dec. 31, 2022     441,000,000          
Beginning balance at Dec. 31, 2022 44,032 $ 43,978 $ 441 $ 16,743 $ 41,910 $ (12,017) $ (3,099) $ 54
Treasury stock beginning balance (in shares) at Dec. 31, 2022           50,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (in shares)     1,000,000     1,000,000    
Issuance of shares under stock plans 178 178 $ 1 265   $ (88)    
Stock-based compensation 278 278   278        
Purchases of company common stock (in shares)           5,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (541) (541)     (541)      
Net income/(loss) 5,936 5,995     5,995     (59)
Other comprehensive income/(loss) (130) (125)         (125) (5)
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases (28) (28)       $ (28)    
Common stock, ending balance (in shares) at Dec. 31, 2023     442,000,000          
Treasury stock ending balance (in shares) at Dec. 31, 2023           56,000,000    
Ending balance at Dec. 31, 2023 46,724 46,735 $ 442 17,286 47,364 $ (15,133) (3,224) (11)
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 23              
Other comprehensive income/(loss) (6)              
Contributions from (distributions to) noncontrolling interests (14)              
Ending balance at Dec. 31, 2024 120              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (in shares)     2,000,000          
Issuance of shares under stock plans 310 310 $ 2 376   $ (67)    
Stock-based compensation 301 301   301        
Purchases of company common stock (in shares)           7,000,000    
Purchases of company common stock (4,000) (4,000)       $ (4,000)    
Dividends declared (596) (596)     (596)      
Net income/(loss) 6,315 6,335     6,335     (20)
Other comprehensive income/(loss) 527 527         527  
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases $ (26) (26)       $ (26)    
Common stock, ending balance (in shares) at Dec. 31, 2024     444,000,000          
Treasury stock ending balance (in shares) at Dec. 31, 2024 63,066,906         63,000,000    
Ending balance at Dec. 31, 2024 $ 49,551 49,584 $ 444 17,962 53,102 $ (19,226) (2,697) (33)
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 17              
Contributions from (distributions to) noncontrolling interests (16)              
Ending balance at Dec. 31, 2025 122              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (in shares)     1,000,000          
Issuance of shares under stock plans 234 234 $ 1 291   $ (59)    
Stock-based compensation 310     310        
Purchases of company common stock (in shares)           6,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (650)       (650)      
Net income/(loss) 6,703 6,704     6,704     (1)
Other comprehensive income/(loss) 249 249         249  
Contributions from (distributions to) noncontrolling interests (2)             (2)
Excise tax from stock repurchases (24) (24)       $ (24)    
Disposition $ (42)             (42)
Common stock, ending balance (in shares) at Dec. 31, 2025     445,000,000          
Treasury stock ending balance (in shares) at Dec. 31, 2025 68,938,831         69,000,000    
Ending balance at Dec. 31, 2025 $ 53,415 $ 53,407 $ 445 $ 18,563 $ 59,156 $ (22,309) $ (2,448) $ 7
v3.25.4
CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends declared (in dollars per share) $ 1.72 $ 1.56 $ 1.40
v3.25.4
Nature of Operations and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.
Principles of Consolidation
The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated.
Redeemable Noncontrolling Interest
The company owns 60% of its consolidated subsidiary PPD-SNBL K.K. The 40% ownership interest held by a third party is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to certain put options under which the third party may require the company to purchase the remaining ownership interest at a premium upon the occurrence of certain events.
Presentation
Certain reclassifications of prior year amounts have been made to conform to the current year presentation.
Amounts and percentages reported within these consolidated financial statements are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash equivalents consists principally of money market funds and other marketable securities purchased with a remaining maturity of three months or less. These investments are carried at cost, which approximates market value (Note 4).
Inventories
Inventories are valued at the lower of cost or net realizable value, cost being determined by the first-in, first-out (FIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income (Note 2).
Contract-related Balances
Accounts receivable include unconditional rights to consideration from customers, which generally represent billings that do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from the inability of its customers to pay amounts due. The allowance for credit losses is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.
Contract assets include revenues recognized in advance of billings where the company’s right to bill includes something other than the passage of time. Such amounts are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration becomes unconditional.
Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenues on service contracts. Contract liabilities are classified as current or noncurrent based on the periods over which remaining performance obligations are expected to be transferred to customers. Contract assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract.
Noncurrent contract assets and noncurrent contract liabilities are included within other assets and other long-term liabilities in the accompanying balance sheets, respectively (Note 2).
Property, Plant and Equipment
Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company generally provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment, 8 to 10 years; internal use software, 3 to 5 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income (Note 2).
Acquisition-related Intangible Assets
Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, trade names, backlog and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years. The company uses the income approach to initially measure acquired customer relationships for which the key assumptions are typically estimated customer attrition rates and discount rates. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. When impairment indicators exist, the company determines whether the carrying value of its intangible assets exceeds the related undiscounted cash flows. In these situations, the carrying value is written down to fair value.
In addition, the company has trade names that have indefinite lives and which are not amortized. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. The company may perform an optional qualitative assessment. If the company determines that the fair value of the indefinite-lived intangible asset is more likely than not greater than its carrying amount, no additional testing is necessary. If not, or if the company bypasses the optional qualitative assessment, it writes the carrying value down to the fair value, if applicable (Note 2).
Investments
Investments include marketable securities, such as marketable equity securities, available for sale debt securities, and bank time deposits with maturities greater than three months, equity method investments, and non-marketable equity investments. The company classifies investments as current or noncurrent based on the nature of the securities and their availability for use in current operations. Noncurrent investments are included in other assets.
Marketable securities are stated at fair value with all realized and unrealized gains and losses on investments in marketable equity securities and realized gains and losses on available-for-sale debt securities recognized in other income/(expense).
The company accounts for investments in businesses using the equity method when it has the ability to exercise significant influence but not control (generally between 20% and 50% ownership), is not the primary beneficiary and has not elected the fair value option. The company’s share of gains and losses in, and impairments of, equity method investments are recorded in equity in earnings/(losses) of unconsolidated entities. Equity investments that do not have readily determinable fair values and are not eligible for the net asset value (NAV) practical expedient are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. The company performs qualitative assessments to identify impairments of these investments. All gains and losses on non-equity method investments are recognized in other income/(expense).
Other Assets
Other assets in the accompanying balance sheet include operating lease right-of-use assets, investments, deferred tax assets, pension assets, insurance recovery receivables related to product liability matters, certain intangible assets and other assets.
Goodwill
The company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company is permitted to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the qualitative assessment results in a determination that the fair value of a reporting unit is more likely than not less than its carrying amount, the company performs a quantitative goodwill impairment test. The company may bypass the qualitative assessment for the reporting unit in any period and proceed directly to the quantitative goodwill impairment test. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). The company determined that no impairments existed in 2025, 2024 or 2023 (Note 2).
Fair Value Measurements
Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves.
Level 3: Inputs are unobservable data points that are not corroborated by market data.
The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company initially measures acquisition-related contingent consideration at fair value. Changes to the fair values of contingent consideration are recorded in selling, general and administrative expenses. The company determines the fair value of its equity method and non-marketable equity investments that are not eligible for the NAV practical expedient by considering factors such as financial position, operating results and cash flows of the investee; recent transactions in the same or similar securities; significant recent events affecting the investee; the price paid by the company; among others (Note 4).
Loss Contingencies
Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable.
The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including input from environmental specialists and management’s knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites.
The company determines the probability and range of possible loss for its litigation and other contingencies based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates (Note 5).
Warranty Obligations
The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenues are recognized. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts, which are discussed above. Costs of service contracts are recognized as incurred.
Foreign Currency Translation
All assets and liabilities of the company’s subsidiaries operating in non-U.S. dollar currencies are translated at period-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive income/(loss)” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the period (Note 6).
Revenue Recognition
Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues (primarily clinical research, pharmaceutical, and instrument and enterprise services) are recognized over time as customers receive and consume the benefits of such services. For revenues recognized over time, the company generally uses costs accumulated relative to total estimated costs to measure progress as this method approximates satisfaction of the performance obligation. For contracts that contain multiple performance obligations, the company allocates the consideration to which it expects to be entitled (i.e., the transaction price) to each performance obligation based on relative standalone selling prices and recognizes the related revenues when or as control of each individual performance obligation is transferred to customers. The company exercises judgment in determining the timing of revenue by analyzing the point in time or the period over which the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of the asset. The company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year.
Changes to the scope of services contracts generally also include changes in the transaction price. Typically, these contract modifications are not distinct from existing services provided under the contract, and result in cumulative adjustments to revenue on the modification date. However, some modifications are distinct from existing services provided under the contract and recognized prospectively.
Payments from customers for most instruments and consumables are typically due in a fixed number of days after shipment or delivery of the product. Service arrangements commonly call for payments in advance of performing the work (e.g., extended service contracts), upon completion of the service (e.g., pharmaceutical services) or a mix of both. Some arrangements include variable amounts of consideration that arise from discounts, rebates, and other programs and practices. In such arrangements, the company estimates the amount by which to reduce the stated contract amount to reflect the transaction price. The company records reimbursement for third-party pass-through and out-of-pocket costs as revenues and the related expenses as costs of revenues.
Research and Development
The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred.
Restructuring Costs
Accounting for the timing and amount of termination benefits provided by the company to employees is determined based on whether: (a) the company has a substantive plan to provide such benefits, (b) the company has a written employment contract with the affected employees that includes a provision for such benefits, (c) the termination benefits are due to the occurrence of an event specified in an existing plan or agreement, or (d) the termination benefits are a one-time benefit. In certain circumstances, employee termination benefits may meet more than one of the characteristics listed above and therefore, may have individual elements that are subject to different accounting models.
From time to time when executing a restructuring or exit plan, the company also incurs costs other than termination benefits, such as lease termination costs, that are not associated with or will not be incurred to provide economic benefits to the company. These include costs that represent amounts under contractual obligations that exist prior to the restructuring plan communication date and will either continue after the restructuring plan is completed with no economic benefit or result in a penalty to cancel a contractual obligation. Such costs are recognized when incurred, which generally occurs at the contract termination or over the period from when a plan to abandon a leased facility is approved through the cease-use date but charges may continue over the remainder of the original contractual period (Note 6).
Foreign Currency Transactions
Foreign currency-denominated monetary assets and liabilities are measured at the end of each reporting period using the exchange rates at that date. The resulting foreign currency transaction gains/(losses) are classified in cost of product revenue or cost of service revenue if the transaction relates to an operating activity. All other foreign currency transaction gains/(losses) are generally classified in other income/(expense). Accounting for financial instruments designated as net investment hedges is discussed below.
Earnings per Share
Basic earnings per share has been computed by dividing net income attributable to Thermo Fisher Scientific Inc. by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to net income attributable to Thermo Fisher Scientific Inc., diluted earnings per share has been computed using the treasury stock method for outstanding stock options and restricted units (Note 6).
Income Taxes
The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. A valuation allowance is provided for tax assets that will more likely than not go unused. In situations in which the company has been able to determine that its deferred tax assets will be realized, that determination generally relies on future reversals of taxable temporary differences or expected future taxable income.
The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7).
Derivative Contracts
The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income/(loss) until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings together with the corresponding, offsetting gains/(losses) on the underlying hedged transactions.
The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency exchange contracts principally hedge transactions denominated in euro, Canadian dollars, British pounds sterling, Swiss franc, Swedish krona, Singapore dollars, and Hong Kong dollars. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management.
Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive income/(loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.
Net investment hedges. The company uses foreign currency-denominated debt, certain foreign currency-denominated payables, and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes, certain foreign currency-denominated payables, and its cross-currency interest rate swaps have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments and certain foreign currency-denominated payables, and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in cumulative translation adjustment within other comprehensive income/(loss) and shareholders’ equity.
The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheets under the caption other current assets, other assets, other current liabilities, or other long-term liabilities. The fair value of the currency exchange contracts is included in the accompanying balance sheets under the captions other current assets or other accrued expenses. (Notes 4 and 10).
Leases
Operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Finance leases that have commenced are included in property, plant and equipment, net, current maturities of long-term obligations and long-term obligations in the consolidated balance sheet. Classification of lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.
Right-of-use (ROU) assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company recognizes operating lease expense on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and an immaterial amount of interest expense.
Because most of the company’s leases do not provide an implicit interest rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option.
As a lessee, the company accounts for the lease and non-lease components as a single lease component (Note 13).
Pension and Other Postretirement Benefit Plans
The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income/(loss), net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost/(income). Other comprehensive income/(loss) is adjusted as these amounts are later recognized in income as components of net periodic benefit cost/(income).
When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.
The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined.
The discount rate used to determine projected benefit obligations and net periodic pension benefit cost/(income) reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.
The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.
The expected long-term rate of return on plan assets used to determine net periodic pension benefit cost/(income) reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.
Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.
The expected rate of compensation increase used to determine net periodic pension benefit cost/(income) reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases (Note 14).
Stock-based Compensation Expense
Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.
The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility is calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns, where available, are the bases for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate is calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.
Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award (Note 15).
Government Assistance
From time to time, the company receives assistance from various governmental agencies generally in the form of cash or non-income tax credits. These programs help offset the costs of certain research and development activities, facility construction and expansion efforts, or hiring objectives. When the company believes that it is probable that it will meet the conditions tied to the assistance, it offsets the associated expense in the consolidated income statement. Such amounts were not material to the consolidated financial statements as of and for the years ended December 31, 2025, 2024 and 2023.
Recent Accounting Pronouncements
The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
Standards recently adopted
ASU No. 2022-04, Liabilities–Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
New guidance to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under supplier finance programs for each period presented.
Some aspects adopted in 2023 using a retrospective method and other aspects adopted in 2024 using a prospective method
Not material
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Among other things, new guidance to disclose additional information about the tax rate reconciliation and income taxes paid.2025 annual report and interim periods thereafter using a prospective methodIncreased disclosures in Notes 7 and 9
Standards not yet adopted
ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
New guidance to disclose specified information about certain costs and expenses.2027 annual report and interim periods thereafter using a prospective or retrospective method
Will increase disclosures in Note 6
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
ASU No. 2025-06, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
Among other things, new guidance to modernize the accounting for costs to develop software for internal use.2028 annual report and interim periods thereafter using a prospective, retrospective, or modified transition method; early adoption is permitted.Currently evaluating adoption impact, timing, and method
ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities
Among other things, establishes guidance for the recognition, measurement, and presentation of government grants.2029 using a retrospective, modified retrospective, or modified prospective approach; early adoption is permitted.Currently evaluating adoption impact, timing, and method
v3.25.4
Supplemental Balance Sheet Information
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
Inventories
The components of inventories are as follows:
(In millions)December 31, 2025December 31, 2024
Raw materials$1,877 $1,803 
Work in process889 755 
Finished goods2,659 2,420 
Inventories$5,425 $4,978 
Contract-related Balances
Contract asset and liability balances are as follows:
(In millions)December 31, 2025December 31, 2024
Current contract assets, net$1,666 $1,435 
Noncurrent contract assets, net1 6 
Current contract liabilities2,710 2,852 
Noncurrent contract liabilities1,183 1,138 
Substantially all of the current contract liability balances at December 31, 2024 and 2023 was recognized in revenues during 2025 and 2024, respectively.
Remaining Performance Obligations
The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of December 31, 2025 was $27.92 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 52% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.
Property, Plant and Equipment
Property, plant and equipment consists of the following:
(In millions)December 31, 2025December 31, 2024
Land$500 $439 
Buildings and improvements4,570 3,728 
Machinery, equipment and leasehold improvements11,005 9,858 
Construction in progress2,305 2,034 
Property, plant and equipment, at cost18,380 16,059 
Less: Accumulated depreciation and amortization7,815 6,753 
Property, plant and equipment, net$10,565 $9,306 
Acquisition-related Intangible Assets
Acquisition-related intangible assets are as follows:
Balance at December 31, 2025Balance at December 31, 2024
(In millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Definite lived:
Customer relationships
$23,290 $(10,515)$12,775 $22,644 $(10,047)$12,596 
Product technology
5,196 (3,891)1,305 5,557 (4,423)1,134 
Trade names
1,804 (1,318)486 1,706 (1,180)527 
Backlog
1,084 (1,047)37 1,084 (1,043)41 
31,374 (16,771)14,604 30,991 (16,693)14,298 
Indefinite lived:
Trade names
1,235 N/A1,235 1,235 N/A1,235 
Acquisition-related intangible assets
$32,609 $(16,771)$15,838 $32,226 $(16,693)$15,533 
The estimated future amortization expense of acquisition-related intangible assets with definite lives as of December 31, 2025 is as follows:
(In millions)
2026 $1,638 
2027 1,608 
2028 1,573 
2029 1,457 
2030 1,160 
2031 and thereafter7,169 
Estimated future amortization expense of definite-lived intangible assets$14,604 
At December 31, 2025 and 2024, the company had $21 million and $34 million, respectively, of intangible assets not derived from acquisitions, net of accumulated amortization, which are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years.
Other Assets
At December 31, 2025 and 2024, the company had equity method investments with carrying amounts of $178 million and $357 million, respectively.
At December 31, 2025 and 2024, the company’s equity investments that do not have readily determinable fair values and are not eligible for the NAV practical expedient investments had carrying amounts of $196 million and $41 million, respectively. Investments measured at NAV were $64 million and $40 million at December 31, 2025 and 2024, respectively.
Goodwill
The changes in the carrying amount of goodwill by segment are as follows:
(In millions)Life Sciences
Solutions		Analytical
Instruments		Specialty
Diagnostics		Laboratory
Products and
Biopharma Services		Total
Balance at December 31, 2023
$10,151 $5,051 $4,923 $23,895 $44,020 
Acquisitions
2,302 — — — 2,302 
Currency translation
(117)(92)(139)(122)(470)
Balance at December 31, 2024
12,336 4,959 4,784 23,773 45,853 
Acquisitions
2,101 — — 15 2,117 
Currency translation
473 184 292 444 1,393 
Balance at December 31, 2025
$14,910 $5,143 $5,076 $24,232 $49,362 
v3.25.4
Debt and Other Financing Arrangements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt and Other Financing Arrangements Debt and Other Financing Arrangements
The company’s debt and other financing arrangements are as follows:
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202520252024
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)
$— $828 
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
— 663 
0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)
— 142 
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)
— 569 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.18 %587 518 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.45 %822 725 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.18 %600 600 
0.832% 1.5-Year Senior Notes, Due 9/7/2026 (Swiss franc-denominated)
1.14 %517 — 
5.000% 3-Year Senior Notes, Due 12/5/2026
5.25 %1,000 1,000 
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
1.66 %587 518 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %705 621 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %184 184 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
Floating Rate (EURIBOR + 0.280%) 2-Year Senior Notes, Due 12/1/2027 (euro-denominated)
2.58 %1,175 — 
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)
1.35 %111 — 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.78 %940 828 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.79 %416 364 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %185 184 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %705 621 
1.750% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.000% 5-Year Senior Notes Due 1/31/2029
5.24 %1,000 1,000 
1.125% 4-Year Senior Notes, Due 3/7/2029 (Swiss franc-denominated)
1.26 %397 — 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %822 725 
2.60% 10-Year Senior Notes, Due 10/1/2029
2.74 %900 900 
1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated)
1.44 %30 30 
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)
1.25 %295 — 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 750 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.89 %2,056 1,812 
4.200% 5.5-Year Senior Notes Due 3/1/2031
4.41 %500 — 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.14 %1,057 932 
2.00% 10-Year Senior Notes, Due 10/15/2031
2.23 %1,200 1,200 
1.8401% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)
1.92 %524 457 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %705 621 
4.473% 7-Year Senior Notes, Due 10/7/2032
4.62 %750 — 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %40 40 
4.95% 10-Year Senior Notes, Due 11/21/2032
5.09 %600 600 
1.4175% 8-Year Senior Notes, Due 3/7/2033 (Swiss franc-denominated)
1.49 %442 — 
5.086% 10-Year Senior Notes, Due 8/10/2033
5.20 %1,000 1,000 
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
1.21 %1,762 1,553 
5.200% 10-Year Senior Notes, Due 1/31/2034
5.34 %500 500 
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
3.76 %881 777 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %137 137 
4.794% 10-Year Senior Notes, Due 10/7/2035
4.91 %750 — 
3.628% 10-Year Senior Notes, Due 12/1/2035 (euro-denominated)
3.70 %1,292 — 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.10 %410 358 
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)
1.56 %392 — 
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202520252024
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)
1.71 %271 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %822 725 
4.894% 12-Year Senior Notes, Due 10/7/2037
5.00 %500 — 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %1,057 932 
2.80% 20-Year Senior Notes, Due 10/15/2041
2.90 %1,200 1,200 
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)
1.78 %1,468 1,294 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %93 93 
5.404% 20-Year Senior Notes, Due 8/10/2043
5.50 %600 600 
2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)
2.06 %185 184 
5.30% 30-Year Senior Notes, Due 2/1/2044
5.37 %400 400 
1.49% 20-Year Senior Notes, Due 1/6/2045 (Swiss franc-denominated)
1.54 %233 — 
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)
1.95 %170 — 
4.10% 30-Year Senior Notes, Due 8/15/2047
4.23 %750 750 
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)
1.99 %1,175 1,035 
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)
1.49 %413 — 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %881 777 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %212 212 
Other 1 73 
Total borrowings at par value
39,459 31,332 
Unamortized discount
(94)(95)
Unamortized debt issuance costs
(194)(164)
Total borrowings at carrying value
39,172 31,072 
Finance lease liabilities
213 202 
Less: Short-term obligations and current maturities
3,533 2,214 
Long-term obligations$35,852 $29,061 
EURIBOR - Euro Interbank Offered Rate
The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discounts/premiums and the amortization of any debt issuance costs.
See Note 4 for fair value information pertaining to the company’s long-term borrowings.
As of December 31, 2025, the annual repayment requirements for debt obligations are as follows:
(In millions)BorrowingsFinance Lease Liabilities
2026$3,528 $9 
20273,254 8 
20283,057 8 
20293,150 9 
20303,105 10 
2031 and thereafter23,366 170 
$39,459 $213 
In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $73 million as of December 31, 2025. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates.
Credit Facilities
The company has a revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit. The Facility expires on January 7, 2028. The revolving credit agreement calls for interest at either a Term Secured Overnight Financing Rate (SOFR), EURIBOR-based rate (for funds drawn in euro), or a rate based on
the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of December 31, 2025, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit.
Commercial Paper Programs
The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis.
Senior Notes
Interest is payable annually on the euro and public Swiss franc-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the U.S. dollar and euro-denominated fixed rate senior notes, and Japanese yen-denominated and Swiss franc-denominated private placement notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest, together with swap breakage costs payable to holders of the Japanese yen-denominated and Swiss franc-denominated private placement notes who have entered into cross-currency swap agreements. The company is subject to certain affirmative and negative covenants under the indentures and note purchase agreement governing the senior notes, the most restrictive of which limits the ability of the company to pledge certain property and assets as security under borrowing arrangements. The company was in compliance with all covenants related to its senior notes at December 31, 2025.
Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the following notes outstanding as of December 31, 2025, included in the table above (collectively, the “Euronotes”) in registered public offerings: the Floating Rate Senior Notes due 2027, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 3.628% Senior Notes due 2035, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.
February 2026 Debt Issuances
In the first quarter of 2026 the company issued the following senior notes:
(In millions)Principal value issued
4.215% 5-Year Senior Notes, Due 2/12/2031
$1,000 
4.550% 7.3-Year Senior Notes, Due 6/15/2033
750 
4.902% 10-Year Senior Notes, Due 2/12/2036
1,300 
5.546% 20-Year Senior Notes, Due 2/12/2046
750 
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Measurements
The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2025. The company’s financial assets and liabilities carried at fair value are primarily comprised of investments in bank time deposits, publicly traded securities, insurance contracts, investments in derivative contracts, mutual funds holding publicly traded securities and other investments in unit trusts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration.
