THERMO FISHER SCIENTIFIC INC., 10-Q filed on 10/31/2025
Quarterly Report
v3.25.3
Cover
 9 Months Ended
Sep. 27, 2025
shares
Entity Listings [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 27, 2025
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 Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 375,708,059
Entity Central Index Key 0000097745
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q3
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
3.200% Notes due 2026  
Entity Listings [Line Items]  
Title of 12(b) Security 3.200% Notes due 2026
Trading Symbol TMO 26B
Security Exchange Name NYSE
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 1.400% Notes due 2026
Trading Symbol TMO 26A
Security Exchange Name NYSE
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 1.450% Notes due 2027
Trading Symbol TMO 27
Security Exchange Name NYSE
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 1.750% Notes due 2027
Trading Symbol TMO 27B
Security Exchange Name NYSE
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 0.500% Notes due 2028
Trading Symbol TMO 28A
Security Exchange Name NYSE
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 1.375% Notes due 2028
Trading Symbol TMO 28
Security Exchange Name NYSE
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 1.950% Notes due 2029
Trading Symbol TMO 29
Security Exchange Name NYSE
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 0.875% Notes due 2031
Trading Symbol TMO 31
Security Exchange Name NYSE
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)  
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
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 2.875% Notes due 2037
Trading Symbol TMO 37
Security Exchange Name NYSE
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 1.500% Notes due 2039
Trading Symbol TMO 39
Security Exchange Name NYSE
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)  
Entity Listings [Line Items]  
Title of 12(b) Security 1.875% Notes due 2049
Trading Symbol TMO 49
Security Exchange Name NYSE
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,982 $ 4,009
Short-term investments 1,564 1,561
Accounts receivable, less allowances of $155 and $173 8,911 8,191
Inventories 5,745 4,978
Contract assets, net 1,620 1,435
Other current assets 2,472 1,964
Total current assets 22,295 22,137
Property, plant and equipment, net 10,177 9,306
Acquisition-related intangible assets, net 16,242 15,533
Other assets 5,019 4,492
Goodwill 49,287 45,853
Total assets 103,020 97,321
Current liabilities:    
Short-term obligations and current maturities of long-term obligations 3,823 2,214
Accounts payable 3,120 3,079
Accrued payroll and employee benefits 1,884 1,988
Contract liabilities 2,852 2,852
Other accrued expenses 3,209 3,199
Total current liabilities 14,888 13,332
Deferred income taxes 842 1,268
Other long-term liabilities 4,278 3,989
Long-term obligations 31,857 29,061
Redeemable noncontrolling interest 129 120
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; 444,644,993 and 443,841,240 shares issued 445 444
Capital in excess of par value 18,330 17,962
Retained earnings 57,354 53,102
Treasury stock at cost, 68,936,934 and 63,066,906 shares (22,310) (19,226)
Accumulated other comprehensive income/(loss) (2,801) (2,697)
Total Thermo Fisher Scientific Inc. shareholders’ equity 51,018 49,584
Noncontrolling interests 7 (33)
Total equity 51,024 49,551
Total liabilities, redeemable noncontrolling interest and equity $ 103,020 $ 97,321
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance $ 155 $ 173
Preferred stock, $100 par value - par value (in dollars per share) $ 100 $ 100
Preferred stock, $100 par value - shares authorized (in shares) 50,000 50,000
Preferred stock, $100 par value - shares issued (in shares) 0 0
Common stock, $1 par value - par value (in dollars per share) $ 1 $ 1
Common stock, $1 par value - shares authorized (in shares) 1,200,000,000 1,200,000,000
Common stock, $1 par value - shares issued (in shares) 444,644,993 443,841,240
Treasury stock at cost (in shares) 68,936,934 63,066,906
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Revenues        
Total revenues $ 11,122 $ 10,598 $ 32,341 $ 31,484
Costs and operating expenses:        
Selling, general and administrative expenses 2,162 2,098 6,380 6,392
Research and development expenses 346 346 1,041 1,016
Restructuring and other costs 135 45 316 151
Total costs and operating expenses 9,182 8,759 26,850 26,163
Operating income 1,941 1,838 5,491 5,321
Interest income 234 277 735 851
Interest expense (347) (356) (1,054) (1,073)
Other income/(expense) (2) (16) (18) (2)
Income before income taxes 1,826 1,742 5,155 5,096
Benefit from/(provision for) income taxes (207) (99) (394) (507)
Equity in earnings/(losses) of unconsolidated entities 2 (14) (9) (75)
Net income 1,621 1,629 4,751 4,514
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest 5 0 11 9
Net income attributable to Thermo Fisher Scientific Inc. $ 1,616 $ 1,630 $ 4,740 $ 4,505
Earnings per share attributable to Thermo Fisher Scientific Inc.        
Basic (in dollars per share) $ 4.28 $ 4.26 $ 12.55 $ 11.79
Diluted (in dollars per share) $ 4.27 $ 4.25 $ 12.53 $ 11.75
Weighted average shares        
Basic (in shares) 378 382 378 382
Diluted (in shares) 378 384 378 383
Product revenues        
Revenues        
Total revenues $ 6,489 $ 6,148 $ 18,719 $ 18,266
Costs and operating expenses:        
Cost of revenues 3,319 3,170 9,683 9,189
Service revenues        
Revenues        
Total revenues 4,633 4,450 13,623 13,218
Costs and operating expenses:        
Cost of revenues $ 3,220 $ 3,100 $ 9,431 $ 9,415
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Comprehensive income/(loss)        
Net income $ 1,621 $ 1,629 $ 4,751 $ 4,514
Cumulative translation adjustment:        
Cumulative translation adjustment (net of tax provision (benefit) of $46, $(244), $(369) and $10) (17) (54) (104) 748
Reclassification adjustment for losses included in net income 6 0 6 0
Unrealized gains/(losses) on available-for-sale debt securities:        
Unrealized holding losses arising during the period (net of tax (provision) benefit of $0, $0, $0 and $0) 0 0 0 (1)
Unrealized gains/(losses) on hedging instruments:        
Reclassification adjustment for losses included in net income (net of tax (provision) benefit of $0, $0, $1 and $1) 1 1 2 2
Pension and other postretirement benefit liability adjustments:        
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $(1), $2, $3 and $2) 3 (5) (8) (4)
Amortization of net loss included in net periodic pension cost (net of tax (provision) benefit of $0, $0, $2 and $1) 2 0 6 2
Total other comprehensive income/(loss) (5) (58) (98) 747
Comprehensive income/(loss) 1,616 1,572 4,653 5,261
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest 4 6 16 9
Comprehensive income attributable to Thermo Fisher Scientific Inc. $ 1,612 $ 1,566 $ 4,637 $ 5,252
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Statement of Comprehensive Income [Abstract]        
Tax provision (benefit) on cumulative translation adjustment $ 46 $ (244) $ (369) $ 10
Tax (provision) benefit on unrealized holding losses arising during the period 0 0 0 0
Tax benefit on reclassification adjustment for losses on hedging instruments recognized in net income 0 0 1 1
Tax benefit (provision) on pension and other postretirement benefit liability adjustments arising during the period (1) 2 3 2
Tax benefit (provision) on amortization of net loss included in net periodic pension cost $ 0 $ 0 $ 2 $ 1
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Operating activities    
Net income $ 4,751 $ 4,514
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 758 852
Amortization of acquisition-related intangible assets 1,294 1,514
Change in deferred income taxes (728) (1,007)
Stock-based compensation 226 222
Other net non-cash expenses 315 254
Changes in assets and liabilities, excluding the effects of acquisitions (2,255) (973)
Net cash provided by operating activities 4,361 5,377
Investing activities    
Purchases of property, plant and equipment (1,060) (920)
Proceeds from sale of property, plant and equipment 17 40
Proceeds from cross-currency interest rate swap interest settlements 218 203
Acquisitions, net of cash acquired (4,037) (3,132)
Purchases of investments (351) (2,065)
Proceeds from sales and maturities of investments 254 9
Other investing activities, net 20 5
Net cash used in investing activities (4,938) (5,861)
Financing activities    
Net proceeds from issuance of debt 2,840 1,204
Repayment of debt (1,625) (1,107)
Proceeds from issuance of commercial paper 1,095 0
Repayments of commercial paper (597) 0
Purchases of company common stock (2,963) (3,000)
Dividends paid (474) (434)
Other financing activities, net (1) 212
Net cash used in financing activities (1,725) (3,126)
Exchange rate effect on cash 273 182
Decrease in cash, cash equivalents and restricted cash (2,029) (3,427)
Cash, cash equivalents and restricted cash at beginning of period 4,040 8,097
Cash, cash equivalents and restricted cash at end of period $ 2,011 $ 4,670
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY (Unaudited) - 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, 2023 $ 118              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 16              
Contributions from (distributions to) noncontrolling interest (7)              
Ending Balance at Sep. 28, 2024 127              
Balance (in shares) at Dec. 31, 2023     442,000,000          
Beginning Balance at Dec. 31, 2023 46,724 $ 46,735 $ 442 $ 17,286 $ 47,364 $ (15,133) $ (3,224) $ (11)
Treasury stock beginning balance (in shares) at Dec. 31, 2023           56,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (in shares)     1,000,000          
Issuance of shares under stock plans 259 259 $ 1 324   $ (66)    
Stock-based compensation 222 222   222        
Purchases of company common stock (in shares)           6,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (448) (448)     (448)      
Net income/(loss) 4,498 4,505     4,505     (7)
Other comprehensive income/(loss) 747 747         747  
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases (27) (27)       $ (27)    
Balance (in shares) at Sep. 28, 2024     444,000,000          
Treasury stock ending balance (in shares) at Sep. 28, 2024           61,000,000    
Ending Balance at Sep. 28, 2024 48,972 48,992 $ 444 17,831 51,421 $ (18,227) (2,477) (20)
Beginning Balance at Jun. 29, 2024 115              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 6              
Other comprehensive income/(loss) 6              
Ending Balance at Sep. 28, 2024 127              
Balance (in shares) at Jun. 29, 2024     443,000,000          
Beginning Balance at Jun. 29, 2024 47,419 47,432 $ 443 17,649 49,940 $ (18,187) (2,413) (12)
Treasury stock beginning balance (in shares) at Jun. 29, 2024           61,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (in shares)     1,000,000          
Issuance of shares under stock plans 75 75 $ 1 115   $ (40)    
Stock-based compensation 68 68   68        
Dividends declared (149) (149)     (149)      
Net income/(loss) 1,624 1,630     1,630     (6)
Other comprehensive income/(loss) (64) (63)         (63) (1)
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases 1 1       $ 1    
Balance (in shares) at Sep. 28, 2024     444,000,000          
Treasury stock ending balance (in shares) at Sep. 28, 2024           61,000,000    
Ending Balance at Sep. 28, 2024 48,972 48,992 $ 444 17,831 51,421 $ (18,227) (2,477) (20)
Beginning Balance at Dec. 31, 2024 120              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 13              
Other comprehensive income/(loss) 5              
