For the year ending 2025-12-31, TMO had $5,839M increase in cash & cash equivalents over the period. $6,293M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 6,721 | 6,338 | 5,955 | 6,960 |
| Depreciation of property, plant and equipment | 1,050 | 1,156 | 1,068 | 986 |
| Amortization of acquisition-related intangible assets | 1,730 | 1,952 | 2,338 | 2,395 |
| Change in deferred income taxes | -639 | 1,209 | 1,300 | 995 |
| Stock-based compensation | 310 | 301 | 278 | 307 |
| Loss on early extinguishment of debt | - | - | 0 | -26 |
| Other net non-cash expenses | -455 | -508 | -604 | -524 |
| Accounts receivable | 426 | 171 | 43 | 430 |
| Inventories | 74 | 27 | -598 | 825 |
| Contract assets/liabilities | 375 | 162 | -252 | - |
| Accounts payable | 421 | 212 | -500 | 648 |
| Contributions to retirement plans | 42 | 45 | 42 | 41 |
| Other | 1,312 | 186 | 802 | 401 |
| Net cash provided by operating activities | 7,818 | 8,667 | 8,406 | 9,154 |
| Purchases of property, plant and equipment | 1,525 | 1,400 | 1,479 | 2,243 |
| Proceeds from sale of property, plant and equipment | 44 | 57 | 87 | 24 |
| Proceeds from cross-currency interest rate swap interest settlements | 268 | 252 | 70 | - |
| Acquisitions, net of cash acquired | 4,037 | 3,132 | 3,660 | 39 |
| Purchases of investments | 383 | 3,396 | - | - |
| Proceeds from sales and maturities of investments | 1,565 | 1,770 | - | - |
| Other investing activities, net | -21 | -8 | 160 | -99 |
| Net cash used in investing activities | -4,047 | -5,841 | -5,142 | -2,159 |
| Net proceeds from issuance of debt | 7,759 | 1,204 | 5,942 | 3,193 |
| Repayment of debt | 2,412 | 3,607 | 5,782 | 375 |
| Proceeds from issuance of commercial paper | 1,095 | 0 | 1,620 | 1,526 |
| Repayments of commercial paper | 1,095 | 0 | 1,935 | 3,690 |
| Purchases of company common stock | 3,000 | 4,000 | 3,000 | 3,000 |
| Dividends paid | 636 | 583 | 523 | 455 |
| Other financing activities, net | 90 | 195 | 56 | -9 |
| Net cash provided by/(used in) financing activities | 1,801 | -6,792 | -3,622 | -2,810 |
| Exchange rate effect on cash | 267 | -91 | -82 | -139 |
| Increase/(decrease) in cash, cash equivalents and restricted cash | 5,839 | -4,057 | -440 | 4,046 |
| Cash, cash equivalents and restricted cash at beginning of year | 4,040 | 8,097 | 8,537 | 4,491 |
| Cash, cash equivalents and restricted cash at end of year | 9,879 | 4,040 | 8,097 | 8,537 |
THERMO FISHER SCIENTIFIC INC. (TMO)
THERMO FISHER SCIENTIFIC INC. (TMO)