THERMO FISHER SCIENTIFIC INC., 10-Q filed on 5/1/2026
Quarterly Report
v3.26.1
Cover
 3 Months Ended
Mar. 28, 2026
shares
Entity Listings [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 28, 2026
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 371,621,465
Entity Central Index Key 0000097745
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Common Stock  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, $1.00 par value
Trading Symbol TMO
Security Exchange Name NYSE
1.450% Notes due 2027  
Entity Listings [Line Items]  
Title of 12(b) Security 1.450% Notes due 2027
Trading Symbol TMO 27
Security Exchange Name NYSE
1.75% 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
Floating Rate Notes due 2027  
Entity Listings [Line Items]  
Title of 12(b) Security Floating Rate Notes due 2027
Trading Symbol TMO 27D
Security Exchange Name NYSE
0.50% 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% Notes due 2032  
Entity Listings [Line Items]  
Title of 12(b) Security 2.375% Notes due 2032
Trading Symbol TMO 32
Security Exchange Name NYSE
3.650% Notes due 2034  
Entity Listings [Line Items]  
Title of 12(b) Security 3.650% Notes due 2034
Trading Symbol TMO 34
Security Exchange Name NYSE
3.628% Notes due 2035  
Entity Listings [Line Items]  
Title of 12(b) Security 3.628% Notes due 2035
Trading Symbol TMO 35A
Security Exchange Name NYSE
2.875% 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
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,254 $ 9,852
Short-term investments 2 253
Accounts receivable, less allowances of $149 and $147 9,204 8,900
Inventories 5,496 5,425
Contract assets, net 1,684 1,666
Other current assets 2,677 2,612
Total current assets 22,316 28,707
Property, plant and equipment, net 10,658 10,565
Acquisition-related intangible assets, net 19,146 15,838
Other assets 5,973 5,871
Goodwill 55,187 49,362
Total assets 113,281 110,343
Current liabilities:    
Short-term obligations and current maturities of long-term obligations 3,090 3,533
Accounts payable 3,344 3,622
Accrued payroll and employee benefits 1,565 1,995
Contract liabilities 2,928 2,710
Other accrued expenses 3,694 3,329
Total current liabilities 14,621 15,189
Deferred income taxes 2,107 1,493
Other long-term liabilities 4,421 4,273
Long-term obligations 40,071 35,852
Redeemable noncontrolling interest 121 122
Thermo Fisher Scientific Inc. shareholders’ equity:    
Preferred stock, $100 par value, 50,000 shares authorized; none issued 0 0
Common stock, $1 par value, 1,200,000,000 shares authorized; 445,473,074 and 445,160,301 shares issued 445 445
Capital in excess of par value 18,713 18,563
Retained earnings 60,632 59,156
Treasury stock at cost, 73,851,609 and 68,938,831 shares (25,360) (22,309)
Accumulated other comprehensive income/(loss) (2,497) (2,448)
Total Thermo Fisher Scientific Inc. shareholders’ equity 51,934 53,407
Noncontrolling interests 7 7
Total equity 51,940 53,415
Total liabilities, redeemable noncontrolling interest and equity $ 113,281 $ 110,343
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Allowance $ 149 $ 147
Preferred stock, par value (in dollars per share) $ 100 $ 100
Preferred stock, shares authorized (in shares) 50,000 50,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 1,200,000,000 1,200,000,000
Common stock, shares issued (in shares) 445,473,074 445,160,301
Treasury stock at cost (in shares) 73,851,609 68,938,831
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Revenues    
Total revenues $ 11,005 $ 10,364
Costs and operating expenses:    
Selling, general and administrative expenses 2,181 2,078
Research and development expenses 336 342
Restructuring and other costs 49 98
Total costs and operating expenses 9,142 8,648
Operating income 1,863 1,716
Interest income 233 203
Interest expense (354) (303)
Other income/(expense) (9) 3
Income before income taxes 1,734 1,620
Benefit from/(provision for) income taxes (70) (95)
Equity in earnings/(losses) of unconsolidated entities (8) (14)
Net income 1,656 1,511
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest 5 4
Net income attributable to Thermo Fisher Scientific Inc. $ 1,651 $ 1,507
Earnings per share attributable to Thermo Fisher Scientific Inc.    
Basic (in dollars per share) $ 4.44 $ 3.99
Diluted (in dollars per share) $ 4.43 $ 3.98
Weighted average shares    
Basic (in shares) 372 378
Diluted (in shares) 373 379
Product revenues    
Revenues    
Total revenues $ 6,277 $ 5,980
Costs and operating expenses:    
Cost of revenues 3,261 3,125
Service revenues    
Revenues    
Total revenues 4,728 4,384
Costs and operating expenses:    
Cost of revenues $ 3,314 $ 3,004
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Comprehensive income/(loss)    
Net income $ 1,656 $ 1,511
Cumulative translation adjustment:    
Cumulative translation adjustment (net of tax provision (benefit) of $27 and $(207)) (58) 360
Unrealized gains/(losses) on hedging instruments:    
Reclassification adjustment for losses included in net income (net of tax (provision) benefit of $0 and $0) 1 1
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) and $1) 2 (3)
Amortization of net loss included in net periodic pension cost (net of tax (provision) benefit of $0 and $0) 1 1
Total other comprehensive income/(loss) (55) 358
Comprehensive income/(loss) 1,601 1,869
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (1) 8
Comprehensive income attributable to Thermo Fisher Scientific Inc. $ 1,602 $ 1,861
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Statement of Comprehensive Income [Abstract]    
Tax provision (benefit) on cumulative translation adjustment $ 27 $ (207)
Tax benefit on reclassification adjustment for losses on hedging instruments recognized in net income 0 0
Tax benefit (provision) on pension and other postretirement benefit liability adjustments arising during the period (1) 1
Tax benefit (provision) on amortization of net loss included in net periodic pension cost $ 0 $ 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Operating activities    
Net income $ 1,656 $ 1,511
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 306 276
Amortization of acquisition-related intangible assets 430 429
Change in deferred income taxes (258) (279)
Stock-based compensation 83 75
Other net non-cash expenses 88 135
Changes in assets and liabilities, excluding the effects of acquisitions (1,112) (1,425)
Net cash provided by operating activities 1,192 723
Investing activities    
Purchases of property, plant and equipment (376) (362)
Proceeds from sale of property, plant and equipment 9 12
Proceeds from cross-currency interest rate swap interest settlements 96 87
Acquisitions, net of cash acquired (8,872) 0
Purchases of investments (14) (264)
Proceeds from sales and maturities of investments 250 2
Other investing activities, net (55) (1)
Net cash used in investing activities (8,961) (527)
Financing activities    
Net proceeds from issuance of debt 5,238 2,840
Repayment of debt (1,412) (838)
Proceeds from issuance of commercial paper 389 0
Purchases of company common stock (3,000) (2,000)
Dividends paid (162) (149)
Other financing activities, net 39 45
Net cash provided by (used in) financing activities 1,093 (102)
Exchange rate effect on cash 78 37
Increase/(decrease) in cash, cash equivalents and restricted cash (6,599) 132
Cash, cash equivalents and restricted cash at beginning of period 9,879 4,040
Cash, cash equivalents and restricted cash at end of period $ 3,280 $ 4,172
v3.26.1
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, 2024 $ 120              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 5              
Other comprehensive income/(loss) 3              
Ending balance at Mar. 29, 2025 128              
Common stock, beginning 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           63,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans 50 50   74   $ (24)    
Stock-based compensation 75 75   75        
Purchases of company common stock (in shares)           4,000,000    
Purchases of company common stock (2,000) (2,000)       $ (2,000)    
Dividends declared (163) (163)     (163)      
Net income/(loss) 1,507 1,507     1,507      
Other comprehensive income/(loss) 355 354         354 1
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases (18) (18)       (18)    
Common stock, ending balance (in shares) at Mar. 29, 2025     444,000,000          
Ending balance at Mar. 29, 2025 49,357 49,390 $ 444 18,111 54,447 $ (21,269) (2,343) (33)
Treasury stock ending balance (in shares) at Mar. 29, 2025           67,000,000    
Beginning balance at Dec. 31, 2025 122              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 4              
Other comprehensive income/(loss) (6)              
Ending balance at Mar. 28, 2026 121              
Common stock, beginning balance (in shares) at Dec. 31, 2025     445,000,000          
Beginning balance at Dec. 31, 2025 $ 53,415 53,407 $ 445 18,563 59,156 $ (22,309) (2,448) 7
Treasury stock beginning balance (in shares) at Dec. 31, 2025 68,938,831         69,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans $ 44 44   66   $ (22)    
Stock-based compensation 83 83   83        
Purchases of company common stock (in shares)           5,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (175) (175)     (175)      
Net income/(loss) 1,651 1,651     1,651      
Other comprehensive income/(loss) (49) (49)         (49)  
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases (28) (28)       (28)    
Common stock, ending balance (in shares) at Mar. 28, 2026     445,000,000          
Ending balance at Mar. 28, 2026 $ 51,940 $ 51,934 $ 445 $ 18,713 $ 60,632 $ (25,360) $ (2,497) $ 7
Treasury stock ending balance (in shares) at Mar. 28, 2026 73,851,609         74,000,000    
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.47 $ 0.43
v3.26.1
Nature of Operations and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 28, 2026
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 March 28, 2026, the results of operations for the three-month periods ended March 28, 2026 and March 29, 2025, and the cash flows for the three-month periods ended March 28, 2026 and March 29, 2025. Interim results are not necessarily indicative of results for a full year.
