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TMO earnings: EPS beat by 5.4%, revenue beat by 2.5%

Equipment Desk · RegardingSemi Engine · Jul 23, 2026 · updated Jul 25

THERMO FISHER SCIENTIFIC INC. reported results (Jul 23, 2026). EPS came in at $6.03 against a $5.72 consensus, beat by 5.4%. Revenue was $12.0B versus $11.7B expected, beat by 2.5%.

§ Noticed on the call
  1. Sees Q3 adjusted earnings per share $0.35 to $0.40 higher than Q2 adjusted earnings per share of $6.03.
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    “And we expect Q3 adjusted EPS to be $0.35 to $0.40 higher than in Q2.”
  2. Sees FY average diluted share count of 370 million to 373 million shares.
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    “We estimate that full year average diluted share count will be between 370 million and 373 million shares.”
  3. Sees FY capital expenditures of $1.9 billion to $2.1 billion.
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    “In terms of free cash flow, we continue to expect that to be in the range of $6.9 billion to $7.4 billion for the year, including between $1.9 billion and $2.1 billion of net capital expenditures.”
  4. Sees FY free cash flow of $6.9 billion to $7.4 billion.
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    “In terms of free cash flow, we continue to expect that to be in the range of $6.9 billion to $7.4 billion for the year, including between $1.9 billion and $2.1 billion of net capital expenditures.”
  5. Sees FY share repurchases of $4 billion.
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    “The adjusted tax rate in Q2 was 11.6%, and average diluted shares were $371 million in Q2, $7 million lower year-over-year, driven by share repurchases, net of option dilution.”
§ From the call / model-read, verbatim-grounded
Sentiment
0.65
Net tone of the full call — above 0 positive, below 0 negative
Guidance Tone
0.60
Tone of the forward-guidance language
Novelty Share
88%
Language not seen in this company's prior calls
Guidance “In terms of adjusted operating income margins, our guide has increased to 80 basis points of expansion.”
Capacity & Capex “And demand has been strong, and we're actually increasing capacity, which will bode well for the future of that business.”

4 more flagged statementsand 3 tone events from this call are in the Pro read.

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the fully annotated transcript →

§ The quarter in numbers
Metric Actual Consensus Surprise
EPS $6.03 $5.72 beat by 5.4%
Revenue $12.0B $11.7B beat by 2.5%
§ The trend

Revenue is up 6.2% from the same quarter last year. Gross margin sits at 40.7%, 110 bps off its 8-quarter high.

§ How it stacks up Pro

This section is part of the Pro report for TMO.

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§ Go deeper on TMO
The annotated call — full transcript, ML highlights → Everything on TMO → Who owns it (13F) → Insider tape →
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