Contributions from (distributions to) noncontrolling interest (8)              
Ending Balance at Sep. 27, 2025 129              
Balance (in shares) at Dec. 31, 2024     444,000,000          
Beginning Balance at Dec. 31, 2024 $ 49,551 49,584 $ 444 17,962 53,102 $ (19,226) (2,697) (33)
Treasury stock beginning balance (in shares) at Dec. 31, 2024 63,066,906         63,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (in shares)     1,000,000          
Issuance of shares under stock plans $ 85 85 $ 1 142   $ (58)    
Stock-based compensation 226 226   226        
Purchases of company common stock (in shares)           6,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (488) (488)     (488)      
Net income/(loss) 4,738 4,740     4,740     (1)
Other comprehensive income/(loss) (103) (103)         (103)  
Contributions from (distributions to) noncontrolling interests (2)             (2)
Disposition 42             42
Excise tax from stock repurchases $ (26) (26)       $ (26)    
Balance (in shares) at Sep. 27, 2025     445,000,000          
Treasury stock ending balance (in shares) at Sep. 27, 2025 68,936,934         69,000,000    
Ending Balance at Sep. 27, 2025 $ 51,024 51,018 $ 445 18,330 57,354 $ (22,310) (2,801) 7
Beginning Balance at Jun. 28, 2025 126              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 5              
Other comprehensive income/(loss) (1)              
Ending Balance at Sep. 27, 2025 129              
Balance (in shares) at Jun. 28, 2025     444,000,000          
Beginning Balance at Jun. 28, 2025 50,476 50,512 $ 444 18,232 55,901 $ (21,269) (2,797) (35)
Treasury stock beginning balance (in shares) at Jun. 28, 2025           67,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (5) (5)   28   $ (32)    
Stock-based compensation 70 70   70        
Purchases of company common stock (in shares)           2,000,000    
Purchases of company common stock (1,000) (1,000)       $ (1,000)    
Dividends declared (163) (163)     (163)      
Net income/(loss) 1,616 1,616     1,616     1
Other comprehensive income/(loss) (4) (4)         (4)  
Contributions from (distributions to) noncontrolling interests (1)             (1)
Disposition 42             42
Excise tax from stock repurchases $ (9) (9)       $ (9)    
Balance (in shares) at Sep. 27, 2025     445,000,000          
Treasury stock ending balance (in shares) at Sep. 27, 2025 68,936,934         69,000,000    
Ending Balance at Sep. 27, 2025 $ 51,024 $ 51,018 $ 445 $ 18,330 $ 57,354 $ (22,310) $ (2,801) $ 7
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Statement of Stockholders' Equity [Abstract]        
Dividends declared (in dollars per share) $ 0.43 $ 0.39 $ 1.29 $ 1.17
v3.25.3
Nature of Operations and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 27, 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.
Interim Financial Statements
The interim condensed consolidated financial statements presented herein have been prepared by the company, are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at September 27, 2025, the results of operations for the three- and nine-month periods ended September 27, 2025 and September 28, 2024, and the cash flows for the nine-month periods ended September 27, 2025 and September 28, 2024. Interim results are not necessarily indicative of results for a full year.
The condensed consolidated balance sheet presented as of December 31, 2024, has been derived from the audited consolidated financial statements as of that date. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The condensed consolidated financial statements and notes included in this report should be read in conjunction with the 2024 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Certain reclassifications of prior year amounts have been made to conform to the current year presentation.
Note 1 to the consolidated financial statements for 2024 describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the company’s significant accounting policies during the nine months ended September 27, 2025.
Amounts and percentages reported within these condensed 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.
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. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures
Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodIncreased disclosures in Note 11
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
Standards not yet adopted
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 methodWill increase disclosures in Note 7
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 methodWill increase disclosures in Note 6
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
v3.25.3
Supplemental Balance Sheet Information
 9 Months Ended
Sep. 27, 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)September 27, 2025December 31, 2024
Raw materials$1,984 $1,803 
Work in process990 755 
Finished goods2,771 2,420 
Inventories$5,745 $4,978 
Contract-related Balances
Contract asset and liability balances are as follows:
(In millions)September 27, 2025December 31, 2024
Current contract assets, net$1,620 $1,435 
Noncurrent contract assets, net1 6 
Current contract liabilities2,852 2,852 
Noncurrent contract liabilities1,159 1,138 
In the three- and nine-month periods ended September 27, 2025, the company recognized revenues of $0.41 billion and $2.50 billion, respectively, that were included in the contract liabilities balance at December 31, 2024. In the three- and nine-month periods ended September 28, 2024, the company recognized revenues of $0.36 billion and $2.36 billion, respectively, that were included in the contract liabilities balance at December 31, 2023.
Remaining Performance Obligations
The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of September 27, 2025, was $26.46 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 53% 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.
v3.25.3
Debt and Other Financing Arrangements
 9 Months Ended
Sep. 27, 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 September 27,September 27,December 31,
(Dollars in millions)202520252024
Commercial Paper4.28 %$500 $— 
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)
1.02 %149 142 
0.00% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)
0.15 %644 569 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.36 %585 518 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.52 %819 725 
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)
1.13 %514 — 
5.00% 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 %585 518 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %702 621 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %193 184 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)
1.35 %110 — 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %936 828 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.79 %414 364 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %194 184 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %702 621 
1.75% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.00% 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 %395 — 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %819 725 
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 %31 30 
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)
1.25 %293 — 
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 %2,048 1,812 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.14 %1,053 932 
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 %520 457 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %702 621 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %42 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 %439 — 
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 %1,755 1,553 
5.20% 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 %878 777 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %144 137 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.10 %407 358 
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)
1.56 %390 — 
Effective interest rate at September 27,September 27,December 31,
(Dollars in millions)202520252024
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)
1.71 %269 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %819 725 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %1,053 932 
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 %1,463 1,294 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %98 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 %194 184 
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 %232 — 
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)
1.95 %169 — 
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 %1,170 1,035 
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)
1.49 %410 — 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %878 777 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %223 212 
Other 1 73 
Total borrowings at par value
35,745 31,332 
Unamortized discount
(95)(95)
Unamortized debt issuance costs
(165)(164)
Total borrowings at carrying value
35,484 31,072 
Finance lease liabilities
196 202 
Less: Short-term obligations and current maturities
3,823 2,214 
Long-term obligations$31,857 $29,061 
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.
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, 2027. The revolving credit agreement calls for interest at either a Term Secured Overnight Financing Rate (SOFR), a Euro Interbank Offered Rate (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 September 27, 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 September 27, 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 September 27, 2025, included in the table above (collectively, the “Euronotes”) in registered public offerings: the 0.00% Senior Notes due 2025, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, 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.
October 2025 Debt Issuances
In the fourth quarter of 2025, the company issued the following senior notes:
(In millions)Principal Value Issued
4.200% 5.5-Year Senior Notes due 3/1/2031
$500 
4.473% 7-Year Senior Notes due 10/7/2032
750 
4.794% 10-Year Senior Notes due 10/7/2035
750 
4.894% 12-Year Senior Notes due 10/7/2037
500 
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Measurements
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
September 27,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2025(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$162 $162 $— $— 
Bank time deposits1,560 1,560 — — 
Investments
87 22 — 65 
Insurance contracts
277 — 277 — 
Derivative contracts
415 — 415 — 
Contingent consideration65 — — 65 
Total assets
$2,566 $1,744 $692 $129 
Liabilities
Derivative contracts
$409 $— $409 $— 
Contingent consideration
12 — — 12 
Total liabilities
$421 $— $409 $12 
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 
In the three- and nine-month periods ended September 27, 2025, the company recorded $8 million and $6 million, respectively, of net gains/(losses) on investments, which are included in other income/(expense) in the accompanying statements of income. In the three- and nine-month periods ended September 28, 2024, the company recorded $(4) million and $7 million, respectively, of net gains/(losses) on investments, which are included in other income/(expense) in the accompanying statements of income.
The following table provides a rollforward of investments classified as level 3:
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Investments
Beginning balance$59 $— $21 $— 
Purchases6 26 44 26 
Ending balance$65 $26 $65 $26 
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
65 
Ending balance
$65 
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.