The condensed consolidated balance sheet presented as of December 31, 2025, 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 2025 financial statements and notes included in the company’s Annual Report on Form 10-K. Certain reclassifications of prior year amounts have been made to conform to the current year presentation.
Note 1 to the consolidated financial statements for 2025 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 three months ended March 28, 2026.
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. 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 method.Increased annual disclosures in Notes 7 and 9
Standards not yet adopted
ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
New guidance to disclose specified information about certain costs and expenses.2027 annual report and interim periods thereafter using a prospective or retrospective method.Will increase disclosures in Note 6
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
ASU No. 2025-06, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
Among other things, new guidance to modernize the accounting for costs to develop software for internal use.2028 annual report and interim periods thereafter using a prospective, retrospective, or modified transition method; early adoption is permitted.Currently evaluating adoption impact, timing, and method
ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities
Among other things, establishes guidance for the recognition, measurement, and presentation of government grants.2029 using a retrospective, modified retrospective, or modified prospective approach; early adoption is permitted.Currently evaluating adoption impact, timing, and method
v3.26.1
Supplemental Balance Sheet Information
 3 Months Ended
Mar. 28, 2026
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)March 28, 2026December 31, 2025
Raw materials$1,925 $1,877 
Work in process942 889 
Finished goods2,629 2,659 
Inventories$5,496 $5,425 
Contract-related Balances
Contract asset and liability balances are as follows:
(In millions)March 28, 2026December 31, 2025
Current contract assets, net$1,684 $1,666 
Noncurrent contract assets, net1 1 
Current contract liabilities2,928 2,710 
Noncurrent contract liabilities1,034 1,183 
In the three months ended March 28, 2026, the company recognized revenues of $1.29 billion that were included in the contract liabilities balance at December 31, 2025. In the three months ended March 29, 2025, the company recognized revenues of $1.36 billion that were included in the contract liabilities balance at December 31, 2024.
Remaining Performance Obligations
The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of March 28, 2026, was $29.41 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 52% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.
v3.26.1
Debt and Other Financing Arrangements
 3 Months Ended
Mar. 28, 2026
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 March 28,March 28,December 31,
(Dollars in millions)202620262025
Commercial Paper3.87 %$393 $— 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
— 587 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
— 822 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.15 %600 600 
0.832% 1.5-Year Senior Notes, Due 9/7/2026 (Swiss franc-denominated)
1.13 %513 517 
Effective interest rate at March 28,March 28,December 31,
(Dollars in millions)202620262025
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 %575 587 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %691 705 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %180 184 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
Floating Rate (EURIBOR + 0.280%) 2-Year Senior Notes, Due 12/1/2027 (euro-denominated)
2.52 %1,151 1,175 
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)
1.34 %110 111 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %921 940 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.79 %413 416 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %181 185 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %691 705 
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 %394 397 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %806 822 
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 %29 30 
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)
1.25 %293 295 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 750 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.89 %2,014 2,056 
4.215% 5-Year Senior Notes, Due 2/12/2031
4.41 %1,000 — 
4.200% 5.5-Year Senior Notes Due 3/1/2031
4.41 %500 500 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.13 %1,036 1,057 
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 %519 524 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %691 705 
4.473% 7-Year Senior Notes, Due 10/7/2032
4.62 %750 750 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %39 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 %438 442 
4.550% 7.3-Year Senior Notes, Due 6/15/2033
4.73 %750 — 
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 %1,726 1,762 
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 %863 881 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %134 137 
4.794% 10-Year Senior Notes, Due 10/7/2035
4.91 %750 750 
3.628% 10-Year Senior Notes, Due 12/1/2035 (euro-denominated)
3.70 %1,266 1,292 
4.902% 10-Year Senior Notes, Due 2/12/2036
5.02 %1,300 — 
1.76% 10-Year Senior Notes, Due 3/3/2036 (Swiss franc-denominated)
1.81 %363 — 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.10 %407 410 
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)
1.56 %389 392 
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)
1.71 %269 271 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %806 822 
Effective interest rate at March 28,March 28,December 31,
(Dollars in millions)202620262025
4.894% 12-Year Senior Notes, Due 10/7/2037
5.00 %500 500 
1.90% 12-Year Senior Notes, Due 3/3/2038 (Swiss franc-denominated)
1.95 %314 — 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %1,036 1,057 
2.01% 15-Year Senior Notes, Due 3/3/2041 (Swiss franc-denominated)
2.05 %357 — 
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 %1,439 1,468 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %91 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 %181 185 
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 %232 233 
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)
1.95 %169 170 
5.546% 20-Year Senior Notes, Due 2/12/2046
5.64 %750 — 
2.11% 20-Year Senior Notes, Due 3/3/2046 (Swiss franc-denominated)
2.18 %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 %1,151 1,175 
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)
1.49 %409 413 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %863 881 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %208 212 
2.06% 30-Year Senior Notes, Due 3/3/2056 (Swiss franc-denominated)
2.09 %248 — 
Other 1 1 
Total borrowings at par value
43,267 39,459 
Unamortized discount
(91)(94)
Unamortized debt issuance costs
(229)(194)
Total borrowings at carrying value
42,947 39,172 
Finance lease liabilities
213 213 
Less: Short-term obligations and current maturities
3,090 3,533 
Long-term obligations$40,071 $35,852 
EURIBOR - Euro Interbank Offered Rate
The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discounts/premiums and the amortization of any debt issuance costs.
See Note 4 for fair value information pertaining to the company’s long-term borrowings.
Credit Facilities
The company has a revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit. The Facility expires on January 7, 2028. The revolving credit agreement calls for interest at either a Term Secured Overnight Financing Rate (SOFR), EURIBOR-based rate (for funds drawn in euro), or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of March 28, 2026, no borrowings were outstanding under the Facility.
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, quarterly on the euro-denominated floating rate senior note, 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 March 28, 2026.
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 March 28, 2026, included in the table above (collectively, the “Euronotes”) in registered public offerings: the Floating Rate Senior Notes due 2027, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 3.628% Senior Notes due 2035, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 28, 2026
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:
March 28,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2026(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$137 $137 $— $— 
Investments
110 25 — 85 
Insurance contracts
266 — 266 — 
Derivative contracts
780 — 780 — 
Contingent consideration67 — — 67 
Total assets
$1,362 $163 $1,047 $152 
Liabilities
Derivative contracts
$598 $— $598 $— 
Contingent consideration
168 — — 168 
Total liabilities
$767 $— $598 $168 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2025(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$6,907 $6,907 $— $— 
Bank time deposits250 250 — — 
Investments
103 27 — 76 
Insurance contracts
280 — 280 — 
Derivative contracts
685 — 685 — 
Contingent consideration67 — — 67 
Total assets
$8,292 $7,184 $966 $143 
Liabilities
Derivative contracts
$506 $— $506 $— 
Contingent consideration
16 — — 16 
Total liabilities
$522 $— $506 $16 
In the three-month periods ended March 28, 2026, and March 29, 2025, the company recorded $(1) million and $2 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 ended
(In millions)March 28, 2026March 29, 2025
Investments
Beginning balance$76 $21 
Purchases9 11 
Ending balance$85 $31 
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:
Three months ended
(In millions)March 28, 2026
Contingent consideration asset
Beginning balance
$67 
Changes in fair value included in earnings
1 
Ending balance
$67 
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration liabilities.
Three months ended
(In millions)March 28, 2026March 29, 2025
Contingent consideration liabilities
Beginning balance$16 $13 
Acquisitions (including assumed balances)153 — 
Changes in fair value included in earnings— 1 
Ending balance$168 $13 
Fair Value of Other Financial Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
March 28, 2026December 31, 2025
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$42,554 $39,354 $39,171 $36,606 
Commercial paper
393 393 — — 
Other
1 1 1 1 
$42,947 $39,747 $39,172 $36,607 
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.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 28, 2026
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 March 28, 2026, there have been no material changes to the accruals for pending environmental-related matters disclosed in the company’s 2025 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 these interim financial statements and notes, 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 March 28, 2026, 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 2025 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.
v3.26.1
Supplemental Income Statement Information
 3 Months Ended
Mar. 28, 2026
Supplemental Income Statement Elements [Abstract]  
Supplemental Income Statement Information Supplemental Income Statement Information
Disaggregated Revenues
Revenues by type are as follows:
Three months ended
(In millions)March 28, 2026March 29, 2025
Revenues
Consumables
$4,722 $4,354 
Instruments
1,555 1,626 
Services
4,728 4,384 
Consolidated revenues$11,005 $10,364 
Revenues by geographic region based on customer location are as follows:
Three months ended
(In millions)March 28, 2026March 29, 2025
Revenues
North America
$5,705 $5,513 
Europe
2,957 2,624 
Asia-Pacific
1,970 1,891 
Other regions
372 337 
Consolidated revenues$11,005 $10,364 
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 ended
(In millions)
March 28, 2026March 29, 2025
Revenues


Biosciences
$981 $993 
Genetic sciences
655 677 
BioProduction
893 671 
Other
107 — 
Life Sciences Solutions
2,636 2,341 
Chromatography and mass spectrometry
798 773 
Chemical analysis
285 286 
Electron microscopy
633 659 
Analytical Instruments
1,716 1,718 
Clinical diagnostics
271 263 
ImmunoDiagnostics
230 217 
Microbiology
160 152 
Transplant diagnostics
121 113 
Healthcare market channel
430 474 
Elimination of intrasegment revenues
(71)(72)
Specialty Diagnostics
1,142 1,148 
Laboratory products
569 582 
Research and safety market channel
1,827 1,727 
Pharma services
1,741 1,607 
Clinical research
2,128 1,939 
Elimination of intrasegment revenues and other
(228)(214)
Laboratory Products and Biopharma Services
6,036 5,640 
Elimination of intersegment revenues
(524)(482)
Consolidated revenues$11,005 $10,364 
Restructuring and Other Costs
In the first three months of 2026, 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 2026, severance actions associated with facility consolidations and cost reduction measures affected less than 1% of the company’s workforce.
