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	6,704	6,335	5,995	6,950	7,725
Depreciation & Amortization	2,780	3,108	3,406	3,381	2,592
Stock-Based Compensation	310	301	278	307	230
Other Operating Activities	-168	-698	-736	-435	313
Change in Accounts Receivable	-801	-333	209	-784	17
Change in Inventory	-74	-27	598	-825	-1,065
Change in Accounts Payable	421	212	-500	648	479
Change in Other Net Operating Assets	-1,354	-231	-844	-88	-979
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
Cash Acquisitions	-4,037	-3,132	-3,660	-39	-19,395
Investment in Securities	1,182	-1,626	-193	64	-
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
Long-Term Debt Issued	7,759	1,204	5,942	3,193	18,137
Total Debt Issued	8,854	1,204	7,562	4,719	20,649
Short-Term Debt Repaid	-1,095	-	-1,935	-3,690	-
Long-Term Debt Repaid	-2,412	-3,607	-5,782	-375	-11,738
Total Debt Repaid	-3,507	-3,607	-7,717	-4,065	-11,738
Net Debt Issued (Repaid)	5,347	-2,403	-155	654	8,911
Repurchase of Common Stock	-3,000	-4,000	-3,000	-3,000	-2,000
Common Dividends Paid	-636	-583	-523	-455	-395
Other Financing Activities	90	194	56	-9	65
Financing Cash Flow	1,801	-6,792	-3,622	-2,810	6,581
Foreign Exchange Rate Adjustments	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%
Free Cash Flow 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
Cash Interest Paid	1,612	1,570	1,385	667	555
Cash Income Tax Paid	1,776	1,834	1,482	1,234	2,182
Levered Free Cash Flow	4,391	6,629	5,099	5,798	5,584
Unlevered Free Cash Flow	5,278	7,497	5,958	6,252	5,919
Change in Working Capital	-1,808	-379	-537	-1,049	-1,548

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.