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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________
FORM 10-Q
_______________________________________
(Mark One)

☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 28, 2025
or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________
Commission File Number 001-5075
_______________________________________
Revvity, Inc.
(Exact name of Registrant as specified in its Charter)
_______________________________________

Massachusetts |  | 04-2052042
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
77 4th Avenue, | Waltham, | Massachusetts |  | 02451
(Address of principal executive offices) |  | (Zip Code)

(781) 663-6900
(Registrant’s telephone number, including area code)
______________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol (s) | Name of each exchange on which registered
Common stock, $1 par value per share | RVTY | The New York Stock Exchange
1.875% Notes due 2026 | RVTY 26 | The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large accelerated filer |  | ☑ | Accelerated filer |  | ☐
Non-accelerated filer |  | ☐ | Smaller reporting company |  | ☐
|  |  | Emerging growth company |  | ☐

If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 31, 2025, there were outstanding 113,375,621 shares of common stock, $1 par value per share.

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TABLE OF CONTENTS

|  | Page
PART I. FINANCIAL INFORMATION
Item 1. | Unaudited Financial Statements | 4
| Condensed Consolidated Statements of Operations | 4
| Condensed Consolidated Statements of Comprehensive Income | 5
| Condensed Consolidated Balance Sheets | 6
| Condensed Consolidated Statements of Stockholders’ Equity | 7
| Condensed Consolidated Statements of Cash Flows | 9
| Notes to Condensed Consolidated Financial Statements | 11
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25
| Overview | 25
| Critical Accounting Policies and Estimates | 25
| Consolidated Results of Continuing Operations | 26
| Reporting Segment Results of Continuing Operations | 28
| Discontinued Operations | 30
| Liquidity and Capital Resources | 30
| Dividends | 32
| Effects of Recently Adopted and Issued Accounting Pronouncements | 32
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 32
Item 4. | Controls and Procedures | 32
PART II. OTHER INFORMATION |
Item 1. | Legal Proceedings | 34
Item 1A. | Risk Factors | 34
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 42
Item 5. | Other Information | 43
Item 6. | Exhibits | 43
Signatures | 44

3

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PART I. FINANCIAL INFORMATION
Item 1.Unaudited Financial Statements
REVVITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands, except per share data)
Product revenue | $ | 573,225 |  |  | $ | 579,997 |  |  | $ | 1,742,983 |  |  | $ | 1,717,927 |
Service revenue | 125,724 |  |  | 104,052 |  |  | 341,012 |  |  | 307,727 |
Total revenue | 698,949 |  |  | 684,049 |  |  | 2,083,995 |  |  | 2,025,654 |
Cost of product revenue | 280,731 |  |  | 256,551 |  |  | 813,878 |  |  | 770,196 |
Cost of service revenue | 43,614 |  |  | 42,682 |  |  | 127,411 |  |  | 130,089 |
Total cost of revenue | 324,345 |  |  | 299,233 |  |  | 941,289 |  |  | 900,285 |
Selling, general and administrative expenses | 241,911 |  |  | 237,521 |  |  | 740,156 |  |  | 749,742 |
Research and development expenses | 50,797 |  |  | 49,144 |  |  | 157,664 |  |  | 147,636 |
Operating income from continuing operations | 81,896 |  |  | 98,151 |  |  | 244,886 |  |  | 227,991 |
Interest and other expense (income), net | 26,211 |  |  | (2,206) |  |  | 68,169 |  |  | 6,423 |
Income from continuing operations before income taxes | 55,685 |  |  | 100,357 |  |  | 176,717 |  |  | 221,568 |
Provision for income taxes | 8,464 |  |  | 6,971 |  |  | 32,605 |  |  | 26,880 |
Income from continuing operations | 47,221 |  |  | 93,386 |  |  | 144,112 |  |  | 194,688 |
(Loss) income from discontinued operations | (569) |  |  | 981 |  |  | (1,275) |  |  | (18,948) |
Net income | $ | 46,652 |  |  | $ | 94,367 |  |  | $ | 142,837 |  |  | $ | 175,740 |
Basic earnings per share: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.41 |  |  | $ | 0.76 |  |  | $ | 1.22 |  |  | $ | 1.58 |
(Loss) income from discontinued operations | (0.01) |  |  | 0.01 |  |  | (0.01) |  |  | (0.15) |
Net income | $ | 0.40 |  |  | $ | 0.77 |  |  | $ | 1.21 |  |  | $ | 1.43 |
Diluted earnings per share: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.41 |  |  | $ | 0.76 |  |  | $ | 1.22 |  |  | $ | 1.58 |
(Loss) income from discontinued operations | (0.01) |  |  | 0.01 |  |  | (0.01) |  |  | (0.15) |
Net income | $ | 0.40 |  |  | $ | 0.77 |  |  | $ | 1.21 |  |  | $ | 1.42 |
Weighted average shares of common stock outstanding: |  |  |  |  |  |  |
Basic | 115,411 |  |  | 122,810 |  |  | 117,686 |  |  | 123,198 |
Diluted | 115,463 |  |  | 123,026 |  |  | 117,735 |  |  | 123,336 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