As of May 1, 2026, 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 $290 million, primarily in 2026, and expects to identify additional actions in future periods.
Restructuring and other costs are as follows:
Three months ended
(In millions)March 28, 2026
Life Sciences Solutions
$9 
Analytical Instruments
4 
Laboratory Products and Biopharma Services
33 
Corporate
3 
$49 
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, 2025$70 
Net restructuring charges incurred in 2026 (b)
34 
Payments
(37)
Currency translation and other(2)
Balance at March 28, 2026$65 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $15 million of net charges, principally $14 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services segment.
The company expects to pay accrued restructuring costs primarily through 2026.
Earnings per Share
The company’s earnings per share are as follows:
Three months ended
March 28,March 29,
(In millions except per share amounts)20262025
Net income attributable to Thermo Fisher Scientific Inc.$1,651 $1,507 
Basic weighted average shares372 378 
Plus effect of: stock options and restricted stock units1 1 
Diluted weighted average shares373 379 
Basic earnings per share$4.44 $3.99 
Diluted earnings per share$4.43 $3.98 
Antidilutive stock options excluded from diluted weighted average shares
3 3 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 28, 2026
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:
Three months ended
(Dollars in millions)March 28, 2026March 29, 2025
U.S. federal statutory tax rate$364 21.0 %$340 21.0 %
State and local income taxes, net of federal income tax effect21 1.2 %14 0.8 %
Foreign tax effects(150)(8.7)%(43)(2.6)%
Effect of changes in tax laws or rates enacted in the current period— 0.0 %2 0.1 %
Effect of cross-border tax laws59 3.4 %19 1.2 %
Tax credits(46)(2.6)%(45)(2.8)%
Changes in valuation allowances— 0.0 %(28)(1.7)%
Nontaxable or nondeductible items— 0.0 %(8)(0.5)%
Changes in unrecognized tax benefits1 0.0 %(28)(1.7)%
Other adjustments(179)(10.3)%(128)(7.9)%
Effective tax rate$70 4.0 %$95 5.8 %
In the first three months of 2026 and 2025, the company recorded deferred tax benefits from the recognition of a tax attribute related to domestication transactions of $175 million and $125 million, respectively, included in Other adjustments above.
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. The OBBBA made changes to certain US corporate tax provisions which are effective beginning in 2026. The enactment of the OBBBA does not have a material impact on the results from operations for the current year or future years.
Unrecognized Tax Benefits
As of March 28, 2026, the company had $0.42 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)2026
Balance at beginning of year
$419 
Additions for tax positions of current year
1 
Balance at end of period
$420 
v3.26.1
Comprehensive Income/(Loss) and Shareholders' Equity
 3 Months Ended
Mar. 28, 2026
Stockholders' Equity Note [Abstract]  
Comprehensive Income/(Loss) and Shareholders' Equity Comprehensive Income/(Loss) and Shareholders' Equity
Comprehensive Income/(Loss)
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Cumulative
translation
adjustment		Unrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Three months ended March 28, 2026
Balance at December 31, 2025$(2,181)$(23)$(245)$(2,448)
Other comprehensive income/(loss) before reclassifications
(58)— 2 (57)
Amounts reclassified from accumulated other comprehensive income/(loss)
6 1 1 8 
Net other comprehensive income/(loss)
(53)1 3 (49)
Balance at March 28, 2026$(2,234)$(22)$(242)$(2,497)
v3.26.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 28, 2026
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Supplemental cash flow information is as follows:
 Three months ended
(In millions)March 28, 2026March 29, 2025
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$206 $173 
Declared but unpaid dividends
177 164 
Issuance of stock upon vesting of restricted stock units
62 65 
Excise tax from stock repurchases
28 18 
Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows:
(In millions)March 28, 2026December 31, 2025
Cash and cash equivalents$3,254 $9,852 
Restricted cash included in other current assets4 5 
Restricted cash included in other assets22 22 
Cash, cash equivalents and restricted cash$3,280 $9,879 
Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees, pension related deposits, and incoming cash in China awaiting government administrative clearance.
v3.26.1
Derivatives
 3 Months Ended
Mar. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
(In millions)March 28, 2026December 31, 2025
Notional amount
Cross-currency interest rate swaps designated as net investment hedge - euro$— $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 franc8,800 5,000 
Currency exchange contracts1,286 2,248 
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
 March 28,December 31,March 28,December 31,
(In millions)2026202520262025
Derivatives designated as hedging instruments
Cross-currency interest rate swaps
$778 $684 $597 $504 
Derivatives not designated as hedging instruments
Currency exchange contracts
2 2 1 2 
Total derivatives$780 $685 $598 $506 
The following table provides information on the company’s derivative positions subject to master netting arrangements, presented on a net basis, had the company elected to offset the asset and liability balances of its positions in the consolidated balance sheets:
 Fair value – assetsFair value – liabilities
 March 28,December 31,March 28,December 31,
(In millions)2026202520262025
Gross amounts recognized in the consolidated balance sheets$780 $685 $598 $506 
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets(444)(319)(444)(319)
Total derivatives, net$337 $366 $155 $187 
The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheets under the caption other current assets, other assets, other current liabilities, or other long-term liabilities. The fair value of the currency exchange contracts is included in the accompanying balance sheets under the captions other current assets or other accrued expenses.
 Gain/(loss) recognized
Three months ended
March 28,March 29,
(In millions)20262025
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense$(1)$(1)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in cumulative translation adjustment within other comprehensive income/(loss)
222 (450)
Cross-currency interest rate swaps
Included in cumulative translation adjustment within other comprehensive income/(loss)
(55)(119)
Included in interest expense
97 68 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
1 1 
Included in other income/(expense)
7 10 
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 2025 included in the company’s Annual Report on Form 10-K for additional information on the company’s risk management objectives and strategies.
v3.26.1
Business Segment Information
 3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
Business Segment Information
The company’s financial performance is reported in four segments. During 2026, 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.
2026
Three months ended March 28, 2026
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$2,219 $1,667 $1,124 $5,995 $11,005 
Intersegment revenues417 49 18 41 524 
2,636 1,716 1,142 6,036 11,529 
Elimination of intersegment revenues
(524)
Consolidated revenues
$11,005 
Segment Income
Cost of revenues1,004 876 657 4,757 
Selling, general, and administrative expenses496 313 177 597 
Research and development expenses131 139 44 15 
Other segment items50 34 (49)(110)
Segment income
954 355 313 778 2,399 
Unallocated amounts
Cost of revenues adjustments
(14)
Selling, general and administrative expenses adjustments
(43)
Restructuring and other costs
(49)
Amortization of acquisition-related intangible assets
(430)
Interest income233 
Interest expense(354)
Other income/(expense)
(9)
Consolidated income before income taxes$1,734 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$98,434 $3,490 $3,104 $1,332 $6,921 $113,281 
Purchases of property, plant and equipment28 20 36 35 259 376 
Depreciation of property, plant and equipment— 70 26 24 186 306 
2025
Three months ended March 29, 2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$1,954 $1,677 $1,130 $5,603 $10,364 
Intersegment revenues387 41 18 37 482 
2,341 1,718 1,148 5,640 10,846 
Elimination of intersegment revenues
(482)
Consolidated revenues
$10,364 
Segment Income
Cost of revenues855 835 679 4,410 
Selling, general, and administrative expenses468 313 171 588 
Research and development expenses139 137 45 13 
Other segment items45 33 (51)(103)
Segment income
834 399 304 731 2,269 
Unallocated amounts
Cost of revenues adjustments
(11)
Selling, general and administrative expenses adjustments
(14)
Restructuring and other costs
(98)
Amortization of acquisition-related intangible assets
(429)
Interest income203 
Interest expense(303)
Other income/(expense)
3 
Consolidated income before income taxes$1,620 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$85,272 $3,018 $2,986 $1,298 $6,467 $99,041 
Purchases of property, plant and equipment36 43 44 33 205 362 
Depreciation of property, plant and equipment— 59 24 22 172 276 
v3.26.1
Acquisitions and Divestiture
 3 Months Ended
Mar. 28, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Divestiture Acquisitions and Divestiture
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.
2026
On March 24, 2026, the company acquired, within the Laboratory Products and Biopharma Services segment, Clario Holdings, Inc., a U.S.-based leading provider of endpoint data solutions for clinical trials. The acquisition expands the segment’s portfolio with the addition of highly complementary clinical research offerings, enabling customers to gain critical insights from patient data to improve decision-making, accelerate innovation and drive greater productivity. 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)Clario
Purchase price
Cash paid
$5,806 
Debt settled3,180 
Purchase price payable121
Fair value of contingent consideration
110 
Cash acquired
(117)
$9,099 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$2,481 
Product technology
844 
Trade names
19 
Backlog
461 
Goodwill
6,120 
Net other assets/(liabilities)
392 
Contract liabilities
(375)
Deferred tax assets/(liabilities)
(843)
$9,099 
The preliminary allocation of the purchase price for the acquisition of Clario 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, contract liabilities and the related deferred taxes. Measurements of these items inherently require significant estimates and assumptions.
In 2026, the company also acquired, within the Analytical Instruments segment, two proteomics software companies including one in the U.S. and one in Germany, further strengthening our mass spectrometry and proteomics software capabilities.