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2025(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$6,907 $6,907 $— $— 
Bank time deposits250 250 — — 
Investments
103 27 — 76 
Insurance contracts
280 — 280 — 
Derivative contracts
685 — 685 — 
Contingent consideration67 — — 67 
Total assets
$8,292 $7,184 $966 $143 
Liabilities
Derivative contracts
$506 $— $506 $— 
Contingent consideration
16 — — 16 
Total liabilities
$522 $— $506 $16 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2024(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$1,103 $1,103 $— $— 
Bank time deposits1,560 1,560 — — 
Investments
39 18 — 21 
Insurance contracts
240 — 240 — 
Derivative contracts
460 — 460 — 
Total assets
$3,401 $2,680 $700 $21 
Liabilities
Derivative contracts
$59 $— $59 $— 
Contingent consideration
13 — — 13 
Total liabilities
$72 $— $59 $13 
The following table provides a rollforward of investments classified as level 3:
(In millions)20252024
Investments
Beginning balance
$21 $— 
Purchases
55 21 
Ending balance
$76 $21 
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of a qualifying transaction), of the contingent consideration asset:
(In millions)2025
Contingent consideration asset
Beginning balance
$— 
Acquisition
66 
Changes in fair value included in earnings
1 
Ending balance
$67 
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration liabilities.
(In millions)20252024
Contingent consideration liabilities
Beginning balance
$13 $87 
Acquisitions (including assumed balances)
3 — 
Payments
(6)(2)
Changes in fair value included in earnings
7 (73)
Ending balance
$16 $13 
Fair Value of Other Financial Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2025December 31, 2024
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$39,171 $36,606 $30,999 $28,454 
Other
1 1 73 73 
$39,172 $36,607 $31,072 $28,527 
The fair value of debt instruments, excluding private placement notes, was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements. The fair value of private placement notes was determined based on internally developed pricing models and unobservable inputs, which represent level 3 measurements.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Obligations
The company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods, services or fixed assets and to pay royalties that are enforceable and legally binding and that specify all significant terms including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. The aggregate amount of the company’s unconditional purchase obligations totaled $1.98 billion at December 31, 2025, the majority of which are expected to be settled during 2026.
Letters of Credit, Guarantees and Other Commitments
Outstanding letters of credit and bank guarantees totaled $379 million at December 31, 2025. Substantially all of these letters of credit and guarantees expire through 2039.
Outstanding surety bonds and other guarantees totaled $175 million at December 31, 2025. The expiration of these bonds and guarantees ranges through 2030.
The letters of credit, bank guarantees and surety bonds principally secure performance obligations, and allow the holder to draw funds up to the face amount of the letter of credit, bank guarantee or surety bond if the applicable business unit does not perform as contractually required.
The company has funding commitments totaling $162 million at December 31, 2025, related to investments.
The company is a guarantor of pension plan obligations of a divested business. The purchaser of the divested business has agreed to pay for the pension benefits; however, the company was required to guarantee payment of these pension benefits should the purchaser fail to do so. The amount of the guarantee at December 31, 2025 was $24 million.
In connection with the sale of businesses of the company, the buyers have assumed certain contractual obligations of such businesses and have agreed to indemnify the company with respect to those assumed liabilities. In the event a third-party to a transferred contract does not recognize the transfer of obligations or a buyer defaults on its obligations under the transferred contract, the company could be liable to the third-party for such obligations. However, in such event, the company would be entitled to seek indemnification from the buyer.
Indemnifications
In conjunction with certain transactions, primarily divestitures, the company has agreed to indemnify the other parties with respect to certain liabilities related to the businesses that were sold or leased properties that were abandoned (e.g., retention of certain environmental, tax, employee and product liabilities). The scope and duration of such indemnity obligations vary from transaction to transaction. Where probable, an obligation for such indemnifications is recorded as a liability. Generally, a maximum obligation cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, historically the company has not made significant payments for these indemnifications.
In connection with the company’s efforts to reduce the number of facilities that it occupies, the company has vacated some of its leased facilities or sublet them to third parties. When the company sublets a facility to a third-party, it remains the primary obligor under the master lease agreement with the owner of the facility. As a result, if a third-party vacates the sublet facility, the company would be obligated to make lease or other payments under the master lease agreement. The company believes that the financial risk of default by sublessors is individually and in the aggregate not material to the company’s financial position or results of operations.
In connection with the sale of products in the ordinary course of business, the company often makes representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement. The company has not been required to make material payments under such provisions.
Environmental Matters
The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for environmental remediation matters related to the costs of installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company’s domestic and international facilities were not material in any period presented. At December 31, 2025, the company’s total environmental liability was approximately $86 million. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations and cash flows.
Litigation and Related Contingencies
The company is involved in various disputes, governmental and/or regulatory inspections, inquiries, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The disputes and litigation matters include product liability, intellectual property, employment and commercial issues. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, nor, with respect to certain pending litigation or claims where no liability has been accrued, make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed below, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more of the matters described below could have a material adverse effect on the company’s results of operations, financial position and cash flows.
Product Liability, Workers Compensation and Other Personal Injury Matters
The company is involved in various proceedings and litigation that arise from time to time in connection with product liability, workers compensation and other personal injury matters. The range of probable loss for product liability, workers compensation and other personal injury matters of the company’s continuing operations at December 31, 2025, was approximately $218 million to $376 million. The company’s accrual for these matters totaled $223 million at December 31, 2025. The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $81 million at December 31, 2025 that are included in other assets in the accompanying balance sheet. In addition, as of December 31, 2025, the company had a product liability accrual of $19 million relating to divested businesses.
Although the company believes that the amounts accrued and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary, which could have a material
adverse effect on the company’s results of operations, financial position, and cash flows. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the payment history as well as the financial condition and ratings of its insurers on an ongoing basis.
v3.25.4
Supplemental Income Statement Information
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Supplemental Income Statement Information Supplemental Income Statement Information
Disaggregated Revenues
Revenues by type are as follows:
(In millions)202520242023
Revenues
Consumables
$18,664 $17,587 $17,597 
Instruments
7,301 7,446 7,646 
Services
18,592 17,845 17,614 
Consolidated revenues
$44,556 $42,879 $42,857 
Revenues by geographic region based on customer location are as follows:
(In millions)202520242023
Revenues
North America
$23,033 $22,504 $22,764 
Europe
11,826 10,857 10,741 
Asia-Pacific
8,101 7,956 7,873 
Other regions
1,597 1,561 1,479 
Consolidated revenues
$44,556 $42,879 $42,857 
Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 11 for revenues by reportable segment and other geographic data.
Revenues by business are as follows:
(In millions)
202520242023
Revenues


Biosciences
$4,169 $4,192 $4,238 
Genetic sciences
2,870 2,787 2,816 
BioProduction
3,200 2,652 2,923 
Other
136 — 1 
Life Sciences Solutions
10,374 9,631 9,977 
Chromatography and mass spectrometry
3,360 3,278 3,329 
Chemical analysis
1,237 1,315 1,371 
Electron microscopy
2,957 2,870 2,564 
Analytical Instruments
7,554 7,463 7,263 
Clinical diagnostics
1,115 1,063 1,104 
ImmunoDiagnostics
912 864 802 
Microbiology
645 633 618 
Transplant diagnostics
492 454 393 
Healthcare market channel
1,788 1,764 1,712 
Elimination of intrasegment revenues and other
(275)(266)(222)
Specialty Diagnostics
4,676 4,512 4,405 
Laboratory products
2,407 2,525 2,613 
Research and safety market channel
7,440 7,019 6,841 
Pharma services
7,142 6,685 6,806 
Clinical research
7,915 7,836 7,691 
Elimination of intrasegment revenues and other
(920)(907)(910)
Laboratory Products and Biopharma Services
23,984 23,157 23,041 
Elimination of intersegment revenues(2,033)(1,885)(1,829)
Consolidated revenues$44,556 $42,879 $42,857 
Restructuring and Other Costs
Restructuring and other costs in 2025 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, net charges for disposition of a consolidated joint venture, impairments of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2025, severance actions associated with facility consolidations and cost reduction measures affected approximately 5% of the company’s workforce.
Restructuring and other costs in 2024 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, impairment of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2024, severance actions associated with facility consolidations and cost reduction measures affected approximately 2% of the company’s workforce.
Restructuring and other costs in 2023 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, impairment of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2023, severance actions associated with facility consolidations and cost reduction measures affected approximately 5% of the company’s workforce.
As of February 26, 2026, the company has identified restructuring actions, primarily in the Laboratory Products and Biopharma Services, Life Sciences Solutions, and Analytical Instruments segments, that it expects will result in additional charges of approximately $250 million, primarily in 2026, and expects to identify additional actions in future periods.
Restructuring and other costs by segment are as follows:
(In millions)202520242023
Life Sciences Solutions
$154 $69 $105 
Analytical Instruments
81 4 33 
Specialty Diagnostics
10 17 11 
Laboratory Products and Biopharma Services
147 280 295 
Corporate
(29)9 15 
$362 $379 $459 
The following table summarizes the changes in the company’s accrued restructuring balance, which is included in other accrued expenses in the accompanying balance sheets. Other amounts reported as restructuring and other costs in the accompanying statements of income have been summarized in the notes to the table.
(In millions)Total (a)
Balance at December 31, 2022$41 
Net restructuring charges incurred in 2023 (b) (c)
194 
Payments
(175)
Balance at December 31, 202360 
Net restructuring charges incurred in 2024 (d) (e)
97 
Payments
(105)
Currency translation and other
(2)
Balance at December 31, 202450 
Net restructuring charges incurred in 2025 (f)
197 
Payments
(175)
Currency translation and other
(1)
Balance at December 31, 2025$70 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $264 million of charges, principally $126 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, $26 million of contract termination costs associated with facility closures in the Laboratory Products and Biopharma Services segment, and $19 million of net charges for pre-acquisition litigation and other matters in the Laboratory Products and Biopharma Services segment.
(c)Excludes $93 million of charges in the Laboratory Products and Biopharma Services segment for impairments of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $46 million attributable to a noncontrolling interest.
(d)Excludes $282 million of net charges, principally $211 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments.
(e)Excludes $41 million of charges in the Laboratory Products and Biopharma Services segment for impairment of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $19 million attributable to a noncontrolling interest.
(f)Excludes $165 million of net charges, principally $94 million of charges for impairments of long-lived assets in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments, as well as $51 million of net charges for disposition of a consolidated joint venture.
The company expects to pay accrued restructuring costs primarily through 2026.
Earnings per Share
The company’s earnings per share are as follows:
(In millions except per share amounts)202520242023
Net income attributable to Thermo Fisher Scientific Inc.
$6,704 $6,335 $5,995 
Basic weighted average shares
377 382 386 
Plus effect of: stock options and restricted stock units
1 1 2 
Diluted weighted average shares
378 383 388 
Basic earnings per share
$17.77 $16.58 $15.52 
Diluted earnings per share
$17.74 $16.53 $15.45 
Antidilutive stock options excluded from diluted weighted average shares
3 2 2 
Other Income/(Expense)
In all periods, other income/(expense) includes currency transaction gains/losses on non-operating monetary assets and liabilities and net periodic pension benefit cost/(income), excluding the service cost component, which is included in operating expenses on the accompanying statements of income. In 2025, 2024, and 2023 other income/(expense) includes $13 million, $21 million, and $(46) million of net gains/(losses) on investments, respectively. In 2025, other income/(expense) includes $7 million of settlement charges for pension plans (Note 14).
Foreign Currency Transactions
The aggregate foreign currency transaction gains/(losses) included in the accompanying statements of income were $(130) million, $0 million and $(67) million in 2025, 2024 and 2023, respectively.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income before provision for income taxes are as follows:
(In millions)202520242023
U.S.$2,608 $2,226 $2,431 
Non-U.S.4,700 4,812 3,867 
Income before income taxes
$7,308 $7,037 $6,298 
The components of the provision for income taxes are as follows:
(In millions)202520242023
Current income tax provision
Federal$402 $561 $228 
Non-U.S.658 1,175 1,206 
State126 130 150 
1,186 1,866 1,584 
Deferred income tax provision/(benefit)
Federal$(385)$(1,026)$(551)
Non-U.S.(221)(72)(647)
State(34)(111)(102)
 (639)(1,209)(1,300)
Provision for/(benefit from) income taxes$547 $657 $284 
The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:
(Dollars in millions)2025
U.S. federal statutory tax rate$1,535 21.0 %
State and local income taxes, net of federal income tax effect (a)68 0.9 %
Foreign tax effects
Malta
Changes in valuation allowances2,351 32.2 %
Statutory tax rate difference between Malta and United States473 6.5 %
Deferred interest(2,351)(32.2)%
Notional interest deduction(1,186)(16.2)%
Other19 0.3 %
Netherlands
Changes in valuation allowances144 2.0 %
Deferred interest(97)(1.3)%
Other(27)(0.4)%
United Kingdom
Partnership income/(loss)(118)(1.6)%
Foreign exchange131 1.8 %
Other(41)(0.6)%
Other foreign jurisdictions166 2.3 %
Effect of changes in tax laws or rates enacted in the current period12 0.2 %
Effect of cross-border tax laws
Foreign-derived intangible income(268)(3.7)%
U.S. tax on branch income/(loss)390 5.3 %
Other125 1.7 %
Tax credits
Foreign tax credits(181)(2.5)%
Other(36)(0.5)%
Changes in valuation allowances(157)(2.1)%
Nontaxable or nondeductible items1 0.0 %
Changes in unrecognized tax benefits(64)(0.9)%
Other adjustments
Intra-entity transfer(133)(1.8)%
Domestication transaction(240)(3.3)%
Other31 0.4 %
Effective tax rate$547 7.5 %
(a)State taxes in California, Massachusetts, Illinois, and Pennsylvania comprise the majority of the tax effect in this category.
Under previous tax disclosure guidance, the provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:
(In millions)20242023
Statutory federal income tax rate
21 %21 %
Provision for income taxes at statutory rate
$1,478 $1,323 
Increases (decreases) resulting from:
Foreign rate differential
(131)(223)
Income tax credits
(333)(276)
Global intangible low-taxed income
57 113 
Foreign-derived intangible income
(133)(108)
Excess tax benefits from stock options and restricted stock units
(67)(69)
Provision for (reversal of) tax reserves, net
218 13 
Intra-entity transfers
(106)(233)
Foreign exchange loss on inter-company debt refinancing
— (112)
Provision for (reversal of) valuation allowances, net
(229)(32)
Withholding taxes
74 33 
Tax return reassessments and settlements
(192)(187)
State income taxes, net of federal tax66 70 
Other, net
(45)(28)
Provision for/(benefit from) income taxes
$657 $284 
The company has operations and a taxable presence in approximately 70 countries outside the U.S. The company's effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, nondeductible interest in certain foreign jurisdictions, and foreign taxes that are different than the U.S. federal statutory rate.
During 2025, the company recorded tax benefits of $269 million and $153 million for domestication transactions and capital losses generated as part of intra-entity transactions, respectively, as well as $93 million of tax benefits related to tax return reassessments associated with the company’s foreign-derived intangible income. The company also recorded net tax benefits of $157 million, primarily in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income.
During 2024, the company recorded a tax reserve and associated interest of $240 million related to the settlement of international tax audits for tax years 2009 through 2016, which were settled in 2024. The company also recorded tax benefits of $459 million, primarily in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income. The benefits were partially offset by tax provisions primarily associated with disallowed interest expense and net operating loss carryforwards that are not expected to be realized.
During 2023, the company released valuation allowances of $32 million in jurisdictions where the deferred tax assets are now expected to be realized. In 2023, the company also recorded a tax benefit of $127 million for U.S. tax credits and the revaluation of net operating loss carryforwards due to higher tax rates as a result of its tax return resubmissions, a $91 million tax benefit, net of related tax expenses, from a foreign exchange loss on an intercompany debt refinancing transaction, and $233 million of tax benefits resulting from intra-entity transactions.
Net deferred tax asset/(liability) in the accompanying balance sheets consists of the following:
(In millions)20252024
Deferred tax asset/(liability)
Depreciation and amortization
$(4,304)$(4,133)
Net operating loss and credit carryforwards
3,662 2,915 
Reserves and accruals
139 161 
Accrued compensation
321 318 
Inventory basis difference
293 309 
Deferred interest3,365 534 
Research and development and other capitalized costs
372 536 
Unrealized (gains) losses on hedging instruments
20 (363)
Contract liabilities289 280 
Other, net
(346)147 
Deferred tax assets/(liabilities), net before valuation allowance
3,811 705 
Less: Valuation allowance
3,561 1,043 
Deferred tax assets/(liabilities), net
$249 $(338)
Prior to 2025, certain of the company’s non-U.S. attributes were determined to have a remote possibility of realization and therefore were not reported in the table above. In connection with the Organization for Economic Cooperation and Development global minimum tax initiative, Pillar Two, any existing deferred taxes not disclosed in the company’s 2025 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, beginning in 2025, the company is disclosing in the above table the tax effects of these non-US attributes offset with a full valuation allowance.
The company estimates the degree to which tax assets, losses and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2025, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses and disallowed interest expense carryforward, for which any subsequently recognized tax benefits will reduce income tax expense.
The changes in the valuation allowance are as follows:
 Year Ended December 31,
(In millions)202520242023
Beginning balance
$1,043 $1,317 $1,322 
Additions/(reductions) recognized in income tax provision, net
2,455 (229)(32)
Additions due to acquisitions
— — 4 
Currency translation and other
64 (46)23 
Ending balance$3,561 $1,043 $1,317 
At December 31, 2025, the company had net federal, state and non-U.S. net operating loss carryforwards of $317 million, $72 million and $2.20 billion, respectively. Use of the carryforwards is limited based on the future income of certain subsidiaries. Of the federal net operating loss carryforwards, $38 million expire in the years 2026 through 2037, and the remainder do not expire. Of the state net operating loss carryforwards, $56 million expire in the years 2026 through 2044, and the remainder do not expire. Of the net non-U.S. net operating loss carryforwards, $1.04 billion expire in the years 2028 through 2045, and the remainder do not expire.
At December 31, 2025, the company had foreign tax credit carryforwards of $554 million and deferred interest carryforwards of $3.36 billion. The foreign tax credit carryforwards will expire in the years 2026 through 2034. Of the deferred interest carryforwards, $301 million expire in the years 2026 through 2035 and the remainder do not expire.
A provision has not been made for certain U.S. state income taxes or additional non-U.S. taxes that would be due when cash is repatriated to the U.S. as the company’s undistributed foreign earnings are intended to be reinvested outside of the U.S. indefinitely. The determination of the amount of the unrecognized deferred tax liability related to the undistributed foreign earnings is not practicable due to the uncertainty in the manner in which these earnings will be distributed. The company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost.
Unrecognized Tax Benefits
As of December 31, 2025, the company had $0.42 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)202520242023
Beginning balance
$525 $540 $572 
Additions due to acquisitions
— 19 — 
Additions for tax positions of current year
25 91 4 
Additions for tax positions of prior years
— 244 34 
Reductions for tax positions of prior years
(34)(182)(43)
Closure of tax years
(19)— (6)
Settlements
(78)(187)(21)
Ending balance
$419 $525 $540 
Substantially all of the unrecognized tax benefits are classified as long-term liabilities.
During 2025, the company’s tax benefits decreased by $103 million as a result of uncertain tax positions relating to foreign tax positions, which included $72 million of reserve and associated interest from the settlement of international tax audits and decreased $3 million relating to U.S. federal and state tax positions.
During 2024, the company’s unrecognized tax benefits decreased by $99 million as a result of uncertain tax positions relating to foreign tax positions which included $240 million of reserve and associated interest from the settlement of international tax audits for tax years 2009 through 2016 and increased $84 million relating to U.S. federal and state tax positions.
During 2023, the company’s unrecognized tax benefits decreased by $12 million as a result of uncertain tax positions relating to foreign tax positions and decreased $19 million relating to U.S. federal and state tax positions.
The company classified interest and penalties related to unrecognized tax benefits as income tax expense. The total amount of interest and penalties related to uncertain tax positions and recognized in the balance sheet as of December 31, 2025 and 2024 was $39 million and $75 million, respectively.
The company conducts business globally and, as a result, Thermo Fisher or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, China, Denmark, Finland, France, Germany, Japan, Singapore, Sweden, the United Kingdom and the United States. With few exceptions, the company is no longer subject to U.S. state and local or non-U.S. income tax examinations for years before 2012 and no longer subject to U.S. federal income tax examinations for years before 2019.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA includes a broad range of provisions, such as the permanent extension of certain otherwise expiring provisions, modifications to the international tax framework and the reinstatement of favorable tax treatment for certain business provisions. While most of the changes made by the OBBBA are effective in future tax years, some of its provisions are effective in 2025. There was no material impact on the company’s effective tax rate. We will continue to monitor and assess the impact of OBBBA on our consolidated financial statements.
v3.25.4
Comprehensive Income/(Loss) and Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Comprehensive Income/(Loss) and Shareholders' Equity Comprehensive Income/(Loss) and Shareholders' Equity
Comprehensive Income/(Loss)
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Cumulative
translation
adjustment		Unrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Balance at December 31, 2024$(2,409)$(25)$(263)$(2,697)
Other comprehensive income/(loss) before reclassifications
223 — 13 236 
Amounts reclassified from accumulated other comprehensive income/(loss)
5 3 5 13 
Net other comprehensive income/(loss)
228 3 18 249 
Balance at December 31, 2025$(2,181)$(23)$(245)$(2,448)
Shareholders’ Equity
At December 31, 2025, the company had reserved 36 million unissued shares of its common stock for possible issuance under stock-based compensation plans.
Early in the first quarter of 2026, the company repurchased $3.00 billion of the company's common stock (4.9 million shares).
v3.25.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Supplemental cash flow information is as follows:
(In millions)202520242023
Cash paid for:
Interest
$1,612 $1,570 $1,385 
Income taxes, net of refunds received
Federal
408 
U.S. state and local
184 
Foreign
United Kingdom
207 
Netherlands179 
Germany97 
China
97 
Other
603 
Total income taxes, net of refunds received
1,776 1,834 1,482 
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$264 $303 $296 
Finance lease ROU assets obtained in exchange for new finance lease liabilities21 — 2 
Declared but unpaid dividends
164 150 137 
Issuance of stock upon vesting of restricted stock units
164 186 234 
Excise tax from stock repurchases24 26 28 
Cash, cash equivalents and restricted cash is included in the consolidated balance sheet as follows:
 December 31,December 31,
(In millions)20252024
Cash and cash equivalents$9,852 $4,009 
Restricted cash included in other current assets5 10 
Restricted cash included in other assets22 21 
Cash, cash equivalents and restricted cash$9,879 $4,040 
Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees, pension related deposits, and incoming cash in China awaiting government administrative clearance.
v3.25.4
Derivatives
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
December 31,December 31,
(In millions)20252024
Notional amount
Cross-currency interest rate swaps designated as net investment hedge - euro$1,000 $1,000 
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen4,650 4,650 
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc5,000 2,500 
Currency exchange contracts2,248 1,588 
While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2025202420252024
Derivatives designated as hedging instruments
Cross-currency interest rate swaps$684 $458 $504 $57 
Derivatives not designated as hedging instruments
Currency exchange contracts2 2 2 2 
Total derivatives$685 $460 $506 $59 

The following table provides information on the company’s derivative positions subject to master netting arrangements, presented on a net basis, had the company elected to offset the asset and liability balances of its positions in the consolidated balance sheets:
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2025202420252024
Gross amounts recognized in the consolidated balance sheets$685 $460 $506 $59 
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets(319)$(56)(319)$(56)
Total derivatives, net$366 $404 $187 $3 



 Gain/(loss) recognized
(In millions)202520242023
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense$(3)$(3)$(4)
Amount reclassified from accumulated other comprehensive items to other income/(loss)— — (3)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in cumulative translation adjustment within other comprehensive income/(loss)(1,252)686 (356)
Cross-currency interest rate swaps
Included in cumulative translation adjustment within other comprehensive income/(loss)(222)682 (222)
Included in interest expense287 267 120 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues(7)21 1 
Included in other income/(expense)66 (16)(29)
See Note 1 and Note 3 for additional information on the company’s risk management objectives and strategies.
v3.25.4
Business Segment and Geographical Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment and Geographical Information Business Segment and Geographical Information
The company’s financial performance is reported in four segments. A description of each segment follows.
