Thermo Fisher Scientific Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	6,721	6,338	5,955	6,960	7,728
Depreciation & Amortization	2,780	3,108	3,406	3,381	2,592
Stock-Based Compensation	310	301	278	307	230
Other Adjustments	-184	-701	-696	-445	310
Change in Receivables	-426	-171	-43	-430	-204
Changes in Inventories	-74	-27	598	-825	-1,065
Changes in Accounts Payable	421	212	-500	648	479
Changes in Other Operating Activities	-1,729	-393	-592	-442	-758
Operating Cash Flow	7,818	8,667	8,406	9,154	9,312
Operating Cash Flow Growth	-9.80%	3.10%	-8.17%	-1.70%	12.34%
Capital Expenditures	-1,525	-1,400	-1,479	-2,243	-2,523
Sale of Property, Plant & Equipment	44	57	87	24	20
Purchases of Investments	-383	-3,396	-208	-52	-
Proceeds from Sale of Investments	1,565	1,770	15	116	-
Payments for Business Acquisitions	-4,037	-3,132	-3,660	-39	-19,395
Other Investing Activities	289	260	103	35	-34
Investing Cash Flow	-4,047	-5,841	-5,142	-2,159	-21,932
Short-Term Debt Issued	1,095	-	1,620	1,526	2,512
Short-Term Debt Repaid	-1,095	-	-1,935	-3,690	-
Net Short-Term Debt Issued (Repaid)	-	-	-315	-2,164	2,512
Long-Term Debt Issued	7,759	1,204	5,942	3,193	18,137
Long-Term Debt Repaid	-2,412	-3,607	-5,782	-375	-11,738
Net Long-Term Debt Issued (Repaid)	5,347	-2,403	160	2,818	6,399
Repurchase of Common Stock	-3,000	-4,000	-3,000	-3,000	-2,000
Net Common Stock Issued (Repurchased)	-3,000	-4,000	-3,000	-3,000	-2,000
Common Dividends Paid	-636	-583	-523	-455	-395
Other Financing Activities	90	195	56	-9	65
Financing Cash Flow	1,801	-6,792	-3,622	-2,810	6,581
Effect of Exchange Rate Changes on Cash and Cash Equivalents	267	-91	-82	-139	194
Net Cash Flow	5,839	-4,057	-440	4,046	-5,845
Free Cash Flow	6,293	7,267	6,927	6,911	6,789
Free Cash Flow Growth	-13.40%	4.91%	0.23%	1.80%	-0.38%
FCF Margin	14.12%	16.95%	16.16%	15.39%	17.31%
Free Cash Flow Per Share	16.65	18.97	17.85	17.54	17.10
Levered Free Cash Flow	11,924	5,432	7,273	8,123	15,361
Unlevered Free Cash Flow	7,036	8,148	7,980	8,142	7,495

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.