The weighted-average amortization periods for definite-lived intangible assets acquired in 2026 are 20 years for customer relationships, 7 years for product technology, 3 years for trade names, and 3 years for backlog. The weighted-average amortization period for all definite-lived intangible assets acquired in 2026 is 15 years.
2025
On September 1, 2025, the company acquired, within the Life Sciences Solutions segment, our filtration and separation business, a leading provider of purification and filtration technologies used in the production of biologics as well as in medical technologies and industrial applications, from Solventum Corporation. The business strengthens the segment’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows. In addition, its industrial filtration and membrane solutions will expand our reach into industries including battery, semiconductor and medical device manufacturing. The goodwill recorded as a result of this business combination is not expected to be tax deductible.
The components of the preliminary purchase price and net assets acquired are as follows:
(In millions)Filtration and separation business
Purchase price
Cash paid
$3,939 
Fair value of contingent consideration
(66)
Cash acquired
(9)
$3,865 
Net assets acquired
Property, plant and equipment
$470 
Definite-lived intangible assets
Customer relationships
1,116 
Product technology
388 
Trade names
51 
Goodwill
2,068 
Net other assets/(liabilities)
150 
Deferred tax assets/(liabilities)
(377)
$3,865 
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, 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.
Divestiture
On April 27, 2026, the company entered into an agreement to sell its microbiology business to Astorg for approximately $1.075 billion, consisting of cash and a $50 million seller note. The business is part of the Specialty Diagnostics segment. The sale is subject to customary closing conditions and applicable regulatory approvals and is expected to close in the second half of 2026. The assets and liabilities of the microbiology business were as follows as of March 28, 2026:
(In millions)
Current assets$231 
Long-term assets758 
Current liabilities72 
Long-term liabilities59 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 28, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 28, 2026
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. 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 method.Increased annual disclosures in Notes 7 and 9
Standards not yet adopted
ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
New guidance to disclose specified information about certain costs and expenses.2027 annual report and interim periods thereafter using a prospective or retrospective method.Will increase disclosures in Note 6
StandardDescriptionAdoption timing and approachImpact of adoption or other significant matters
ASU No. 2025-06, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
Among other things, new guidance to modernize the accounting for costs to develop software for internal use.2028 annual report and interim periods thereafter using a prospective, retrospective, or modified transition method; early adoption is permitted.Currently evaluating adoption impact, timing, and method
ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities
Among other things, establishes guidance for the recognition, measurement, and presentation of government grants.2029 using a retrospective, modified retrospective, or modified prospective approach; early adoption is permitted.Currently evaluating adoption impact, timing, and method
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.
v3.26.1
Supplemental Balance Sheet Information (Tables)
 3 Months Ended
Mar. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Inventories
The components of inventories are as follows:
(In millions)March 28, 2026December 31, 2025
Raw materials$1,925 $1,877 
Work in process942 889 
Finished goods2,629 2,659 
Inventories$5,496 $5,425 
Schedule of Contract Asset and Liability Balances
Contract asset and liability balances are as follows:
(In millions)March 28, 2026December 31, 2025
Current contract assets, net$1,684 $1,666 
Noncurrent contract assets, net1 1 
Current contract liabilities2,928 2,710 
Noncurrent contract liabilities1,034 1,183 
v3.26.1
Debt and Other Financing Arrangements (Tables)
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The company’s debt and other financing arrangements are as follows:
Effective interest rate at March 28,March 28,December 31,
(Dollars in millions)202620262025
Commercial Paper3.87 %$393 $— 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
— 587 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
— 822 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.15 %600 600 
0.832% 1.5-Year Senior Notes, Due 9/7/2026 (Swiss franc-denominated)
1.13 %513 517 
Effective interest rate at March 28,March 28,December 31,
(Dollars in millions)202620262025
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 %575 587 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %691 705 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %180 184 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
Floating Rate (EURIBOR + 0.280%) 2-Year Senior Notes, Due 12/1/2027 (euro-denominated)
2.52 %1,151 1,175 
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)
1.34 %110 111 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %921 940 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.79 %413 416 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %181 185 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %691 705 
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 %394 397 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %806 822 
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 %29 30 
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)
1.25 %293 295 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 750 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.89 %2,014 2,056 
4.215% 5-Year Senior Notes, Due 2/12/2031
4.41 %1,000 — 
4.200% 5.5-Year Senior Notes Due 3/1/2031
4.41 %500 500 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.13 %1,036 1,057 
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 %519 524 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %691 705 
4.473% 7-Year Senior Notes, Due 10/7/2032
4.62 %750 750 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %39 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 %438 442 
4.550% 7.3-Year Senior Notes, Due 6/15/2033
4.73 %750 — 
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 %1,726 1,762 
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 %863 881 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %134 137 
4.794% 10-Year Senior Notes, Due 10/7/2035
4.91 %750 750 
3.628% 10-Year Senior Notes, Due 12/1/2035 (euro-denominated)
3.70 %1,266 1,292 
4.902% 10-Year Senior Notes, Due 2/12/2036
5.02 %1,300 — 
1.76% 10-Year Senior Notes, Due 3/3/2036 (Swiss franc-denominated)
1.81 %363 — 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.10 %407 410 
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)
1.56 %389 392 
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)
1.71 %269 271 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %806 822 
Effective interest rate at March 28,March 28,December 31,
(Dollars in millions)202620262025
4.894% 12-Year Senior Notes, Due 10/7/2037
5.00 %500 500 
1.90% 12-Year Senior Notes, Due 3/3/2038 (Swiss franc-denominated)
1.95 %314 — 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %1,036 1,057 
2.01% 15-Year Senior Notes, Due 3/3/2041 (Swiss franc-denominated)
2.05 %357 — 
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 %1,439 1,468 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %91 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 %181 185 
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 %232 233 
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)
1.95 %169 170 
5.546% 20-Year Senior Notes, Due 2/12/2046
5.64 %750 — 
2.11% 20-Year Senior Notes, Due 3/3/2046 (Swiss franc-denominated)
2.18 %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 %1,151 1,175 
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)
1.49 %409 413 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %863 881 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %208 212 
2.06% 30-Year Senior Notes, Due 3/3/2056 (Swiss franc-denominated)
2.09 %248 — 
Other 1 1 
Total borrowings at par value
43,267 39,459 
Unamortized discount
(91)(94)
Unamortized debt issuance costs
(229)(194)
Total borrowings at carrying value
42,947 39,172 
Finance lease liabilities
213 213 
Less: Short-term obligations and current maturities
3,090 3,533 
Long-term obligations$40,071 $35,852 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 28, 2026
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:
March 28,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2026(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$137 $137 $— $— 
Investments
110 25 — 85 
Insurance contracts
266 — 266 — 
Derivative contracts
780 — 780 — 
Contingent consideration67 — — 67 
Total assets
$1,362 $163 $1,047 $152 
Liabilities
Derivative contracts
$598 $— $598 $— 
Contingent consideration
168 — — 168 
Total liabilities
$767 $— $598 $168 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2025(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$6,907 $6,907 $— $— 
Bank time deposits250 250 — — 
Investments
103 27 — 76 
Insurance contracts
280 — 280 — 
Derivative contracts
685 — 685 — 
Contingent consideration67 — — 67 
Total assets
$8,292 $7,184 $966 $143 
Liabilities
Derivative contracts
$506 $— $506 $— 
Contingent consideration
16 — — 16 
Total liabilities
$522 $— $506 $16 
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 ended
(In millions)March 28, 2026March 29, 2025
Investments
Beginning balance$76 $21 
Purchases9 11 
Ending balance$85 $31 
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:
Three months ended
(In millions)March 28, 2026
Contingent consideration asset
Beginning balance
$67 
Changes in fair value included in earnings
1 
Ending balance
$67 
Schedule of Fair Value of Investments, Liabilities Measured on Recurring Basis
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration liabilities.
Three months ended
(In millions)March 28, 2026March 29, 2025
Contingent consideration liabilities
Beginning balance$16 $13 
Acquisitions (including assumed balances)153 — 
Changes in fair value included in earnings— 1 
Ending balance$168 $13 
Schedule of the Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
March 28, 2026December 31, 2025
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$42,554 $39,354 $39,171 $36,606 
Commercial paper
393 393 — — 
Other
1 1 1 1 
$42,947 $39,747 $39,172 $36,607 
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:
March 28, 2026December 31, 2025
(In millions)Carrying valueFair valueCarrying valueFair value
Senior notes
$42,554 $39,354 $39,171 $36,606 
Commercial paper
393 393 — — 
Other
1 1 1 1 
$42,947 $39,747 $39,172 $36,607 
v3.26.1
Supplemental Income Statement Information (Tables)
 3 Months Ended
Mar. 28, 2026
Supplemental Income Statement Elements [Abstract]  
Schedule of Disaggregated Revenues
Revenues by type are as follows:
Three months ended
(In millions)March 28, 2026March 29, 2025
Revenues
Consumables
$4,722 $4,354 
Instruments
1,555 1,626 
Services
4,728 4,384 
Consolidated revenues$11,005 $10,364 
Revenues by geographic region based on customer location are as follows:
Three months ended
(In millions)March 28, 2026March 29, 2025
Revenues
North America
$5,705 $5,513 
Europe
2,957 2,624 
Asia-Pacific
1,970 1,891 
Other regions
372 337 
Consolidated revenues$11,005 $10,364 
Revenues by business are as follows:
Three months ended
(In millions)
March 28, 2026March 29, 2025
Revenues


Biosciences
$981 $993 
Genetic sciences
655 677 
BioProduction
893 671 
Other
107 — 
Life Sciences Solutions
2,636 2,341 
Chromatography and mass spectrometry
798 773 
Chemical analysis
285 286 
Electron microscopy
633 659 
Analytical Instruments
1,716 1,718 
Clinical diagnostics
271 263 
ImmunoDiagnostics
230 217 
Microbiology
160 152 
Transplant diagnostics
121 113 
Healthcare market channel
430 474 
Elimination of intrasegment revenues
(71)(72)
Specialty Diagnostics
1,142 1,148 
Laboratory products
569 582 
Research and safety market channel
1,827 1,727 
Pharma services
1,741 1,607 
Clinical research
2,128 1,939 
Elimination of intrasegment revenues and other
(228)(214)
Laboratory Products and Biopharma Services
6,036 5,640 
Elimination of intersegment revenues
(524)(482)
Consolidated revenues$11,005 $10,364 
Schedule of Restructuring and Other Costs by Segment
Restructuring and other costs are as follows:
Three months ended
(In millions)March 28, 2026
Life Sciences Solutions
$9 
Analytical Instruments
4 
Laboratory Products and Biopharma Services
33 
Corporate
3 
$49 
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, 2025$70 
Net restructuring charges incurred in 2026 (b)
34 
Payments
(37)
Currency translation and other(2)
Balance at March 28, 2026$65 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $15 million of net charges, principally $14 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services segment.
