Thermo Fisher Scientific (TMO) Q2 2026: Revenue +10.5%, Organic Growth 5%, Cash -58% on Clario Deal
Unit note: Thermo Fisher Scientific is a U.S.-listed company (NYSE: TMO) and reports in U.S. dollars. This analysis uses millions of dollars (M$) as the base unit.
Thermo Fisher Scientific posted Q2 FY2026 (April–June 2026) revenue of $11,994 million, up 10.5% year over year. That headline number should not be read directly as a demand recovery, however. The company's own 10-Q decomposition shows that reported 10% revenue growth = acquisitions +5 percentage points + currency +1 percentage point + organic growth 5%, while on a first-half basis the breakdown is reported 8% = acquisitions +4pp + currency +2pp + organic 3%. Roughly half of top-line expansion came from Clario, acquired at the end of March.