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Contingent consideration liabilities
Beginning balance$5 $12 $13 $87 
Acquisitions (including assumed balances)3 — 3 — 
Payments— — (6)(2)
Changes in fair value included in earnings4 (4)3 (78)
Ending balance$12 $8 $12 $8 
Fair Value of Other Financial Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
September 27, 2025December 31, 2024
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$34,983 $32,573 $30,999 $28,454 
Commercial paper
500 500 — — 
Other
1 1 73 73 
$35,484 $33,075 $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.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
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 September 27, 2025, there have been no material changes to the accruals for pending environmental-related matters disclosed in the company’s 2024 financial statements and notes included in the company’s Annual Report on Form 10-K. 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 in the company’s 2024 financial statements and notes included in the company’s Annual Report on Form 10-K, 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 such matters 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. At September 27, 2025, there have been no material changes to the accruals for pending product liability, workers compensation, and other personal injury matters disclosed in the company’s 2024 financial statements and notes included in the company’s Annual Report on Form 10-K. Although the company believes that the amounts accrued and estimated insurance 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.
v3.25.3
Supplemental Income Statement Information
 9 Months Ended
Sep. 27, 2025
Supplemental Income Statement Elements [Abstract]  
Supplemental Income Statement Information Supplemental Income Statement Information
Disaggregated Revenues
Revenues by type are as follows:
Three months ended Nine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Revenues
Consumables
$4,679 $4,379 $13,638 $13,070 
Instruments
1,811 1,769 5,080 5,196 
Services
4,633 4,450 13,623 13,218 
Consolidated revenues$11,122 $10,598 $32,341 $31,484 
Revenues by geographic region based on customer location are as follows:
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Revenues
North America
$5,689 $5,591 $16,924 $16,640 
Europe
3,005 2,686 8,459 7,968 
Asia-Pacific
2,013 1,923 5,824 5,755 
Other regions
415 397 1,135 1,122 
Consolidated revenues$11,122 $10,598 $32,341 $31,484 
Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions.
Revenues by business are as follows:
Three months endedNine months ended
(In millions)
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Revenues



Biosciences
$1,023 $1,006 $3,091 $3,124 
Genetic sciences
720 701 2,076 2,001 
BioProduction
817 680 2,234 1,903 
Other
28 (1)27 (1)
Life Sciences Solutions
2,588 2,387 7,428 7,027 
Chromatography and mass spectrometry
841 802 2,398 2,364 
Chemical analysis
320 332 898 976 
Electron microscopy
732 675 2,043 1,938 
Analytical Instruments
1,893 1,808 5,339 5,277 
Clinical diagnostics
283 266 822 802 
ImmunoDiagnostics
230 212 681 649 
Microbiology
162 159 473 471 
Transplant diagnostics
125 114 362 332 
Healthcare market channel
444 453 1,325 1,302 
Elimination of intrasegment revenues
(70)(75)(207)(200)
Specialty Diagnostics
1,174 1,129 3,456 3,355 
Laboratory products
594 614 1,776 1,878 
Research and safety market channel
1,861 1,739 5,471 5,225 
Pharma services
1,722 1,647 5,123 4,852 
Clinical research
2,019 1,956 5,914 5,938 
Elimination of intrasegment revenues and other
(226)(216)(679)(673)
Laboratory Products and Biopharma Services
5,970 5,740 17,605 17,221 
Elimination of intersegment revenues(503)(467)(1,487)(1,397)
Consolidated revenues$11,122 $10,598 $32,341 $31,484 
Restructuring and Other Costs
In the first nine months of 2025, restructuring and other costs 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 2025, severance actions associated with facility consolidations and cost reduction measures affected approximately 4% of the company’s workforce.
As of October 31, 2025, the company has identified restructuring actions, primarily in the Laboratory Products and Biopharma Services segment, that it expects will result in additional charges of approximately $140 million, primarily in 2025 and 2026, and expects to identify additional actions in future periods.
Restructuring and other costs by segment are as follows:
Three months endedNine months ended
(In millions)September 27, 2025September 27, 2025
Life Sciences Solutions
$78 $132 
Analytical Instruments
54 68 
Specialty Diagnostics
— 5 
Laboratory Products and Biopharma Services
39 139 
Corporate
(36)(29)
$135 $316 
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, 2024$50 
Net restructuring charges incurred in 2025 (b) (c)
161 
Payments
(127)
Currency translation
1 
Balance at September 27, 2025$85 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $155 million of net charges, principally $91 million of charges for impairment of long-lived assets in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.
(c)Excludes $51 million of net charges for disposition of a consolidated joint venture.
The company expects to pay accrued restructuring costs primarily through 2025.
Earnings per Share
The company’s earnings per share are as follows:
Three months endedNine months ended
September 27,September 28,September 27,September 28,
(In millions except per share amounts)2025202420252024
Net income attributable to Thermo Fisher Scientific Inc.$1,616 $1,630 $4,740 $4,505 
Basic weighted average shares378 382 378 382 
Plus effect of: stock options and restricted stock units1 1 1 1 
Diluted weighted average shares378 384 378 383 
Basic earnings per share$4.28 $4.26 $12.55 $11.79 
Diluted earnings per share$4.27 $4.25 $12.53 $11.75 
Antidilutive stock options excluded from diluted weighted average shares
3 2 3 2 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 27, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:
Nine months ended
(In millions)September 27, 2025September 28, 2024
Statutory federal income tax rate21 %21 %
Provision for income taxes at statutory rate$1,082 $1,070 
Increases (decreases) resulting from:
Foreign rate differential(156)(93)
Income tax credits(180)(207)
Global intangible low-taxed income40 90 
Foreign-derived intangible income(86)(73)
Excess tax benefits from stock options and restricted stock units(7)(64)
Provision for (reversal of) tax reserves, net(31)216 
Intra-entity transfers(153)(102)
Domestication transaction(125)— 
Provision for (reversal of) valuation allowances, net(65)(161)
Tax return reassessments and settlements(5)(130)
Other, net80 (38)
Provision for/(benefit from) income taxes$394 $507 
During the first quarter of 2025, the company recorded a deferred tax benefit of $125 million resulting from the recognition of a tax attribute related to a domestication transaction. During the second quarter of 2025, the company recorded a deferred tax benefit of $153 million related to capital losses generated as part of intra-entity transactions and a $93 million benefit in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income. During the third quarter of 2025, the company recorded $86 million of tax benefits resulting from tax return reassessments.
During the first nine months of 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 the third quarter of 2024. The company also recorded tax benefits of $307 million, primarily in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income. These benefits were partially offset by tax provisions primarily associated with disallowed interest expense that is not expected to be realized.
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, and foreign taxes that are different than the U.S. federal statutory rate.
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.
Unrecognized Tax Benefits
As of September 27, 2025, the company had $0.52 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)2025
Balance at beginning of year
$525 
Additions for tax positions of current year
22 
Reductions for tax positions of prior years
(10)
Closure of tax years
(19)
Settlements
(3)
Balance at end of period
$515 
v3.25.3
Comprehensive Income/(Loss) and Shareholders' Equity
 9 Months Ended
Sep. 27, 2025
Stockholders' Equity Note [Abstract]  
Comprehensive Income/(Loss) and Shareholders' Equity Comprehensive Income/(Loss) and Shareholders' Equity
Comprehensive Income/(Loss)
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Cumulative
translation
adjustment		Unrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Three months ended September 27, 2025
Balance at June 28, 2025$(2,502)$(24)$(270)$(2,797)
Other comprehensive income/(loss) before reclassifications
(17)— 3 (14)
Amounts reclassified from accumulated other comprehensive income/(loss)
7 1 2 10 
Net other comprehensive income/(loss)
(10)1 5 (4)
Balance at September 27, 2025$(2,512)$(23)$(265)$(2,801)
Nine months ended September 27, 2025
Balance at December 31, 2024$(2,409)$(25)$(263)$(2,697)
Other comprehensive income/(loss) before reclassifications
(104)— (8)(112)
Amounts reclassified from accumulated other comprehensive income/(loss)
1 2 6 9 
Net other comprehensive income/(loss)
(103)2 (2)(103)
Balance at September 27, 2025$(2,512)$(23)$(265)$(2,801)
v3.25.3
Supplemental Cash Flow Information
 9 Months Ended
Sep. 27, 2025
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Supplemental cash flow information is as follows:
 Nine months ended
(In millions)September 27, 2025September 28, 2024
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$163 $190 
Declared but unpaid dividends
164 151 
Issuance of stock upon vesting of restricted stock units
161 183 
Excise tax from stock repurchases
26 27 
Unsettled share repurchases37 — 
Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows:
(In millions)September 27, 2025December 31, 2024
Cash and cash equivalents$1,982 $4,009 
Restricted cash included in other current assets7 10 
Restricted cash included in other assets22 21 
Cash, cash equivalents and restricted cash$2,011 $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.
v3.25.3
Derivatives
 9 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
(In millions)September 27, 2025December 31, 2024
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 franc2,500 2,500 
Currency exchange contracts1,462 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
 September 27,December 31,September 27,December 31,
(In millions)2025202420252024
Derivatives designated as hedging instruments
Cross-currency interest rate swaps
$413 $458 $408 $57 
Derivatives not designated as hedging instruments
Currency exchange contracts
2 2 1 2 
Total derivatives$415 $460 $409 $59 
The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheets under the caption other current assets, other assets, other current liabilities, or other long-term liabilities. The fair value of currency exchange contracts is included in the accompanying balance sheets under the captions other current assets or other accrued expenses.
 Gain/(loss) recognized
Three months endedNine months ended
September 27,September 28,September 27,September 28,
(In millions)2025202420252024
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense$(1)$(1)$(3)$(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)
13 (488)(1,225)(127)
Cross-currency interest rate swaps
Included in cumulative translation adjustment within other comprehensive income/(loss)
239 (566)(395)171 
Included in interest expense
67 67 201 200 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
(1)(6)(3)1 
Included in other income/(expense)
30 15 43 5 
Gains and losses recognized on currency exchange contracts are included in the accompanying statements of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions.
See Note 1 to the consolidated financial statements for 2024 included in the company’s Annual Report on Form 10-K for additional information on the company’s risk management objectives and strategies.
v3.25.3
Business Segment Information
 9 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
Business Segment Information
The company’s financial performance is reported in four segments. During 2025, there have been no changes to the company’s basis of segmentation or in the basis of measurement of segment income. Other segment items included in the below tables consist of stock-based compensation and other incentive compensation expenses, allocations of corporate expenses and certain overhead expenses as well as elimination of intersegment and intrasegment profits. Prior period segment expense amounts have been recast to reflect the method for allocating expenses to segments in the current period.