Schedule of Earnings Per Share
The company’s earnings per share are as follows:
Three months ended
March 28,March 29,
(In millions except per share amounts)20262025
Net income attributable to Thermo Fisher Scientific Inc.$1,651 $1,507 
Basic weighted average shares372 378 
Plus effect of: stock options and restricted stock units1 1 
Diluted weighted average shares373 379 
Basic earnings per share$4.44 $3.99 
Diluted earnings per share$4.43 $3.98 
Antidilutive stock options excluded from diluted weighted average shares
3 3 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 28, 2026
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:
Three months ended
(Dollars in millions)March 28, 2026March 29, 2025
U.S. federal statutory tax rate$364 21.0 %$340 21.0 %
State and local income taxes, net of federal income tax effect21 1.2 %14 0.8 %
Foreign tax effects(150)(8.7)%(43)(2.6)%
Effect of changes in tax laws or rates enacted in the current period— 0.0 %2 0.1 %
Effect of cross-border tax laws59 3.4 %19 1.2 %
Tax credits(46)(2.6)%(45)(2.8)%
Changes in valuation allowances— 0.0 %(28)(1.7)%
Nontaxable or nondeductible items— 0.0 %(8)(0.5)%
Changes in unrecognized tax benefits1 0.0 %(28)(1.7)%
Other adjustments(179)(10.3)%(128)(7.9)%
Effective tax rate$70 4.0 %$95 5.8 %
Schedule of Reconciliation of Unrecognized Tax Benefits A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)2026
Balance at beginning of year
$419 
Additions for tax positions of current year
1 
Balance at end of period
$420 
v3.26.1
Comprehensive Income/(Loss) and Shareholders' Equity (Tables)
 3 Months Ended
Mar. 28, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Each Component of Accumulated Other Comprehensive Items
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Cumulative
translation
adjustment		Unrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Three months ended March 28, 2026
Balance at December 31, 2025$(2,181)$(23)$(245)$(2,448)
Other comprehensive income/(loss) before reclassifications
(58)— 2 (57)
Amounts reclassified from accumulated other comprehensive income/(loss)
6 1 1 8 
Net other comprehensive income/(loss)
(53)1 3 (49)
Balance at March 28, 2026$(2,234)$(22)$(242)$(2,497)
v3.26.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 28, 2026
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Cash Flow Information
Supplemental cash flow information is as follows:
 Three months ended
(In millions)March 28, 2026March 29, 2025
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$206 $173 
Declared but unpaid dividends
177 164 
Issuance of stock upon vesting of restricted stock units
62 65 
Excise tax from stock repurchases
28 18 
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)March 28, 2026December 31, 2025
Cash and cash equivalents$3,254 $9,852 
Restricted cash included in other current assets4 5 
Restricted cash included in other assets22 22 
Cash, cash equivalents and restricted cash$3,280 $9,879 
v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Aggregate Notional Value of Outstanding Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
(In millions)March 28, 2026December 31, 2025
Notional amount
Cross-currency interest rate swaps designated as net investment hedge - euro$— $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 franc8,800 5,000 
Currency exchange contracts1,286 2,248 
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
 March 28,December 31,March 28,December 31,
(In millions)2026202520262025
Derivatives designated as hedging instruments
Cross-currency interest rate swaps
$778 $684 $597 $504 
Derivatives not designated as hedging instruments
Currency exchange contracts
2 2 1 2 
Total derivatives$780 $685 $598 $506 
The following table provides information on the company’s derivative positions subject to master netting arrangements, presented on a net basis, had the company elected to offset the asset and liability balances of its positions in the consolidated balance sheets:
 Fair value – assetsFair value – liabilities
 March 28,December 31,March 28,December 31,
(In millions)2026202520262025
Gross amounts recognized in the consolidated balance sheets$780 $685 $598 $506 
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets(444)(319)(444)(319)
Total derivatives, net$337 $366 $155 $187 
Schedule of Derivative Instruments Gains and Losses
 Gain/(loss) recognized
Three months ended
March 28,March 29,
(In millions)20262025
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense$(1)$(1)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in cumulative translation adjustment within other comprehensive income/(loss)
222 (450)
Cross-currency interest rate swaps
Included in cumulative translation adjustment within other comprehensive income/(loss)
(55)(119)
Included in interest expense
97 68 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
1 1 
Included in other income/(expense)
7 10 
v3.26.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Schedule of Business Segment Information
2026
Three months ended March 28, 2026
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$2,219 $1,667 $1,124 $5,995 $11,005 
Intersegment revenues417 49 18 41 524 
2,636 1,716 1,142 6,036 11,529 
Elimination of intersegment revenues
(524)
Consolidated revenues
$11,005 
Segment Income
Cost of revenues1,004 876 657 4,757 
Selling, general, and administrative expenses496 313 177 597 
Research and development expenses131 139 44 15 
Other segment items50 34 (49)(110)
Segment income
954 355 313 778 2,399 
Unallocated amounts
Cost of revenues adjustments
(14)
Selling, general and administrative expenses adjustments
(43)
Restructuring and other costs
(49)
Amortization of acquisition-related intangible assets
(430)
Interest income233 
Interest expense(354)
Other income/(expense)
(9)
Consolidated income before income taxes$1,734 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$98,434 $3,490 $3,104 $1,332 $6,921 $113,281 
Purchases of property, plant and equipment28 20 36 35 259 376 
Depreciation of property, plant and equipment— 70 26 24 186 306 
2025
Three months ended March 29, 2025
(In millions)Life Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesTotal
Revenues
Revenues from external customers$1,954 $1,677 $1,130 $5,603 $10,364 
Intersegment revenues387 41 18 37 482 
2,341 1,718 1,148 5,640 10,846 
Elimination of intersegment revenues
(482)
Consolidated revenues
$10,364 
Segment Income
Cost of revenues855 835 679 4,410 
Selling, general, and administrative expenses468 313 171 588 
Research and development expenses139 137 45 13 
Other segment items45 33 (51)(103)
Segment income
834 399 304 731 2,269 
Unallocated amounts
Cost of revenues adjustments
(11)
Selling, general and administrative expenses adjustments
(14)
Restructuring and other costs
(98)
Amortization of acquisition-related intangible assets
(429)
Interest income203 
Interest expense(303)
Other income/(expense)
3 
Consolidated income before income taxes$1,620 
(In millions)Unallocated amountsLife Sciences SolutionsAnalytical InstrumentsSpecialty DiagnosticsLaboratory Products and Biopharma ServicesConsolidated
Segment assets$85,272 $3,018 $2,986 $1,298 $6,467 $99,041 
Purchases of property, plant and equipment36 43 44 33 205 362 
Depreciation of property, plant and equipment— 59 24 22 172 276 
v3.26.1
Acquisitions and Divestiture (Tables)
 3 Months Ended
Mar. 28, 2026
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)Clario
Purchase price
Cash paid
$5,806 
Debt settled3,180 
Purchase price payable121
Fair value of contingent consideration
110 
Cash acquired
(117)
$9,099 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$2,481 
Product technology
844 
Trade names
19 
Backlog
461 
Goodwill
6,120 
Net other assets/(liabilities)
392 
Contract liabilities
(375)
Deferred tax assets/(liabilities)
(843)
$9,099 
On September 1, 2025, the company acquired, within the Life Sciences Solutions segment, our filtration and separation business, a leading provider of purification and filtration technologies used in the production of biologics as well as in medical technologies and industrial applications, from Solventum Corporation. The business strengthens the segment’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows. In addition, its industrial filtration and membrane solutions will expand our reach into industries including battery, semiconductor and medical device manufacturing. The goodwill recorded as a result of this business combination is not expected to be tax deductible.
