THERMO FISHER SCIENTIFIC INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$44.6B
Gross margin	— not reported
Operating income	$7.7B
Net income	$6.7B
Diluted EPS	$17.74
Cash & equivalents	$9.9B
Total assets	$110.3B
Long-term debt	$39.2B

Key takeaway

Thermo Fisher reported $44.56 billion in revenue and $6.70 billion in net income for fiscal 2025, with diluted EPS of $17.74.

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Beneath the surface

Cash and equivalents of $9.85 billion versus total debt near $39.38-39.46 billion implies a substantial net debt position of roughly $29.5-29.6 billion, a leverage level not obvious from the headline cash and debt figures alone.

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