2025
Three months ended September 27, 2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$2,194 $1,847 $1,154 $5,927 $11,122 
Intersegment revenues394 46 20 43 503 
2,588 1,893 1,174 5,970 11,626 
Elimination of intersegment revenues
(503)
Consolidated revenues
$11,122 
Segment Income
Cost of revenues961 975 682 4,622 
Selling, general, and administrative expenses470 307 175 582 
Research and development expenses136 144 42 14 
Other segment items53 39 (46)(116)
Segment income
968 429 321 868 2,587 
Unallocated amounts
Cost of revenues adjustments
(10)
Selling, general and administrative expenses adjustments
(66)
Restructuring and other costs
(135)
Amortization of acquisition-related intangible assets
(435)
Interest income234 
Interest expense(347)
Other income/(expense)
(2)
Consolidated income before income taxes$1,826 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$88,209 $3,552 $3,189 $1,307 $6,763 $103,020 
Purchases of property, plant and equipment23 32 18 34 297 404 
Depreciation of property, plant and equipment— 62 26 23 115 227 
2024
Three months ended September 28, 2024
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$2,009 $1,776 $1,111 $5,701 $10,598 
Intersegment revenues378 32 18 39 467 
2,387 1,808 1,129 5,740 11,065 
Elimination of intersegment revenues
(467)
Consolidated revenues$10,598 
Segment Income
Cost of revenues907 878 668 4,488 
Selling, general, and administrative expenses475 310 178 588 
Research and development expenses141 134 44 16 
Other segment items19 35 (54)(125)
Segment income
845 451 293 773 2,362 
Unallocated amounts
Cost of revenues adjustments
(9)
Selling, general and administrative expenses adjustments
(21)
Restructuring and other costs
(45)
Amortization of acquisition-related intangible assets
(450)
Interest income277 
Interest expense(356)
Other income/(expense)
(16)
Consolidated income before income taxes$1,742 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$86,575 $3,211 $2,905 $1,234 $6,438 $100,364 
Purchases of property, plant and equipment23 27 19 26 177 271 
Depreciation of property, plant and equipment— 58 25 29 179 291 
2025
Nine months ended September 27, 2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$6,263 $5,193 $3,402 $17,483 $32,341 
Intersegment revenues1,165 145 54 122 1,487 
7,428 5,339 3,456 17,605 33,828 
Elimination of intersegment revenues
(1,487)
Consolidated revenues
$32,341 
Segment Income
Cost of revenues2,742 2,713 2,001 13,728 
Selling, general, and administrative expenses1,406 939 529 1,773 
Research and development expenses408 426 134 41 
Other segment items150 108 (140)(362)
Segment income
2,722 1,153 932 2,425 7,231 
Unallocated amounts
Cost of revenues adjustments
(31)
Selling, general and administrative expenses adjustments
(99)
Restructuring and other costs
(316)
Amortization of acquisition-related intangible assets
(1,294)
Interest income735 
Interest expense(1,054)
Other income/(expense)
(18)
Consolidated income before income taxes$5,155 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$88,209 $3,552 $3,189 $1,307 $6,763 $103,020 
Purchases of property, plant and equipment85 101 75 92 707 1,060 
Depreciation of property, plant and equipment— 177 76 68 439 758 
2024
Nine months ended September 28, 2024
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$5,935 $5,132 $3,310 $17,106 $31,484 
Intersegment revenues1,092 145 45 115 1,397 
7,027 5,277 3,355 17,221 32,881 
Elimination of intersegment revenues
(1,397)
Consolidated revenues
$31,484 
Segment Income
Cost of revenues2,587 2,529 1,919 13,493 
Selling, general, and administrative expenses1,334 933 553 1,768 
Research and development expenses403 405 128 50 
Other segment items153 121 (130)(352)
Segment income
2,551 1,289 886 2,262 6,987 
Unallocated amounts
Cost of revenues adjustments
(25)
Selling, general and administrative expenses adjustments
24 
Restructuring and other costs
(151)
Amortization of acquisition-related intangible assets
(1,514)
Interest income851 
Interest expense(1,073)
Other income/(expense)
(2)
Consolidated income before income taxes$5,096 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$86,575 $3,211 $2,905 $1,234 $6,438 $100,364 
Purchases of property, plant and equipment61 78 64 79 637 920 
Depreciation of property, plant and equipment— 171 76 72 534 852 
v3.25.3
Acquisitions
 9 Months Ended
Sep. 27, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
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.
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, Solventum Corporation’s Purification and Filtration business, which became the company’s 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. 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
(65)
Cash acquired
(9)
$3,871 
Net assets acquired
Property, plant and equipment
$411 
Definite-lived intangible assets
Customer relationships
1,114 
Product technology
387 
Trade names
51 
Goodwill
2,103 
Net other assets/(liabilities)
172 
Deferred tax assets (liabilities)
(366)
$3,871 
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.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 27, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Frederick Lowery [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
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
Frederick Lowery, Executive Vice President
AdoptionRule 10b5-18/28/20252/27/202613,825
Gianluca Pettiti, Executive Vice President
AdoptionRule 10b5-19/12/20257/28/20264,175
Name Frederick Lowery
Title Executive Vice President
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/28/2025
Expiration Date 2/27/2026
Arrangement Duration 183 days
Aggregate Available 13,825
Gianluca Pettiti [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
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
Frederick Lowery, Executive Vice President
AdoptionRule 10b5-18/28/20252/27/202613,825
Gianluca Pettiti, Executive Vice President
AdoptionRule 10b5-19/12/20257/28/20264,175
Name Gianluca Pettiti
Title Executive Vice President
Rule 10b5-1 Arrangement Adopted true
Adoption Date 9/12/2025
Expiration Date 7/28/2026
Arrangement Duration 319 days
Aggregate Available 4,175
v3.25.3
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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.
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. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures
Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodIncreased disclosures in Note 11
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
Standards not yet adopted
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 methodWill increase disclosures in Note 7
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 methodWill increase disclosures in Note 6
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
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.
v3.25.3
Supplemental Balance Sheet Information (Tables)
 9 Months Ended
Sep. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Inventories
The components of inventories are as follows:
(In millions)September 27, 2025December 31, 2024
Raw materials$1,984 $1,803 
Work in process990 755 
Finished goods2,771 2,420 
Inventories$5,745 $4,978 
Schedule of Contract Asset and Liability Balances
Contract asset and liability balances are as follows:
(In millions)September 27, 2025December 31, 2024
Current contract assets, net$1,620 $1,435 
Noncurrent contract assets, net1 6 
Current contract liabilities2,852 2,852 
Noncurrent contract liabilities1,159 1,138 
v3.25.3
Debt and Other Financing Arrangements (Tables)
 9 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The company’s debt and other financing arrangements are as follows:
Effective interest rate at September 27,September 27,December 31,
(Dollars in millions)202520252024
Commercial Paper4.28 %$500 $— 
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)
1.02 %149 142 
0.00% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)
0.15 %644 569 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.36 %585 518 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.52 %819 725 
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)
1.13 %514 — 
5.00% 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 %585 518 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %702 621 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %193 184 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)
1.35 %110 — 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %936 828 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.79 %414 364 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %194 184 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %702 621 
1.75% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.00% 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 %395 — 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %819 725 
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 %31 30 
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)
1.25 %293 — 
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 %2,048 1,812 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.14 %1,053 932 
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 %520 457 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %702 621 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %42 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 %439 — 
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 %1,755 1,553 
5.20% 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 %878 777 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %144 137 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.10 %407 358 
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)
1.56 %390 — 
Effective interest rate at September 27,September 27,December 31,
(Dollars in millions)202520252024
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)
1.71 %269 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %819 725 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %1,053 932 
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 %1,463 1,294 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %98 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 %194 184 
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 %232 — 
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)
1.95 %169 — 
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 %1,170 1,035 
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)
1.49 %410 — 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %878 777 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %223 212 
Other 1 73 
Total borrowings at par value
35,745 31,332 
Unamortized discount
(95)(95)
Unamortized debt issuance costs
(165)(164)
Total borrowings at carrying value
35,484 31,072 
Finance lease liabilities
196 202 
Less: Short-term obligations and current maturities
3,823 2,214 
Long-term obligations$31,857 $29,061 
In the fourth quarter of 2025, the company issued the following senior notes:
(In millions)Principal Value Issued
4.200% 5.5-Year Senior Notes due 3/1/2031
$500 
4.473% 7-Year Senior Notes due 10/7/2032
750 
4.794% 10-Year Senior Notes due 10/7/2035
750 
4.894% 12-Year Senior Notes due 10/7/2037
500 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 27, 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:
September 27,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2025(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$162 $162 $— $— 
Bank time deposits1,560 1,560 — — 
Investments
87 22 — 65 
Insurance contracts
277 — 277 — 
Derivative contracts
415 — 415 — 
Contingent consideration65 — — 65 
Total assets
$2,566 $1,744 $692 $129 
Liabilities
Derivative contracts
$409 $— $409 $— 
Contingent consideration
12 — — 12 
Total liabilities
$421 $— $409 $12 
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:
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Investments
Beginning balance$59 $— $21 $— 
Purchases6 26 44 26 
Ending balance$65 $26 $65 $26 
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
65 
Ending balance
$65 
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.