The components of the preliminary purchase price and net assets acquired are as follows:
(In millions)Filtration and separation business
Purchase price
Cash paid
$3,939 
Fair value of contingent consideration
(66)
Cash acquired
(9)
$3,865 
Net assets acquired
Property, plant and equipment
$470 
Definite-lived intangible assets
Customer relationships
1,116 
Product technology
388 
Trade names
51 
Goodwill
2,068 
Net other assets/(liabilities)
150 
Deferred tax assets/(liabilities)
(377)
$3,865 
Disposal Groups, Including Discontinued Operations The assets and liabilities of the microbiology business were as follows as of March 28, 2026:
(In millions)
Current assets$231 
Long-term assets758 
Current liabilities72 
Long-term liabilities59 
v3.26.1
Supplemental Balance Sheet Information - Schedule of Components of Inventories (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 1,925 $ 1,877
Work in process 942 889
Finished goods 2,629 2,659
Inventories $ 5,496 $ 5,425
v3.26.1
Supplemental Balance Sheet Information - Schedule of Contract Asset and Liability Balances (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Current contract assets, net $ 1,684 $ 1,666
Noncurrent contract assets, net 1 1
Current contract liabilities 2,928 2,710
Noncurrent contract liabilities $ 1,034 $ 1,183
v3.26.1
Supplemental Balance Sheet Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue recognized that was included in the current contract liability balance at the beginning of the period $ 1,290 $ 1,360
Remaining performance obligation amount $ 29,410  
Minimum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Warranty agreement (in years) 3 years  
Maximum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Warranty agreement (in years) 5 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-29    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation percentage 52.00%  
Remaining performance obligation, expected timing 12 months  
v3.26.1
Debt and Other Financing Arrangements - Schedule of Outstanding Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total borrowings at par value $ 43,267 $ 39,459
Unamortized discount (91) (94)
Unamortized debt issuance costs (229) (194)
Total borrowings at carrying value 42,947 39,172
Finance lease liabilities 213 213
Less: Short-term obligations and current maturities 3,090 3,533
Long-term obligations $ 40,071 35,852
Commercial Paper    
Debt Instrument [Line Items]    
Effective interest rate 3.87%  
Total borrowings at par value $ 393 0
Total borrowings at carrying value 393 0
Senior Notes    
Debt Instrument [Line Items]    
Total borrowings at carrying value $ 42,554 39,171
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  
Total borrowings at par value $ 0 587
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  
Total borrowings at par value $ 0 822
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 5.15%  
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 $ 513 517
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 $ 575 587
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 $ 691 705
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 $ 180 184
Senior Notes | 4.80% 5-Year Senior Notes, Due 11/21/2027    
Debt Instrument [Line Items]    
Interest rate 4.80%  
Term 5 years  
Effective interest rate 5.00%  
Total borrowings at par value $ 600 600
Senior Notes | Floating Rate Notes due 2027    
Debt Instrument [Line Items]    
Interest rate 0.28%  
Term 2 years  
Effective interest rate 2.52%  
Total borrowings at par value $ 1,151 1,175
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 1.34%  
Total borrowings at par value $ 110 111
Senior Notes | Senior Notes 0.50% Due 2028    
Debt Instrument [Line Items]    
Interest rate 0.50%  
Term 8 years 6 months  
Effective interest rate 0.77%  
Total borrowings at par value $ 921 940
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 $ 413 416
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 $ 181 185
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 $ 691 705
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 $ 394 397
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 $ 806 822
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 $ 29 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 $ 293 295
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 $ 2,014 2,056
Senior Notes | Senior Notes 4.215% Due 2031    
Debt Instrument [Line Items]    
Interest rate 4.215%  
Term 5 years  
Effective interest rate 4.41%  
Total borrowings at par value $ 1,000  
Senior Notes | 4.200% 5.5-Year Senior Notes Due 3/1/2031    
Debt Instrument [Line Items]    
Interest rate 4.20%  
Term 5 years 6 months  
Effective interest rate 4.41%  
Total borrowings at par value $ 500 500
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 1.13%  
Total borrowings at par value $ 1,036 1,057
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 $ 519 524
Senior Notes | 2.375% Notes due 2032    
Debt Instrument [Line Items]    
Interest rate 2.375%  
Term 12 years  
Effective interest rate 2.55%  
Total borrowings at par value $ 691 705
Senior Notes | 4.473% 7-Year Senior Notes, Due 10/7/2032    
Debt Instrument [Line Items]    
Interest rate 4.473%  
Term 7 years  
Effective interest rate 4.62%  
Total borrowings at par value $ 750 750
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 $ 39 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 $ 438 442
Senior Notes | 4.550% 7.3-Year Senior Notes, Due 6/15/2033    
Debt Instrument [Line Items]    
Interest rate 4.55%  
Term 7 years 3 months 18 days  
Effective interest rate 4.73%  
Total borrowings at par value $ 750 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 $ 1,726 1,762
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 $ 863 881
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 $ 134 137
Senior Notes | 4.794% 10-Year Senior Notes, Due 10/7/2035    
Debt Instrument [Line Items]    
Interest rate 4.794%  
Term 10 years  
Effective interest rate 4.91%  
Total borrowings at par value $ 750 750
Senior Notes | 3.628% Notes due 2035    
Debt Instrument [Line Items]    
Interest rate 3.628%  
Term 10 years  
Effective interest rate 3.70%  
Total borrowings at par value $ 1,266 1,292
Senior Notes | 4.902% 10-Year Senior Notes, Due 2/12/2036    
Debt Instrument [Line Items]    
Interest rate 4.902%  
Term 10 years  
Effective interest rate 5.02%  
Total borrowings at par value $ 1,300 0
Senior Notes | 1.76% 10-Year Senior Notes, Due 3/3/2036 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.76%  
Term 10 years  
Effective interest rate 1.81%  
Total borrowings at par value $ 363 0
Senior Notes | 2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.0375%  
Term 12 years  
Effective interest rate 2.10%  
Total borrowings at par value $ 407 410
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 $ 389 392
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 $ 269 271
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 $ 806 822
Senior Notes | 4.894% 12-Year Senior Notes, Due 10/7/2037    
Debt Instrument [Line Items]    
Interest rate 4.894%  
Term 12 years  
Effective interest rate 5.00%  
Total borrowings at par value $ 500 500
Senior Notes | 1.90% 12-Year Senior Notes, Due 3/3/2038 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.90%  
Term 12 years  
Effective interest rate 1.95%  
Total borrowings at par value $ 314 0
Senior Notes | 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.50%  
Term 20 years  
Effective interest rate 1.73%  
Total borrowings at par value $ 1,036 1,057
Senior Notes | 2.01% 15-Year Senior Notes, Due 3/3/2041 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.01%  
Term 15 years  
Effective interest rate 2.05%  
Total borrowings at par value $ 357 0
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 $ 1,439 1,468
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 $ 91 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 $ 181 185
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 $ 232 233
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 $ 169 170
Senior Notes | 5.546% 20-Year Senior Notes, Due 2/12/2046    
Debt Instrument [Line Items]    
Interest rate 5.546%  
Term 20 years  
Effective interest rate 5.64%  
Total borrowings at par value $ 750 0
Senior Notes | 2.11% 20-Year Senior Notes, Due 3/3/2046 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.11%  
Term 20 years  
Effective interest rate 2.18%  
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 $ 1,151 1,175
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 $ 409 413
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 $ 863 881
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 $ 208 212
Senior Notes | 2.06% 30-Year Senior Notes, Due 3/3/2056 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.06%  
Term 30 years  
Effective interest rate 2.09%  
Total borrowings at par value $ 248 0
Other    
Debt Instrument [Line Items]    
Total borrowings at par value 1 1
Total borrowings at carrying value $ 1 $ 1
v3.26.1
Debt and Other Financing Arrangements - Credit Facilities (Details) - Revolving Credit Facility
 3 Months Ended
Mar. 28, 2026
USD ($)
Line of Credit Facility [Line Items]  
Borrowing capacity $ 5,000,000,000.00
Minimum consolidated interest coverage ratio 3.5
Borrowings outstanding $ 0
v3.26.1
Debt and Other Financing Arrangements - Commercial Paper Programs (Details) - Commercial Paper
 3 Months Ended
Mar. 28, 2026
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
v3.26.1
Debt and Other Financing Arrangements - Senior Notes (Details) - Senior Notes
 3 Months Ended
Mar. 28, 2026
Debt Instrument [Line Items]  
Redemption price (as a percent) 100.00%
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 0.80%
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 1.125%
3.628% Notes due 2035  
Debt Instrument [Line Items]  
Interest rate 3.628%
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 1.625%
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)  
Debt Instrument [Line Items]  
Interest rate 2.00%
v3.26.1
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Assets    
Cash equivalents $ 137 $ 6,907
Bank time deposits   250
Investments 110 103
Insurance contracts 266 280
Derivative contracts 780 685
Contingent consideration 67 67
Total assets 1,362 8,292
Liabilities    
Derivative contracts 598 506
Contingent consideration 168 16
Total liabilities 767 522
Quoted Prices in Active Markets (Level 1)    
Assets    
Cash equivalents 137 6,907
Bank time deposits   250
Investments 25 27
Insurance contracts 0 0
Derivative contracts 0 0
Contingent consideration 0 0
Total assets 163 7,184
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
Investments 0 0
Insurance contracts 266 280
Derivative contracts 780 685
Contingent consideration 0 0
Total assets 1,047 966
Liabilities    
Derivative contracts 598 506
Contingent consideration 0 0
Total liabilities 598 506