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REVVITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Net income | $ | 46,652 |  |  | $ | 94,367 |  |  | $ | 142,837 |  |  | $ | 175,740 |
Other comprehensive (loss) income: |  |  |  |  |  |  |
Foreign currency translation adjustments, net of income taxes | (22,322) |  |  | 109,774 |  |  | 216,279 |  |  | 44,130 |
Unrealized (loss) gain on securities, net of income taxes | (6) |  |  | 245 |  |  | 21 |  |  | 647 |
Other comprehensive (loss) income | (22,328) |  |  | 110,019 |  |  | 216,300 |  |  | 44,777 |
Comprehensive income | $ | 24,324 |  |  | $ | 204,386 |  |  | $ | 359,137 |  |  | $ | 220,517 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

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REVVITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

| September 28, 2025 |  | December 29, 2024
| (In thousands, except share and per share data)
Current assets: |  |  |
Cash and cash equivalents | $ | 931,386 |  |  | $ | 1,163,396 |
Accounts receivable, net | 680,259 |  |  | 632,400 |
Inventories, net | 379,917 |  |  | 367,587 |
Other current assets | 152,226 |  |  | 186,225 |
Total current assets | 2,143,788 |  |  | 2,349,608 |
Property, plant and equipment, net | 497,088 |  |  | 482,217 |
Operating lease right-of-use assets, net | 171,078 |  |  | 167,716 |
Intangible assets, net | 2,425,926 |  |  | 2,640,921 |
Goodwill | 6,600,631 |  |  | 6,463,619 |
Other assets, net | 300,441 |  |  | 288,397 |
Total assets | $ | 12,138,952 |  |  | $ | 12,392,478 |
Current liabilities: |  |  |
Current portion of long-term debt | $ | 583,844 |  |  | $ | 242 |
Accounts payable | 175,800 |  |  | 167,463 |
Accrued expenses and other current liabilities | 463,099 |  |  | 485,395 |
Total current liabilities | 1,222,743 |  |  | 653,100 |
Long-term debt | 2,630,693 |  |  | 3,150,476 |
Deferred taxes and other long-term liabilities | 755,155 |  |  | 770,523 |
Operating lease liabilities | 154,465 |  |  | 151,505 |
Total liabilities | 4,763,056 |  |  | 4,725,604 |
Commitments and contingencies (see Note 13) |  |  |
Stockholders’ equity: |  |  |
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding | — |  |  | — |
Comm on stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 114,030,000 shares and 120,646,000 shares at September 28, 2025 and December 29, 2024, respectively | 114,030 |  |  | 120,646 |
Capital in excess of par value | 1,477,890 |  |  | 2,097,110 |
Retained earnings | 5,963,781 |  |  | 5,845,223 |
Accumulated other comprehensive loss | (179,805) |  |  | (396,105) |
Total stockholders’ equity | 7,375,896 |  |  | 7,666,874 |
Total liabilities and stockholders’ equity | $ | 12,138,952 |  |  | $ | 12,392,478 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

