Thermo Fisher Scientific (TMO) official guidance

In terms of free cash flow, we continue to expect that to be in the range of $6.9 billion-$7.4 billion for the year, including between $1.9 billion and $2.1 billion of net capital expenditures.

We estimate that full-year average diluted share count will be between 370 million and 373 million shares.

We continue to assume that the adjusted income tax rate will be 11.5%.

We're also increasing our adjusted earnings per share guidance to be in the range of $24.93-$25.33, which now represents 9%-11% growth over 2025, and a $0.25 increase from our previous guidance at the midpoint.

With an expected Q3 close, the divestiture reduces 2026 revenue by approximately $200 million, net of the retained channel business, and reduces 2026 adjusted EPS by $0.05.

We expect Q3 adjusted EPS to be $0.35-$0.40 higher than in Q2.

In terms of free cash flow, we continue to expect that to be in the range of $6.9 billion-$7.4 billion for the year, including between $1.9 billion and $2.1 billion of net capital expenditures.

We continue to expect approximately $660 million of net interest expense in 2026.

In terms of adjusted operating income margins, our guide has increased to 80 basis points of expansion.

Our expectation for full-year organic revenue growth has increased to about 4%. Our guidance range remains 3%-4%, and we now expect to deliver at the upper end of that range.

We grew 3% organically in the first half in total and expect that to step up to 4% for the second half, with both quarters being similar in terms of organic revenue growth.

We're raising our revenue guidance to a new range of $47.4 billion-$48.1 billion, representing 6%-8% reported revenue growth over 2025.

With an expected Q3 close, the divestiture reduces 2026 revenue by approximately $200 million, net of the retained channel business, and reduces 2026 adjusted EPS by $0.05.

Updating for FX, we now expect a $200 million revenue tailwind from foreign exchange, which is $100 million lower than our previous guidance.

In terms of capital deployment, we're assuming $4 billion of share buybacks, with $3 billion completed in January and an additional $1 billion completed in the second quarter.

We're assuming that we'll return approximately $700 million of capital to shareholders this year through dividends.

We expect Q2 adjusted EPS to be between $0.25 and $0.30 higher than Q1.

Aligned with the quarterly progression in our original guidance, we are assuming organic revenue growth of about 3% for the Q2.

We're not assuming any meaningful growth coming out of China this year.

And we're expecting low single-digit adjusted EPS growth in Q1.

Should that be the case, we would expect $0.20-$0.25 of incremental adjusted EPS for this year, reflecting the strongly accretive nature of the acquisition.

In that inorganic period, these acquisitions are expected to contribute $60 million of additional adjusted operating income, the math of which adds a 20 basis point headwind to adjusted operating margins in 2026.

The guidance includes $600 million of inorganic revenue from the acquisitions closed in 2025.

In terms of capital deployment, our guidance now assumes that we deploy $7.6 billion of capital in 2025, $4 billion on the recently closed acquisitions, $3 billion on already completed share buybacks, and $600 million of capital returned to shareholders through dividends.

We expect between $1.4 billion and $1.7 billion of net capital expenditures and around $7 billion of free cash flow for the year.

Finally, we estimate the full-year average diluted share count will be approximately 378 million shares.

Below the line, we now expect net interest expense to be approximately $440 million in 2025, and we continue to expect an adjusted tax rate of 10.5% for the full year.

We're raising our revenue guidance to a new range of $44.1 billion to $44.5 billion and raising our adjusted EPS guidance to a range of $22.60 to $22.86 per share.

We expect between $1.4 billion and $1.7 billion of net capital expenditures and around $7 billion of free cash flow for the year.

Below the line, we now expect net interest expense to be approximately $440 million in 2025, and we continue to expect an adjusted tax rate of 10.5% for the full year.

We're increasing our outlook for adjusted operating margin in 2025 to a new range of 22.7% to 22.8%.

Organic revenue growth at the midpoint of the guide continues to be 2% for the full year, and as a reminder, that includes a 1% headwind from the runoff of pandemic-related revenue.

Revenue for this business for the full year 2025, not just the period we own it, but as I think about the full calendar year, is expected to be just under $750 million in scale.

We're raising our revenue guidance to a new range of $44.1 billion to $44.5 billion and raising our adjusted EPS guidance to a range of $22.60 to $22.86 per share.

I would expect China for this year, full year, to be down between mid and high single digits.