Risk Sleuth
TMO · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Thermo Fisher Scientific

26 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal government

earns fromnamed as a risk
A similar impasse in federal government budget decisions could lead to substantial delays or reductions in federal spending.Risk factors (Item 1A)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

Pharmaceutical and biotech customers (sole manufacturer)

earns fromnamed as a risk
We are the sole manufacturer of a number of pharmaceuticals for many of our customers and a negative regulatory event could impact our customers’ ability to provide products to their customers.Risk factors (Item 1A)

Suppliers

DHL

depends onnamed as a risk
We ship a significant portion of our products to our customers through independent package delivery companies, such as Federal Express in the U.S. and DHL in Europe.Risk factors (Item 1A)

Also named by ENPH, FDX, RVTY

Federal Express

depends onnamed as a risk
We ship a significant portion of our products to our customers through independent package delivery companies, such as Federal Express in the U.S. and DHL in Europe.Risk factors (Item 1A)

Also named by RVTY

Places

California

operates innamed as a risk
We have significant operations in California, near major earthquake faults, which make us susceptible to earthquake risk.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

China

subject tonamed as a risk
Chinese regulations requiring the use of local suppliers, which compel companies that do business in China to partner with local companies to conduct business and provide incentives to government-backed local customers to buy from local suppliers;Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Fair Lawn Wellfields Superfund Site

subject tonamed as a risk
As the owner of the Fair Lawn facility, we are listed as a potentially responsible party for remediation within an area called the Fair Lawn Wellfields Superfund Site, and, in 2008, the company and certain other parties entered into a consent order with the USEPA to complete a Remedial Investigation/Feasibility Study.Business (Item 1)

Davis Landfill Superfund Site

subject tonamed as a risk
In 2011, our Life Technologies subsidiary entered into a consent decree with the USEPA and other responsible parties to implement a groundwater remedy at the former Davis Landfill Superfund site in Smithfield, Rhode Island.Business (Item 1)

Hazards

Earthquake

concentrated innamed as a risk
We have significant operations in California, near major earthquake faults, which make us susceptible to earthquake risk.Risk factors (Item 1A)

Also named by A, ADBE, AEE, ARE, ARES, BLK, CDNA, CRC and 11 more

Commodities and inputs

Euro

exposed to its price · $2.93 billionnamed as a risk
A 10% depreciation in year-end 2025 functional currencies, relative to the U.S. dollar, would result in a reduction of shareholders’ equity of approximately $2.93 billion.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Steel

exposed to its pricenamed as a risk
Our primary commodity exposures are for fuel, petroleum-based resins and steel.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

British pound sterling

exposed to its pricenamed as a risk
The functional currencies of the company’s international subsidiaries are principally denominated in British pounds sterling, euro, Swedish krona, Canadian dollars and Norwegian kroner.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Fuel

exposed to its pricenamed as a risk
Our primary commodity exposures are for fuel, petroleum-based resins and steel.Risk factors (Item 1A)

Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more

Petroleum-based resins

exposed to its pricenamed as a risk
Our primary commodity exposures are for fuel, petroleum-based resins and steel.Risk factors (Item 1A)

Also named by PII

Regulators

U.S. Environmental Protection Agency (USEPA)

subject to · $86 millionnamed as a risk
Accrued liabilities for environmental matters totaled $86 million at December 31, 2025.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
Changes in the U.S. Food and Drug Administration’s (the FDA) regulation of the drug discovery and development process could have an adverse effect on the demand for these products, and increased FDA regulation of laboratory-developed tests could delay and add to the cost of commercialization of these products, as well as subject us to additional regulatory controls.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

U.S. Drug Enforcement Administration (DEA)

subject tonamed as a risk
The manufacture, distribution and marketing of many of our products and services, including medical devices, and our pharma and clinical development services, are subject to extensive ongoing regulation by the FDA, the DEA, the EMA, and other equivalent local, state, federal and non-U.S. regulatory authorities.Risk factors (Item 1A)

Also named by CAH, COR, DGX, DHR, HALO, HSIC, IQV, LH and 7 more

European Medicines Agency (EMA)

subject tonamed as a risk
The manufacture, distribution and marketing of many of our products and services, including medical devices, and our pharma and clinical development services, are subject to extensive ongoing regulation by the FDA, the DEA, the EMA, and other equivalent local, state, federal and non-U.S. regulatory authorities.Risk factors (Item 1A)

Also named by GEHC, GILD, INCY, KRYS, MEDP, VKTX, WST, ZTS

New Jersey Department of Environmental Protection

subject to
Our Fair Lawn and Somerville, New Jersey facilities entered into administrative consent orders with the New Jersey Department of Environmental Protection in 1984 to maintain groundwater-remediation activities at these sites, and are currently under the State’s Licensed Site Remediation Professional Program.Business (Item 1)

Laws and programs

Revolving credit facility

$5.00 billionnamed as a risk
In addition, we have availability to borrow under a revolving credit facility that provides for up to $5.00 billion of unsecured multi-currency revolving credit (the Facility).Risk factors (Item 1A)

Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more

OECD Pillar Two global minimum tax

subject to · 15%
In December 2021, the Organization for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”).Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

U.S. tariffs

subject tonamed as a risk
tariffs imposed by the U.S. on goods from other countries and tariffs imposed by other countries, on certain U.S. goods (including volatility resulting from the imposition of (and changing policies around) tariffs and related countermeasures);Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

General Data Protection Regulation (GDPR)

subject tonamed as a risk
European laws require us to have an approved legal mechanism to transfer personal data out of Europe, and the EU GDPR imposes significantly stricter requirements in how we collect and process personal data.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk
In particular, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act 2010 and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business, and we operate in many parts of the world that have experienced governmental corruption to some degree.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Inflation Reduction Act of 2022

subject tonamed as a risk
Any significant change in regulations, such as the Inflation Reduction Act of 2022 (IRA), which contains drug price negotiation provisions, or change in the interpretation of existing regulations, could reduce demand for our products or increase our expenses.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

EU AI Act

subject to
These include comprehensive frameworks such as the EU’s General Data Protection Regulation (GDPR), the EU’s AI Act, U.S. federal and state privacy and security laws (including the Health Insurance Portability and Accountability Act of 1996 (HIPAA) for certain operations), and data-localization or cross-border transfer restrictions in various international markets.Business (Item 1)

Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more