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Contingent consideration liabilities
Beginning balance$5 $12 $13 $87 
Acquisitions (including assumed balances)3 — 3 — 
Payments— — (6)(2)
Changes in fair value included in earnings4 (4)3 (78)
Ending balance$12 $8 $12 $8 
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:
September 27, 2025December 31, 2024
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$34,983 $32,573 $30,999 $28,454 
Commercial paper
500 500 — — 
Other
1 1 73 73 
$35,484 $33,075 $31,072 $28,527 
Schedule of the Carrying Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
September 27, 2025December 31, 2024
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$34,983 $32,573 $30,999 $28,454 
Commercial paper
500 500 — — 
Other
1 1 73 73 
$35,484 $33,075 $31,072 $28,527 
v3.25.3
Supplemental Income Statement Information (Tables)
 9 Months Ended
Sep. 27, 2025
Supplemental Income Statement Elements [Abstract]  
Schedule of Disaggregated Revenues
Revenues by type are as follows:
Three months ended Nine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Revenues
Consumables
$4,679 $4,379 $13,638 $13,070 
Instruments
1,811 1,769 5,080 5,196 
Services
4,633 4,450 13,623 13,218 
Consolidated revenues$11,122 $10,598 $32,341 $31,484 
Revenues by geographic region based on customer location are as follows:
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Revenues
North America
$5,689 $5,591 $16,924 $16,640 
Europe
3,005 2,686 8,459 7,968 
Asia-Pacific
2,013 1,923 5,824 5,755 
Other regions
415 397 1,135 1,122 
Consolidated revenues$11,122 $10,598 $32,341 $31,484 
Revenues by business are as follows:
Three months endedNine months ended
(In millions)
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Revenues



Biosciences
$1,023 $1,006 $3,091 $3,124 
Genetic sciences
720 701 2,076 2,001 
BioProduction
817 680 2,234 1,903 
Other
28 (1)27 (1)
Life Sciences Solutions
2,588 2,387 7,428 7,027 
Chromatography and mass spectrometry
841 802 2,398 2,364 
Chemical analysis
320 332 898 976 
Electron microscopy
732 675 2,043 1,938 
Analytical Instruments
1,893 1,808 5,339 5,277 
Clinical diagnostics
283 266 822 802 
ImmunoDiagnostics
230 212 681 649 
Microbiology
162 159 473 471 
Transplant diagnostics
125 114 362 332 
Healthcare market channel
444 453 1,325 1,302 
Elimination of intrasegment revenues
(70)(75)(207)(200)
Specialty Diagnostics
1,174 1,129 3,456 3,355 
Laboratory products
594 614 1,776 1,878 
Research and safety market channel
1,861 1,739 5,471 5,225 
Pharma services
1,722 1,647 5,123 4,852 
Clinical research
2,019 1,956 5,914 5,938 
Elimination of intrasegment revenues and other
(226)(216)(679)(673)
Laboratory Products and Biopharma Services
5,970 5,740 17,605 17,221 
Elimination of intersegment revenues(503)(467)(1,487)(1,397)
Consolidated revenues$11,122 $10,598 $32,341 $31,484 
Schedule of Restructuring and Other Costs by Segment
Restructuring and other costs by segment are as follows:
Three months endedNine months ended
(In millions)September 27, 2025September 27, 2025
Life Sciences Solutions
$78 $132 
Analytical Instruments
54 68 
Specialty Diagnostics
— 5 
Laboratory Products and Biopharma Services
39 139 
Corporate
(36)(29)
$135 $316 
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, 2024$50 
Net restructuring charges incurred in 2025 (b) (c)
161 
Payments
(127)
Currency translation
1 
Balance at September 27, 2025$85 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $155 million of net charges, principally $91 million of charges for impairment of long-lived assets in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.
(c)Excludes $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:
Three months endedNine months ended
September 27,September 28,September 27,September 28,
(In millions except per share amounts)2025202420252024
Net income attributable to Thermo Fisher Scientific Inc.$1,616 $1,630 $4,740 $4,505 
Basic weighted average shares378 382 378 382 
Plus effect of: stock options and restricted stock units1 1 1 1 
Diluted weighted average shares378 384 378 383 
Basic earnings per share$4.28 $4.26 $12.55 $11.79 
Diluted earnings per share$4.27 $4.25 $12.53 $11.75 
Antidilutive stock options excluded from diluted weighted average shares
3 2 3 2 
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 27, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:
Nine months ended
(In millions)September 27, 2025September 28, 2024
Statutory federal income tax rate21 %21 %
Provision for income taxes at statutory rate$1,082 $1,070 
Increases (decreases) resulting from:
Foreign rate differential(156)(93)
Income tax credits(180)(207)
Global intangible low-taxed income40 90 
Foreign-derived intangible income(86)(73)
Excess tax benefits from stock options and restricted stock units(7)(64)
Provision for (reversal of) tax reserves, net(31)216 
Intra-entity transfers(153)(102)
Domestication transaction(125)— 
Provision for (reversal of) valuation allowances, net(65)(161)
Tax return reassessments and settlements(5)(130)
Other, net80 (38)
Provision for/(benefit from) income taxes$394 $507 
Schedule of Reconciliation of Unrecognized Tax Benefits A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)2025
Balance at beginning of year
$525 
Additions for tax positions of current year
22 
Reductions for tax positions of prior years
(10)
Closure of tax years
(19)
Settlements
(3)
Balance at end of period
$515 
v3.25.3
Comprehensive Income/(Loss) and Shareholders' Equity (Tables)
 9 Months Ended
Sep. 27, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Each Component of Accumulated Other Comprehensive Items
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Cumulative
translation
adjustment		Unrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Three months ended September 27, 2025
Balance at June 28, 2025$(2,502)$(24)$(270)$(2,797)
Other comprehensive income/(loss) before reclassifications
(17)— 3 (14)
Amounts reclassified from accumulated other comprehensive income/(loss)
7 1 2 10 
Net other comprehensive income/(loss)
(10)1 5 (4)
Balance at September 27, 2025$(2,512)$(23)$(265)$(2,801)
Nine months ended September 27, 2025
Balance at December 31, 2024$(2,409)$(25)$(263)$(2,697)
Other comprehensive income/(loss) before reclassifications
(104)— (8)(112)
Amounts reclassified from accumulated other comprehensive income/(loss)
1 2 6 9 
Net other comprehensive income/(loss)
(103)2 (2)(103)
Balance at September 27, 2025$(2,512)$(23)$(265)$(2,801)
v3.25.3
Supplemental Cash Flow Information (Tables)
 9 Months Ended
Sep. 27, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Cash Flow Information
Supplemental cash flow information is as follows:
 Nine months ended
(In millions)September 27, 2025September 28, 2024
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$163 $190 
Declared but unpaid dividends
164 151 
Issuance of stock upon vesting of restricted stock units
161 183 
Excise tax from stock repurchases
26 27 
Unsettled share repurchases37 — 
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows:
(In millions)September 27, 2025December 31, 2024
Cash and cash equivalents$1,982 $4,009 
Restricted cash included in other current assets7 10 
Restricted cash included in other assets22 21 
Cash, cash equivalents and restricted cash$2,011 $4,040 
v3.25.3
Derivatives (Tables)
 9 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Aggregate Notional Value of Outstanding Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
(In millions)September 27, 2025December 31, 2024
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 franc2,500 2,500 
Currency exchange contracts1,462 1,588 
Schedule of the Fair Value of Derivative Instruments
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
 September 27,December 31,September 27,December 31,
(In millions)2025202420252024
Derivatives designated as hedging instruments
Cross-currency interest rate swaps
$413 $458 $408 $57 
Derivatives not designated as hedging instruments
Currency exchange contracts
2 2 1 2 
Total derivatives$415 $460 $409 $59 
Schedule of Derivative Instruments Gains and Losses
 Gain/(loss) recognized
Three months endedNine months ended
September 27,September 28,September 27,September 28,
(In millions)2025202420252024
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense$(1)$(1)$(3)$(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)
13 (488)(1,225)(127)
Cross-currency interest rate swaps
Included in cumulative translation adjustment within other comprehensive income/(loss)
239 (566)(395)171 
Included in interest expense
67 67 201 200 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
(1)(6)(3)1 
Included in other income/(expense)
30 15 43 5 
v3.25.3
Business Segment Information (Tables)
 9 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Schedule of Business Segment Information
2025
Three months ended September 27, 2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$2,194 $1,847 $1,154 $5,927 $11,122 
Intersegment revenues394 46 20 43 503 
2,588 1,893 1,174 5,970 11,626 
Elimination of intersegment revenues
(503)
Consolidated revenues
$11,122 
Segment Income
Cost of revenues961 975 682 4,622 
Selling, general, and administrative expenses470 307 175 582 
Research and development expenses136 144 42 14 
Other segment items53 39 (46)(116)
Segment income
968 429 321 868 2,587 
Unallocated amounts
Cost of revenues adjustments
(10)
Selling, general and administrative expenses adjustments
(66)
Restructuring and other costs
(135)
Amortization of acquisition-related intangible assets
(435)
Interest income234 
Interest expense(347)
Other income/(expense)
(2)
Consolidated income before income taxes$1,826 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$88,209 $3,552 $3,189 $1,307 $6,763 $103,020 
Purchases of property, plant and equipment23 32 18 34 297 404 
Depreciation of property, plant and equipment— 62 26 23 115 227 
2024
Three months ended September 28, 2024
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$2,009 $1,776 $1,111 $5,701 $10,598 
Intersegment revenues378 32 18 39 467 
2,387 1,808 1,129 5,740 11,065 
Elimination of intersegment revenues
(467)
Consolidated revenues$10,598 
Segment Income
Cost of revenues907 878 668 4,488 
Selling, general, and administrative expenses475 310 178 588 
Research and development expenses141 134 44 16 
Other segment items19 35 (54)(125)
Segment income
845 451 293 773 2,362 
Unallocated amounts
Cost of revenues adjustments
(9)
Selling, general and administrative expenses adjustments
(21)
Restructuring and other costs
(45)
Amortization of acquisition-related intangible assets
(450)
Interest income277 
Interest expense(356)
Other income/(expense)
(16)
Consolidated income before income taxes$1,742 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$86,575 $3,211 $2,905 $1,234 $6,438 $100,364 
Purchases of property, plant and equipment23 27 19 26 177 271 
Depreciation of property, plant and equipment— 58 25 29 179 291 
2025
Nine months ended September 27, 2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$6,263 $5,193 $3,402 $17,483 $32,341 
Intersegment revenues1,165 145 54 122 1,487 
