# Thermo Fisher Stock Q3 2026: Revenue Up 9% to $12.1bn as Organic Growth Reaches 6%
> Thermo Fisher stock Q3 2026: revenue up 9% to $12.14bn, 6% organic growth, a 24.5% adjusted margin and a raised $47.7-48.2bn 2026 guide. TMO earnings.

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## Facts
- Ticker: TMO
- QSILabs fair value: $336.70 USD
- Price: $697.00 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-26, reported 2026-10-21) and Form 10-Q filed 2026-10-30; price as of 2026-10-30 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/thermo-fisher-stock-q3-2026-earnings-organic-growth/

## Short answer
Thermo Fisher stock Q3 2026 rests on a quarter in which the company that calls itself the world leader in serving science returned to solid growth. Revenue for the three months to 26 September 2026 rose 9% to $12.14bn, with 6% organic growth, adjusted operating margin widened to 24.5% from 23.3%, and adjusted EPS rose 15% to $6.68. Thermo Fisher raised its 2026 guidance to revenue of $47.7bn to $48.2bn and adjusted EPS of $25.13 to $25.43. Our discounted cash flow model values TMO at $336.70 a share, against a $697.00 close on 30 October 2026. The business is executing well; the price assumes growth and margins well above the path the company itself has set out.

## Key takeaways
- Revenue up 9%. Q3 2026 revenue was $12,137m, up from $11,122m a year earlier. Organic growth was 6%, acquisitions added 4 points and the sale of the microbiology business took off 1 point.
- Pharma and biotech led. Revenue from pharma and biotech customers grew at a high single-digit rate, industrial and applied also grew at a high single-digit rate, diagnostics and healthcare grew in the low single digits and academic and government was flat, according to chief executive Marc Casper.
- Margins widened. GAAP operating profit rose 17% to $2,263m, an 18.6% margin. Adjusted operating margin was 24.5%, up 120 basis points, helped by about $60m of net tariff refunds.
- Guidance raised. Thermo Fisher now expects 2026 revenue of $47.7bn to $48.2bn, up 7% to 8%, organic growth of about 4%, adjusted EPS of $25.13 to $25.43 and free cash flow of $7.0bn to $7.5bn.
- Cash flow and capital returns. Free cash flow was $4.62bn in the first nine months, up from $3.32bn. Thermo Fisher spent $4.0bn on buybacks and $9.1bn on the Clario acquisition this year.
- Our value: $336.70 a share, about 52% below the $697.00 close on 30 October 2026. A two-stage cross-check gives $320.53; analysts' average target is $752.12.
- What to watch. Whether organic growth moves toward the top of the company's 3% to 6% range in 2027, how quickly Clario and the bioprocessing business grow, and the 2027 guidance due on 2 February 2027.

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