Significant Unobservable Inputs (Level 3)    
Assets    
Cash equivalents 0 0
Bank time deposits   0
Investments 85 76
Insurance contracts 0 0
Derivative contracts 0 0
Contingent consideration 67 67
Total assets 152 143
Liabilities    
Derivative contracts 0 0
Contingent consideration 168 16
Total liabilities $ 168 $ 16
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Fair Value Disclosures [Abstract]    
Gain (loss) on sale of investments $ (1) $ 2
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Investments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Investments    
Asset Rollforward    
Beginning balance $ 76 $ 21
Purchases 9 11
Ending balance 85 31
Contingent Consideration    
Asset Rollforward    
Beginning balance 67  
Changes in fair value included in earnings 1  
Ending balance 67  
Contingent Consideration    
Contingent consideration liabilities    
Beginning balance 16 13
Acquisitions (including assumed balances) 153 0
Changes in fair value included in earnings 0 1
Ending balance $ 168 $ 13
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Other Instruments (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value $ 42,947 $ 39,172
Fair value 39,747 36,607
Senior notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 42,554 39,171
Fair value 39,354 36,606
Commercial paper    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 393 0
Fair value 393 0
Other    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 1 1
Fair value $ 1 $ 1
v3.26.1
Supplemental Income Statement Information - Scheduleof Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Disaggregation of Revenue [Line Items]    
Total revenues $ 11,005 $ 10,364
Life Sciences Solutions    
Disaggregation of Revenue [Line Items]    
Total revenues 2,219 1,954
Analytical Instruments    
Disaggregation of Revenue [Line Items]    
Total revenues 1,667 1,677
Specialty Diagnostics    
Disaggregation of Revenue [Line Items]    
Total revenues 1,124 1,130
Specialty Diagnostics | Intersubsegment Eliminations    
Disaggregation of Revenue [Line Items]    
Total revenues (71) (72)
Laboratory Products and Biopharma Services    
Disaggregation of Revenue [Line Items]    
Total revenues 5,995 5,603
Laboratory Products and Biopharma Services | Intersubsegment Eliminations    
Disaggregation of Revenue [Line Items]    
Total revenues (228) (214)
Total Reportable Segments    
Disaggregation of Revenue [Line Items]    
Total revenues 11,529 10,846
Total Reportable Segments | Life Sciences Solutions    
Disaggregation of Revenue [Line Items]    
Total revenues 2,636 2,341
Total Reportable Segments | Life Sciences Solutions | Biosciences    
Disaggregation of Revenue [Line Items]    
Total revenues 981 993
Total Reportable Segments | Life Sciences Solutions | Genetic sciences    
Disaggregation of Revenue [Line Items]    
Total revenues 655 677
Total Reportable Segments | Life Sciences Solutions | BioProduction    
Disaggregation of Revenue [Line Items]    
Total revenues 893 671
Total Reportable Segments | Life Sciences Solutions | Other    
Disaggregation of Revenue [Line Items]    
Total revenues 107 0
Total Reportable Segments | Analytical Instruments    
Disaggregation of Revenue [Line Items]    
Total revenues 1,716 1,718
Total Reportable Segments | Analytical Instruments | Chromatography and mass spectrometry    
Disaggregation of Revenue [Line Items]    
Total revenues 798 773
Total Reportable Segments | Analytical Instruments | Chemical analysis    
Disaggregation of Revenue [Line Items]    
Total revenues 285 286
Total Reportable Segments | Analytical Instruments | Electron microscopy    
Disaggregation of Revenue [Line Items]    
Total revenues 633 659
Total Reportable Segments | Specialty Diagnostics    
Disaggregation of Revenue [Line Items]    
Total revenues 1,142 1,148
Total Reportable Segments | Specialty Diagnostics | Clinical diagnostics    
Disaggregation of Revenue [Line Items]    
Total revenues 271 263
Total Reportable Segments | Specialty Diagnostics | ImmunoDiagnostics    
Disaggregation of Revenue [Line Items]    
Total revenues 230 217
Total Reportable Segments | Specialty Diagnostics | Microbiology    
Disaggregation of Revenue [Line Items]    
Total revenues 160 152
Total Reportable Segments | Specialty Diagnostics | Transplant diagnostics    
Disaggregation of Revenue [Line Items]    
Total revenues 121 113
Total Reportable Segments | Specialty Diagnostics | Healthcare market channel    
Disaggregation of Revenue [Line Items]    
Total revenues 430 474
Total Reportable Segments | Laboratory Products and Biopharma Services    
Disaggregation of Revenue [Line Items]    
Total revenues 6,036 5,640
Total Reportable Segments | Laboratory Products and Biopharma Services | Laboratory products    
Disaggregation of Revenue [Line Items]    
Total revenues 569 582
Total Reportable Segments | Laboratory Products and Biopharma Services | Research and safety market channel    
Disaggregation of Revenue [Line Items]    
Total revenues 1,827 1,727
Total Reportable Segments | Laboratory Products and Biopharma Services | Pharma services    
Disaggregation of Revenue [Line Items]    
Total revenues 1,741 1,607
Total Reportable Segments | Laboratory Products and Biopharma Services | Clinical research    
Disaggregation of Revenue [Line Items]    
Total revenues 2,128 1,939
Elimination of intersegment revenues    
Disaggregation of Revenue [Line Items]    
Total revenues (524) (482)
North America    
Disaggregation of Revenue [Line Items]    
Total revenues 5,705 5,513
Europe    
Disaggregation of Revenue [Line Items]    
Total revenues 2,957 2,624
Asia-Pacific    
Disaggregation of Revenue [Line Items]    
Total revenues 1,970 1,891
Other regions    
Disaggregation of Revenue [Line Items]    
Total revenues 372 337
Consumables    
Disaggregation of Revenue [Line Items]    
Total revenues 4,722 4,354
Instruments    
Disaggregation of Revenue [Line Items]    
Total revenues 1,555 1,626
Services    
Disaggregation of Revenue [Line Items]    
Total revenues $ 4,728 $ 4,384
v3.26.1
Supplemental Income Statement Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
May 01, 2026
Restructuring Cost and Reserve [Line Items]    
Workforce reduction 1.00%  
Subsequent Event    
Restructuring Cost and Reserve [Line Items]    
Additional restructuring charges   $ 290
v3.26.1
Supplemental Income Statement Information - Schedule of Restructuring and Other Costs by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring and other costs $ 49 $ 98
Corporate    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other costs 3  
Life Sciences Solutions | Total Reportable Segments    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other costs 9  
Analytical Instruments | Total Reportable Segments    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other costs 4  
Laboratory Products and Biopharma Services | Total Reportable Segments    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other costs $ 33  
v3.26.1
Supplemental Income Statement Information - Schedule of Changes in the Company's Accrued Restructuring Balance (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 70
Net restructuring charges incurred in 2026 34
Payments (37)
Currency translation and other (2)
Ending balance 65
Non-cash charges 15
Impairment of long-lived assets $ 14
v3.26.1
Supplemental Income Statement Information - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Supplemental Income Statement Elements [Abstract]    
Net income attributable to Thermo Fisher Scientific Inc. $ 1,651 $ 1,507
Basic weighted average shares (in shares) 372 378
Plus effect of: stock options and restricted stock units (in shares) 1 1
Diluted weighted average shares (in shares) 373 379
Basic earnings per share (in dollars per share) $ 4.44 $ 3.99
Diluted earnings per share (in dollars per share) $ 4.43 $ 3.98
Antidilutive stock options excluded from diluted weighted average shares (in shares) 3 3
v3.26.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Amount    
U.S. federal statutory tax rate $ 364 $ 340
State and local income taxes, net of federal income tax effect 21 14
Foreign tax effects (150) (43)
Effect of changes in tax laws or rates enacted in the current period 0 2
Effect of cross-border tax laws 59 19
Tax credits (46) (45)
Changes in valuation allowances 0 (28)
Nontaxable or nondeductible items 0 (8)
Changes in unrecognized tax benefits 1 (28)
Other adjustments (179) (128)
Provision for/(benefit from) income taxes $ 70 $ 95
Percent    
Statutory federal income tax rate 21.00% 21.00%
State and local income taxes, net of federal income tax effect 1.20% 0.80%
Foreign tax effects (8.70%) (2.60%)
Effect of changes in tax laws or rates enacted in the current period 0.00% 0.10%
Effect of cross-border tax laws 3.40% 1.20%
Tax credits (2.60%) (2.80%)
Changes in valuation allowances 0.00% (1.70%)
Nontaxable or nondeductible items 0.00% (0.50%)
Changes in unrecognized tax benefits 0.00% (1.70%)
Other adjustments (10.30%) (7.90%)
Effective tax rate 4.00% 5.80%
v3.26.1
Income Taxes - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2026
USD ($)
country
Mar. 29, 2025
USD ($)
Dec. 31, 2025
USD ($)
Effective Income Tax Rate Reconciliation [Line Items]      
Other adjustments $ 179 $ 128  
Countries with taxable presence | country 70    
Unrecognized tax benefits $ 420   $ 419
Domestication Transaction      
Effective Income Tax Rate Reconciliation [Line Items]      
Other adjustments $ 175 $ 125  
v3.26.1
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2026
USD ($)
Reconciliation of Unrecognized Tax Benefits [Roll Forward]  
Balance at beginning of year $ 419
Additions for tax positions of current year 1
Balance at end of period $ 420
v3.26.1
Comprehensive Income/(Loss) and Shareholders' Equity (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2026
USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning balance $ 53,415
Ending balance 51,940
Total  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning balance (2,448)
Other comprehensive income/(loss) before reclassifications (57)
Amounts reclassified from accumulated other comprehensive income/(loss) 8
Net other comprehensive income/(loss) (49)
Ending balance (2,497)
Cumulative translation adjustment  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning balance (2,181)
Other comprehensive income/(loss) before reclassifications (58)
Amounts reclassified from accumulated other comprehensive income/(loss) 6
Net other comprehensive income/(loss) (53)
Ending balance (2,234)
Unrealized gains/(losses) on hedging instruments  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning balance (23)
Other comprehensive income/(loss) before reclassifications 0
Amounts reclassified from accumulated other comprehensive income/(loss) 1
Net other comprehensive income/(loss) 1
Ending balance (22)
Pension and other postretirement benefit liability adjustment  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning balance (245)
