Thermo Fisher delivered a solid Q4 2024 across all core dimensions. Revenue reached $11.395 billion, up 10.15% year over year and 7.52% quarter over quarter, powered by broad-based demand across the company’s four segments. Gross margin stood at 39.20%, with operating margin near 19.90% and net margin around 16.10%, underscoring a favorable mix and continued operating leverage. Net income of $1.83 billion and earnings per diluted share of $4.78–$4.79 reflect ongoing cash-generative efficiency even as the company maintains substantial investment in R&D and go-to-market activities.
Free cash flow of $2.81 billion was generated in the period, supported by $3.29 billion of operating cash flow and modest capital expenditure of $0.48 billion. The company also returned capital to shareholders via share repurchases of $1.0 billion and $0.149 billion in dividends, while sustaining a robust balance sheet with cash and cash equivalents of about $4.01 billion and total liquidity including short-term investments of roughly $5.57 billion. Net debt stood at approximately $28.76 billion, reflecting a high absolute leverage level but a capital structure that Thermo Fisher has consistently managed through strong free cash flow generation.
The earnings backdrop reinforces Thermo Fisher’s market leadership in Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services. The mix and pricing discipline, coupled with sequential margin expansion, position the company to navigate a mix of macro headwinds and persistent secular growth in life sciences. Investors should monitor cadence of demand in biopharma and clinical diagnostics, supply chain dynamics, and any changes in capital allocation tempo as the company balances deleveraging with ongoing strategic investments.