Life Sciences Solutions: provides an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.
Analytical Instruments: provides a broad offering of instruments and the supporting consumables, software and services that are used for a range of applications in the laboratory and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.
Specialty Diagnostics: offers a wide range of diagnostic test kits, reagents, culture media, instruments and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner.
Laboratory Products and Biopharma Services: offers virtually everything needed for the laboratory. Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more innovative, productive and cost-efficient. The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing.
The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, restructuring and other costs, and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation.
The company's chairman, president and chief executive officer is its chief operating decision maker (CODM). The CODM uses total revenues and segment income predominantly in the strategic plan, annual operating plan and quarterly business review processes. During these processes, the CODM considers budget-to-actual variances to evaluate both internal (e.g., changes in selling prices, strategic growth investments, productivity, business mix, newly acquired/divested businesses, etc.) and external (e.g., inflation, foreign currency, etc.) events and conditions.
The company generally accounts for intersegment revenues at current market prices.
Other segment items included in the below tables consist of stock-based compensation and other incentive compensation expenses, allocations of corporate and certain overhead expenses, as well as elimination of intersegment and intrasegment profits, all of which are included in the company's measurement of segment income, but not regularly provided to the CODM at the segment level. Cost of revenues adjustments consist of charges for the sale of inventories revalued at the date of acquisition, inventory write-downs associated with large-scale abandonments of product lines, and accelerated depreciation on fixed assets to estimated salvage value in connection with the consolidation of operations. Selling, general and administrative adjustments consist of certain transaction-related third-party costs (including reimbursement thereof), charges/credits for changes in estimates of contingent acquisition consideration, and charges related to product liability litigation. Restructuring and other costs include charges arising from headcount reductions and facility consolidations such as severance and abandoned lease expense and gains and losses on the sale of real estate and product lines, as well as impacts of pre-acquisition matters, net charges for significant litigation-related matters, and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability (Note 6).
Prior period segment expense amounts have been recast to reflect the method for allocating expenses to segments in the current period.
Segment assets included in the below tables consist of third-party accounts receivable and inventories, which are regularly provided to the CODM.
Geographical revenues are attributed to countries based on customer location. Long-lived assets by geographical location includes property, plant and equipment, net, and operating lease ROU assets.
Business Segment Information
2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$8,781 $7,353 $4,604 $23,818 $44,556 
Intersegment revenues1,593 201 72 167 2,033 
10,374 7,554 4,676 23,984 46,589 
Elimination of intersegment revenues
(2,033)
Consolidated revenues
$44,556 
Segment Income
Cost of revenues3,929 3,850 2,718 18,609 
Selling, general, and administrative expenses1,912 1,244 708 2,392 
Research and development expenses553 573 178 56 
Other segment items213 151 (183)(422)
Segment income
3,768 1,736 1,256 3,350 10,109 
Unallocated amounts
Cost of revenues adjustments
(64)
Selling, general and administrative expenses adjustments
(207)
Restructuring and other costs
(362)
Amortization of acquisition-related intangible assets
(1,730)
Interest income993 
Interest expense(1,419)
Other income/(expense)
(12)
Consolidated income before income taxes$7,308 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$95,919 $3,446 $3,170 $1,323 $6,485 $110,343 
Purchases of property, plant and equipment116 152 124 128 1,005 1,525 
Depreciation of property, plant and equipment— 251 104 91 604 1,050 
2024
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$8,160 $7,267 $4,449 $23,002 $42,879 
Intersegment revenues1,471 196 63 155 1,885 
9,631 7,463 4,512 23,157 44,764 
Elimination of intersegment revenues
(1,885)
Consolidated revenues
$42,879 
Segment Income
Cost of revenues3,560 3,532 2,605 18,020 
Selling, general, and administrative expenses1,797 1,250 732 2,356 
Research and development expenses551 551 176 66 
Other segment items221 174 (159)(375)
Segment income
3,503 1,955 1,159 3,090 9,707 
Unallocated amounts
Cost of revenues adjustments
(47)
Selling, general and administrative expenses adjustments
8 
Restructuring and other costs
(379)
Amortization of acquisition-related intangible assets
(1,952)
Interest income1,078 
Interest expense(1,390)
Other income/(expense)
12 
Consolidated income before income taxes$7,037 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$84,031 $2,982 $2,944 $1,218 $6,145 $97,321 
Purchases of property, plant and equipment85 123 95 125 971 1,400 
Depreciation of property, plant and equipment— 230 103 104 721 1,156 
2023
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$8,545 $7,101 $4,324 $22,888 $42,857 
Intersegment revenues1,432 163 82 154 1,829 
9,977 7,263 4,405 23,041 44,686 
Elimination of intersegment revenues
(1,829)
Consolidated revenues
$42,857 
Segment Income
Cost of revenues4,078 3,467 2,584 17,978 
Selling, general, and administrative expenses1,766 1,244 716 2,276 
Research and development expenses558 528 156 68 
Other segment items155 116 (174)(638)
Segment income
3,420 1,908 1,124 3,358 9,810 
Unallocated amounts
Cost of revenues adjustments
(95)
Selling, general and administrative expenses adjustments
(59)
Restructuring and other costs
(459)
Amortization of acquisition-related intangible assets
(2,338)
Interest income879 
Interest expense(1,375)
Other income/(expense)
(65)
Consolidated income before income taxes$6,298 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$85,314 $3,186 $2,726 $1,150 $6,350 $98,726 
Purchases of property, plant and equipment80 178 87 121 1,013 1,479 
Depreciation of property, plant and equipment— 220 93 86 669 1,068 
Geographical Information
(In millions)202520242023
Revenues
United States
$22,240 $21,755 $22,013 
Other
22,316 21,124 20,844 
Consolidated revenues
$44,556 $42,879 $42,857 
Long-lived Assets
United States
$6,547 $6,245 $6,352 
Other
5,465 4,550 4,652 
Consolidated long-lived assets
$12,012 $10,795 $11,004 
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Acquisitions
The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services.
Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.
Pending Acquisition
The company has entered into an agreement to acquire Clario Holdings, Inc. for approximately $8.875 billion in cash at the closing of the transaction, with an additional $125 million in deferred consideration and up to $400 million in contingent consideration to be payable following the closing. Clario is a leading provider of endpoint data solutions for clinical trials. The transaction, which is expected to be completed by the middle of 2026, is subject to customary closing conditions and regulatory approvals. Upon completion, Clario will become part of the Laboratory Products and Biopharma Services segment.
2025
On September 1, 2025, the company acquired, within the Life Sciences Solutions segment, our filtration and separation business, a leading provider of purification and filtration technologies used in the production of biologics as well as in medical technologies and industrial applications, from Solventum Corporation. The business strengthens the segment’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows. In addition, its industrial filtration and membrane solutions will expand our reach into industries including battery, semiconductor and medical device manufacturing. The goodwill recorded as a result of this business combination is not expected to be tax deductible.
The components of the preliminary purchase price and net assets acquired are as follows:
(In millions)Filtration and separation business
Purchase price
Cash paid
$3,944 
Fair value of contingent consideration
(66)
Cash acquired
(9)
$3,870 
Net assets acquired
Property, plant and equipment
$454 
Definite-lived intangible assets
Customer relationships
1,115 
Product technology
386 
Trade names
51 
Goodwill
2,101 
Net other assets/(liabilities)
141 
Deferred tax assets (liabilities)
(377)
$3,870 
The preliminary allocation of the purchase price for the acquisition of Solventum’s Filtration and Separation business is based on the estimates of the fair value of the purchase price and net assets acquired and is subject to adjustment upon finalization, largely with respect to acquired intangible assets, real and personal property, inventory and the related deferred taxes. Measurements of these items inherently require significant estimates and assumptions.
In addition, in 2025, the company acquired within the Laboratory Products and Biopharma Services segment, a sterile fill finishing and packaging facility to meet the growing demand from pharma and biotech customers for U.S. manufacturing capacity.
The weighted-average amortization periods for definite-lived intangible assets acquired in 2025 are 18 years for customer relationships, 19 years for product technology, and 15 years for trade names. The weighted-average amortization period for all definite-lived intangible assets acquired in 2025 is 18 years.
2024
On July 10, 2024, the company acquired, within the Life Sciences Solutions segment, Olink Holding AB (publ), a Swedish-based provider of next-generation proteomics solutions. The acquisition enhances the segment’s capabilities in the high-growth proteomics market with the addition of highly differentiated solutions. It also complements the existing life sciences and mass spectrometry offerings, accelerating protein biomarker discovery and providing strong synergy opportunities. The goodwill recorded as a result of this business combination is not tax deductible.
The components of the purchase price and net assets acquired are as follows:

(In millions)Olink
Purchase price
Cash paid
$3,215 
Purchase price payable
28 
Cash acquired
(97)
$3,146 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$708 
Product technology
207 
Trade names
97 
Goodwill
2,301 
Net other assets/(liabilities)
9 
Deferred tax assets/(liabilities)
(176)
$3,146 
The weighted-average amortization periods for definite-lived intangible assets acquired in 2024 are 19 years for customer relationships, 15 years for product technology, and 15 years for trade names. The weighted-average amortization period for definite-lived intangible assets acquired in 2024 is 18 years.
2023
On January 3, 2023, the company acquired, within the Specialty Diagnostics segment, The Binding Site Group, a U.K.-based provider of specialty diagnostic assays and instruments to improve the diagnosis and management of blood cancers and immune system disorders. The acquisition expands the segment’s portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma. The goodwill recorded as a result of this business combination is not tax deductible.
On August 14, 2023, the company acquired, within the Laboratory Products and Biopharma Services segment, CorEvitas, LLC, a U.S.-based provider of regulatory-grade, real-world evidence for approved medical treatments and therapies. The acquisition expands the segment’s portfolio with the addition of highly complementary real-world evidence solutions to enhance decision-making as well as the time and cost of drug development. The goodwill recorded as a result of this business combination is not tax deductible.
The components of the purchase price and net assets acquired are as follows:
(In millions)The Binding SiteCorEvitas
Purchase price
Cash paid
$2,412 $730 
Debt settled
307 184 
Cash acquired
(20)(4)
$2,699 $910 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$868 $260 
Product technology
162 47 
Trade names
42 — 
Backlog— 46 
Goodwill
1,741 627 
Net tangible assets
174 (2)
Deferred tax assets (liabilities)
(288)(68)
$2,699 $910 
In addition, in 2023, the company acquired, within the Analytical Instruments segment, a U.S.-based developer of Raman-based spectroscopy solutions for in-line measurement.
The weighted-average amortization periods for definite-lived intangible assets acquired in 2023 are 18 years for customer relationships, 14 years for product technology, 15 years for trade names, and 13 years for backlog. The weighted-average amortization period for definite-lived intangible assets acquired in 2023 is 17 years.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
As a lessee, the company leases certain logistics, office, and manufacturing facilities, as well as vehicles, copiers, and other equipment. These operating leases generally have remaining lease terms between 1 month and 30 years, and some include options to extend (generally for 1 to 10 years) or have options to terminate the arrangement within 1 year.
The company has guaranteed the residual value of three leased operating facilities with lease terms ending in 2028, 2029, and 2030. The company has agreed with the lessor to comply with certain financial covenants consistent with its other debt arrangements (Note 3). The aggregate maximum guarantee under these three lease arrangements is $147 million. Operating lease ROU assets and lease liabilities for these lease arrangements are recorded on the consolidated balance sheet as of December 31, 2025, but exclude any amounts for residual value guarantees.
As a lessee, the consolidated financial statements include the following relating to operating leases:
(Dollars in millions)202520242023
Statement of income
Operating lease costs
$381 $353 $355 
Variable lease costs
116 115 115 
Statement of cash flows
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities$374 $327 $410 
Operating lease ROU assets obtained in exchange for new operating lease liabilities197 262 234 
Balance sheet
ROU assets - included in other assets$1,447 $1,489 
Operating lease liabilities - included in other accrued expenses275 261 
Operating lease liabilities - included in other long-term liabilities1,195 1,239 
Weighted average at end of year
Remaining operating lease term7.9 years8.6 years
Discount rate4.7 %4.6 %
Lease costs arising from finance leases, short-term leases, and sublease income are not material. See Note 3 for additional information relating to finance leases.
As of December 31, 2025, future payments of operating lease liabilities are as follows:
(In millions)
2026 $331 
2027 283 
2028 237 
2029 174 
2030 142 
2031 and thereafter652 
Total lease payments1,819 
Less: imputed interest
349 
Total operating lease liability$1,470 
As a lessor, operating leases, sales-type leases and direct financing leases are not material.
v3.25.4
Pension and Other Postretirement Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefit Plans Pension and Other Postretirement Benefit Plans
401(k) Savings Plan and Other Defined Contribution Plans
The company’s 401(k) savings and other defined contribution plans cover the majority of the company’s eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both employees and the company. Company contributions are based on the level of employee contributions and formulas determined by the company. In 2025, 2024, and 2023, the company charged to expense $472 million, $443 million, and $468 million, respectively, related to its defined contribution plans.
Defined Benefit Pension Plans
Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.
Contributions to the plans included in the following table are estimated at between $45 million and $50 million for 2026.
The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)2025202420252024
Accumulated benefit obligation
$946 $937 $1,176 $1,079 
Change in projected benefit obligations
Projected benefit obligation at beginning of year
$937 $1,005 $1,135 $1,221 
Acquisitions
2 — 46 — 
Service costs
— — 33 28 
Interest costs
47 46 41 40 
Settlements
— — (69)(29)
Plan participants' contributions
— — 10 10 
Actuarial (gains)/losses
42 (32)(59)(59)
Benefits paid
(83)(81)(23)(26)
Currency translation and other
— — 121 (49)
Projected benefit obligation at end of year
$946 $937 $1,236 $1,135 
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$895 $947 $867 $944 
Acquisitions2 — 22 — 
Actual return on plan assets
84 22 16 (37)
Employer contributions
5 7 40 37 
Settlements
— — (69)(29)
Plan participants' contributions
— — 10 10 
Benefits paid
(83)(81)(23)(26)
Currency translation and other
— — 88 (32)
Fair value of plan assets at end of year$903 $895 $952 $867 
Funded status
$(43)$(43)$(284)$(268)
Amounts recognized in balance sheet
Noncurrent assets
$3 $5 $71 $57 
Current liability
(5)(5)(13)(12)
Noncurrent liabilities
(40)(42)(342)(313)
Net amount recognized
$(43)$(43)$(284)$(268)
Amounts recognized in accumulated other comprehensive income/(loss)
Net actuarial (gain)/loss
$234 $218 $118 $156 
Prior service (credits)/cost
— — (9)(7)
Net amount recognized
$234 $218 $109 $149 
Actuarial (gains)/losses experienced in 2025 for domestic pension plans were driven by differences between actual and expected returns on plan assets for certain portions of plan benefits indexed to asset returns, as well as decreases in the weighted average discount rates used to determine the projected benefit obligation when compared to 2024. For non-U.S. pension plans, actuarial (gains)/losses experienced in 2025 were primarily driven by increases in the weighted average discount rates used to determine the projected benefit obligation when compared to 2024.
Actuarial (gains)/losses experienced in 2024 for both domestic and non-U.S. pension plans were primarily driven by increases in the weighted average discount rates used to determine the projected benefit obligation when compared to 2023.
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2025 and 2024 and are as follows:
 Domestic pension benefitsNon-U.S. pension benefits
 2025202420252024
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation
5.20 %5.48 %4.05 %3.74 %
Interest crediting rate for cash balance plans
5.00 %5.39 %2.52 %2.28 %
Average rate of increase in employee compensation
N/AN/A2.52 %2.58 %
The actuarial assumptions used to compute the net periodic pension benefit cost/(income) are based upon information available as of the beginning of the year, as presented in the following table:
 Domestic pension benefitsNon-U.S. pension benefits
 202520242023202520242023
Weighted average assumptions used to determine net benefit cost/(income)
Discount rate - service cost
N/AN/AN/A2.77 %3.00 %3.62 %
Discount rate - interest cost
5.49 %4.82 %5.01 %3.62 %3.48 %3.95 %
Interest crediting rate for cash balance plans
5.39 %4.76 %4.96 %2.28 %2.06 %2.19 %
Average rate of increase in employee compensation
N/AN/AN/A2.58 %2.64 %2.77 %
Expected long-term rate of return on assets
6.50 %6.00 %6.25 %4.52 %4.28 %4.33 %
The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20252024
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation
$850 $727 
Fair value of plan assets
449 376 
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20252024
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation
$792 $671 
Fair value of plan assets
451 376 
The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations.
The net periodic pension benefit cost/(income) includes the following components:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)202520242023202520242023
Components of net benefit cost/(income)
Service cost
$— $— $— $33 $28 $26 
Interest cost on benefit obligation
47 46 47 41 40 42 
Expected return on plan assets
(59)(56)(59)(37)(36)(37)
Amortization of actuarial net loss
— — — 4 4 2 
Amortization of prior service cost/(benefit)
— — — (1)(1)(1)
Settlement/curtailment loss/(gain)
— — — 7 2 1 
Net periodic benefit cost/(income)
$(11)$(10)$(12)$47 $38 $33 
Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2025. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:
(In millions)Domestic pension benefitsNon-U.S. pension benefits
Expected benefit payments
2026$84 $61 
202783 61 
202883 67 
202981 72 
203080 71 
2031-2035370 394 
Domestic Pension Plan Assets
The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.
Non-U.S. Pension Plan Assets
The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds, multi-asset funds, alternative investments, real estate funds and derivative funds with the target asset allocations ranging from approximately 0% - 10% for equity funds, 30% - 75% for fixed income funds, 0% - 45% for multi-asset funds, 0% - 4% for alternative investments, 0% - 2% for real estate funds and 0% - 35% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.
The fair values of the company’s plan assets at December 31, 2025 and 2024, by asset category are as follows:
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2025(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$120 $— $— $— $120 
International equity funds
71 — — — 71 
Fixed income funds
693 — — — 693 
Money market funds
20 — — — 20 
Total domestic pension plans
$903 $— $— $— $903 
Non-U.S. pension plan assets
Equity funds
$10 $— $— $— $10 
Fixed income funds
325 9 — — 316 
Multi-asset funds
100 — — — 100 
Derivative funds
133 — — — 133 
Insurance contracts
378 — 378 — — 
Cash / money market funds
6 4 — — 2 
Total non-U.S. pension plans
$952 $13 $378 $— $561 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2024(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$91 $— $— $— $91 
International equity funds
89 — — — 89 
Fixed income funds
692 — — — 692 
Money market funds
23 — — — 23 
Total domestic pension plans$895 $— $— $— $895 
Non-U.S. pension plan assets
Equity funds
$7 $— $— $— $7 
Fixed income funds
288 7 — — 281 
Multi-asset funds
69 — — — 69 
Derivative funds
169 — — — 169 
Insurance contracts
325 — 325 — — 
Cash / money market funds
9 4 — — 5 
Total non-U.S. pension plans$867 $10 $325 $— $532 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The tables above present the fair value of the company’s plan assets in accordance with the fair value hierarchy (Note 1). Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts of these investments presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. These investments were also redeemable at the balance sheet date or within limited time restrictions.
v3.25.4
Stock-based Compensation Expense
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Expense Stock-based Compensation Expense
The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options, or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vesting. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment).
Stock Options
The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 
202520242023
Expected stock price volatility
25 %25 %25 %
Risk free interest rate
4.4 %4.3 %4.2 %
Expected life of options (years)
5.95.04.7
Expected annual dividend
0.3 %0.3 %0.3 %
Weighted average per share grant-date fair values of options granted
$166.69$166.92$159.32
The total intrinsic value of options exercised during the same periods was $247 million, $395 million and $320 million, respectively. The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option.
A summary of the company’s option activity for the year ended December 31, 2025 is presented below:
Shares
(in millions)		Weighted average exercise priceWeighted average remaining contractual term
(in years)		Aggregate intrinsic
value
(in millions)
Outstanding at December 31, 2024
4.5 $465.80 
Granted
0.9 507.42 
Exercised
(0.8)267.66 
Canceled/expired
(0.3)558.52 
Outstanding at December 31, 2025
4.3 $507.59 5.0$336 
Vested and unvested expected to vest at December 31, 2025
4.2 $507.05 4.9$327 
Exercisable at December 31, 2025
2.3 $488.09 3.0$237 
As of December 31, 2025, there was $180 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2029 with a weighted average amortization period of 2.2 years.
Restricted Share/Unit Awards
A summary of the company’s restricted unit activity for the year ended December 31, 2025 is presented below:
 Units
(in millions)		Weighted
average
grant-date
fair value
Unvested at December 31, 2024
0.6 $551.81 
Granted
0.6 480.35 
Performance adjustments0.1 560.12 
Vested
(0.3)546.98 
Forfeited
(0.1)547.42 
Unvested at December 31, 2025
0.8 $505.62 
The weighted average per share grant-date fair values of restricted units granted during 2024 and 2023 were $556.83 and $545.73, respectively. The total fair value of shares vested during 2025, 2024 and 2023 was $178 million, $165 million and $207 million, respectively.
As of December 31, 2025, there was $278 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2030 with a weighted average amortization period of 2.4 years.
Employee Stock Purchase Plans
Qualifying employees are eligible to participate in an employee stock purchase plan sponsored by the company. Shares may be purchased under the program at 95% of the fair market value at the end of the purchase period and the shares purchased are not subject to a holding period. Shares are purchased through payroll deductions of up to 10% of each participating employee’s qualifying gross wages. The company issued 0.2 million, 0.1 million and 0.1 million shares, respectively, of its common stock in 2025, 2024 and 2023 under the employee stock purchase plan.
v3.25.4
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2025
shares
Dec. 31, 2025
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the three months ended December 31, 2025, no director or executive officer of the company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as provided below:
Name and TitleActionPlan TypeDate of adoption of Rule 10b5-1 trading planScheduled expiration of Rule 10b5-1 trading planAggregate number of securities to be purchased or sold
Marc N. Casper, CEO, President and Chairman
Adoption10b5-111/11/20256/9/2027137,496
Stephen Williamson, Senior Vice President and CFO
Adoption10b5-111/30/20253/4/20266,000
Michael D. Shafer, Executive Vice President
Adoption10b5-112/11/202512/16/202628,501
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Marc N. Casper [Member]    
Trading Arrangements, by Individual    
Name Marc N. Casper  
Title CEO, President and Chairman  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 11/11/2025  
Expiration Date 6/9/2027  
Arrangement Duration 575 days  
Aggregate Available 137,496 137,496
Stephen Williamson [Member]    
Trading Arrangements, by Individual    
Name Stephen Williamson  
Title Senior Vice President and CFO  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 11/30/2025  
Expiration Date 3/4/2026  
Arrangement Duration 94 days  
Aggregate Available 6,000 6,000
Michael D. Shafer [Member]    
Trading Arrangements, by Individual    
Name Michael D. Shafer  
Title Executive Vice President  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 12/11/2025  
Expiration Date 12/16/2026  
Arrangement Duration 370 days  
Aggregate Available 28,501 28,501
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy
As is the case for most large global companies, we are regularly subject to cyberattacks and other cybersecurity incidents and, therefore, we incorporate cybersecurity into our overall risk management process. Our commitment to cybersecurity emphasizes using a risk-based, “defense in depth” approach to assess, educate, block, identify, respond to and recover from cybersecurity threats. Recognizing that no single technology, process or control can effectively prevent or mitigate all risks, we employ a strategy of technologies, processes and controls, all working independently but as part of a cohesive strategy to manage or reduce risk.