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REVVITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

| For the Nine-Month Period Ended September 28, 2025
| Common Stock Shares |  | Common Stock Amount |  | Capital in Excess of Par Value |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Total Stockholders’ Equity
|  |  | (In thousands)
Balance, December 29, 2024 | 120,646 |  |  | $ | 120,646 |  |  | $ | 2,097,110 |  |  | $ | 5,845,223 |  |  | $ | (396,105) |  |  | $ | 7,666,874 |
Net income | — |  |  | — |  |  | — |  |  | 42,237 |  |  | — |  |  | 42,237 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 79,654 |  |  | 79,654 |
Dividends ($0.07 per common share, see Note 9) | — |  |  | — |  |  | — |  |  | (8,243) |  |  | — |  |  | (8,243) |
Exercise of employee stock options | 32 |  |  | 32 |  |  | 2,600 |  |  | — |  |  | — |  |  | 2,632 |
Issuance of common stock for employee stock purchase plans | 12 |  |  | 12 |  |  | 1,260 |  |  | — |  |  | — |  |  | 1,272 |
Purchases of common stock | (1,356) |  |  | (1,356) |  |  | (153,631) |  |  | — |  |  | — |  |  | (154,987) |
Issuance of common stock for long-term incentive program | 75 |  |  | 75 |  |  | 5,524 |  |  | — |  |  | — |  |  | 5,599 |
Stock compensation | — |  |  | — |  |  | 2,092 |  |  | — |  |  | — |  |  | 2,092 |
Balance, March 30, 2025 | 119,409 |  |  | $ | 119,409 |  |  | $ | 1,954,955 |  |  | $ | 5,879,217 |  |  | $ | (316,451) |  |  | $ | 7,637,130 |
Net income | — |  |  | — |  |  | — |  |  | 53,948 |  |  | — |  |  | 53,948 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 158,974 |  |  | 158,974 |
Dividends ($0.07 per common share, see Note 9) | — |  |  | — |  |  | — |  |  | (8,067) |  |  | — |  |  | (8,067) |
Purchases of common stock | (3,104) |  |  | (3,104) |  |  | (292,928) |  |  | — |  |  | — |  |  | (296,032) |
Issuance of common stock for long-term incentive program | 26 |  |  | 26 |  |  | 7,918 |  |  | — |  |  | — |  |  | 7,944 |
Stock compensation | — |  |  | — |  |  | 2,271 |  |  | — |  |  | — |  |  | 2,271 |
Balance, June 29, 2025 | 116,331 |  |  | $ | 116,331 |  |  | $ | 1,672,216 |  |  | $ | 5,925,098 |  |  | $ | (157,477) |  |  | $ | 7,556,168 |
Net income | — |  |  | — |  |  | — |  |  | 46,652 |  |  | — |  |  | 46,652 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (22,328) |  |  | (22,328) |
Dividends ($0.07 per common share, see Note 9) | — |  |  | — |  |  | — |  |  | (7,969) |  |  | — |  |  | (7,969) |
Issuance of common stock for employee stock purchase plans | 15 |  |  | 15 |  |  | 1,374 |  |  | — |  |  | — |  |  | 1,389 |
Purchases of common stock | (2,324) |  |  | (2,324) |  |  | (204,760) |  |  | — |  |  | — |  |  | (207,084) |
Issuance of common stock for long-term incentive program | 8 |  |  | 8 |  |  | 6,708 |  |  | — |  |  | — |  |  | 6,716 |
Stock compensation | — |  |  | — |  |  | 2,352 |  |  | — |  |  | — |  |  | 2,352 |
Balance, September 28, 2025 | 114,030 |  |  | $ | 114,030 |  |  | $ | 1,477,890 |  |  | $ | 5,963,781 |  |  | $ | (179,805) |  |  | $ | 7,375,896 |