7,428 5,339 3,456 17,605 33,828 
Elimination of intersegment revenues
(1,487)
Consolidated revenues
$32,341 
Segment Income
Cost of revenues2,742 2,713 2,001 13,728 
Selling, general, and administrative expenses1,406 939 529 1,773 
Research and development expenses408 426 134 41 
Other segment items150 108 (140)(362)
Segment income
2,722 1,153 932 2,425 7,231 
Unallocated amounts
Cost of revenues adjustments
(31)
Selling, general and administrative expenses adjustments
(99)
Restructuring and other costs
(316)
Amortization of acquisition-related intangible assets
(1,294)
Interest income735 
Interest expense(1,054)
Other income/(expense)
(18)
Consolidated income before income taxes$5,155 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$88,209 $3,552 $3,189 $1,307 $6,763 $103,020 
Purchases of property, plant and equipment85 101 75 92 707 1,060 
Depreciation of property, plant and equipment— 177 76 68 439 758 
2024
Nine months ended September 28, 2024
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$5,935 $5,132 $3,310 $17,106 $31,484 
Intersegment revenues1,092 145 45 115 1,397 
7,027 5,277 3,355 17,221 32,881 
Elimination of intersegment revenues
(1,397)
Consolidated revenues
$31,484 
Segment Income
Cost of revenues2,587 2,529 1,919 13,493 
Selling, general, and administrative expenses1,334 933 553 1,768 
Research and development expenses403 405 128 50 
Other segment items153 121 (130)(352)
Segment income
2,551 1,289 886 2,262 6,987 
Unallocated amounts
Cost of revenues adjustments
(25)
Selling, general and administrative expenses adjustments
24 
Restructuring and other costs
(151)
Amortization of acquisition-related intangible assets
(1,514)
Interest income851 
Interest expense(1,073)
Other income/(expense)
(2)
Consolidated income before income taxes$5,096 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$86,575 $3,211 $2,905 $1,234 $6,438 $100,364 
Purchases of property, plant and equipment61 78 64 79 637 920 
Depreciation of property, plant and equipment— 171 76 72 534 852 
v3.25.3
Acquisitions (Tables)
 9 Months Ended
Sep. 27, 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
(65)
Cash acquired
(9)
$3,871 
Net assets acquired
Property, plant and equipment
$411 
Definite-lived intangible assets
Customer relationships
1,114 
Product technology
387 
Trade names
51 
Goodwill
2,103 
Net other assets/(liabilities)
172 
Deferred tax assets (liabilities)
(366)
$3,871 
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)
$3,146 
v3.25.3
Supplemental Balance Sheet Information - Schedule of Components of Inventories (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 1,984 $ 1,803
Work in process 990 755
Finished goods 2,771 2,420
Inventories $ 5,745 $ 4,978
v3.25.3
Supplemental Balance Sheet Information - Schedule of Contract Asset and Liability Balances (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Current contract assets, net $ 1,620 $ 1,435
Noncurrent contract assets, net 1 6
Current contract liabilities 2,852 2,852
Noncurrent contract liabilities $ 1,159 $ 1,138
v3.25.3
Supplemental Balance Sheet Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue recognized $ 410 $ 360 $ 2,500 $ 2,360
Remaining performance obligation amount $ 26,460   $ 26,460  
Minimum        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Warranty agreement (in years) 3 years   3 years  
Maximum        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Warranty agreement (in years) 5 years   5 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-28        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligation percentage 53.00%   53.00%  
Remaining performance obligation, expected timing 12 months   12 months  
v3.25.3
Debt and Other Financing Arrangements - Schedule of Outstanding Debt (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total borrowings at par value $ 35,745 $ 31,332
Unamortized discount (95) (95)
Unamortized debt issuance costs (165) (164)
Total borrowings at carrying value 35,484 31,072
Finance lease liabilities 196 202
Less: Short-term obligations and current maturities 3,823 2,214
Long-term obligations $ 31,857 29,061
Commercial Paper    
Debt Instrument [Line Items]    
Effective interest rate 4.28%  
Total borrowings at par value $ 500 0
Total borrowings at carrying value 500 0
Senior Notes    
Debt Instrument [Line Items]    
Total borrowings at carrying value $ 34,983 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  
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  
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 1.02%  
Total borrowings at par value $ 149 142
Senior Notes | 0.00% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.00%  
Term 4 years  
Effective interest rate 0.15%  
Total borrowings at par value $ 644 569
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 3.36%  
Total borrowings at par value $ 585 518
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 1.52%  
Total borrowings at par value $ 819 725
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 1.13%  
Total borrowings at par value $ 514 0
Senior Notes | 5.00% 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 $ 585 518
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 $ 702 621
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 $ 193 184
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 | 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 $ 110 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 0.77%  
Total borrowings at par value $ 936 828
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 $ 414 364
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 $ 194 184
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 $ 702 621
Senior Notes | 1.75% 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 | 5.00% 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 $ 395 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 $ 819 725
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 $ 31 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 $ 293 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 $ 2,048 1,812
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 $ 1,053 932
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 $ 520 457
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 $ 702 621
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 $ 42 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 $ 439 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 $ 1,755 1,553
Senior Notes | 5.20% 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 $ 878 777
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 $ 144 137
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 $ 407 358
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 $ 390 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 $ 269 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 $ 819 725
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 $ 1,053 932
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 $ 1,463 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 $ 98 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 $ 194 184
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 $ 232 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 $ 169 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 $ 1,170 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 $ 410 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 $ 878 777
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 $ 223 212
Other    
Debt Instrument [Line Items]    
Total borrowings at par value 1 73
Total borrowings at carrying value $ 1 $ 73
v3.25.3
Debt and Other Financing Arrangements - Credit Facilities (Details) - Revolving Credit Facility
 9 Months Ended
Sep. 27, 2025
USD ($)
Line of Credit Facility [Line Items]  
Borrowing capacity $ 5,000,000,000.00
Minimum consolidated interest coverage ratio 3.5
Borrowings outstanding $ 0
v3.25.3
Debt and Other Financing Arrangements - Commercial Paper Programs (Details) - Commercial Paper
 9 Months Ended
Sep. 27, 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
v3.25.3
Debt and Other Financing Arrangements - Senior Notes (Details) - Senior Notes
 9 Months Ended
Sep. 27, 2025
Debt Instrument [Line Items]  
Redemption price (as a percent) 100.00%
0.00% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)  
Debt Instrument [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 0.00%
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)  
Debt Instrument [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 0.80%
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)  
Debt Instrument [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 1.125%
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)  
Debt Instrument [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 1.625%
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)  
Debt Instrument [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 2.00%
v3.25.3
Debt and Other Financing Arrangements - Schedule of Debt Issuances (Details) - Senior Notes - Subsequent Event
$ in Millions
 1 Months Ended
Oct. 31, 2025
USD ($)
4.200% 5.5-Year Senior Notes due 3/1/2031  
Debt Instrument [Line Items]  
Interest rate 4.20%
Term 5 years 6 months
Principal value issued $ 500
4.473% 7-Year Senior Notes due 10/7/2032  
Debt Instrument [Line Items]  
Interest rate 4.473%
Term 7 years
Principal value issued $ 750
4.794% 10-Year Senior Notes due 10/7/2035  
Debt Instrument [Line Items]  
Interest rate 4.794%
Term 10 years
Principal value issued $ 750
4.894% 12-Year Senior Notes due 10/7/2037  
Debt Instrument [Line Items]  
Interest rate 4.894%
Term 12 years
Principal value issued $ 500
v3.25.3
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 162 $ 1,103
Bank time deposits 1,560 1,560
Investments 87 39
Insurance contracts 277 240
Derivative contracts 415 460
Contingent consideration 65  
Total assets 2,566 3,401
Liabilities    
Derivative contracts 409 59
Contingent consideration 12 13
Total liabilities 421 72
Quoted Prices in Active Markets (Level 1)    
Assets    
Cash equivalents 162 1,103
Bank time deposits 1,560 1,560
Investments 22 18
Insurance contracts 0 0
Derivative contracts 0 0
Contingent consideration 0  
Total assets 1,744 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 277 240
Derivative contracts 415 460
Contingent consideration 0  
Total assets 692 700
Liabilities    
Derivative contracts 409 59
Contingent consideration 0 0
Total liabilities 409 59
Significant Unobservable Inputs (Level 3)    
Assets    
Cash equivalents 0 0
Bank time deposits 0 0
Investments 65 21
Insurance contracts 0 0
Derivative contracts 0 0
Contingent consideration 65  
Total assets 129 21
Liabilities    
Derivative contracts 0 0
Contingent consideration 12 13
Total liabilities $ 12 $ 13
v3.25.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Fair Value Disclosures [Abstract]        
Gain (loss) on sale of investments $ 8 $ (4) $ 6 $ 7
v3.25.3
Fair Value Measurements - Schedule of Fair Value of Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Asset Rollforward        
Beginning balance $ 59 $ 0 $ 21 $ 0