Our cybersecurity program assists in the management of risks associated with the confidentiality, integrity and availability of data and systems within the company environment to effectively support our business objectives and customer expectations. The program provides guidance to business stakeholders on cybersecurity risks as input into their risk management processes that balance cybersecurity risk with other important risks that may include strategic, regulatory, economic and financial considerations.
We seek to routinely refine our cybersecurity approach to adapt to changes in the threat landscape and manage emerging security risks. In order to evaluate risks from cybersecurity threats associated with the company’s use of certain third-party technology providers, we have incorporated a risk-based assessment into the corporate information technology (IT) procurement process designed to assess the security risk of certain third parties providing new technology solutions to our environment.
We believe cybersecurity is the responsibility of every employee, and regularly educate and share best practices with our employees to raise awareness of cybersecurity threats through a security awareness training program, including regular exercises, periodic cyber-event simulations and annual attestation to our Technology Acceptable Use Policy.
We do not reasonably believe there are currently any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the company or its business strategy, results of operations or financial condition. For more information on the risks related to our IT systems, see “A significant disruption in, or breach in security of, our IT systems or violation of data privacy laws could adversely affect our business or customers that use our products” under the heading “Risk Factors” in Part I, Item 1A.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity is integrated into the risk management process for the company through various corporate mechanisms, including quarterly business reviews, annual budget planning, and targeted risk-based engagements.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board of Directors has delegated the oversight of cybersecurity risks to the Audit Committee. Our cybersecurity program is led by the company’s senior vice president and chief information officer, along with our vice president and chief information security officer (CISO). Management provides an operational update to the Audit Committee each quarter. In addition, the Audit Committee and our full Board of Directors receive an annual overview of the cybersecurity program, cybersecurity threat landscape, investments, and opportunities to enhance the company’s systems and security of products and operations.
The company’s corporate IT security team leads the company-wide cybersecurity strategy and advocates to protect the
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors has delegated the oversight of cybersecurity risks to the Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Management provides an operational update to the Audit Committee each quarter.
Cybersecurity Risk Role of Management [Text Block] Management provides an operational update to the Audit Committee each quarter. In addition, the Audit Committee and our full Board of Directors receive an annual overview of the cybersecurity program, cybersecurity threat landscape, investments, and opportunities to enhance the company’s systems and security of products and operations.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Board of Directors has delegated the oversight of cybersecurity risks to the Audit Committee. Our cybersecurity program is led by the company’s senior vice president and chief information officer, along with our vice president and chief information security officer (CISO). Management provides an operational update to the Audit Committee each quarter. In addition, the Audit Committee and our full Board of Directors receive an annual overview of the cybersecurity program, cybersecurity threat landscape, investments, and opportunities to enhance the company’s systems and security of products and operations.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our senior vice president and chief information officer, and vice president and CISO, and vice president and chief product security officer have each served in various roles in IT and information security for over 20 years. These individuals’ knowledge and experience along with the culture and talent of the corporate IT security team organization are instrumental in developing and executing our cybersecurity strategies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Management provides an operational update to the Audit Committee each quarter.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation and Redeemable Noncontrolling Interest
Principles of Consolidation
The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated.
Redeemable Noncontrolling Interest
The company owns 60% of its consolidated subsidiary PPD-SNBL K.K. The 40% ownership interest held by a third party is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to certain put options under which the third party may require the company to purchase the remaining ownership interest at a premium upon the occurrence of certain events.
Presentation
Presentation
Certain reclassifications of prior year amounts have been made to conform to the current year presentation.
Amounts and percentages reported within these consolidated financial statements are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents consists principally of money market funds and other marketable securities purchased with a remaining maturity of three months or less. These investments are carried at cost, which approximates market value (Note 4).
Inventories
Inventories
Inventories are valued at the lower of cost or net realizable value, cost being determined by the first-in, first-out (FIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income (Note 2).
Contract-related Balances
Contract-related Balances
Accounts receivable include unconditional rights to consideration from customers, which generally represent billings that do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from the inability of its customers to pay amounts due. The allowance for credit losses is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.
Revenue Recognition
Contract assets include revenues recognized in advance of billings where the company’s right to bill includes something other than the passage of time. Such amounts are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration becomes unconditional.
Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenues on service contracts. Contract liabilities are classified as current or noncurrent based on the periods over which remaining performance obligations are expected to be transferred to customers. Contract assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract.
Noncurrent contract assets and noncurrent contract liabilities are included within other assets and other long-term liabilities in the accompanying balance sheets, respectively (Note 2).
Revenue Recognition
Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues (primarily clinical research, pharmaceutical, and instrument and enterprise services) are recognized over time as customers receive and consume the benefits of such services. For revenues recognized over time, the company generally uses costs accumulated relative to total estimated costs to measure progress as this method approximates satisfaction of the performance obligation. For contracts that contain multiple performance obligations, the company allocates the consideration to which it expects to be entitled (i.e., the transaction price) to each performance obligation based on relative standalone selling prices and recognizes the related revenues when or as control of each individual performance obligation is transferred to customers. The company exercises judgment in determining the timing of revenue by analyzing the point in time or the period over which the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of the asset. The company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year.
Changes to the scope of services contracts generally also include changes in the transaction price. Typically, these contract modifications are not distinct from existing services provided under the contract, and result in cumulative adjustments to revenue on the modification date. However, some modifications are distinct from existing services provided under the contract and recognized prospectively.
Payments from customers for most instruments and consumables are typically due in a fixed number of days after shipment or delivery of the product. Service arrangements commonly call for payments in advance of performing the work (e.g., extended service contracts), upon completion of the service (e.g., pharmaceutical services) or a mix of both. Some arrangements include variable amounts of consideration that arise from discounts, rebates, and other programs and practices. In such arrangements, the company estimates the amount by which to reduce the stated contract amount to reflect the transaction price. The company records reimbursement for third-party pass-through and out-of-pocket costs as revenues and the related expenses as costs of revenues.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company generally provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment, 8 to 10 years; internal use software, 3 to 5 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income (Note 2).
Acquisition-related Intangible Assets
Acquisition-related Intangible Assets
Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, trade names, backlog and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years. The company uses the income approach to initially measure acquired customer relationships for which the key assumptions are typically estimated customer attrition rates and discount rates. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. When impairment indicators exist, the company determines whether the carrying value of its intangible assets exceeds the related undiscounted cash flows. In these situations, the carrying value is written down to fair value.
In addition, the company has trade names that have indefinite lives and which are not amortized. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. The company may perform an optional qualitative assessment. If the company determines that the fair value of the indefinite-lived intangible asset is more likely than not greater than its carrying amount, no additional testing is necessary. If not, or if the company bypasses the optional qualitative assessment, it writes the carrying value down to the fair value, if applicable (Note 2).
Investments
Investments
Investments include marketable securities, such as marketable equity securities, available for sale debt securities, and bank time deposits with maturities greater than three months, equity method investments, and non-marketable equity investments. The company classifies investments as current or noncurrent based on the nature of the securities and their availability for use in current operations. Noncurrent investments are included in other assets.
Marketable securities are stated at fair value with all realized and unrealized gains and losses on investments in marketable equity securities and realized gains and losses on available-for-sale debt securities recognized in other income/(expense).
The company accounts for investments in businesses using the equity method when it has the ability to exercise significant influence but not control (generally between 20% and 50% ownership), is not the primary beneficiary and has not elected the fair value option. The company’s share of gains and losses in, and impairments of, equity method investments are recorded in equity in earnings/(losses) of unconsolidated entities. Equity investments that do not have readily determinable fair values and are not eligible for the net asset value (NAV) practical expedient are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. The company performs qualitative assessments to identify impairments of these investments. All gains and losses on non-equity method investments are recognized in other income/(expense).
Other Assets
Other Assets
Other assets in the accompanying balance sheet include operating lease right-of-use assets, investments, deferred tax assets, pension assets, insurance recovery receivables related to product liability matters, certain intangible assets and other assets.
Goodwill
Goodwill
The company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company is permitted to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the qualitative assessment results in a determination that the fair value of a reporting unit is more likely than not less than its carrying amount, the company performs a quantitative goodwill impairment test. The company may bypass the qualitative assessment for the reporting unit in any period and proceed directly to the quantitative goodwill impairment test. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). The company determined that no impairments existed in 2025, 2024 or 2023 (Note 2).
Fair Value Measurements
Fair Value Measurements
Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves.
Level 3: Inputs are unobservable data points that are not corroborated by market data.
The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company initially measures acquisition-related contingent consideration at fair value. Changes to the fair values of contingent consideration are recorded in selling, general and administrative expenses. The company determines the fair value of its equity method and non-marketable equity investments that are not eligible for the NAV practical expedient by considering factors such as financial position, operating results and cash flows of the investee; recent transactions in the same or similar securities; significant recent events affecting the investee; the price paid by the company; among others (Note 4).
Loss Contingencies
Loss Contingencies
Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable.
The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including input from environmental specialists and management’s knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites.
The company determines the probability and range of possible loss for its litigation and other contingencies based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates (Note 5).
Warranty Obligations
Warranty Obligations
The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenues are recognized. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts, which are discussed above. Costs of service contracts are recognized as incurred.
Foreign Currency Translation/Transactions
Foreign Currency Translation
All assets and liabilities of the company’s subsidiaries operating in non-U.S. dollar currencies are translated at period-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive income/(loss)” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the period (Note 6).
Foreign Currency Transactions
Foreign currency-denominated monetary assets and liabilities are measured at the end of each reporting period using the exchange rates at that date. The resulting foreign currency transaction gains/(losses) are classified in cost of product revenue or cost of service revenue if the transaction relates to an operating activity. All other foreign currency transaction gains/(losses) are generally classified in other income/(expense). Accounting for financial instruments designated as net investment hedges is discussed below.
Research and Development
Research and Development
The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred.
Restructuring Costs
Restructuring Costs
Accounting for the timing and amount of termination benefits provided by the company to employees is determined based on whether: (a) the company has a substantive plan to provide such benefits, (b) the company has a written employment contract with the affected employees that includes a provision for such benefits, (c) the termination benefits are due to the occurrence of an event specified in an existing plan or agreement, or (d) the termination benefits are a one-time benefit. In certain circumstances, employee termination benefits may meet more than one of the characteristics listed above and therefore, may have individual elements that are subject to different accounting models.
From time to time when executing a restructuring or exit plan, the company also incurs costs other than termination benefits, such as lease termination costs, that are not associated with or will not be incurred to provide economic benefits to the company. These include costs that represent amounts under contractual obligations that exist prior to the restructuring plan communication date and will either continue after the restructuring plan is completed with no economic benefit or result in a penalty to cancel a contractual obligation. Such costs are recognized when incurred, which generally occurs at the contract termination or over the period from when a plan to abandon a leased facility is approved through the cease-use date but charges may continue over the remainder of the original contractual period (Note 6).
Earnings per Share
Earnings per Share
Basic earnings per share has been computed by dividing net income attributable to Thermo Fisher Scientific Inc. by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to net income attributable to Thermo Fisher Scientific Inc., diluted earnings per share has been computed using the treasury stock method for outstanding stock options and restricted units (Note 6).
Income Taxes
Income Taxes
The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. A valuation allowance is provided for tax assets that will more likely than not go unused. In situations in which the company has been able to determine that its deferred tax assets will be realized, that determination generally relies on future reversals of taxable temporary differences or expected future taxable income.
The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7).
Derivative Contracts
Derivative Contracts
The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income/(loss) until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings together with the corresponding, offsetting gains/(losses) on the underlying hedged transactions.
The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency exchange contracts principally hedge transactions denominated in euro, Canadian dollars, British pounds sterling, Swiss franc, Swedish krona, Singapore dollars, and Hong Kong dollars. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management.
Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive income/(loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.
Net investment hedges. The company uses foreign currency-denominated debt, certain foreign currency-denominated payables, and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes, certain foreign currency-denominated payables, and its cross-currency interest rate swaps have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments and certain foreign currency-denominated payables, and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in cumulative translation adjustment within other comprehensive income/(loss) and shareholders’ equity.
The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheets under the caption other current assets, other assets, other current liabilities, or other long-term liabilities. The fair value of the currency exchange contracts is included in the accompanying balance sheets under the captions other current assets or other accrued expenses. (Notes 4 and 10).
Leases
Leases
Operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Finance leases that have commenced are included in property, plant and equipment, net, current maturities of long-term obligations and long-term obligations in the consolidated balance sheet. Classification of lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.
Right-of-use (ROU) assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company recognizes operating lease expense on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and an immaterial amount of interest expense.
Because most of the company’s leases do not provide an implicit interest rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option.
As a lessee, the company accounts for the lease and non-lease components as a single lease component (Note 13).
Pension and Other Postretirement Benefit Plans
Pension and Other Postretirement Benefit Plans
The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income/(loss), net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost/(income). Other comprehensive income/(loss) is adjusted as these amounts are later recognized in income as components of net periodic benefit cost/(income).
When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.
The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined.
The discount rate used to determine projected benefit obligations and net periodic pension benefit cost/(income) reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.
The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.
The expected long-term rate of return on plan assets used to determine net periodic pension benefit cost/(income) reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.
Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.
The expected rate of compensation increase used to determine net periodic pension benefit cost/(income) reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases (Note 14).
Defined Benefit Pension Plans
Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.
Domestic Pension Plan Assets
The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.
Non-U.S. Pension Plan Assets
The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds, multi-asset funds, alternative investments, real estate funds and derivative funds with the target asset allocations ranging from approximately 0% - 10% for equity funds, 30% - 75% for fixed income funds, 0% - 45% for multi-asset funds, 0% - 4% for alternative investments, 0% - 2% for real estate funds and 0% - 35% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.
Stock-based Compensation Expense
Stock-based Compensation Expense
Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.
The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility is calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns, where available, are the bases for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate is calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.
Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award (Note 15).
Government Assistance
Government Assistance
From time to time, the company receives assistance from various governmental agencies generally in the form of cash or non-income tax credits. These programs help offset the costs of certain research and development activities, facility construction and expansion efforts, or hiring objectives. When the company believes that it is probable that it will meet the conditions tied to the assistance, it offsets the associated expense in the consolidated income statement. Such amounts were not material to the consolidated financial statements as of and for the years ended December 31, 2025, 2024 and 2023.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
Standards recently adopted
ASU No. 2022-04, Liabilities–Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
New guidance to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under supplier finance programs for each period presented.
Some aspects adopted in 2023 using a retrospective method and other aspects adopted in 2024 using a prospective method
Not material
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Among other things, new guidance to disclose additional information about the tax rate reconciliation and income taxes paid.2025 annual report and interim periods thereafter using a prospective methodIncreased disclosures in Notes 7 and 9
Standards not yet adopted
ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
New guidance to disclose specified information about certain costs and expenses.2027 annual report and interim periods thereafter using a prospective or retrospective method
Will increase disclosures in Note 6
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
ASU No. 2025-06, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
Among other things, new guidance to modernize the accounting for costs to develop software for internal use.2028 annual report and interim periods thereafter using a prospective, retrospective, or modified transition method; early adoption is permitted.Currently evaluating adoption impact, timing, and method
ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities
Among other things, establishes guidance for the recognition, measurement, and presentation of government grants.2029 using a retrospective, modified retrospective, or modified prospective approach; early adoption is permitted.Currently evaluating adoption impact, timing, and method
Business Combinations
The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services.
Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.
v3.25.4
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Recent Accounting Pronouncements
The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
Standards recently adopted
ASU No. 2022-04, Liabilities–Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
New guidance to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under supplier finance programs for each period presented.
Some aspects adopted in 2023 using a retrospective method and other aspects adopted in 2024 using a prospective method
Not material
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Among other things, new guidance to disclose additional information about the tax rate reconciliation and income taxes paid.2025 annual report and interim periods thereafter using a prospective methodIncreased disclosures in Notes 7 and 9
Standards not yet adopted
ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
New guidance to disclose specified information about certain costs and expenses.2027 annual report and interim periods thereafter using a prospective or retrospective method
Will increase disclosures in Note 6
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
ASU No. 2025-06, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
Among other things, new guidance to modernize the accounting for costs to develop software for internal use.2028 annual report and interim periods thereafter using a prospective, retrospective, or modified transition method; early adoption is permitted.Currently evaluating adoption impact, timing, and method
ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities
Among other things, establishes guidance for the recognition, measurement, and presentation of government grants.2029 using a retrospective, modified retrospective, or modified prospective approach; early adoption is permitted.Currently evaluating adoption impact, timing, and method
v3.25.4
Supplemental Balance Sheet Information (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Inventories
The components of inventories are as follows:
(In millions)December 31, 2025December 31, 2024
Raw materials$1,877 $1,803 
Work in process889 755 
Finished goods2,659 2,420 
Inventories$5,425 $4,978 
Schedule of Contract Asset and Liability Balances
Contract asset and liability balances are as follows:
(In millions)December 31, 2025December 31, 2024
Current contract assets, net$1,666 $1,435 
Noncurrent contract assets, net1 6 
Current contract liabilities2,710 2,852 
Noncurrent contract liabilities1,183 1,138 
Schedule of Property, Plant and Equipment
Property, plant and equipment consists of the following:
(In millions)December 31, 2025December 31, 2024
Land$500 $439 
Buildings and improvements4,570 3,728 
Machinery, equipment and leasehold improvements11,005 9,858 
Construction in progress2,305 2,034 
Property, plant and equipment, at cost18,380 16,059 
Less: Accumulated depreciation and amortization7,815 6,753 
Property, plant and equipment, net$10,565 $9,306 
Schedule of Acquisition-Related Intangible Assets
Acquisition-related intangible assets are as follows:
Balance at December 31, 2025Balance at December 31, 2024
(In millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Definite lived:
Customer relationships
$23,290 $(10,515)$12,775 $22,644 $(10,047)$12,596 
Product technology
5,196 (3,891)1,305 5,557 (4,423)1,134 
Trade names
1,804 (1,318)486 1,706 (1,180)527 
Backlog
1,084 (1,047)37 1,084 (1,043)41 
31,374 (16,771)14,604 30,991 (16,693)14,298 
Indefinite lived:
Trade names
1,235 N/A1,235 1,235 N/A1,235 
Acquisition-related intangible assets
$32,609 $(16,771)$15,838 $32,226 $(16,693)$15,533 
Schedule of Indefinite-Lived Acquisition-Related Intangible Assets
Acquisition-related intangible assets are as follows:
Balance at December 31, 2025Balance at December 31, 2024
(In millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Definite lived:
Customer relationships
$23,290 $(10,515)$12,775 $22,644 $(10,047)$12,596 
Product technology
5,196 (3,891)1,305 5,557 (4,423)1,134 
Trade names
1,804 (1,318)486 1,706 (1,180)527 
Backlog
1,084 (1,047)37 1,084 (1,043)41 
31,374 (16,771)14,604 30,991 (16,693)14,298 
Indefinite lived:
Trade names
1,235 N/A1,235 1,235 N/A1,235 
Acquisition-related intangible assets
$32,609 $(16,771)$15,838 $32,226 $(16,693)$15,533 
Schedule of Future Amortization Expense
The estimated future amortization expense of acquisition-related intangible assets with definite lives as of December 31, 2025 is as follows:
(In millions)
2026 $1,638 
2027 1,608 
2028 1,573 
2029 1,457 
2030 1,160 
2031 and thereafter7,169 
Estimated future amortization expense of definite-lived intangible assets$14,604 
Schedule of Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill by segment are as follows:
(In millions)Life Sciences
Solutions		Analytical
Instruments		Specialty
Diagnostics		Laboratory
Products and
Biopharma Services		Total
Balance at December 31, 2023
$10,151 $5,051 $4,923 $23,895 $44,020 
Acquisitions
2,302 — — — 2,302 
Currency translation
(117)(92)(139)(122)(470)
Balance at December 31, 2024
12,336 4,959 4,784 23,773 45,853 
Acquisitions
2,101 — — 15 2,117 
Currency translation
473 184 292 444 1,393 
Balance at December 31, 2025
$14,910 $5,143 $5,076 $24,232 $49,362 
v3.25.4
Debt and Other Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The company’s debt and other financing arrangements are as follows:
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202520252024
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)
$— $828 
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
— 663 
0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)
— 142 
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)
— 569 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.18 %587 518 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.45 %822 725 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.18 %600 600 
0.832% 1.5-Year Senior Notes, Due 9/7/2026 (Swiss franc-denominated)
1.14 %517 — 
5.000% 3-Year Senior Notes, Due 12/5/2026
5.25 %1,000 1,000 
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
1.66 %587 518 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %705 621 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %184 184 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
Floating Rate (EURIBOR + 0.280%) 2-Year Senior Notes, Due 12/1/2027 (euro-denominated)
2.58 %1,175 — 
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)
1.35 %111 — 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.78 %940 828 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.79 %416 364 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %185 184 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %705 621 
1.750% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.000% 5-Year Senior Notes Due 1/31/2029
5.24 %1,000 1,000 
1.125% 4-Year Senior Notes, Due 3/7/2029 (Swiss franc-denominated)
1.26 %397 — 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %822 725 
2.60% 10-Year Senior Notes, Due 10/1/2029
2.74 %900 900 
1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated)
1.44 %30 30 
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)
1.25 %295 — 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 750 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.89 %2,056 1,812 
4.200% 5.5-Year Senior Notes Due 3/1/2031
4.41 %500 — 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.14 %1,057 932 
2.00% 10-Year Senior Notes, Due 10/15/2031
2.23 %1,200 1,200 
1.8401% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)
1.92 %524 457 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %705 621 
4.473% 7-Year Senior Notes, Due 10/7/2032
4.62 %750 — 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %40 40 
4.95% 10-Year Senior Notes, Due 11/21/2032
5.09 %600 600 
1.4175% 8-Year Senior Notes, Due 3/7/2033 (Swiss franc-denominated)
1.49 %442 — 
5.086% 10-Year Senior Notes, Due 8/10/2033
5.20 %1,000 1,000 
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
1.21 %1,762 1,553 
5.200% 10-Year Senior Notes, Due 1/31/2034
5.34 %500 500 
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
3.76 %881 777 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %137 137 
4.794% 10-Year Senior Notes, Due 10/7/2035
4.91 %750 — 
3.628% 10-Year Senior Notes, Due 12/1/2035 (euro-denominated)
3.70 %1,292 — 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.10 %410 358 
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)
1.56 %392 — 
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202520252024
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)
1.71 %271 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %822 725 
4.894% 12-Year Senior Notes, Due 10/7/2037
5.00 %500 — 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %1,057 932 
2.80% 20-Year Senior Notes, Due 10/15/2041
2.90 %1,200 1,200 
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)
1.78 %1,468 1,294 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %93 93 
5.404% 20-Year Senior Notes, Due 8/10/2043
5.50 %600 600 
2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)
2.06 %185 184 
5.30% 30-Year Senior Notes, Due 2/1/2044
5.37 %400 400 
1.49% 20-Year Senior Notes, Due 1/6/2045 (Swiss franc-denominated)
1.54 %233 — 
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)
1.95 %170 — 
4.10% 30-Year Senior Notes, Due 8/15/2047
4.23 %750 750 
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)
1.99 %1,175 1,035 
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)
1.49 %413 — 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %881 777 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %212 212 
Other 1 73 
Total borrowings at par value
39,459 31,332 
Unamortized discount
(94)(95)
Unamortized debt issuance costs
(194)(164)
Total borrowings at carrying value
39,172 31,072 
Finance lease liabilities
213 202 
Less: Short-term obligations and current maturities
3,533 2,214 
Long-term obligations$35,852 $29,061 
In the first quarter of 2026 the company issued the following senior notes:
(In millions)Principal value issued
4.215% 5-Year Senior Notes, Due 2/12/2031
$1,000 
4.550% 7.3-Year Senior Notes, Due 6/15/2033
750 
4.902% 10-Year Senior Notes, Due 2/12/2036
1,300 
5.546% 20-Year Senior Notes, Due 2/12/2046
750 
Schedule of Annual Repayment Requirements for Debt Obligations
As of December 31, 2025, the annual repayment requirements for debt obligations are as follows:
(In millions)BorrowingsFinance Lease Liabilities
2026$3,528 $9 
20273,254 8 
20283,057 8 
20293,150 9 
20303,105 10 
2031 and thereafter23,366 170 
$39,459 $213 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Information About the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2025(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$6,907 $6,907 $— $— 
Bank time deposits250 250 — — 
Investments
103 27 — 76 
Insurance contracts
280 — 280 — 
Derivative contracts
685 — 685 — 
Contingent consideration67 — — 67 
Total assets
$8,292 $7,184 $966 $143 
Liabilities
Derivative contracts
$506 $— $506 $— 
Contingent consideration
16 — — 16 
Total liabilities
$522 $— $506 $16 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2024(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$1,103 $1,103 $— $— 
Bank time deposits1,560 1,560 — — 
Investments
39 18 — 21 
Insurance contracts
240 — 240 — 
Derivative contracts
460 — 460 — 
Total assets
$3,401 $2,680 $700 $21 
Liabilities
Derivative contracts
$59 $— $59 $— 
Contingent consideration
13 — — 13 
Total liabilities
$72 $— $59 $13 
Schedule of Fair Value of Investments, Assets Measured on Recurring Basis
The following table provides a rollforward of investments classified as level 3:
(In millions)20252024
Investments
Beginning balance
$21 $— 
Purchases
55 21 
Ending balance
$76 $21 
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of a qualifying transaction), of the contingent consideration asset:
(In millions)2025
Contingent consideration asset
Beginning balance
$— 
Acquisition
66 
Changes in fair value included in earnings
1 
Ending balance
$67 
Schedule of Fair Value of Investments, Liabilities Measured on Recurring Basis
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration liabilities.