Other comprehensive income/(loss) before reclassifications 2
Amounts reclassified from accumulated other comprehensive income/(loss) 1
Net other comprehensive income/(loss) 3
Ending balance $ (242)
v3.26.1
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Non-cash investing and financing activities    
Acquired but unpaid property, plant and equipment $ 206 $ 173
Declared but unpaid dividends 177 164
Issuance of stock upon vesting of restricted stock units 62 65
Excise tax from stock repurchases $ 28 $ 18
v3.26.1
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Mar. 29, 2025
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 3,254 $ 9,852    
Restricted cash included in other current assets 4 5    
Restricted cash included in other assets 22 22    
Cash, cash equivalents and restricted cash $ 3,280 $ 9,879 $ 4,172 $ 4,040
v3.26.1
Derivatives - Schedule of Derivative Assets & Liabilities (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Fair value – assets $ 780 $ 685
Fair value – liabilities 598 506
Interest rate swaps | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets 778 684
Fair value – liabilities 597 504
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 0 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 8,800 5,000
Currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Notional amount 1,286 2,248
Currency exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets 2 2
Fair value – liabilities $ 1 $ 2
v3.26.1
Derivatives - Offsetting (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Fair value – assets    
Gross amounts recognized in the consolidated balance sheets $ 780 $ 685
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets (444) (319)
Total derivatives, net 337 366
Fair value – liabilities    
Gross amounts recognized in the consolidated balance sheets 598 506
Gross amounts subject to offset in master netting arrangements not offset in the consolidated balance sheets (444) (319)
Total derivatives, net $ 155 $ 187
v3.26.1
Derivatives - Schedule of Derivative Instruments, Gains & Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Interest rate swaps | Derivatives designated as cash flow hedges | Derivatives designated as hedging instruments | Amount reclassified from accumulated other comprehensive income/(loss) to interest expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense $ (1) $ (1)
Interest rate swaps | Financial instruments designated as net investment hedges | Derivatives designated as hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
Included in cumulative translation adjustment within other comprehensive income/(loss) (55) (119)
Gain (loss) on derivative 97 68
Foreign currency-denominated debt and other payables | Financial instruments designated as net investment hedges | Derivatives designated as hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
Included in cumulative translation adjustment within other comprehensive income/(loss) 222 (450)
Currency exchange contracts | Derivatives not designated as hedging instruments | Included in cost of product revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative 1 1
Currency exchange contracts | Derivatives not designated as hedging instruments | Included in other income/(expense)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative $ 7 $ 10
v3.26.1
Business Segment Information - Narrative (Details)
 3 Months Ended
Mar. 28, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.26.1
Business Segment Information - Schedule of Business Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Total revenues $ 11,005 $ 10,364  
Selling, general and administrative expenses 2,181 2,078  
Research and development expenses 336 342  
Segment income 1,863 1,716  
Restructuring and other costs (49) (98)  
Amortization of acquisition-related intangible assets (430) (429)  
Interest income 233 203  
Interest expense (354) (303)  
Other income/(expense) (9) 3  
Consolidated income before income taxes 1,734 1,620  
Segment assets 113,281 99,041 $ 110,343
Purchases of property, plant and equipment 376 362  
Depreciation of property, plant and equipment 306 276  
Life Sciences Solutions      
Segment Reporting Information [Line Items]      
Total revenues 2,219 1,954  
Analytical Instruments      
Segment Reporting Information [Line Items]      
Total revenues 1,667 1,677  
Specialty Diagnostics      
Segment Reporting Information [Line Items]      
Total revenues 1,124 1,130  
Laboratory Products and Biopharma Services      
Segment Reporting Information [Line Items]      
Total revenues 5,995 5,603  
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Total revenues 524 482  
Cost of revenues adjustments (14) (11)  
Selling, general and administrative expenses adjustments (43) (14)  
Restructuring and other costs (49) (98)  
Amortization of acquisition-related intangible assets (430) (429)  
Interest income 233 203  
Interest expense (354) (303)  
Other income/(expense) (9) 3  
Segment assets 98,434 85,272  
Purchases of property, plant and equipment 28 36  
Depreciation of property, plant and equipment 0 0  
Segment Reconciling Items | Life Sciences Solutions      
Segment Reporting Information [Line Items]      
Total revenues 417 387  
Segment Reconciling Items | Analytical Instruments      
Segment Reporting Information [Line Items]      
Total revenues 49 41  
Segment Reconciling Items | Specialty Diagnostics      
Segment Reporting Information [Line Items]      
Total revenues 18 18  
Segment Reconciling Items | Laboratory Products and Biopharma Services      
Segment Reporting Information [Line Items]      
Total revenues 41 37  
Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 11,529 10,846  
Segment income 2,399 2,269  
Operating Segments | Life Sciences Solutions      
Segment Reporting Information [Line Items]      
Total revenues 2,636 2,341  
Cost of revenues 1,004 855  
Selling, general and administrative expenses 496 468  
Research and development expenses 131 139  
Other segment items 50 45  
Segment income 954 834  
Restructuring and other costs (9)    
Segment assets 3,490 3,018  
Purchases of property, plant and equipment 20 43  
Depreciation of property, plant and equipment 70 59  
Operating Segments | Analytical Instruments      
Segment Reporting Information [Line Items]      
Total revenues 1,716 1,718  
Cost of revenues 876 835  
Selling, general and administrative expenses 313 313  
Research and development expenses 139 137  
Other segment items 34 33  
Segment income 355 399  
Restructuring and other costs (4)    
Segment assets 3,104 2,986  
Purchases of property, plant and equipment 36 44  
Depreciation of property, plant and equipment 26 24  
Operating Segments | Specialty Diagnostics      
Segment Reporting Information [Line Items]      
Total revenues 1,142 1,148  
Cost of revenues 657 679  
Selling, general and administrative expenses 177 171  
Research and development expenses 44 45  
Other segment items (49) (51)  
Segment income 313 304  
Segment assets 1,332 1,298  
Purchases of property, plant and equipment 35 33  
Depreciation of property, plant and equipment 24 22  
Operating Segments | Laboratory Products and Biopharma Services      
Segment Reporting Information [Line Items]      
Total revenues 6,036 5,640  
Cost of revenues 4,757 4,410  
Selling, general and administrative expenses 597 588  
Research and development expenses 15 13  
Other segment items (110) (103)  
Segment income 778 731  
Restructuring and other costs (33)    
Segment assets 6,921 6,467  
Purchases of property, plant and equipment 259 205  
Depreciation of property, plant and equipment 186 172  
Elimination of intersegment revenues      
Segment Reporting Information [Line Items]      
Total revenues $ (524) $ (482)  
v3.26.1
Acquisitions and Divestiture - Schedule of Components of Purchase Price and Net Assets Acquired (Details) - USD ($)
$ in Millions
Mar. 24, 2026
Sep. 01, 2025
Mar. 28, 2026
Dec. 31, 2025
Net assets acquired        
Goodwill     $ 55,187 $ 49,362
Clario Holdings, Inc.        
Business Combination [Line Items]        
Cash paid $ 5,806      
Debt settled 3,180      
Purchase price payable 121      
Fair value of contingent consideration 110      
Cash acquired (117)      
Total purchase consideration 9,099      
Net assets acquired        
Goodwill 6,120      
Net other assets/(liabilities) 392      
Contract liabilities (375)      
Deferred tax assets/(liabilities) (843)      
Total assets acquired 9,099      
Clario Holdings, Inc. | Customer relationships        
Net assets acquired        
Definite-lived intangible assets 2,481      
Clario Holdings, Inc. | Product technology        
Net assets acquired        
Definite-lived intangible assets 844      
Clario Holdings, Inc. | Trade names        
Net assets acquired        
Definite-lived intangible assets 19      
Clario Holdings, Inc. | Backlog        
Net assets acquired        
Definite-lived intangible assets $ 461      
Filtration and separation business        
Business Combination [Line Items]        
Cash paid   $ 3,939    
Fair value of contingent consideration   66    
Cash acquired   (9)    
Total purchase consideration   3,865    
Net assets acquired        
Property, plant and equipment   470    
Goodwill   2,068    
Net other assets/(liabilities)   150    
Deferred tax assets/(liabilities)   (377)    
Total assets acquired   3,865    
Filtration and separation business | Customer relationships        
Net assets acquired        
Definite-lived intangible assets   1,116    
Filtration and separation business | Product technology        
Net assets acquired        
Definite-lived intangible assets   388    
Filtration and separation business | Trade names        
Net assets acquired        
Definite-lived intangible assets   $ 51    
v3.26.1
Acquisitions and Divestiture - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 28, 2026
Dec. 31, 2025
Business Combination [Line Items]    
Weighted-average amortization period 15 years 18 years
Customer relationships    
Business Combination [Line Items]    
Weighted-average amortization period 20 years 18 years
Product technology    
Business Combination [Line Items]    
Weighted-average amortization period 7 years 19 years
Trade names    
Business Combination [Line Items]    
Weighted-average amortization period 3 years 15 years
Backlog    
Business Combination [Line Items]    
Weighted-average amortization period 3 years  
v3.26.1
Acquisitions and Divestiture - Divestiture (Details) - Microbiology Business - Held for sale - USD ($)
$ in Millions
Apr. 27, 2026
Mar. 28, 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets   $ 231
Long-term assets   758
Current liabilities   72
Long-term liabilities   $ 59
Subsequent Event    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Discontinued operation, consideration $ 1,075  
Seller note $ 50