Purchases 6 26 44 26
Ending balance 65 26 65 26
Contingent Consideration        
Asset Rollforward        
Beginning balance     0  
Acquisition     65  
Ending balance 65   65  
Contingent Consideration        
Contingent consideration liabilities        
Beginning balance 5 12 13 87
Acquisitions (including assumed balances) 3 0 3 0
Payments 0 0 (6) (2)
Changes in fair value included in earnings 4 (4) 3 (78)
Ending balance $ 12 $ 8 $ 12 $ 8
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 Selling, general and administrative expenses Selling, general and administrative expenses
v3.25.3
Fair Value Measurements - Schedule of Fair Value of Other Instruments (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value $ 35,484 $ 31,072
Fair value 33,075 28,527
Senior notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 34,983 30,999
Fair value 32,573 28,454
Commercial Paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 500 0
Fair value 500 0
Other    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 1 73
Fair value $ 1 $ 73
v3.25.3
Supplemental Income Statement Information - Scheduleof Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Disaggregation of Revenue [Line Items]        
Total revenues $ 11,122 $ 10,598 $ 32,341 $ 31,484
Life Sciences Solutions        
Disaggregation of Revenue [Line Items]        
Total revenues 2,194 2,009 6,263 5,935
Analytical Instruments        
Disaggregation of Revenue [Line Items]        
Total revenues 1,847 1,776 5,193 5,132
Specialty Diagnostics        
Disaggregation of Revenue [Line Items]        
Total revenues 1,154 1,111 3,402 3,310
Specialty Diagnostics | Intersubsegment Eliminations        
Disaggregation of Revenue [Line Items]        
Total revenues (70) (75) (207) (200)
Laboratory Products and Biopharma Services        
Disaggregation of Revenue [Line Items]        
Total revenues 5,927 5,701 17,483 17,106
Laboratory Products and Biopharma Services | Intersubsegment Eliminations        
Disaggregation of Revenue [Line Items]        
Total revenues (226) (216) (679) (673)
Total Reportable Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 11,626 11,065 33,828 32,881
Total Reportable Segments | Life Sciences Solutions        
Disaggregation of Revenue [Line Items]        
Total revenues 2,588 2,387 7,428 7,027
Total Reportable Segments | Life Sciences Solutions | Biosciences        
Disaggregation of Revenue [Line Items]        
Total revenues 1,023 1,006 3,091 3,124
Total Reportable Segments | Life Sciences Solutions | Genetic sciences        
Disaggregation of Revenue [Line Items]        
Total revenues 720 701 2,076 2,001
Total Reportable Segments | Life Sciences Solutions | BioProduction        
Disaggregation of Revenue [Line Items]        
Total revenues 817 680 2,234 1,903
Total Reportable Segments | Life Sciences Solutions | Other        
Disaggregation of Revenue [Line Items]        
Total revenues 28 (1) 27 (1)
Total Reportable Segments | Analytical Instruments        
Disaggregation of Revenue [Line Items]        
Total revenues 1,893 1,808 5,339 5,277
Total Reportable Segments | Analytical Instruments | Chromatography and mass spectrometry        
Disaggregation of Revenue [Line Items]        
Total revenues 841 802 2,398 2,364
Total Reportable Segments | Analytical Instruments | Chemical analysis        
Disaggregation of Revenue [Line Items]        
Total revenues 320 332 898 976
Total Reportable Segments | Analytical Instruments | Electron microscopy        
Disaggregation of Revenue [Line Items]        
Total revenues 732 675 2,043 1,938
Total Reportable Segments | Specialty Diagnostics        
Disaggregation of Revenue [Line Items]        
Total revenues 1,174 1,129 3,456 3,355
Total Reportable Segments | Specialty Diagnostics | Clinical diagnostics        
Disaggregation of Revenue [Line Items]        
Total revenues 283 266 822 802
Total Reportable Segments | Specialty Diagnostics | ImmunoDiagnostics        
Disaggregation of Revenue [Line Items]        
Total revenues 230 212 681 649
Total Reportable Segments | Specialty Diagnostics | Microbiology        
Disaggregation of Revenue [Line Items]        
Total revenues 162 159 473 471
Total Reportable Segments | Specialty Diagnostics | Transplant diagnostics        
Disaggregation of Revenue [Line Items]        
Total revenues 125 114 362 332
Total Reportable Segments | Specialty Diagnostics | Healthcare market channel        
Disaggregation of Revenue [Line Items]        
Total revenues 444 453 1,325 1,302
Total Reportable Segments | Laboratory Products and Biopharma Services        
Disaggregation of Revenue [Line Items]        
Total revenues 5,970 5,740 17,605 17,221
Total Reportable Segments | Laboratory Products and Biopharma Services | Laboratory products        
Disaggregation of Revenue [Line Items]        
Total revenues 594 614 1,776 1,878
Total Reportable Segments | Laboratory Products and Biopharma Services | Research and safety market channel        
Disaggregation of Revenue [Line Items]        
Total revenues 1,861 1,739 5,471 5,225
Total Reportable Segments | Laboratory Products and Biopharma Services | Pharma services        
Disaggregation of Revenue [Line Items]        
Total revenues 1,722 1,647 5,123 4,852
Total Reportable Segments | Laboratory Products and Biopharma Services | Clinical research        
Disaggregation of Revenue [Line Items]        
Total revenues 2,019 1,956 5,914 5,938
Elimination of intersegment revenues        
Disaggregation of Revenue [Line Items]        
Total revenues (503) (467) (1,487) (1,397)
North America        
Disaggregation of Revenue [Line Items]        
Total revenues 5,689 5,591 16,924 16,640
Europe        
Disaggregation of Revenue [Line Items]        
Total revenues 3,005 2,686 8,459 7,968
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Total revenues 2,013 1,923 5,824 5,755
Other regions        
Disaggregation of Revenue [Line Items]        
Total revenues 415 397 1,135 1,122
Consumables        
Disaggregation of Revenue [Line Items]        
Total revenues 4,679 4,379 13,638 13,070
Instruments        
Disaggregation of Revenue [Line Items]        
Total revenues 1,811 1,769 5,080 5,196
Services        
Disaggregation of Revenue [Line Items]        
Total revenues $ 4,633 $ 4,450 $ 13,623 $ 13,218
v3.25.3
Supplemental Income Statement Information - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Oct. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Workforce reduction 4.00%  
Non-cash charges $ 155  
Impairment of long-lived assets 91  
Subsequent Event    
Restructuring Cost and Reserve [Line Items]    
Additional restructuring charges   $ 140
Consolidated Joint Venture    
Restructuring Cost and Reserve [Line Items]    
Net charges for disposition of consolidated joint venture $ 51  
v3.25.3
Supplemental Income Statement Information - Schedule of Restructuring and Other Costs by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs $ 135 $ 45 $ 316 $ 151
Corporate        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs (36)   (29)  
Life Sciences Solutions | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs 78   132  
Analytical Instruments | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs 54   68  
Specialty Diagnostics | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs 0   5  
Laboratory Products and Biopharma Services | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs $ 39   $ 139  
v3.25.3
Supplemental Income Statement Information - Schedule of Changes in the Company's Accrued Restructuring Balance (Details)
$ in Millions
 9 Months Ended
Sep. 27, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 50
Net restructuring charges incurred in 2025 161
Payments (127)
Currency translation 1
Ending balance $ 85
v3.25.3
Supplemental Income Statement Information - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Supplemental Income Statement Elements [Abstract]        
Net income attributable to Thermo Fisher Scientific Inc. $ 1,616 $ 1,630 $ 4,740 $ 4,505
Basic weighted average shares (in shares) 378 382 378 382
Plus effect of: stock options and restricted stock units (in shares) 1 1 1 1
Diluted weighted average shares (in shares) 378 384 378 383
Basic earnings per share (in dollars per share) $ 4.28 $ 4.26 $ 12.55 $ 11.79
Diluted earnings per share (in dollars per share) $ 4.27 $ 4.25 $ 12.53 $ 11.75
Antidilutive stock options excluded from diluted weighted average shares (in shares) 3 2 3 2
v3.25.3
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Jun. 28, 2025
Mar. 29, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Effective Income Tax Rate Reconciliation, Amount [Abstract]            
Statutory federal income tax rate         21.00% 21.00%
Provision for income taxes at statutory rate         $ 1,082 $ 1,070
Foreign rate differential         (156) (93)
Income tax credits         (180) (207)
Global intangible low-taxed income         40 90
Foreign-derived intangible income         (86) (73)
Excess tax benefits from stock options and restricted stock units         (7) (64)
Provision for (reversal of) tax reserves, net         (31) 216
Intra-entity transfers   $ (153)     (153) (102)
Domestication transaction     $ (125)   (125) 0
Provision for (reversal of) valuation allowances, net   $ (93)     (65) (161)
Tax return reassessments and settlements         (5) (130)
Other, net         80 (38)
Provision for/(benefit from) income taxes $ 207     $ 99 $ 394 $ 507
v3.25.3
Income Taxes - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
USD ($)
country
Jun. 28, 2025
USD ($)
Mar. 29, 2025
USD ($)
Sep. 27, 2025
USD ($)
country
Sep. 28, 2024
USD ($)
Dec. 31, 2024
USD ($)
Valuation Allowance [Line Items]            
Domestication transaction     $ 125 $ 125 $ 0  
Intra-entity transfers   $ 153   153 102  
Benefit in jurisdictions for deferred tax assets   $ 93   $ 65 161  
Tax benefits resulting from tax return $ 86          
Countries with taxable presence | country 70     70    
Unrecognized tax benefits $ 515     $ 515   $ 525
Foreign Tax Jurisdiction            
Valuation Allowance [Line Items]            
Benefit in jurisdictions for deferred tax assets         307  
Provision for settlement of international tax audit         $ 240  
v3.25.3
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details)
$ in Millions
 9 Months Ended
Sep. 27, 2025
USD ($)
Reconciliation of Unrecognized Tax Benefits [Roll Forward]  
Balance at beginning of year $ 525
Additions for tax positions of current year 22
Reductions for tax positions of prior years (10)
Closure of tax years (19)
Settlements (3)
Balance at end of period $ 515
v3.25.3
Comprehensive Income/(Loss) and Shareholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 27, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance $ 50,476 $ 49,551
Ending Balance 51,024 51,024
Total    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance (2,797) (2,697)
Other comprehensive income/(loss) before reclassifications (14) (112)
Amounts reclassified from accumulated other comprehensive income/(loss) 10 9
Net other comprehensive income/(loss) (4) (103)