(In millions)20252024
Contingent consideration liabilities
Beginning balance
$13 $87 
Acquisitions (including assumed balances)
3 — 
Payments
(6)(2)
Changes in fair value included in earnings
7 (73)
Ending balance
$16 $13 
Schedule of the Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2025December 31, 2024
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$39,171 $36,606 $30,999 $28,454 
Other
1 1 73 73 
$39,172 $36,607 $31,072 $28,527 
Schedule of Carrying Value and Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2025December 31, 2024
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$39,171 $36,606 $30,999 $28,454 
Other
1 1 73 73 
$39,172 $36,607 $31,072 $28,527 
v3.25.4
Supplemental Income Statement Information (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Revenues by type are as follows:
(In millions)202520242023
Revenues
Consumables
$18,664 $17,587 $17,597 
Instruments
7,301 7,446 7,646 
Services
18,592 17,845 17,614 
Consolidated revenues
$44,556 $42,879 $42,857 
Revenues by geographic region based on customer location are as follows:
(In millions)202520242023
Revenues
North America
$23,033 $22,504 $22,764 
Europe
11,826 10,857 10,741 
Asia-Pacific
8,101 7,956 7,873 
Other regions
1,597 1,561 1,479 
Consolidated revenues
$44,556 $42,879 $42,857 
Revenues by business are as follows:
(In millions)
202520242023
Revenues


Biosciences
$4,169 $4,192 $4,238 
Genetic sciences
2,870 2,787 2,816 
BioProduction
3,200 2,652 2,923 
Other
136 — 1 
Life Sciences Solutions
10,374 9,631 9,977 
Chromatography and mass spectrometry
3,360 3,278 3,329 
Chemical analysis
1,237 1,315 1,371 
Electron microscopy
2,957 2,870 2,564 
Analytical Instruments
7,554 7,463 7,263 
Clinical diagnostics
1,115 1,063 1,104 
ImmunoDiagnostics
912 864 802 
Microbiology
645 633 618 
Transplant diagnostics
492 454 393 
Healthcare market channel
1,788 1,764 1,712 
Elimination of intrasegment revenues and other
(275)(266)(222)
Specialty Diagnostics
4,676 4,512 4,405 
Laboratory products
2,407 2,525 2,613 
Research and safety market channel
7,440 7,019 6,841 
Pharma services
7,142 6,685 6,806 
Clinical research
7,915 7,836 7,691 
Elimination of intrasegment revenues and other
(920)(907)(910)
Laboratory Products and Biopharma Services
23,984 23,157 23,041 
Elimination of intersegment revenues(2,033)(1,885)(1,829)
Consolidated revenues$44,556 $42,879 $42,857 
Schedule of Restructuring and Other Costs by Segment
Restructuring and other costs by segment are as follows:
(In millions)202520242023
Life Sciences Solutions
$154 $69 $105 
Analytical Instruments
81 4 33 
Specialty Diagnostics
10 17 11 
Laboratory Products and Biopharma Services
147 280 295 
Corporate
(29)9 15 
$362 $379 $459 
Schedule of Changes in the Company's Accrued Restructuring Balance
The following table summarizes the changes in the company’s accrued restructuring balance, which is included in other accrued expenses in the accompanying balance sheets. Other amounts reported as restructuring and other costs in the accompanying statements of income have been summarized in the notes to the table.
(In millions)Total (a)
Balance at December 31, 2022$41 
Net restructuring charges incurred in 2023 (b) (c)
194 
Payments
(175)
Balance at December 31, 202360 
Net restructuring charges incurred in 2024 (d) (e)
97 
Payments
(105)
Currency translation and other
(2)
Balance at December 31, 202450 
Net restructuring charges incurred in 2025 (f)
197 
Payments
(175)
Currency translation and other
(1)
Balance at December 31, 2025$70 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $264 million of charges, principally $126 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, $26 million of contract termination costs associated with facility closures in the Laboratory Products and Biopharma Services segment, and $19 million of net charges for pre-acquisition litigation and other matters in the Laboratory Products and Biopharma Services segment.
(c)Excludes $93 million of charges in the Laboratory Products and Biopharma Services segment for impairments of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $46 million attributable to a noncontrolling interest.
(d)Excludes $282 million of net charges, principally $211 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments.
(e)Excludes $41 million of charges in the Laboratory Products and Biopharma Services segment for impairment of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $19 million attributable to a noncontrolling interest.
(f)Excludes $165 million of net charges, principally $94 million of charges for impairments of long-lived assets in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments, as well as $51 million of net charges for disposition of a consolidated joint venture.
Schedule of Earnings Per Share
The company’s earnings per share are as follows:
(In millions except per share amounts)202520242023
Net income attributable to Thermo Fisher Scientific Inc.
$6,704 $6,335 $5,995 
Basic weighted average shares
377 382 386 
Plus effect of: stock options and restricted stock units
1 1 2 
Diluted weighted average shares
378 383 388 
Basic earnings per share
$17.77 $16.58 $15.52 
Diluted earnings per share
$17.74 $16.53 $15.45 
Antidilutive stock options excluded from diluted weighted average shares
3 2 2 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Before Provision for Income Taxes
The components of income before provision for income taxes are as follows:
(In millions)202520242023
U.S.$2,608 $2,226 $2,431 
Non-U.S.4,700 4,812 3,867 
Income before income taxes
$7,308 $7,037 $6,298 
Schedule of Components of the Provision for Income Taxes
The components of the provision for income taxes are as follows:
(In millions)202520242023
Current income tax provision
Federal$402 $561 $228 
Non-U.S.658 1,175 1,206 
State126 130 150 
1,186 1,866 1,584 
Deferred income tax provision/(benefit)
Federal$(385)$(1,026)$(551)
Non-U.S.(221)(72)(647)
State(34)(111)(102)
 (639)(1,209)(1,300)
Provision for/(benefit from) income taxes$547 $657 $284 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:
(Dollars in millions)2025
U.S. federal statutory tax rate$1,535 21.0 %
State and local income taxes, net of federal income tax effect (a)68 0.9 %
Foreign tax effects
Malta
Changes in valuation allowances2,351 32.2 %
Statutory tax rate difference between Malta and United States473 6.5 %
Deferred interest(2,351)(32.2)%
Notional interest deduction(1,186)(16.2)%
Other19 0.3 %
Netherlands
Changes in valuation allowances144 2.0 %
Deferred interest(97)(1.3)%
Other(27)(0.4)%
United Kingdom
Partnership income/(loss)(118)(1.6)%
Foreign exchange131 1.8 %
Other(41)(0.6)%
Other foreign jurisdictions166 2.3 %
Effect of changes in tax laws or rates enacted in the current period12 0.2 %
Effect of cross-border tax laws
Foreign-derived intangible income(268)(3.7)%
U.S. tax on branch income/(loss)390 5.3 %
Other125 1.7 %
Tax credits
Foreign tax credits(181)(2.5)%
Other(36)(0.5)%
Changes in valuation allowances(157)(2.1)%
Nontaxable or nondeductible items1 0.0 %
Changes in unrecognized tax benefits(64)(0.9)%
Other adjustments
Intra-entity transfer(133)(1.8)%
Domestication transaction(240)(3.3)%
Other31 0.4 %
Effective tax rate$547 7.5 %
(a)State taxes in California, Massachusetts, Illinois, and Pennsylvania comprise the majority of the tax effect in this category.
Under previous tax disclosure guidance, the provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:
(In millions)20242023
Statutory federal income tax rate
21 %21 %
Provision for income taxes at statutory rate
$1,478 $1,323 
Increases (decreases) resulting from:
Foreign rate differential
(131)(223)
Income tax credits
(333)(276)
Global intangible low-taxed income
57 113 
Foreign-derived intangible income
(133)(108)
Excess tax benefits from stock options and restricted stock units
(67)(69)
Provision for (reversal of) tax reserves, net
218 13 
Intra-entity transfers
(106)(233)
Foreign exchange loss on inter-company debt refinancing
— (112)
Provision for (reversal of) valuation allowances, net
(229)(32)
Withholding taxes
74 33 
Tax return reassessments and settlements
(192)(187)
State income taxes, net of federal tax66 70 
Other, net
(45)(28)
Provision for/(benefit from) income taxes
$657 $284 
Schedule of Deferred Tax Asset (Liability) and Changes in Valuation Allowance
Net deferred tax asset/(liability) in the accompanying balance sheets consists of the following:
(In millions)20252024
Deferred tax asset/(liability)
Depreciation and amortization
$(4,304)$(4,133)
Net operating loss and credit carryforwards
3,662 2,915 
Reserves and accruals
139 161 
Accrued compensation
321 318 
Inventory basis difference
293 309 
Deferred interest3,365 534 
Research and development and other capitalized costs
372 536 
Unrealized (gains) losses on hedging instruments
20 (363)
Contract liabilities289 280 
Other, net
(346)147 
Deferred tax assets/(liabilities), net before valuation allowance
3,811 705 
Less: Valuation allowance
3,561 1,043 
Deferred tax assets/(liabilities), net
$249 $(338)
The changes in the valuation allowance are as follows:
 Year Ended December 31,
(In millions)202520242023
Beginning balance
$1,043 $1,317 $1,322 
Additions/(reductions) recognized in income tax provision, net
2,455 (229)(32)
Additions due to acquisitions
— — 4 
Currency translation and other
64 (46)23 
Ending balance$3,561 $1,043 $1,317 
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)202520242023
Beginning balance
$525 $540 $572 
Additions due to acquisitions
— 19 — 
Additions for tax positions of current year
25 91 4 
Additions for tax positions of prior years
— 244 34 
Reductions for tax positions of prior years
(34)(182)(43)
Closure of tax years
(19)— (6)
Settlements
(78)(187)(21)
Ending balance
$419 $525 $540 
v3.25.4
Comprehensive Income/(Loss) and Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Each Component of Accumulated Other Comprehensive Items
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Cumulative
translation
adjustment		Unrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Balance at December 31, 2024$(2,409)$(25)$(263)$(2,697)
Other comprehensive income/(loss) before reclassifications
223 — 13 236 
Amounts reclassified from accumulated other comprehensive income/(loss)
5 3 5 13 
Net other comprehensive income/(loss)
228 3 18 249 
Balance at December 31, 2025$(2,181)$(23)$(245)$(2,448)
v3.25.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Cash Flow Disclosures
Supplemental cash flow information is as follows:
(In millions)202520242023
Cash paid for:
Interest
$1,612 $1,570 $1,385 
Income taxes, net of refunds received
Federal
408 
U.S. state and local
184 
Foreign
United Kingdom
207 
Netherlands179 
Germany97 
China
97 
Other
603 
Total income taxes, net of refunds received
1,776 1,834 1,482 
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$264 $303 $296 
Finance lease ROU assets obtained in exchange for new finance lease liabilities21 — 2 
Declared but unpaid dividends
164 150 137 
Issuance of stock upon vesting of restricted stock units
164 186 234 
Excise tax from stock repurchases24 26 28 
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash is included in the consolidated balance sheet as follows:
 December 31,December 31,
(In millions)20252024
Cash and cash equivalents$9,852 $4,009 
Restricted cash included in other current assets5 10 
Restricted cash included in other assets22 21 
Cash, cash equivalents and restricted cash$9,879 $4,040 
v3.25.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Aggregate Notional Value of Outstanding Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
December 31,December 31,
(In millions)20252024
Notional amount
Cross-currency interest rate swaps designated as net investment hedge - euro$1,000 $1,000 
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen4,650 4,650 
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc5,000 2,500 
Currency exchange contracts2,248 1,588 
Schedule of Fair Value of Derivative Instruments The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2025202420252024
Derivatives designated as hedging instruments
Cross-currency interest rate swaps$684 $458 $504 $57 
Derivatives not designated as hedging instruments
Currency exchange contracts2 2 2 2 
Total derivatives$685 $460 $506 $59 
Offsetting Assets
The following table provides information on the company’s derivative positions subject to master netting arrangements, presented on a net basis, had the company elected to offset the asset and liability balances of its positions in the consolidated balance sheets:
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2025202420252024
Gross amounts recognized in the consolidated balance sheets$685 $460 $506 $59 
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets(319)$(56)(319)$(56)
Total derivatives, net$366 $404 $187 $3 
Offsetting Liabilities
The following table provides information on the company’s derivative positions subject to master netting arrangements, presented on a net basis, had the company elected to offset the asset and liability balances of its positions in the consolidated balance sheets:
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2025202420252024
Gross amounts recognized in the consolidated balance sheets$685 $460 $506 $59 
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets(319)$(56)(319)$(56)
Total derivatives, net$366 $404 $187 $3 
Schedule of Derivative Instruments Gains and Losses
 Gain/(loss) recognized
(In millions)202520242023
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense$(3)$(3)$(4)
Amount reclassified from accumulated other comprehensive items to other income/(loss)— — (3)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in cumulative translation adjustment within other comprehensive income/(loss)(1,252)686 (356)
Cross-currency interest rate swaps
Included in cumulative translation adjustment within other comprehensive income/(loss)(222)682 (222)
Included in interest expense287 267 120 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues(7)21 1 
Included in other income/(expense)66 (16)(29)
v3.25.4
Business Segment and Geographical Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Business Segment Information
Business Segment Information
2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$8,781 $7,353 $4,604 $23,818 $44,556 
Intersegment revenues1,593 201 72 167 2,033 
10,374 7,554 4,676 23,984 46,589 
Elimination of intersegment revenues
(2,033)
Consolidated revenues
$44,556 
Segment Income
Cost of revenues3,929 3,850 2,718 18,609 
Selling, general, and administrative expenses1,912 1,244 708 2,392 
Research and development expenses553 573 178 56 
Other segment items213 151 (183)(422)
Segment income
3,768 1,736 1,256 3,350 10,109 
Unallocated amounts
Cost of revenues adjustments
(64)
Selling, general and administrative expenses adjustments
(207)
Restructuring and other costs
(362)
Amortization of acquisition-related intangible assets
(1,730)
Interest income993 
Interest expense(1,419)
Other income/(expense)
(12)
Consolidated income before income taxes$7,308 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$95,919 $3,446 $3,170 $1,323 $6,485 $110,343 
Purchases of property, plant and equipment116 152 124 128 1,005 1,525 
Depreciation of property, plant and equipment— 251 104 91 604 1,050 
2024
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$8,160 $7,267 $4,449 $23,002 $42,879 
Intersegment revenues1,471 196 63 155 1,885 
9,631 7,463 4,512 23,157 44,764 
Elimination of intersegment revenues
(1,885)
Consolidated revenues
$42,879 
Segment Income
Cost of revenues3,560 3,532 2,605 18,020 
Selling, general, and administrative expenses1,797 1,250 732 2,356 
Research and development expenses551 551 176 66 
Other segment items221 174 (159)(375)
Segment income
3,503 1,955 1,159 3,090 9,707 
Unallocated amounts
Cost of revenues adjustments
(47)
Selling, general and administrative expenses adjustments
8 
Restructuring and other costs
(379)
Amortization of acquisition-related intangible assets
(1,952)
Interest income1,078 
Interest expense(1,390)
Other income/(expense)
12 
Consolidated income before income taxes$7,037 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$84,031 $2,982 $2,944 $1,218 $6,145 $97,321 
Purchases of property, plant and equipment85 123 95 125 971 1,400 
Depreciation of property, plant and equipment— 230 103 104 721 1,156 
2023
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$8,545 $7,101 $4,324 $22,888 $42,857 
Intersegment revenues1,432 163 82 154 1,829 
9,977 7,263 4,405 23,041 44,686 
Elimination of intersegment revenues
(1,829)
Consolidated revenues
$42,857 
Segment Income
Cost of revenues4,078 3,467 2,584 17,978 
Selling, general, and administrative expenses1,766 1,244 716 2,276 
Research and development expenses558 528 156 68 
Other segment items155 116 (174)(638)
Segment income
3,420 1,908 1,124 3,358 9,810 
Unallocated amounts
Cost of revenues adjustments
(95)
Selling, general and administrative expenses adjustments
(59)
Restructuring and other costs
(459)
Amortization of acquisition-related intangible assets
(2,338)
Interest income879 
Interest expense(1,375)
Other income/(expense)
(65)
Consolidated income before income taxes$6,298 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$85,314 $3,186 $2,726 $1,150 $6,350 $98,726 
Purchases of property, plant and equipment80 178 87 121 1,013 1,479 
Depreciation of property, plant and equipment— 220 93 86 669 1,068 
Schedule of Revenue by Country Based on Customer Location
Geographical Information
(In millions)202520242023
Revenues
United States
$22,240 $21,755 $22,013 
Other
22,316 21,124 20,844 
Consolidated revenues
$44,556 $42,879 $42,857 
Long-lived Assets
United States
$6,547 $6,245 $6,352 
Other
5,465 4,550 4,652 
Consolidated long-lived assets
$12,012 $10,795 $11,004 
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Components of Purchase Price and Net Assets Acquired
The components of the preliminary purchase price and net assets acquired are as follows:
(In millions)Filtration and separation business
Purchase price
Cash paid
$3,944 
Fair value of contingent consideration
(66)
Cash acquired
(9)
$3,870 
Net assets acquired
Property, plant and equipment
$454 
Definite-lived intangible assets
Customer relationships
1,115 
Product technology
386 
Trade names
51 
Goodwill
2,101 
Net other assets/(liabilities)
141 
Deferred tax assets (liabilities)
(377)
$3,870 
The components of the purchase price and net assets acquired are as follows:

(In millions)Olink
Purchase price
Cash paid
$3,215 
Purchase price payable
28 
Cash acquired
(97)
$3,146 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$708 
Product technology
207 
Trade names
97 
Goodwill
2,301 
Net other assets/(liabilities)
9 
Deferred tax assets/(liabilities)
(176)
$3,146 
The components of the purchase price and net assets acquired are as follows:
(In millions)The Binding SiteCorEvitas
Purchase price
Cash paid
$2,412 $730 
Debt settled
307 184 
Cash acquired
(20)(4)
$2,699 $910 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$868 $260 
Product technology
162 47 
Trade names
42 — 
Backlog— 46 
Goodwill
1,741 627 
Net tangible assets
174 (2)
Deferred tax assets (liabilities)
(288)(68)
$2,699 $910 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Operating Leases
As a lessee, the consolidated financial statements include the following relating to operating leases:
(Dollars in millions)202520242023
Statement of income
Operating lease costs
$381 $353 $355 
Variable lease costs
116 115 115 
Statement of cash flows
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities$374 $327 $410 
Operating lease ROU assets obtained in exchange for new operating lease liabilities197 262 234 
Balance sheet
ROU assets - included in other assets$1,447 $1,489 
Operating lease liabilities - included in other accrued expenses275 261 
Operating lease liabilities - included in other long-term liabilities1,195 1,239 
Weighted average at end of year
Remaining operating lease term7.9 years8.6 years
Discount rate4.7 %4.6 %
Schedule of Future Payments of Operating Lease Liabilities
As of December 31, 2025, future payments of operating lease liabilities are as follows:
(In millions)
2026 $331 
2027 283 
2028 237 
2029 174 
2030 142 
2031 and thereafter652 
Total lease payments1,819 
Less: imputed interest
349 
Total operating lease liability$1,470 
v3.25.4
Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Reconciliation of Benefit Obligations and Plan Assets The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)2025202420252024
Accumulated benefit obligation
$946 $937 $1,176 $1,079 
Change in projected benefit obligations
Projected benefit obligation at beginning of year
$937 $1,005 $1,135 $1,221 
Acquisitions
2 — 46 — 
Service costs
— — 33 28 
Interest costs
47 46 41 40 
Settlements
— — (69)(29)
Plan participants' contributions
— — 10 10 
Actuarial (gains)/losses
42 (32)(59)(59)
Benefits paid
(83)(81)(23)(26)
Currency translation and other
— — 121 (49)
Projected benefit obligation at end of year
$946 $937 $1,236 $1,135 
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$895 $947 $867 $944 
Acquisitions2 — 22 — 
Actual return on plan assets
84 22 16 (37)
Employer contributions
5 7 40 37 
Settlements
— — (69)(29)
Plan participants' contributions
— — 10 10 
Benefits paid
(83)(81)(23)(26)
Currency translation and other
— — 88 (32)
Fair value of plan assets at end of year$903 $895 $952 $867 
Funded status
$(43)$(43)$(284)$(268)
Amounts recognized in balance sheet
Noncurrent assets
$3 $5 $71 $57 
Current liability
(5)(5)(13)(12)
Noncurrent liabilities
(40)(42)(342)(313)
Net amount recognized
$(43)$(43)$(284)$(268)
Amounts recognized in accumulated other comprehensive income/(loss)
Net actuarial (gain)/loss
$234 $218 $118 $156 
Prior service (credits)/cost
— — (9)(7)
Net amount recognized
$234 $218 $109 $149 
Schedule of Actuarial Assumptions
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2025 and 2024 and are as follows:
 Domestic pension benefitsNon-U.S. pension benefits
 2025202420252024
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation
5.20 %5.48 %4.05 %3.74 %
Interest crediting rate for cash balance plans
5.00 %5.39 %2.52 %2.28 %
Average rate of increase in employee compensation
N/AN/A2.52 %2.58 %
The actuarial assumptions used to compute the net periodic pension benefit cost/(income) are based upon information available as of the beginning of the year, as presented in the following table:
 Domestic pension benefitsNon-U.S. pension benefits
 202520242023202520242023
Weighted average assumptions used to determine net benefit cost/(income)
Discount rate - service cost
N/AN/AN/A2.77 %3.00 %3.62 %
Discount rate - interest cost
5.49 %4.82 %5.01 %3.62 %3.48 %3.95 %
Interest crediting rate for cash balance plans
5.39 %4.76 %4.96 %2.28 %2.06 %2.19 %
Average rate of increase in employee compensation
N/AN/AN/A2.58 %2.64 %2.77 %
Expected long-term rate of return on assets
6.50 %6.00 %6.25 %4.52 %4.28 %4.33 %
Schedule of Projected Benefit Obligation and Fair Value of Plan Assets
The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20252024
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation
$850 $727 
Fair value of plan assets
449 376 
Schedule of Accumulated Benefit Obligation and Fair Value of Plan Assets
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20252024
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation
$792 $671 
Fair value of plan assets
451 376 
Schedule of Net Benefit Costs
The net periodic pension benefit cost/(income) includes the following components:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)202520242023202520242023
Components of net benefit cost/(income)
Service cost
$— $— $— $33 $28 $26 
Interest cost on benefit obligation
47 46 47 41 40 42 
Expected return on plan assets
(59)(56)(59)(37)(36)(37)
Amortization of actuarial net loss
— — — 4 4 2 
Amortization of prior service cost/(benefit)
— — — (1)(1)(1)
Settlement/curtailment loss/(gain)
— — — 7 2 1 
Net periodic benefit cost/(income)
$(11)$(10)$(12)$47 $38 $33 
Schedule of Estimated Future Benefit Payments Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:
(In millions)Domestic pension benefitsNon-U.S. pension benefits
Expected benefit payments
2026$84 $61 
202783 61 
202883 67 
202981 72 
203080 71 
2031-2035370 394 
Schedule of Fair Value of the Company's Plan Assets
The fair values of the company’s plan assets at December 31, 2025 and 2024, by asset category are as follows:
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2025(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$120 $— $— $— $120 
International equity funds
71 — — — 71 
Fixed income funds
693 — — — 693 
Money market funds
20 — — — 20 
Total domestic pension plans
$903 $— $— $— $903 
Non-U.S. pension plan assets
Equity funds
$10 $— $— $— $10 
Fixed income funds
325 9 — — 316 
Multi-asset funds
100 — — — 100 
Derivative funds
133 — — — 133 
Insurance contracts
378 — 378 — — 
Cash / money market funds
6 4 — — 2 
Total non-U.S. pension plans
$952 $13 $378 $— $561 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2024(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$91 $— $— $— $91 
International equity funds
89 — — — 89 
Fixed income funds
692 — — — 692 
Money market funds
23 — — — 23 
Total domestic pension plans$895 $— $— $— $895 
Non-U.S. pension plan assets
Equity funds
$7 $— $— $— $7 
Fixed income funds
288 7 — — 281 
Multi-asset funds
69 — — — 69 
Derivative funds
169 — — — 169 
Insurance contracts
325 — 325 — — 
Cash / money market funds
9 4 — — 5 
Total non-U.S. pension plans$867 $10 $325 $— $532 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
v3.25.4
Stock-based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions used in the Black-Scholes Option Pricing Model
The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 
202520242023
Expected stock price volatility
25 %25 %25 %
Risk free interest rate
4.4 %4.3 %4.2 %
Expected life of options (years)
5.95.04.7
Expected annual dividend
0.3 %0.3 %0.3 %
Weighted average per share grant-date fair values of options granted
$166.69$166.92$159.32
Schedule of the Company's Option Activity
A summary of the company’s option activity for the year ended December 31, 2025 is presented below:
Shares
(in millions)		Weighted average exercise priceWeighted average remaining contractual term
(in years)		Aggregate intrinsic
value
(in millions)
Outstanding at December 31, 2024
4.5 $465.80 
Granted
0.9 507.42 
Exercised
(0.8)267.66 
Canceled/expired
(0.3)558.52 
Outstanding at December 31, 2025
4.3 $507.59 5.0$336 
Vested and unvested expected to vest at December 31, 2025
4.2 $507.05 4.9$327 
Exercisable at December 31, 2025
2.3 $488.09 3.0$237 
Schedule of the Company's Restricted Unit Activity
A summary of the company’s restricted unit activity for the year ended December 31, 2025 is presented below:
 Units
(in millions)		Weighted
average
grant-date
fair value
Unvested at December 31, 2024
0.6 $551.81 
Granted
0.6 480.35 
Performance adjustments0.1 560.12 
Vested
(0.3)546.98 
Forfeited
(0.1)547.42 
Unvested at December 31, 2025
0.8 $505.62 
v3.25.4
Nature of Operations and Summary of Significant Accounting Policies - Additional Accounting Policy and Balance Sheet Disclosures (Details) - PPD-SNBL K.K.