7

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| For the Nine-Month Period Ended September 29, 2024
| Common Stock Shares |  | Common Stock Amount |  | Capital in Excess of Par Value |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Total Stockholders’ Equity
|  |  | (In thousands)
Balance, December 31, 2023 | 123,426 |  |  | $ | 123,426 |  |  | $ | 2,416,793 |  |  | $ | 5,609,212 |  |  | $ | (276,692) |  |  | $ | 7,872,739 |
Net income | — |  |  | — |  |  | — |  |  | 26,013 |  |  | — |  |  | 26,013 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (48,662) |  |  | (48,662) |
Dividends ($0.07 per common share, see Note 9) | — |  |  | — |  |  | — |  |  | (8,645) |  |  | — |  |  | (8,645) |
Exercise of employee stock options | 75 |  |  | 75 |  |  | 4,036 |  |  | — |  |  | — |  |  | 4,111 |
Purchases of common stock | (103) |  |  | (103) |  |  | (10,653) |  |  | — |  |  | — |  |  | (10,756) |
Issuance of common stock for long-term incentive program | 94 |  |  | 94 |  |  | 9,041 |  |  | — |  |  | — |  |  | 9,135 |
Stock compensation | — |  |  | — |  |  | 2,561 |  |  | — |  |  | — |  |  | 2,561 |
Balance, March 31, 2024 | 123,492 |  |  | $ | 123,492 |  |  | $ | 2,421,778 |  |  | $ | 5,626,580 |  |  | $ | (325,354) |  |  | $ | 7,846,496 |
Net income | — |  |  | — |  |  | — |  |  | 55,360 |  |  | — |  |  | 55,360 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (16,580) |  |  | (16,580) |
Dividends ($0.07 per common share, see Note 9) | — |  |  | — |  |  | — |  |  | (8,643) |  |  | — |  |  | (8,643) |
Exercise of employee stock options | 22 |  |  | 22 |  |  | 1,837 |  |  | — |  |  | — |  |  | 1,859 |
Issuance of common stock for employee stock purchase plans | 14 |  |  | 14 |  |  | 1,414 |  |  | — |  |  | — |  |  | 1,428 |
Purchases of common stock | (196) |  |  | (196) |  |  | (19,943) |  |  | — |  |  | — |  |  | (20,139) |
Issuance of common stock for long-term incentive program | 36 |  |  | 36 |  |  | 8,030 |  |  | — |  |  | — |  |  | 8,066 |
Stock compensation | — |  |  | — |  |  | 2,467 |  |  | — |  |  | — |  |  | 2,467 |
Balance, June 30, 2024 | 123,368 |  |  | $ | 123,368 |  |  | $ | 2,415,583 |  |  | $ | 5,673,297 |  |  | $ | (341,934) |  |  | $ | 7,870,314 |
Net income | — |  |  | — |  |  | — |  |  | 94,367 |  |  | — |  |  | 94,367 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 110,019 |  |  | 110,019 |
Dividends ($0.07 per common share, see Note 9) | — |  |  | — |  |  | — |  |  | (8,544) |  |  | — |  |  | (8,544) |
Exercise of employee stock options | 2 |  |  | 2 |  |  | 139 |  |  | — |  |  | — |  |  | 141 |
Issuance of common stock for employee stock purchase plans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases of common stock | (1,285) |  |  | (1,285) |  |  | (153,833) |  |  | — |  |  | — |  |  | (155,118) |
Issuance of common stock for long-term incentive program | 6 |  |  | 6 |  |  | 7,871 |  |  | — |  |  | — |  |  | 7,877 |
Stock compensation | — |  |  | — |  |  | 2,645 |  |  | — |  |  | — |  |  | 2,645 |
Balance, September 29, 2024 | 122,091 |  |  | $ | 122,091 |  |  | $ | 2,272,405 |  |  | $ | 5,759,120 |  |  | $ | (231,915) |  |  | $ | 7,921,701 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
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REVVITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

