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REVENUE
 9 Months Ended
Sep. 28, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
3. REVENUE
Our revenue is generated from the sale of products and services. Product revenue consists of sales of instruments and consumables used in genetic analysis. Service and other revenue consists of revenue generated from genotyping and sequencing services, instrument service contracts, development and licensing agreements, and, prior to the Spin-Off of GRAIL on June 24, 2024, cancer detection testing services related to the GRAIL business.
Revenue by Source
Q3 2025Q3 2024
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$747 $69 $816 $741 $66 $807 
Instruments107 4 111 104 3 107 
Total product revenue854 73 927 845 69 914 
Service and other revenue147 10 157 150 16 166 
Total revenue$1,001 $83 $1,084 $995 $85 $1,080 
YTD 2025YTD 2024
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$2,183 $212 $2,395 $2,160 $216 $2,376 
Instruments311 13 324 330 12 342 
Total product revenue2,494 225 2,719 2,490 228 2,718 
Service and other revenue425 40 465 499 51 550 
Total revenue$2,919 $265 $3,184 $2,989 $279 $3,268 
Revenue by Geographic Area
Based on region of destination (in millions)Q3 2025Q3 2024YTD 2025YTD 2024
Americas$612 $609 $1,768 $1,852 
Europe309 291 911 859 
Greater China (1)
52 75 187 228 
Asia-Pacific, Middle East, and Africa (2)
111 105 318 329 
Total revenue$1,084 $1,080 $3,184 $3,268 
_____________
(1)Region includes revenue from China, Taiwan, and Hong Kong.
(2)Region includes revenue from Russia and Turkey.
Performance Obligations
We regularly enter into contracts with multiple performance obligations. These contracts are believed to be firm as of the balance sheet date. However, we may allow customers to make product substitutions as we launch new products. The timing of shipments depends on several factors, including agreed upon shipping schedules, which may span multiple quarters. Most performance obligations are generally satisfied within approximately three to six months after the contract execution date. As of September 28, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $747 million, of which 77% is expected to be converted to revenue in the next twelve months, 11% in the following twelve months, and the remainder thereafter.
Contract Assets and Liabilities
Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing, were $22 million and $16 million as of September 28, 2025 and December 29, 2024, respectively, and were recorded in prepaid expenses and other current assets.
Contract liabilities, which consist of deferred revenue and customer deposits, as of September 28, 2025 and December 29, 2024, were $307 million and $327 million, respectively, of which $234 million and $260 million, respectively, was short-term and recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q3 2025 and YTD 2025 included $47 million and $214 million, respectively, of previously deferred revenue that was included in contract liabilities as of December 29, 2024.