Dec. 31, 2025
Noncontrolling Interest [Line Items]  
Ownership percentage, parent 60.00%
Ownership interest, noncontrolling owners 40.00%
v3.25.4
Nature of Operations and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)
Dec. 31, 2025
Minimum | Buildings and improvements  
Property, Plant and Equipment [Line Items]  
Useful lives 25 years
Minimum | Machinery and Equipment  
Property, Plant and Equipment [Line Items]  
Useful lives 8 years
Minimum | Internal use software  
Property, Plant and Equipment [Line Items]  
Useful lives 3 years
Maximum | Buildings and improvements  
Property, Plant and Equipment [Line Items]  
Useful lives 40 years
Maximum | Machinery and Equipment  
Property, Plant and Equipment [Line Items]  
Useful lives 10 years
Maximum | Internal use software  
Property, Plant and Equipment [Line Items]  
Useful lives 5 years
v3.25.4
Nature of Operations and Summary of Significant Accounting Policies - Acquisition-related Intangible Assets (Details)
Dec. 31, 2025
Maximum  
Intangible Assets [Line Items]  
Estimated useful life 20 years
v3.25.4
Nature of Operations and Summary of Significant Accounting Policies - Stock-based Compensation Expense (Details)
 12 Months Ended
Dec. 31, 2025
Minimum | Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Term 7 years
Minimum | Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Maximum | Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 5 years
Term 10 years
Maximum | Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 4 years
v3.25.4
Supplemental Balance Sheet Information - Schedule of Components of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 1,877 $ 1,803
Work in process 889 755
Finished goods 2,659 2,420
Inventories $ 5,425 $ 4,978
v3.25.4
Supplemental Balance Sheet Information - Schedule of Contract Asset and Liability Balances (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Current contract assets, net $ 1,666 $ 1,435
Noncurrent contract assets, net 1 6
Current contract liabilities 2,710 2,852
Noncurrent contract liabilities $ 1,183 $ 1,138
v3.25.4
Supplemental Balance Sheet Information - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Remaining performance obligation amount $ 27,920  
Other intangible assets 21 $ 34
Equity method investments 178 357
Cost method investments 196 41
Investments measured at NAV $ 64 $ 40
Minimum    
Disaggregation of Revenue [Line Items]    
Warranty agreement (in years) 3 years  
Maximum    
Disaggregation of Revenue [Line Items]    
Warranty agreement (in years) 5 years  
Estimated useful life 20 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Disaggregation of Revenue [Line Items]    
Remaining performance obligation percentage 52.00%  
Remaining performance obligation, expected timing 12 months  
v3.25.4
Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 18,380 $ 16,059
Less: Accumulated depreciation and amortization 7,815 6,753
Property, plant and equipment, net 10,565 9,306
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 500 439
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 4,570 3,728
Machinery, equipment and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 11,005 9,858
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 2,305 $ 2,034
v3.25.4
Supplemental Balance Sheet Information - Schedule of Acquisition-Related Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Intangible Assets [Line Items]    
Gross $ 31,374 $ 30,991
Accumulated Amortization (16,771) (16,693)
Estimated future amortization expense of definite-lived intangible assets 14,604 14,298
Acquisition-related intangible assets 32,609 32,226
Acquisition-related intangible assets, net 15,838 15,533
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
2026  1,638  
2027  1,608  
2028  1,573  
2029  1,457  
2030  1,160  
2031 and thereafter 7,169  
Estimated future amortization expense of definite-lived intangible assets 14,604 14,298
Trade names    
Intangible Assets [Line Items]    
Trade names 1,235 1,235
Customer relationships    
Intangible Assets [Line Items]    
Gross 23,290 22,644
Accumulated Amortization (10,515) (10,047)
Estimated future amortization expense of definite-lived intangible assets 12,775 12,596
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets 12,775 12,596
Product technology    
Intangible Assets [Line Items]    
Gross 5,196 5,557
Accumulated Amortization (3,891) (4,423)
Estimated future amortization expense of definite-lived intangible assets 1,305 1,134
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets 1,305 1,134
Trade names    
Intangible Assets [Line Items]    
Gross 1,804 1,706
Accumulated Amortization (1,318) (1,180)
Estimated future amortization expense of definite-lived intangible assets 486 527
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets 486 527
Backlog    
Intangible Assets [Line Items]    
Gross 1,084 1,084
Accumulated Amortization (1,047) (1,043)
Estimated future amortization expense of definite-lived intangible assets 37 41
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets $ 37 $ 41
v3.25.4
Supplemental Balance Sheet Information - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning balance $ 45,853 $ 44,020
Acquisitions 2,117 2,302
Currency translation 1,393 (470)
Ending balance 49,362 45,853
Life Sciences Solutions    
Goodwill [Roll Forward]    
Beginning balance 12,336 10,151
Acquisitions 2,101 2,302
Currency translation 473 (117)
Ending balance 14,910 12,336
Analytical Instruments    
Goodwill [Roll Forward]    
Beginning balance 4,959 5,051
Acquisitions 0 0
Currency translation 184 (92)
Ending balance 5,143 4,959
Specialty Diagnostics    
Goodwill [Roll Forward]    
Beginning balance 4,784 4,923
Acquisitions 0 0
Currency translation 292 (139)
Ending balance 5,076 4,784
Laboratory Products and Biopharma Services    
Goodwill [Roll Forward]    
Beginning balance 23,773 23,895
Acquisitions 15 0
Currency translation 444 (122)
Ending balance $ 24,232 $ 23,773
v3.25.4
Debt and Other Financing Arrangements - Schedule of Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total borrowings at par value $ 39,459 $ 31,332
Unamortized discount (94) (95)
Unamortized debt issuance costs (194) (164)
Total borrowings at carrying value 39,172 31,072
Finance lease liabilities 213 202
Less: Short-term obligations and current maturities 3,533 2,214
Long-term obligations $ 35,852 $ 29,061
Finance lease, liability, statement of financial position [Extensible Enumeration] Long-term obligations Long-term obligations
Senior notes    
Debt Instrument [Line Items]    
Total borrowings at carrying value $ 39,171 $ 30,999
Senior notes | 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.125%  
Term 5 years 6 months  
Effective interest rate  
Total borrowings at par value $ 0 828
Senior notes | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.00%  
Term 10 years  
Effective interest rate  
Total borrowings at par value $ 0 663
Senior notes | 0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.853%  
Term 3 years  
Effective interest rate  
Total borrowings at par value $ 0 142
Senior notes | 0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.00%  
Term 4 years  
Effective interest rate  
Total borrowings at par value $ 0 569
Senior notes | 3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 3.20%  
Term 3 years  
Effective interest rate 3.18%  
Total borrowings at par value $ 587 518
Senior notes | 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.40%  
Term 8 years 6 months  
Effective interest rate 1.45%  
Total borrowings at par value $ 822 725
Senior notes | 4.953% 3-Year Senior Notes, Due 8/10/2026    
Debt Instrument [Line Items]    
Interest rate 4.953%  
Term 3 years  
Effective interest rate 5.18%  
Total borrowings at par value $ 600 600
Senior notes | 0.832% 1.5-Year Senior Notes, Due 9/7/2026 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.832%  
Term 1 year 6 months  
Effective interest rate 1.14%  
Total borrowings at par value $ 517 0
Senior notes | 5.000% 3-Year Senior Notes, Due 12/5/2026    
Debt Instrument [Line Items]    
Interest rate 5.00%  
Term 3 years  
Effective interest rate 5.25%  
Total borrowings at par value $ 1,000 1,000
Senior notes | 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.45%  
Term 10 years  
Effective interest rate 1.66%  
Total borrowings at par value $ 587 518
Senior notes | 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.75%  
Term 7 years  
Effective interest rate 1.97%  
Total borrowings at par value $ 705 621
Senior notes | 1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.054%  
Term 5 years  
Effective interest rate 1.18%  
Total borrowings at par value $ 184 184
Senior notes | 4.80% 5-Year Senior Notes, Due 11/21/2027    
Debt Instrument [Line Items]    
Interest rate 4.80%  
Term 5 years  
Effective interest rate 5.00%  
Total borrowings at par value $ 600 600
Senior notes | Floating Rate (EURIBOR + 0.280%) 2-Year Senior Notes, Due 12/1/2027 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.28%  
Term 2 years  
Effective interest rate 2.58%  
Total borrowings at par value $ 1,175 0
Senior notes | 0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.79%  
Term 3 years  
Effective interest rate 1.35%  
Total borrowings at par value $ 111 0
Senior notes | 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.50%  
Term 8 years 6 months  
Effective interest rate 0.78%  
Total borrowings at par value $ 940 828
Senior notes | 1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.6525%  
Term 4 years  
Effective interest rate 1.79%  
Total borrowings at par value $ 416 364
Senior notes | 0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.77%  
Term 5 years  
Effective interest rate 0.90%  
Total borrowings at par value $ 185 184
Senior notes | 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.375%  
Term 12 years  
Effective interest rate 1.46%  
Total borrowings at par value $ 705 621
Senior notes | 1.750% 7-Year Senior Notes, Due 10/15/2028    
Debt Instrument [Line Items]    
Interest rate 1.75%  
Term 7 years  
Effective interest rate 1.89%  
Total borrowings at par value $ 700 700
Senior notes | 5.000% 5-Year Senior Notes Due 1/31/2029    
Debt Instrument [Line Items]    
Interest rate 5.00%  
Term 5 years  
Effective interest rate 5.24%  
Total borrowings at par value $ 1,000 1,000
Senior notes | 1.125% 4-Year Senior Notes, Due 3/7/2029 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.125%  
Term 4 years  
Effective interest rate 1.26%  
Total borrowings at par value $ 397 0
Senior notes | 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.95%  
Term 12 years  
Effective interest rate 2.08%  
Total borrowings at par value $ 822 725
Senior notes | 2.60% 10-Year Senior Notes, Due 10/1/2029    
Debt Instrument [Line Items]    
Interest rate 2.60%  
Term 10 years  
Effective interest rate 2.74%  
Total borrowings at par value $ 900 900
Senior notes | 1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.279%  
Term 7 years  
Effective interest rate 1.44%  
Total borrowings at par value $ 30 30
Senior notes | 1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.12%  
Term 5 years  
Effective interest rate 1.25%  
Total borrowings at par value $ 295 0
Senior notes | 4.977% 7-Year Senior Notes, Due 8/10/2030    
Debt Instrument [Line Items]    
Interest rate 4.977%  
Term 7 years  
Effective interest rate 5.12%  
Total borrowings at par value $ 750 750
Senior notes | 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.80%  
Term 9 years  
Effective interest rate 0.89%  
Total borrowings at par value $ 2,056 1,812
Senior notes | 4.200% 5.5-Year Senior Notes Due 3/1/2031    
Debt Instrument [Line Items]    
Interest rate 4.20%  
Term 5 years 6 months  
Effective interest rate 4.41%  
Total borrowings at par value $ 500 0
Senior notes | 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.875%  
Term 12 years  
Effective interest rate 1.14%  
Total borrowings at par value $ 1,057 932
Senior notes | 2.00% 10-Year Senior Notes, Due 10/15/2031    
Debt Instrument [Line Items]    
Interest rate 2.00%  
Term 10 years  
Effective interest rate 2.23%  
Total borrowings at par value $ 1,200 1,200
Senior notes | 1.8401% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.8401%  
Term 8 years  
Effective interest rate 1.92%  
Total borrowings at par value $ 524 457
Senior notes | 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.375%  
Term 12 years  
Effective interest rate 2.55%  
Total borrowings at par value $ 705 621
Senior notes | 4.473% 7-Year Senior Notes, Due 10/7/2032    
Debt Instrument [Line Items]    
Interest rate 4.473%  
Term 7 years  
Effective interest rate 4.62%  
Total borrowings at par value $ 750 0
Senior notes | 1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.49%  
Term 10 years  
Effective interest rate 1.60%  
Total borrowings at par value $ 40 40
Senior notes | 4.95% 10-Year Senior Notes, Due 11/21/2032    
Debt Instrument [Line Items]    
Interest rate 4.95%  
Term 10 years  
Effective interest rate 5.09%  
Total borrowings at par value $ 600 600
Senior notes | 1.4175% 8-Year Senior Notes, Due 3/7/2033 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.4175%  
Term 8 years  
Effective interest rate 1.49%  
Total borrowings at par value $ 442 0
Senior notes | 5.086% 10-Year Senior Notes, Due 8/10/2033    
Debt Instrument [Line Items]    
Interest rate 5.086%  
Term 10 years  
Effective interest rate 5.20%  
Total borrowings at par value $ 1,000 1,000
Senior notes | 1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.125%  
Term 12 years  
Effective interest rate 1.21%  
Total borrowings at par value $ 1,762 1,553
Senior notes | 5.200% 10-Year Senior Notes, Due 1/31/2034    
Debt Instrument [Line Items]    
Interest rate 5.20%  
Term 10 years  
Effective interest rate 5.34%  
Total borrowings at par value $ 500 500
Senior notes | 3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 3.65%  
Term 12 years  
Effective interest rate 3.76%  
Total borrowings at par value $ 881 777
Senior notes | 1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.50%  
Term 12 years  
Effective interest rate 1.58%  
Total borrowings at par value $ 137 137
Senior notes | 4.794% 10-Year Senior Notes, Due 10/7/2035    
Debt Instrument [Line Items]    
Interest rate 4.794%  
Term 10 years  
Effective interest rate 4.91%  
Total borrowings at par value $ 750 0
Senior notes | 3.628% 10-Year Senior Notes, Due 12/1/2035 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 3.628%  
Term 10 years  
Effective interest rate 3.70%  
Total borrowings at par value $ 1,292 0
Senior notes | 2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.0375%  
Term 12 years  
Effective interest rate 2.10%  
Total borrowings at par value $ 410 358
Senior notes | 1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.52%  
Term 12 years  
Effective interest rate 1.56%  
Total borrowings at par value $ 392 0
Senior notes | 1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.6524%  
Term 12 years  
Effective interest rate 1.71%  
Total borrowings at par value $ 271 0
Senior notes | 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.875%  
Term 20 years  
Effective interest rate 2.94%  
Total borrowings at par value $ 822 725
Senior notes | 4.894% 12-Year Senior Notes, Due 10/7/2037    
Debt Instrument [Line Items]    
Interest rate 4.894%  
Term 12 years  
Effective interest rate 5.00%  
Total borrowings at par value $ 500 0
Senior notes | 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.50%  
Term 20 years  
Effective interest rate 1.73%  
Total borrowings at par value $ 1,057 932
Senior notes | 2.80% 20-Year Senior Notes, Due 10/15/2041    
Debt Instrument [Line Items]    
Interest rate 2.80%  
Term 20 years  
Effective interest rate 2.90%  
Total borrowings at par value $ 1,200 1,200
Senior notes | 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.625%  
Term 20 years  
Effective interest rate 1.78%  
Total borrowings at par value $ 1,468 1,294
Senior notes | 2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.069%  
Term 20 years  
Effective interest rate 2.13%  
Total borrowings at par value $ 93 93
Senior notes | 5.404% 20-Year Senior Notes, Due 8/10/2043    
Debt Instrument [Line Items]    
Interest rate 5.404%  
Term 20 years  
Effective interest rate 5.50%  
Total borrowings at par value $ 600 600
Senior notes | 2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.02%  
Term 20 years  
Effective interest rate 2.06%  
Total borrowings at par value $ 185 184
Senior notes | 5.30% 30-Year Senior Notes, Due 2/1/2044    
Debt Instrument [Line Items]    
Interest rate 5.30%  
Term 30 years  
Effective interest rate 5.37%  
Total borrowings at par value $ 400 400
Senior notes | 1.49% 20-Year Senior Notes, Due 1/6/2045 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.49%  
Term 20 years  
Effective interest rate 1.54%  
Total borrowings at par value $ 233 0
Senior notes | 1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.8975%  
Term 20 years  
Effective interest rate 1.95%  
Total borrowings at par value $ 170 0
Senior notes | 4.10% 30-Year Senior Notes, Due 8/15/2047    
Debt Instrument [Line Items]    
Interest rate 4.10%  
Term 30 years  
Effective interest rate 4.23%  
Total borrowings at par value $ 750 750
Senior notes | 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.875%  
Term 30 years  
Effective interest rate 1.99%  
Total borrowings at par value $ 1,175 1,035
Senior notes | 1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.47%  
Term 25 years  
Effective interest rate 1.49%  
Total borrowings at par value $ 413 0
Senior notes | 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.00%  
Term 30 years  
Effective interest rate 2.07%  
Total borrowings at par value $ 881 777
Senior notes | 2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.382%  
Term 30 years  
Effective interest rate 2.43%  
Total borrowings at par value $ 212 212
Other    
Debt Instrument [Line Items]    
Total borrowings at par value 1 73
Total borrowings at carrying value $ 1 $ 73
v3.25.4
Debt and Other Financing Arrangements - Schedule of Annual Repayment Requirements for Debt Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Borrowings    
2026  $ 3,528  
2027  3,254  
2028  3,057  
2029  3,150  
2030  3,105  
2031 and thereafter 23,366  
Total borrowings at par value 39,459 $ 31,332
Finance Lease Liabilities    
2026  9  
2027  8  
2028  8  
2029  9  
2030  10  
2031 and thereafter 170  
Finance lease liabilities $ 213 $ 202
v3.25.4
Debt and Other Financing Arrangements - Credit Facilities (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Unused lines of credit $ 73,000,000
Revolving Credit Facility  
Line of Credit Facility [Line Items]  
Borrowing capacity $ 5,000,000,000.00
Minimum consolidated interest coverage ratio 3.5
Borrowings outstanding $ 0
v3.25.4
Debt and Other Financing Arrangements - Commercial Paper Programs (Details) - Commercial Paper
 12 Months Ended
Dec. 31, 2025
U.S. Commercial Paper Program  
Short-term Financing [Line Items]  
Maximum maturity period 397 days
Euro Commercial Paper Program  
Short-term Financing [Line Items]  
Maximum maturity period 183 days
v3.25.4
Debt and Other Financing Arrangements - Senior Notes (Details) - Senior notes
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Redemption price (as a percent) 100.00%
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 0.80%
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 1.125%
3.628% Notes due 2035  
Debt Instrument [Line Items]  
Interest rate 3.628%
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 1.625%
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 2.00%
v3.25.4
Debt and Other Financing Arrangements - Schedule of Debt Issuances (Details) - Senior notes - Subsequent Event
$ in Millions
 2 Months Ended
Feb. 26, 2026
USD ($)
4.215% 5-Year Senior Notes, Due 2/12/2031  
Debt Instrument [Line Items]  
Interest rate 4.215%
Term 5 years
Principal value issued $ 1,000
4.550% 7.3-Year Senior Notes, Due 6/15/2033  
Debt Instrument [Line Items]  
Interest rate 4.55%
Term 7 years 3 months 18 days
Principal value issued $ 750
4.902% 10-Year Senior Notes, Due 2/12/2036  
Debt Instrument [Line Items]  
Interest rate 4.902%
Term 10 years
Principal value issued $ 1,300
5.546% 20-Year Senior Notes, Due 2/12/2046  
Debt Instrument [Line Items]  
Interest rate 5.546%
Term 20 years
Principal value issued $ 750
v3.25.4
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 6,907 $ 1,103
Bank time deposits 250 1,560
Investments 103 39
Insurance contracts 280 240
Contingent consideration 67  
Total assets $ 8,292 $ 3,401
Derivative asset, statement of financial position [Extensible Enumeration] Other current assets, Other assets Other assets
Liabilities    
Contingent consideration $ 16 $ 13
Total liabilities $ 522 $ 72
Derivative liability, statement of financial position [Extensible Enumeration] Other accrued expenses, Other long-term liabilities Other long-term liabilities
Quoted Prices in Active Markets (Level 1)    
Assets    
Cash equivalents $ 6,907 $ 1,103
Bank time deposits 250 1,560
Investments 27 18
Insurance contracts 0 0
Derivative contracts 0 0
Contingent consideration 0  
Total assets 7,184 2,680
Liabilities    
Derivative contracts 0 0
Contingent consideration 0 0
Total liabilities 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Cash equivalents 0 0
Bank time deposits 0 0
Investments 0 0
Insurance contracts 280 240
Derivative contracts 685 460
Contingent consideration 0  
Total assets 966 700
Liabilities    
Derivative contracts 506 59
Contingent consideration 0 0
Total liabilities 506 59
Significant Unobservable Inputs (Level 3)    
Assets    
Cash equivalents 0 0
Bank time deposits 0 0
Investments 76 21
Insurance contracts 0 0
Derivative contracts 0 0
Contingent consideration 67  
Total assets 143 21
Liabilities    
Derivative contracts 0 0
Contingent consideration 16 13
Total liabilities $ 16 $ 13
v3.25.4
Fair Value Measurements - Schedule of Fair Value of Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Contingent consideration liabilities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 13 $ 87
Acquisitions (including assumed balances) 3 0
Payments (6) (2)
Changes in fair value included in earnings 7 (73)
Ending balance $ 16 $ 13
Fair value, recurring basis, unobservable input reconciliation, liability, gain (loss), statement of income [Extensible Enumeration] Selling, general and administrative expenses Selling, general and administrative expenses
Investments    
Asset Rollforward    
Beginning balance $ 21 $ 0
Purchases 55 21
Ending balance 76 21
Contingent consideration liabilities    
Asset Rollforward    
Beginning balance 0  
Acquisition 66  
Changes in fair value included in earnings 1  
Ending balance $ 67 $ 0
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income [Extensible Enumeration] Selling, general and administrative expenses  
v3.25.4
Fair Value Measurements - Schedule of Fair Value of Other Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value $ 39,172 $ 31,072
Fair value 36,607 28,527
Senior notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 39,171 30,999
Fair value 36,606 28,454
Other    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 1 73
Fair value $ 1 $ 73
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Loss Contingencies [Line Items]  
Unconditional purchase obligations $ 1,980
Environmental loss contingency, statement of financial position [Extensible Enumeration] Other accrued expenses, Other long-term liabilities
Environmental liability $ 86
Product Liability, Workers Compensation and Other Personal Injury Matters  
Loss Contingencies [Line Items]  
Loss accrual 223
Estimated amounts due from insurers 81
Undiscounted product liability accrual 19
Minimum | Product Liability, Workers Compensation and Other Personal Injury Matters  
Loss Contingencies [Line Items]  
Range of probable loss 218
Maximum | Product Liability, Workers Compensation and Other Personal Injury Matters  
Loss Contingencies [Line Items]  
Range of probable loss 376
Letters of Credit / Bank Guarantees  
Loss Contingencies [Line Items]  
Maximum guarantee under lease arrangements 379
Surety Bonds and Other Guarantees  
Loss Contingencies [Line Items]  
Maximum guarantee under lease arrangements 175
Investments  
Loss Contingencies [Line Items]  
Maximum guarantee under lease arrangements 162
Pension Obligation Guarantee | Businesses Sold  
Loss Contingencies [Line Items]  
Maximum guarantee under lease arrangements $ 24
v3.25.4
Supplemental Income Statement Information - Scheduleof Disaggregated Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Consolidated revenues $ 44,556 $ 42,879 $ 42,857
Life Sciences Solutions      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 8,781 8,160 8,545
Analytical Instruments      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 7,353 7,267 7,101
Specialty Diagnostics      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 4,604 4,449 4,324
Specialty Diagnostics | Intersubsegment Eliminations      
Disaggregation of Revenue [Line Items]      
Consolidated revenues (275) (266) (222)
Laboratory Products and Biopharma Services      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 23,818 23,002 22,888
Laboratory Products and Biopharma Services | Intersubsegment Eliminations      
Disaggregation of Revenue [Line Items]      
Consolidated revenues (920) (907) (910)
Total Reportable Segments      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 46,589 44,764 44,686
Total Reportable Segments | Life Sciences Solutions      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 10,374 9,631 9,977