| Nine Months Ended
| September 28, 2025 |  | September 29, 2024
| (In thousands)
Operating activities: |  |  |
Net income | $ | 142,837 |  |  | $ | 175,740 |
Loss from discontinued operations, net of income taxes | 1,275 |  |  | 18,948 |
Income from continuing operations | 144,112 |  |  | 194,688 |
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations: |  |  |
Stock-based compensation | 26,918 |  |  | 32,756 |
Restructuring and other costs, net | 24,368 |  |  | 22,119 |
Depreciation and amortization | 302,261 |  |  | 322,816 |
Change in fair value of contingent consideration | (59) |  |  | 6,006 |
Amortization of deferred debt financing costs and accretion of discounts | 3,560 |  |  | 5,051 |
Change in fair value of investments | 3,484 |  |  | (13,975) |
Unrealized foreign exchange loss (gain) | 222 |  |  | (1,063) |
Changes in assets and liabilities which provided (used) cash: |  |  |
Accounts receivable, net | (41,643) |  |  | 33,291 |
Inventories | 12,493 |  |  | 26,817 |
Accounts payable | 270 |  |  | (24,782) |
Accrued expenses and other | (68,990) |  |  | (114,236) |
Net cash provided by operating activities of continuing operations | 406,996 |  |  | 489,488 |
Net cash used in operating activities of discontinued operations | (6,023) |  |  | (35,419) |
Net cash provided by operating activities | 400,973 |  |  | 454,069 |
Investing activities: |  |  |
Capital expenditures | (53,351) |  |  | (62,194) |
Purchases of investments and notes receivables | (29) |  |  | (4,337) |
Proceeds from investments and notes receivables | — |  |  | 2,500 |
Proceeds from marketable securities | — |  |  | 710,000 |
Proceeds from disposition of businesses and assets | 229 |  |  | — |
Net cash (used in) provided by investing activities of continuing operations | (53,151) |  |  | 645,969 |
Net cash provided by investing activities of discontinued operations | 56,250 |  |  | 147,522 |
Net cash provided by investing activities | 3,099 |  |  | 793,491 |
Financing activities: |  |  |
Payments of senior unsecured notes | — |  |  | (711,479) |
Payments of debt financing issuance costs | (2,474) |  |  | — |
Payments of other credit facilities | (158) |  |  | (10,771) |
Payments for acquisition-related contingent consideration | (3,838) |  |  | (8,832) |
Proceeds from issuance of common stock under stock plans | 2,632 |  |  | 6,173 |
Purchases of common stock | (652,530) |  |  | (184,421) |
Dividends paid | (24,845) |  |  | (25,915) |
Net cash used in financing activities | (681,213) |  |  | (935,245) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 45,264 |  |  | 4,120 |