Ending Balance (2,801) (2,801)
Cumulative translation adjustment    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance (2,502) (2,409)
Other comprehensive income/(loss) before reclassifications (17) (104)
Amounts reclassified from accumulated other comprehensive income/(loss) 7 1
Net other comprehensive income/(loss) (10) (103)
Ending Balance (2,512) (2,512)
Unrealized gains/(losses) on hedging instruments    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance (24) (25)
Other comprehensive income/(loss) before reclassifications 0 0
Amounts reclassified from accumulated other comprehensive income/(loss) 1 2
Net other comprehensive income/(loss) 1 2
Ending Balance (23) (23)
Pension and other postretirement benefit liability adjustment    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance (270) (263)
Other comprehensive income/(loss) before reclassifications 3 (8)
Amounts reclassified from accumulated other comprehensive income/(loss) 2 6
Net other comprehensive income/(loss) 5 (2)
Ending Balance $ (265) $ (265)
v3.25.3
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 27, 2025
Sep. 28, 2024
Non-cash investing and financing activities      
Acquired but unpaid property, plant and equipment   $ 163 $ 190
Declared but unpaid dividends $ 164 164 151
Issuance of stock upon vesting of restricted stock units   161 183
Excise tax from stock repurchases $ 9 26 27
Unsettled share repurchases   $ 37 $ 0
v3.25.3
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Sep. 28, 2024
Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 1,982 $ 4,009    
Restricted cash included in other current assets 7 10    
Restricted cash included in other assets 22 21    
Cash, cash equivalents and restricted cash $ 2,011 $ 4,040 $ 4,670 $ 8,097
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    
v3.25.3
Derivatives - Schedule of Derivative Assets & Liabilities (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Fair Value, Recurring    
Derivatives, Fair Value [Line Items]    
Fair value – assets $ 415 $ 460
Fair value – liabilities 409 59
Interest rate swaps | 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 swaps | 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 swaps | 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 2,500 2,500
Currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Notional amount 1,462 1,588
Currency exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets 2 2
Fair value – liabilities 1 2
Cross-currency interest rate swaps | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets 413 458
Fair value – liabilities $ 408 $ 57
v3.25.3
Derivatives - Schedule of Derivative Instruments, Gains & Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
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 $ (1) $ (6) $ (3) $ 1
Currency exchange contracts | Included in other income/(expense) | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative 30 15 43 5
Derivatives designated as cash flow hedges | Interest rate swaps | 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 (1) (1) (3) (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]        
Gain (loss) on currency translation adjustment 13 (488) (1,225) (127)
Financial instruments designated as net investment hedges | Cross-currency interest rate swaps | Derivatives designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on currency translation adjustment 239 (566) (395) 171
Gain (loss) on derivative $ 67 $ 67 $ 201 $ 200
v3.25.3
Business Segment Information - Narrative (Details)
 9 Months Ended
Sep. 27, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.3
Business Segment Information - Schedule of Business Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Total revenues $ 11,122 $ 10,598 $ 32,341 $ 31,484  
Selling, general and administrative expenses 2,162 2,098 6,380 6,392  
Research and development expenses 346 346 1,041 1,016  
Segment income 1,941 1,838 5,491 5,321  
Restructuring and other costs (135) (45) (316) (151)  
Amortization of acquisition-related intangible assets     (1,294) (1,514)  
Interest income 234 277 735 851  
Interest expense (347) (356) (1,054) (1,073)  
Other income/(expense) (2) (16) (18) (2)  
Consolidated income before income taxes 1,826 1,742 5,155 5,096  
Segment assets 103,020 100,364 103,020 100,364 $ 97,321
Purchases of property, plant and equipment 404 271 1,060 920  
Depreciation of property, plant and equipment 227 291 758 852  
Life Sciences Solutions          
Segment Reporting Information [Line Items]          
Total revenues 2,194 2,009 6,263 5,935  
Analytical Instruments          
Segment Reporting Information [Line Items]          
Total revenues 1,847 1,776 5,193 5,132  
Specialty Diagnostics          
Segment Reporting Information [Line Items]          
Total revenues 1,154 1,111 3,402 3,310  
Laboratory Products and Biopharma Services          
Segment Reporting Information [Line Items]          
Total revenues 5,927 5,701 17,483 17,106  
Segment Reconciling Items          
Segment Reporting Information [Line Items]          
Total revenues 503 467 1,487 1,397  
Cost of revenues adjustments (10) (9) (31) (25)  
Selling, general and administrative expenses adjustments (66) (21) (99) 24  
Restructuring and other costs (135) (45) (316) (151)  
Amortization of acquisition-related intangible assets (435) (450) (1,294) (1,514)  
Segment assets 88,209 86,575 88,209 86,575  
Purchases of property, plant and equipment 23 23 85 61  
Depreciation of property, plant and equipment 0 0 0 0  
Segment Reconciling Items | Life Sciences Solutions          
Segment Reporting Information [Line Items]          
Total revenues 394 378 1,165 1,092  
Segment Reconciling Items | Analytical Instruments          
Segment Reporting Information [Line Items]          
Total revenues 46 32 145 145  
Segment Reconciling Items | Specialty Diagnostics          
Segment Reporting Information [Line Items]          
Total revenues 20 18 54 45  
Segment Reconciling Items | Laboratory Products and Biopharma Services          
Segment Reporting Information [Line Items]          
Total revenues 43 39 122 115  
Operating Segments          
Segment Reporting Information [Line Items]          
Total revenues 11,626 11,065 33,828 32,881  
Segment income 2,587 2,362 7,231 6,987  
Operating Segments | Life Sciences Solutions          
Segment Reporting Information [Line Items]          
Total revenues 2,588 2,387 7,428 7,027  
Cost of revenues 961 907 2,742 2,587  
Selling, general and administrative expenses 470 475 1,406 1,334  
Research and development expenses 136 141 408 403  
Other segment items 53 19 150 153  
Segment income 968 845 2,722 2,551  
Restructuring and other costs (78)   (132)    
Segment assets 3,552 3,211 3,552 3,211  
Purchases of property, plant and equipment 32 27 101 78  
Depreciation of property, plant and equipment 62 58 177 171  
Operating Segments | Analytical Instruments          
Segment Reporting Information [Line Items]          
Total revenues 1,893 1,808 5,339 5,277  
Cost of revenues 975 878 2,713 2,529  
Selling, general and administrative expenses 307 310 939 933  
Research and development expenses 144 134 426 405  
Other segment items 39 35 108 121  
Segment income 429 451 1,153 1,289  
Restructuring and other costs (54)   (68)    
Segment assets 3,189 2,905 3,189 2,905  
Purchases of property, plant and equipment 18 19 75 64  
Depreciation of property, plant and equipment 26 25 76 76  
Operating Segments | Specialty Diagnostics          
Segment Reporting Information [Line Items]          
Total revenues 1,174 1,129 3,456 3,355  
Cost of revenues 682 668 2,001 1,919  
Selling, general and administrative expenses 175 178 529 553  
Research and development expenses 42 44 134 128  
Other segment items (46) (54) (140) (130)  
Segment income 321 293 932 886  
Restructuring and other costs 0   (5)    
Segment assets 1,307 1,234 1,307 1,234  
Purchases of property, plant and equipment 34 26 92 79  
Depreciation of property, plant and equipment 23 29 68 72  
Operating Segments | Laboratory Products and Biopharma Services          
Segment Reporting Information [Line Items]          
Total revenues 5,970 5,740 17,605 17,221  
Cost of revenues 4,622 4,488 13,728 13,493  
Selling, general and administrative expenses 582 588 1,773 1,768  
Research and development expenses 14 16 41 50  
Other segment items (116) (125) (362) (352)  
Segment income 868 773 2,425 2,262  
Restructuring and other costs (39)   (139)    
Segment assets 6,763 6,438 6,763 6,438  
Purchases of property, plant and equipment 297 177 707 637  
Depreciation of property, plant and equipment 115 179 439 534  
Elimination of intersegment revenues          
Segment Reporting Information [Line Items]          
Total revenues $ (503) $ (467) $ (1,487) $ (1,397)  
v3.25.3
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 27, 2026
Sep. 27, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Weighted-average amortization period   18 years 18 years
Customer relationships      
Business Combination [Line Items]      
Weighted-average amortization period   18 years 19 years
Product technology      
Business Combination [Line Items]      
Weighted-average amortization period   19 years 15 years
Trade names      
Business Combination [Line Items]      
Weighted-average amortization period   15 years 15 years
Clario Holdings, Inc. | Forecast      
Business Combination [Line Items]      
Cash paid $ 8,875    
Deferred consideration 125    
Contingent consideration, maximum amount $ 400    
v3.25.3
Acquisitions - Schedule of Components of Purchase Price and Net Assets Acquired (Details) - USD ($)
$ in Millions
Sep. 01, 2025
Jul. 10, 2024
Sep. 27, 2025
Dec. 31, 2024
Net assets acquired        
Goodwill     $ 49,287 $ 45,853
Filtration and separation business        
Business Combination [Line Items]        
Cash paid $ 3,944      
Fair value of contingent consideration (65)      
Cash acquired (9)      
Purchase price 3,871      
Net assets acquired        
Property, plant and equipment 411      
Goodwill 2,103      
Net other assets/(liabilities) 172      
Deferred tax assets (liabilities) (366)      
Net assets acquired 3,871      
Filtration and separation business | Customer relationships        
Net assets acquired        
Definite-lived intangible assets 1,114      
Filtration and separation business | Product technology        
Net assets acquired        
Definite-lived intangible assets 387      
Filtration and separation business | Trade names        
Net assets acquired        
Definite-lived intangible assets $ 51      
Olink Holding AB        
Business Combination [Line Items]        
Cash paid   $ 3,215    
Purchase price payable   28    
Cash acquired   (97)    
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 Holding AB | Customer relationships        
Net assets acquired        
Definite-lived intangible assets   708    
Olink Holding AB | Product technology        
Net assets acquired        
Definite-lived intangible assets   207    
Olink Holding AB | Trade names        
Net assets acquired        
Definite-lived intangible assets   $ 97