Total Reportable Segments | Life Sciences Solutions | Biosciences      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 4,169 4,192 4,238
Total Reportable Segments | Life Sciences Solutions | Genetic sciences      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 2,870 2,787 2,816
Total Reportable Segments | Life Sciences Solutions | BioProduction      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 3,200 2,652 2,923
Total Reportable Segments | Life Sciences Solutions | Other      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 136 0 1
Total Reportable Segments | Analytical Instruments      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 7,554 7,463 7,263
Total Reportable Segments | Analytical Instruments | Chromatography and mass spectrometry      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 3,360 3,278 3,329
Total Reportable Segments | Analytical Instruments | Chemical analysis      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 1,237 1,315 1,371
Total Reportable Segments | Analytical Instruments | Electron microscopy      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 2,957 2,870 2,564
Total Reportable Segments | Specialty Diagnostics      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 4,676 4,512 4,405
Total Reportable Segments | Specialty Diagnostics | Clinical diagnostics      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 1,115 1,063 1,104
Total Reportable Segments | Specialty Diagnostics | ImmunoDiagnostics      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 912 864 802
Total Reportable Segments | Specialty Diagnostics | Microbiology      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 645 633 618
Total Reportable Segments | Specialty Diagnostics | Transplant diagnostics      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 492 454 393
Total Reportable Segments | Specialty Diagnostics | Healthcare market channel      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 1,788 1,764 1,712
Total Reportable Segments | Laboratory Products and Biopharma Services      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 23,984 23,157 23,041
Total Reportable Segments | Laboratory Products and Biopharma Services | Laboratory products      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 2,407 2,525 2,613
Total Reportable Segments | Laboratory Products and Biopharma Services | Research and safety market channel      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 7,440 7,019 6,841
Total Reportable Segments | Laboratory Products and Biopharma Services | Pharma services      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 7,142 6,685 6,806
Total Reportable Segments | Laboratory Products and Biopharma Services | Clinical research      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 7,915 7,836 7,691
Elimination of intersegment revenues      
Disaggregation of Revenue [Line Items]      
Consolidated revenues (2,033) (1,885) (1,829)
North America      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 23,033 22,504 22,764
Europe      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 11,826 10,857 10,741
Asia-Pacific      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 8,101 7,956 7,873
Other regions      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 1,597 1,561 1,479
Consumables      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 18,664 17,587 17,597
Instruments      
Disaggregation of Revenue [Line Items]      
Consolidated revenues 7,301 7,446 7,646
Services      
Disaggregation of Revenue [Line Items]      
Consolidated revenues $ 18,592 $ 17,845 $ 17,614
v3.25.4
Supplemental Income Statement Information - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 26, 2026
Restructuring Cost and Reserve [Line Items]        
Workforce reduction 5.00% 2.00% 5.00%  
Gain (loss) on investments $ 13 $ 21 $ (46)  
Foreign currency transaction gains (losses) (130) 0 (67)  
Foreign Plan        
Restructuring Cost and Reserve [Line Items]        
Settlement charges for pension plans $ (7) $ (2) $ (1)  
Subsequent Event        
Restructuring Cost and Reserve [Line Items]        
Future restructuring costs       $ 250
v3.25.4
Supplemental Income Statement Information - Schedule of Restructuring and Other Costs by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs $ 362 $ 379 $ 459
Corporate      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs (29) 9 15
Life Sciences Solutions | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs 154 69 105
Analytical Instruments | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs 81 4 33
Specialty Diagnostics | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs 10 17 11
Laboratory Products and Biopharma Services | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs $ 147 $ 280 $ 295
v3.25.4
Supplemental Income Statement Information - Schedule of Changes in the Company's Accrued Restructuring Balance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Beginning balance $ 50 $ 60 $ 41
Net restructuring charges incurred 197 97 194
Payments (175) (105) (175)
Currency translation and other (1) (2)  
Ending balance $ 70 $ 50 60
Restructuring charges, statement of income or comprehensive income [Extensible Enumeration] Restructuring and other costs Restructuring and other costs  
Impairment, long-lived asset, held-for-use, statement of income or comprehensive income [Extensible Enumeration] Restructuring and other costs    
Non-cash charges $ 165 $ 282 264
Impairment of long-lived assets 94 211 126
Loss on contract termination     26
Pre-acquisition litigation costs     19
Impairment of disposal group   41 93
Loss attributable to noncontrolling interest   $ 19 $ 46
Consolidated Joint Venture      
Restructuring Reserve [Roll Forward]      
Loss on disposition of stock in subsidiary $ 51    
v3.25.4
Supplemental Income Statement Information - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Net income attributable to Thermo Fisher Scientific Inc. $ 6,704 $ 6,335 $ 5,995
Basic weighted average shares (in shares) 377 382 386
Plus effect of: stock options and restricted stock units (in shares) 1 1 2
Diluted weighted average shares (in shares) 378 383 388
Basic earnings per share (in dollars per share) $ 17.77 $ 16.58 $ 15.52
Diluted earnings per share (in dollars per share) $ 17.74 $ 16.53 $ 15.45
Antidilutive stock options excluded from diluted weighted averages shares (shares) 3 2 2
v3.25.4
Income Taxes - Schedule of Components of Income Before Provision for Income Taxes and Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of Income From Continuing Operations Before Income Taxes [Abstract]      
U.S. $ 2,608 $ 2,226 $ 2,431
Non-U.S. 4,700 4,812 3,867
Income before income taxes 7,308 7,037 6,298
Current income tax provision      
Federal 402 561 228
Non-U.S. 658 1,175 1,206
State 126 130 150
Current income tax provision 1,186 1,866 1,584
Deferred income tax provision/(benefit)      
Federal (385) (1,026) (551)
Non-U.S. (221) (72) (647)
State (34) (111) (102)
Deferred income tax provision (benefit) (639) (1,209) (1,300)
Provision for/(benefit from) income taxes $ 547 $ 657 $ 284
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ 1,535 $ 1,478 $ 1,323
State and local income taxes, net of federal income tax effect 68 66 70
Changes in valuation allowances (157) (229) (32)
Statutory tax rate difference   (131) (223)
Other   (45) (28)
Effect of changes in tax laws or rates enacted in the current period 12    
Foreign-derived intangible income (268) (133) (108)
U.S. tax on branch income/(loss) 390    
Other 125    
Foreign tax credits (181)    
Other, tax credits (36)    
Non-deductible interest 1    
Changes in unrecognized tax benefits (64)    
Intra-entity transfer (133) (106) (233)
Domestication transaction (240)    
Other 31    
Provision for/(benefit from) income taxes $ 547 $ 657 $ 284
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 0.90%    
Changes in valuation allowances (2.10%)    
Effect of changes in tax laws or rates enacted in the current period 0.20%    
Foreign-derived intangible income (3.70%)    
U.S. tax on branch income/(loss) 5.30%    
Other 1.70%    
Foreign tax credits (2.50%)    
Other, tax credits (0.50%)    
Non-deductible interest 0.00%    
Changes in unrecognized tax benefits (0.90%)    
Intra-entity transfer (1.80%)    
Domestication transaction (3.30%)    
Other 0.40%    
Effective tax rate 7.50%    
Intra-Entity Transactions      
Amount      
Intra-entity transfer $ (153)    
Tax Return Reassessments      
Amount      
Foreign-derived intangible income (93)    
Malta      
Amount      
Changes in valuation allowances 2,351    
Statutory tax rate difference 473    
Deferred interest (2,351)    
Notional interest deduction (1,186)    
Other $ 19    
Percent      
Changes in valuation allowances 32.20%    
Other 0.30%    
Statutory tax rate difference between Malta and United States 6.50%    
Deferred interest (32.20%)    
Notional interest deduction (16.20%)    
Netherlands      
Amount      
Changes in valuation allowances $ 144    
Deferred interest (97)    
Other $ (27)    
Percent      
Changes in valuation allowances 2.00%    
Other (0.40%)    
Deferred interest (1.30%)    
United Kingdom      
Amount      
Other $ (41)    
Partnership income/(loss) (118)    
Foreign exchange $ 131    
Percent      
Other (0.60%)    
Partnership income/(loss) (1.60%)    
Foreign exchange 1.80%    
Other foreign jurisdictions      
Amount      
Statutory tax rate difference $ 166    
Percent      
Statutory tax rate difference between Malta and United States 2.30%    
v3.25.4
Income Taxes - Schedule of Statutory Federal Income Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Provision for income taxes at statutory rate $ 1,535 $ 1,478 $ 1,323
Foreign rate differential   (131) (223)
Income tax credits   (333) (276)
Global intangible low-taxed income   57 113
Foreign-derived intangible income (268) (133) (108)
Excess tax benefits from stock options and restricted stock units   (67) (69)
Provision for (reversal of) tax reserves, net   218 13
Intra-entity transfer (133) (106) (233)
Foreign exchange loss on inter-company debt refinancing   0 (112)
Provision for (reversal of) valuation allowances, net (157) (229) (32)
Withholding taxes   74 33
Tax return reassessments and settlements   (192) (187)
State income taxes, net of federal tax 68 66 70
Other, net   (45) (28)
Provision for/(benefit from) income taxes $ 547 $ 657 $ 284
v3.25.4
Income Taxes - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
country
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Operating Loss Carryforwards [Line Items]        
Countries with taxable presence | country 70      
Research credits and incentives     $ (127)  
Domestication transaction $ 240      
Intra-entity transfer 133 $ 106 233  
Foreign-derived intangible income benefit 268 133 108  
Tax return reassessments   (192) (187)  
Changes in valuation allowances (157) (229) (32)  
Changes in unrecognized tax benefits (64)      
Tax benefit from foreign exchange loss on an intercompany debt refinancing transaction     91  
Unrecognized tax benefits 419 525 540 $ 572
UTB, interest and penalties 39 75    
Domestic Transactions        
Operating Loss Carryforwards [Line Items]        
Domestication transaction 269      
Intra-Entity Transactions        
Operating Loss Carryforwards [Line Items]        
Intra-entity transfer 153      
Tax Return Reassessments        
Operating Loss Carryforwards [Line Items]        
Foreign-derived intangible income benefit 93      
Foreign Tax Credit Carryforwards        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 554      
Deferred Interest Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 3,360      
Deferred Interest Carryforward | Tax Years 2026-2035        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 301      
Federal        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 317      
Federal | Tax Years 2026-2037        
Operating Loss Carryforwards [Line Items]        
NOL subject to expiration 38      
State        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 72      
State | Tax Years 2026-2044        
Operating Loss Carryforwards [Line Items]        
NOL subject to expiration 56      
Foreign Tax Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Changes in valuation allowances   (459)    
Changes in unrecognized tax benefits 72 240    
NOL carryforwards 2,200      
Increase (decrease) in UTB (103) (99) (12)  
Foreign Tax Jurisdiction | Tax Years 2028-2045        
Operating Loss Carryforwards [Line Items]        
NOL subject to expiration 1,040      
Federal and State        
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in UTB $ (3) $ 84 $ (19)  
v3.25.4
Income Taxes - Schedule of Deferred Tax Asset (Liability) and Changes in Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets (Liabilities) [Abstract]      
Depreciation and amortization $ (4,304) $ (4,133)  
Net operating loss and credit carryforwards 3,662 2,915  
Reserves and accruals 139 161  
Accrued compensation 321 318  
Inventory basis difference 293 309  
Deferred interest 3,365 534  
Research and development and other capitalized costs 372 536  
Unrealized (gains) losses on hedging instruments 20 (363)  
Contract liabilities 289 280  
Other, net (346) 147  
Deferred tax assets/(liabilities), net before valuation allowance 3,811 705  
Less: Valuation allowance 3,561 1,043 $ 1,317
Deferred tax assets/(liabilities), net   (338)  
Deferred tax assets/(liabilities), net 249    
Valuation Allowance [Roll Forward]      
Beginning balance 1,043 1,317 1,322
Additions/(reductions) recognized in income tax provision, net 2,455 (229) (32)
Additions due to acquisitions 0 0 4
Currency translation and other 64 (46) 23
Ending balance $ 3,561 $ 1,043 $ 1,317
v3.25.4
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 525 $ 540 $ 572
Additions due to acquisitions 0 19 0
Additions for tax positions of current year 25 91 4
Additions for tax positions of prior years 0 244 34
Reductions for tax positions of prior years (34) (182) (43)
Closure of tax years (19) 0 (6)
Settlements (78) (187) (21)
Ending balance $ 419 $ 525 $ 540
v3.25.4
Comprehensive Income/(Loss) and Shareholders' Equity - Schedule of Changes in Each Component of Accumulated Other Comprehensive Items (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Beginning balance $ 49,551
Ending balance 53,415
Total  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Beginning balance (2,697)
Other comprehensive income/(loss) before reclassifications 236
Amounts reclassified from accumulated other comprehensive income/(loss) 13
Net other comprehensive income/(loss) 249
Ending balance (2,448)
Cumulative translation adjustment  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Beginning balance (2,409)
Other comprehensive income/(loss) before reclassifications 223
Amounts reclassified from accumulated other comprehensive income/(loss) 5
Net other comprehensive income/(loss) 228
Ending balance (2,181)
Unrealized gains/(losses) on hedging instruments  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Beginning balance (25)
Other comprehensive income/(loss) before reclassifications 0
Amounts reclassified from accumulated other comprehensive income/(loss) 3
Net other comprehensive income/(loss) 3
Ending balance (23)
Pension and other postretirement benefit liability adjustment  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Beginning balance (263)
Other comprehensive income/(loss) before reclassifications 13
Amounts reclassified from accumulated other comprehensive income/(loss) 5
Net other comprehensive income/(loss) 18
Ending balance $ (245)
v3.25.4
Comprehensive Income/(Loss) and Shareholders' Equity - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 2 Months Ended
Feb. 26, 2026
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Unissued shares of common stock (in shares)   36.0
Subsequent Event    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Stock repurchased during period, value $ 3,000  
Stock repurchased during period, shares (in shares) 4.9  
v3.25.4
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]      
Interest $ 1,612 $ 1,570 $ 1,385
Federal 408
U.S. state and local 184
Total income taxes, net of refunds received 1,776 1,834 1,482
Non-cash investing and financing activities      
Acquired but unpaid property, plant and equipment 264 303 296
Finance lease ROU assets obtained in exchange for new finance lease liabilities 21 0 2
Declared but unpaid dividends 164 150 137
Issuance of stock upon vesting of restricted stock units 164 186 234
Excise tax from stock repurchases 24 26 28
United Kingdom      
Cash and Cash Equivalents [Line Items]      
Foreign 207
Netherlands      
Cash and Cash Equivalents [Line Items]      
Foreign 179
Germany      
Cash and Cash Equivalents [Line Items]      
Foreign 97
China      
Cash and Cash Equivalents [Line Items]      
Foreign 97
Other      
Cash and Cash Equivalents [Line Items]      
Foreign $ 603
v3.25.4
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 9,852 $ 4,009    
Restricted cash included in other current assets 5 10    
Restricted cash included in other assets 22 21    
Cash, cash equivalents and restricted cash $ 9,879 $ 4,040 $ 8,097 $ 8,537
Restricted cash and cash equivalents, current, asset, statement of financial position [Extensible Enumeration] Other current assets Other current assets    
Restricted cash and cash equivalents, noncurrent, asset, statement of financial position [Extensible Enumeration] Other assets Other assets    
v3.25.4
Derivatives - Schedule of Derivative Assets & Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Fair value – assets $ 685 $ 460
Fair value – liabilities 506 59
Interest rate swap | Financial instruments designated as net investment hedges | Cross-currency interest rate swaps designated as net investment hedge - euro    
Derivatives, Fair Value [Line Items]    
Notional amount 1,000 1,000
Interest rate swap | Financial instruments designated as net investment hedges | Cross-currency interest rate swaps designated as net investment hedge - Japanese yen    
Derivatives, Fair Value [Line Items]    
Notional amount 4,650 4,650
Interest rate swap | Financial instruments designated as net investment hedges | Cross-currency interest rate swaps designated as net investment hedge - Swiss franc    
Derivatives, Fair Value [Line Items]    
Notional amount 5,000 2,500
Currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Notional amount 2,248 1,588
Currency exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets 2 2
Fair value – liabilities 2 2
Cross-currency interest rate swaps | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets 684 458
Fair value – liabilities $ 504 $ 57
v3.25.4
Derivatives - Offsetting (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair value – assets    
Gross amounts recognized in the consolidated balance sheets $ 685 $ 460
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets (319) (56)
Total derivatives, net 366 404
Fair value – liabilities    
Gross amounts recognized in the consolidated balance sheets 506 59
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets (319) (56)
Total derivatives, net $ 187 $ 3
v3.25.4
Derivatives - Schedule of Derivative Instruments, Gains & Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Currency exchange contracts | Included in other income/(expense) | Derivatives not designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivative $ 66 $ (16) $ (29)
Currency exchange contracts | Included in cost of product revenues | Derivatives not designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivative (7) 21 1
Derivatives designated as cash flow hedges | Interest rate swap | Amount reclassified from accumulated other comprehensive income/(loss) to interest expense | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense (3) (3) (4)
Derivatives designated as cash flow hedges | Interest rate swap | Included in other income/(expense) | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense 0 0 (3)
Financial instruments designated as net investment hedges | Foreign currency-denominated debt and other payables | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in cumulative translation adjustment within other comprehensive income/(loss) (1,252) 686 (356)
Financial instruments designated as net investment hedges | Cross-currency interest rate swaps | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in cumulative translation adjustment within other comprehensive income/(loss) (222) 682 (222)
Gain (loss) on derivative $ 287 $ 267 $ 120
v3.25.4
Business Segment and Geographical Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Reportable segments 4
v3.25.4
Business Segment and Geographical Information - Schedule of Business Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Consolidated revenues $ 44,556,000 $ 42,879,000 $ 42,857,000
Selling, general and administrative expenses 8,732,000 8,595,000 8,445,000
Research and development expenses 1,397,000 1,390,000 1,337,000
Segment income 7,746,000 7,337,000 6,859,000
Restructuring and other costs (362,000) (379,000) (459,000)
Amortization of acquisition-related intangible assets (1,730,000) (1,952,000) (2,338,000)
Interest income 993,000 1,078,000 879,000
Interest expense (1,419,000) (1,390,000) (1,375,000)
Other income/(expense) (12,000) 12,000 (65,000)
Income before income taxes 7,308,000 7,037,000 6,298,000
Segment assets 110,343,000 97,321,000 98,726,000
Purchases of property, plant and equipment 1,525,000 1,400,000 1,479,000
Depreciation of property, plant and equipment 1,050,000 1,156,000 1,068,000
Life Sciences Solutions      
Segment Reporting Information [Line Items]      
Consolidated revenues 8,781,000 8,160,000 8,545,000
Analytical Instruments      
Segment Reporting Information [Line Items]      
Consolidated revenues 7,353,000 7,267,000 7,101,000
Specialty Diagnostics      
Segment Reporting Information [Line Items]      
Consolidated revenues 4,604,000 4,449,000 4,324,000
Laboratory Products and Biopharma Services      
Segment Reporting Information [Line Items]      
Consolidated revenues 23,818,000 23,002,000 22,888,000
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Consolidated revenues 2,033,000 1,885,000 1,829,000
Cost of revenues adjustments (64,000) (47,000) (95,000)
Selling, general and administrative expenses adjustments (207,000) 8,000 (59,000)
Restructuring and other costs (362,000) (379,000) (459,000)
Amortization of acquisition-related intangible assets (1,730,000) (1,952,000) (2,338,000)
Interest income 993,000 1,078,000 879,000
Interest expense (1,419,000) (1,390,000) (1,375,000)
Other income/(expense) (12,000) 12,000 (65,000)
Segment assets 95,919,000 84,031,000 85,314,000
Purchases of property, plant and equipment 116,000 85,000 80,000
Depreciation of property, plant and equipment 0 0 0
Segment Reconciling Items | Life Sciences Solutions      
Segment Reporting Information [Line Items]      
Consolidated revenues 1,593,000 1,471,000 1,432,000
Segment Reconciling Items | Analytical Instruments      
Segment Reporting Information [Line Items]      
Consolidated revenues 201,000 196,000 163,000
Segment Reconciling Items | Specialty Diagnostics      
Segment Reporting Information [Line Items]      
Consolidated revenues 72,000 63,000 82,000
Segment Reconciling Items | Laboratory Products and Biopharma Services      
Segment Reporting Information [Line Items]      
Consolidated revenues 167,000 155,000 154,000
Elimination of intersegment revenues      
Segment Reporting Information [Line Items]      
Consolidated revenues (2,033,000) (1,885,000) (1,829,000)
Operating Segments      
Segment Reporting Information [Line Items]      
Consolidated revenues 46,589,000 44,764,000 44,686,000
Segment income 10,109,000 9,707,000 9,810,000
Operating Segments | Life Sciences Solutions      
Segment Reporting Information [Line Items]      
Consolidated revenues 10,374,000 9,631,000 9,977,000
Cost of revenues 3,929,000 3,560,000 4,078,000
Selling, general and administrative expenses 1,912,000 1,797,000 1,766,000
Research and development expenses 553,000 551,000 558,000
Other segment items 213,000 221,000 155,000
Segment income 3,768,000 3,503,000 3,420,000
Restructuring and other costs (154,000) (69,000) (105,000)
Segment assets 3,446,000 2,982,000 3,186,000
Purchases of property, plant and equipment 152,000 123,000 178,000
Depreciation of property, plant and equipment 251,000 230,000 220,000
Operating Segments | Analytical Instruments      
Segment Reporting Information [Line Items]      
Consolidated revenues 7,554,000 7,463,000 7,263,000
Cost of revenues 3,850,000 3,532,000 3,467,000
Selling, general and administrative expenses 1,244,000 1,250,000 1,244,000
Research and development expenses 573,000 551,000 528,000
Other segment items 151,000 174,000 116,000
Segment income 1,736,000 1,955,000 1,908,000
Restructuring and other costs (81,000) (4,000) (33,000)
Segment assets 3,170,000 2,944,000 2,726,000
Purchases of property, plant and equipment 124,000 95,000 87,000
Depreciation of property, plant and equipment 104,000 103,000 93,000
Operating Segments | Specialty Diagnostics      
Segment Reporting Information [Line Items]      
Consolidated revenues 4,676,000 4,512,000 4,405,000
Cost of revenues 2,718,000 2,605,000 2,584,000
Selling, general and administrative expenses 708,000 732,000 716,000
Research and development expenses 178,000 176,000 156,000
Other segment items (183,000) (159,000) (174,000)
Segment income 1,256,000 1,159,000 1,124,000
Restructuring and other costs (10,000) (17,000) (11,000)
Segment assets 1,323,000 1,218,000 1,150,000
Purchases of property, plant and equipment 128,000 125,000 121,000
Depreciation of property, plant and equipment 91,000 104,000 86,000
Operating Segments | Laboratory Products and Biopharma Services      
Segment Reporting Information [Line Items]      
Consolidated revenues 23,984,000 23,157,000 23,041,000
Cost of revenues 18,609,000 18,020,000 17,978,000
Selling, general and administrative expenses 2,392,000 2,356,000 2,276,000
Research and development expenses 56,000 66,000 68,000
Other segment items (422,000) (375,000) (638,000)
Segment income 3,350,000 3,090,000 3,358,000
Restructuring and other costs (147,000) (280,000) (295,000)
Segment assets 6,485,000 6,145,000 6,350,000
Purchases of property, plant and equipment 1,005,000 971,000 1,013,000
Depreciation of property, plant and equipment $ 604,000 $ 721,000 $ 669,000
v3.25.4
Business Segment and Geographical Information - Schedule of Revenue by Country Based on Customer Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Consolidated revenues $ 44,556 $ 42,879 $ 42,857
Consolidated long-lived assets 12,012 10,795 11,004
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Consolidated revenues 22,240 21,755 22,013
Consolidated long-lived assets 6,547 6,245 6,352
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Consolidated revenues 22,316 21,124 20,844
Consolidated long-lived assets $ 5,465 $ 4,550 $ 4,652
v3.25.4
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jul. 10, 2024
Jun. 27, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
2025 Acquisitions          
Business Combination [Line Items]          
Weighted-average amortization period     18 years    
2025 Acquisitions | Customer relationships          
Business Combination [Line Items]          
Weighted-average amortization period     18 years    
2025 Acquisitions | Product technology          
Business Combination [Line Items]          
Weighted-average amortization period     19 years    
2025 Acquisitions | Trade names          
Business Combination [Line Items]          
Weighted-average amortization period     15 years    
Clario Holdings, Inc. | Forecast          
Business Combination [Line Items]          
Cash paid   $ 8,875      
Deferred consideration   125      
Contingent consideration, maximum amount   $ 400      
Olink          
Business Combination [Line Items]          
Cash paid $ 3,215        
2024 Acquisitions          
Business Combination [Line Items]          
Weighted-average amortization period       18 years  
2024 Acquisitions | Customer relationships          
Business Combination [Line Items]          
Weighted-average amortization period       19 years  
2024 Acquisitions | Product technology          
Business Combination [Line Items]          
Weighted-average amortization period       15 years  
2024 Acquisitions | Trade names          
Business Combination [Line Items]          
Weighted-average amortization period       15 years  
2023 Acquisitions          
Business Combination [Line Items]          
Weighted-average amortization period         17 years
2023 Acquisitions | Customer relationships          
Business Combination [Line Items]          
Weighted-average amortization period         18 years
2023 Acquisitions | Product technology          
Business Combination [Line Items]          
Weighted-average amortization period         14 years
2023 Acquisitions | Trade names          
Business Combination [Line Items]          
Weighted-average amortization period         15 years
2023 Acquisitions | Backlog          
Business Combination [Line Items]          
Weighted-average amortization period         13 years
v3.25.4
Acquisitions - Schedule of Components of Purchase Price and Net Assets Acquired (Details) - USD ($)
$ in Millions
Sep. 01, 2025
Jul. 10, 2024
Aug. 14, 2023
Jan. 03, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net assets acquired              
Goodwill         $ 49,362 $ 45,853 $ 44,020
Filtration and separation business              
Business Combination [Line Items]              
Cash paid $ 3,944            
Fair value of contingent consideration (66)            
Cash acquired (9)            
Total purchase price 3,870            
Net assets acquired              
Property, plant and equipment 454            
Goodwill 2,101            
Net other assets/(liabilities) 141            
Deferred tax assets (liabilities) (377)            
Net assets acquired 3,870            
Filtration and separation business | Customer relationships              
Net assets acquired              
Definite-lived intangible assets 1,115            
Filtration and separation business | Product technology              
Net assets acquired              
Definite-lived intangible assets 386            
Filtration and separation business | Trade names              
Net assets acquired              
Definite-lived intangible assets $ 51            
Olink              
Business Combination [Line Items]              
Cash paid   $ 3,215          
Purchase price payable   28          
Cash acquired   (97)          
Total purchase price   3,146          
Net assets acquired              
Goodwill   2,301          
Net other assets/(liabilities)   9          
Deferred tax assets (liabilities)   (176)          
Net assets acquired   3,146          
Olink | Customer relationships              
Net assets acquired              
Definite-lived intangible assets   708          
Olink | Product technology              
Net assets acquired              
Definite-lived intangible assets   207          
Olink | Trade names              
Net assets acquired              
Definite-lived intangible assets   $ 97          
The Binding Site              
Business Combination [Line Items]              
Cash paid       $ 2,412      
Purchase price payable       307      
Cash acquired       (20)      
Total purchase price       2,699      
Net assets acquired              
Goodwill       1,741      
Net tangible assets       174      
Deferred tax assets (liabilities)       (288)      
Net assets acquired       2,699      
The Binding Site | Customer relationships              
Net assets acquired              
Definite-lived intangible assets       868      
The Binding Site | Product technology              
Net assets acquired              
Definite-lived intangible assets       162      
The Binding Site | Trade names              
Net assets acquired              
Definite-lived intangible assets       42      
The Binding Site | Backlog              
Net assets acquired              
Definite-lived intangible assets       $ 0      
CorEvitas              
Business Combination [Line Items]              
Cash paid     $ 730        
Purchase price payable     184        
Cash acquired     (4)        
Total purchase price     910        
Net assets acquired              
Goodwill     627        
Net tangible assets     (2)        
Deferred tax assets (liabilities)     (68)        
Net assets acquired     910        
CorEvitas | Customer relationships              
Net assets acquired              
Definite-lived intangible assets     260        
CorEvitas | Product technology              
Net assets acquired              
Definite-lived intangible assets     47        
CorEvitas | Trade names              
Net assets acquired              
Definite-lived intangible assets     0        
CorEvitas | Backlog              
Net assets acquired              
Definite-lived intangible assets     $ 46        
v3.25.4
Leases- Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
lease
Lessee, Lease, Description [Line Items]  
Leased operating facilities | lease 3
Lease Residual Value Guarantee  
Lessee, Lease, Description [Line Items]  
Maximum guarantee under lease arrangements | $ $ 147
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 1 month
Options to extend, renewal term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 30 years
Options to extend, renewal term 10 years
Option to terminate, term 1 year
v3.25.4
Leases - Schedule of Operating Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease costs $ 381 $ 353 $ 355
Variable lease costs 116 115 115
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities 374 327 410
Operating lease ROU assets obtained in exchange for new operating lease liabilities 197 262 $ 234
ROU assets - included in other assets 1,447 1,489  
Operating lease liabilities - included in other accrued expenses 275 261  
Operating lease liabilities - included in other long-term liabilities $ 1,195 $ 1,239  
Remaining operating lease term 7 years 10 months 24 days 8 years 7 months 6 days  
Discount rate 4.70% 4.60%  
Operating lease, right-of-use asset, Statement of financial position [Extensible Enumeration] Other assets Other assets  
Operating lease, liability, current, statement of financial position [Extensible Enumeration] Other accrued expenses Other accrued expenses  
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities  
v3.25.4
Leases - Schedule of Future Payments of Operating Lease Liabilities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026  $ 331
2027  283
2028  237
2029  174
2030  142
2031 and thereafter 652
Total lease payments 1,819
Less: imputed interest 349
Total operating lease liability $ 1,470
Operating lease, liability, statement of financial position [Extensible Enumeration] Other accrued expenses, Other long-term liabilities
v3.25.4
Pensions and Other Postretirement Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan expense $ 472 $ 443 $ 468
U.S. equity funds | United States      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 10.00%    
International equity funds | United States      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 10.00%    
Fixed income funds | United States      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 80.00%    
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Estimated contributions to plan $ 45    
Minimum | Fixed income funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 30.00%    
Minimum | Equity funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Multi-asset funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Alternative investments | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Real estate funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Derivative funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Estimated contributions to plan $ 50    
Maximum | Fixed income funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 75.00%    
Maximum | Equity funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 10.00%    
Maximum | Multi-asset funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 45.00%    
Maximum | Alternative investments | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 4.00%    
Maximum | Real estate funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 2.00%    
Maximum | Derivative funds | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 35.00%    
v3.25.4
Pensions and Other Postretirement Benefit Plans - Schedule of Reconciliation of Benefit Obligations and Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
United States      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation $ 946 $ 937  
Change in projected benefit obligations      
Projected benefit obligation at beginning of year 937 1,005  
Acquisitions 2 0  
Service costs 0 0 $ 0
Interest costs 47 46 47
Settlements 0 0  
Plan participants' contributions 0 0  
Actuarial (gains)/losses 42 (32)  
Benefits paid (83) (81)  
Currency translation and other 0 0  
Projected benefit obligation at end of year 946 937 1,005
Change in fair value of plan assets      
Fair value of plan assets at beginning of year 895 947  
Acquisitions 2 0  
Actual return on plan assets 84 22  
Employer contributions 5 7  
Settlements 0 0  
Plan participants' contributions 0 0  
Benefits paid (83) (81)  
Currency translation and other 0 0  
Fair value of plan assets at end of year 903 895 947
Funded status (43) (43)  
Amounts recognized in balance sheet      
Noncurrent assets 3 5  
Current liability (5) (5)  
Noncurrent liabilities (40) (42)  
Net amount recognized (43) (43)  
Amounts recognized in accumulated other comprehensive income/(loss)      
Net actuarial (gain)/loss 234 218  
Prior service (credits)/cost 0 0  
Net amount recognized 234 218  
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation 1,176 1,079  
Change in projected benefit obligations      
Projected benefit obligation at beginning of year 1,135 1,221  
Acquisitions 46 0  
Service costs 33 28 26
Interest costs 41 40 42
Settlements (69) (29)  
Plan participants' contributions 10 10  
Actuarial (gains)/losses (59) (59)  
Benefits paid (23) (26)  
Currency translation and other 121 (49)  
Projected benefit obligation at end of year 1,236 1,135 1,221
Change in fair value of plan assets      
Fair value of plan assets at beginning of year 867 944  
Acquisitions 22 0  
Actual return on plan assets 16 (37)  
Employer contributions 40 37  
Settlements (69) (29)  
Plan participants' contributions 10 10  
Benefits paid (23) (26)  
Currency translation and other 88 (32)  
Fair value of plan assets at end of year 952 867 $ 944
Funded status (284) (268)  
Amounts recognized in balance sheet      
Noncurrent assets 71 57  
Current liability (13) (12)  
Noncurrent liabilities (342) (313)  
Net amount recognized (284) (268)  
Amounts recognized in accumulated other comprehensive income/(loss)      
Net actuarial (gain)/loss 118 156  
Prior service (credits)/cost (9) (7)  
Net amount recognized $ 109 $ 149  
v3.25.4
Pensions and Other Postretirement Benefit Plans - Schedule of Actuarial Assumptions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
United States      
Weighted average assumptions used to determine projected benefit obligations      
Discount rate for determining benefit obligation 5.20% 5.48%  
Interest crediting rate for cash balance plans 5.00% 5.39%  
Weighted average assumptions used to determine net benefit cost/(income)      
Discount rate - interest cost 5.49% 4.82% 5.01%
Interest crediting rate for cash balance plans 5.39% 4.76% 4.96%
Expected long-term rate of return on assets 6.50% 6.00% 6.25%
Components of net benefit cost/(income)      
Service cost $ 0 $ 0 $ 0
Interest cost on benefit obligation 47 46 47
Expected return on plan assets (59) (56) (59)
Amortization of actuarial net loss 0 0 0
Amortization of prior service cost/(benefit) 0 0 0
Settlement/curtailment loss/(gain) 0 0 0
Net periodic benefit cost/(income) $ (11) $ (10) $ (12)
Defined benefit plan, net periodic benefit cost (credit), interest cost, statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit (cost) credit, expected return (loss), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit (cost) credit, amortization of gain (loss), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit cost (credit), amortization of prior service cost (credit), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit (cost) credit, settlement and curtailment gain (loss), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Foreign Plan      
Weighted average assumptions used to determine projected benefit obligations      
Discount rate for determining benefit obligation 4.05% 3.74%  
Interest crediting rate for cash balance plans 2.52% 2.28%  
Average rate of increase in employee compensation 2.52% 2.58%  
Weighted average assumptions used to determine net benefit cost/(income)      
Discount rate - service cost 2.77% 3.00% 3.62%
Discount rate - interest cost 3.62% 3.48% 3.95%
Interest crediting rate for cash balance plans 2.28% 2.06% 2.19%
Average rate of increase in employee compensation 2.58% 2.64% 2.77%
Expected long-term rate of return on assets 4.52% 4.28% 4.33%
Components of net benefit cost/(income)      
Service cost $ 33 $ 28 $ 26
Interest cost on benefit obligation 41 40 42
Expected return on plan assets (37) (36) (37)
Amortization of actuarial net loss 4 4 2
Amortization of prior service cost/(benefit) (1) (1) (1)
Settlement/curtailment loss/(gain) 7 2 1
Net periodic benefit cost/(income) $ 47 $ 38 $ 33
Defined benefit plan, net periodic benefit cost (credit), interest cost, statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit (cost) credit, expected return (loss), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit (cost) credit, amortization of gain (loss), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit cost (credit), amortization of prior service cost (credit), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
Defined benefit plan, net periodic benefit (cost) credit, settlement and curtailment gain (loss), statement of income or comprehensive income [Extensible List] Other income/(expense) Other income/(expense) Other income/(expense)
v3.25.4
Pension and Other Postretirement Benefit Plans - Schedule of Accumulated and Projected Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension plans with projected benefit obligations in excess of plan assets    
Projected benefit obligation $ 850 $ 727
Fair value of plan assets 449 376
Pension plans with accumulated benefit obligations in excess of plan assets    
Accumulated benefit obligation 792 671
Fair value of plan assets $ 451 $ 376
v3.25.4
Pension and Other Postretirement Benefit Plans - Schedule of Estimated Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
United States  
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]  
2026  $ 84
2027  83
2028  83
2029  81
2030  80
2031-2035 370
Foreign Plan  
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]  
2026  61
2027  61
2028  67
2029  72
2030  71
2031-2035 $ 394
v3.25.4
Pension and Other Postretirement Benefit Plans - Schedule of Fair Value of the Company's Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
United States      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 903 $ 895 $ 947
United States | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 903 895  
United States | U.S. equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 120 91  
United States | U.S. equity funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | U.S. equity funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | U.S. equity funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | U.S. equity funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 120 91  
United States | International equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 71 89  
United States | International equity funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | International equity funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | International equity funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | International equity funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 71 89  
United States | Fixed income funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 693 692  
United States | Fixed income funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fixed income funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fixed income funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fixed income funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 693 692  
United States | Money market funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 20 23  
United States | Money market funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Money market funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Money market funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Money market funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 20 23  
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 952 867 $ 944
Foreign Plan | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 13 10  
Foreign Plan | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 378 325  
Foreign Plan | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 561 532  
Foreign Plan | Fixed income funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 325 288  
Foreign Plan | Fixed income funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 9 7  
Foreign Plan | Fixed income funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Fixed income funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Fixed income funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 316 281  
Foreign Plan | Equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 10 7  
Foreign Plan | Equity funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Equity funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Equity funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Equity funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 10 7  
Foreign Plan | Multi-asset funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 100 69  
Foreign Plan | Multi-asset funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Multi-asset funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Multi-asset funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Multi-asset funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 100 69  
Foreign Plan | Derivative funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 133 169  
Foreign Plan | Derivative funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Derivative funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Derivative funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Derivative funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 133 169  
Foreign Plan | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 378 325  
Foreign Plan | Insurance contracts | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Insurance contracts | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 378 325  
Foreign Plan | Insurance contracts | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Insurance contracts | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Cash / money market funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6 9  
Foreign Plan | Cash / money market funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4 4  
Foreign Plan | Cash / money market funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Cash / money market funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Cash / money market funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 2 $ 5  
v3.25.4
Stock-based Compensation Expense - Schedule of Weighted Average Assumptions used in the Black-Scholes Option Pricing Model (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Expected stock price volatility 25.00% 25.00% 25.00%
Risk free interest rate 4.40% 4.30% 4.20%
Expected life of options (years) 5 years 10 months 24 days 5 years 4 years 8 months 12 days
Expected annual dividend 0.30% 0.30% 0.30%
Weighted average grant date fair value (in dollars per share) $ 166.69 $ 166.92 $ 159.32
v3.25.4
Stock-based Compensation Expense - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value $ 247 $ 395 $ 320
Granted (in dollars per share) $ 480.35 $ 556.83 $ 545.73
Fair value of shares vested $ 178 $ 165 $ 207
Purchase price percentage 95.00%    
Payroll deductions 10.00%    
Shares issued under ESPP (in shares) 0.2 0.1 0.1
Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost $ 180    
Weighted average amortization period 2 years 2 months 12 days    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost $ 278    
Weighted average amortization period 2 years 4 months 24 days    
v3.25.4
Stock-based Compensation Expense - Schedule of the Company's Option Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Options Outstanding [Roll Forward]  
Outstanding, beginning balance (in shares) | shares 4.5
Granted (in shares) | shares 0.9
Exercised (in shares) | shares (0.8)
Canceled/expired (in shares) | shares (0.3)
Outstanding, ending balance (in shares) | shares 4.3
Vested and unvested expected to vest (in shares) | shares 4.2
Exercisable (in shares) | shares 2.3
Weighted average exercise price  
Outstanding, beginning of period (in dollars per share) | $ / shares $ 465.80
Granted (in dollars per share) | $ / shares 507.42
Exercised (in dollars per share) | $ / shares 267.66
Canceled/expired (in dollars per share) | $ / shares 558.52
Outstanding, end of period (in dollars per share) | $ / shares 507.59
Vested and unvested expected to vest (in dollars per share) | $ / shares 507.05
Exercisable (in dollars per share) | $ / shares $ 488.09
Options, Additional Disclosures [Abstract]  
Options outstanding, weighted average remaining contractual term 5 years
Options vested and expected to vest, weighted average remaining contractual term 4 years 10 months 24 days
Options exercisable, weighted average remaining contractual term 3 years
Options outstanding, aggregate intrinsic value | $ $ 336
Options vested and expected to vest, aggregate intrinsic value | $ 327
Options exercisable, aggregate intrinsic value | $ $ 237
v3.25.4
Stock-based Compensation Expense - Schedule of the Company's Restricted Unit Activity (Details) - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unvested Restricted Units [Roll Forward]      
Unvested, beginning balance (in shares) 0.6    
Granted (in shares) 0.6    
Performance adjustments (in shares) 0.1    
Vested (in shares) (0.3)    
Forfeited (in shares) (0.1)    
Unvested, ending balance (in shares) 0.8 0.6  
Weighted average grant-date fair value      
Unvested, weighted average grant-date fair value, beginning (in dollars per share) $ 551.81    
Granted (in dollars per share) 480.35 $ 556.83 $ 545.73
Performance adjustments (in dollars per share) 560.12    
Vested (in dollars per share) 546.98    
Forfeited (in dollars per share) 547.42    
Unvested, weighted average grant-date fair value, ending (in dollars per share) $ 505.62 $ 551.81