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Net (decrease) increase in cash, cash equivalents and restricted cash | (231,877) |  |  | 316,435 |
Cash, cash equivalents and restricted cash at beginning of period | 1,164,452 |  |  | 914,373 |
Cash, cash equivalents and restricted cash at end of period | $ | 932,575 |  |  | $ | 1,230,808 |
Supplemental disclosures of cash flow information |  |  |
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows: |  |  |
Cash and cash equivalents | $ | 931,386 |  |  | $ | 1,229,778 |
Restricted cash included in other current assets | 1,189 |  |  | 1,030 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 932,575 |  |  | $ | 1,230,808 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
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REVVITY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Basis of Presentation
The condensed consolidated financial statements included herein have been prepared by Revvity, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the “United States”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended December 29, 2024, filed with the SEC (the “2024 Form 10-K”). The balance sheet amounts at December 29, 2024 in this report were derived from the Company’s audited 2024 consolidated financial statements included in the 2024 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods indicated. Certain software revenue and related costs for the three and nine months ended September 29, 2024 have been reclassified from product revenue and cost of product revenue to service revenue and cost of service revenue, respectively, in the statement of operations to correct and conform to the current year presentation. The effects of the reclassifications are not significant. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended September 28, 2025 and September 29, 2024, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period.
Accounting Standards Not Yet Adopted: In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Ea rly adoption is permitted as of the beginning of an annual reporting period. The guidance may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is in the process of determining the impact of this guidance on its financial statements and disclosures.
In November 2024, the FASB issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require public entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items. Such disclosures are required on an annual and interim basis in a tabular presentation in the footnotes to the financial statements. In addition, ASU 2024-03 requires public entities to disclose selling expenses on an annual and interim basis. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of determining the impact of this guidance on its financial statements and disclosures.
In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 will require public entities to disclose on an annual basis a tabular reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory (i.e. expected) tax further broken out by nature and/or jurisdiction. ASU 2023-09 requires all entities to disclose on an annual basis the amount of income taxes paid (net of refunds received), disaggregated between federal (national), state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid. The guidance is required to be applied on a prospective basis; retrospective application is permitted. The guidance is effective for annual periods beginning after December 15, 2024. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statement disclosures.
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Note 2: Revenue
Disaggregation of revenue
Disaggregated revenue by primary geographical markets and major goods and service lines are as follows:

| Reportable Segments
| Three Months Ended
| September 28, 2025 |  | September 29, 2024
| Life Sciences |  | Diagnostics |  | Total |  | Life Sciences |  | Diagnostics |  | Total
| (In thousands)
Primary geographical markets |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 178,087 |  |  | $ | 129,190 |  |  | $ | 307,277 |  |  | $ | 185,476 |  |  | $ | 116,849 |  |  | $ | 302,325 |
Europe | 83,332 |  |  | 119,065 |  |  | 202,397 |  |  | 75,115 |  |  | 106,923 |  |  | 182,038 |
Asia | 81,403 |  |  | 107,872 |  |  | 189,275 |  |  | 78,209 |  |  | 121,477 |  |  | 199,686 |
| $ | 342,822 |  |  | $ | 356,127 |  |  | $ | 698,949 |  |  | $ | 338,800 |  |  | $ | 345,249 |  |  | $ | 684,049 |
Major goods/service lines |  |  |  |  |  |  |  |  |  |  |
Life Sciences Solutions | $ | 290,541 |  |  | $ | — |  |  | $ | 290,541 |  |  | $ | 295,455 |  |  | $ | — |  |  | $ | 295,455 |
Software | 52,281 |  |  | — |  |  | 52,281 |  |  | 43,345 |  |  | — |  |  | 43,345 |
Immunodiagnostics | — |  |  | 212,739 |  |  | 212,739 |  |  | — |  |  | 211,566 |  |  | 211,566 |
Reproductive health | — |  |  | 143,388 |  |  | 143,388 |  |  | — |  |  | 133,683 |  |  | 133,683 |
| $ | 342,822 |  |  | $ | 356,127 |  |  | $ | 698,949 |  |  | $ | 338,800 |  |  | $ | 345,249 |  |  | $ | 684,049 |

| Reportable Segments
| Nine Months Ended
| September 28, 2025 |  | September 29, 2024
| Life Sciences |  | Diagnostics |  | Total |  | Life Sciences |  | Diagnostics |  | Total
| (In thousands)
Primary geographical markets |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 559,437 |  |  | $ | 376,049 |  |  | $ | 935,486 |  |  | $ | 551,843 |  |  | $ | 352,619 |  |  | $ | 904,462 |
Europe | 243,652 |  |  | 344,169 |  |  | 587,821 |  |  | 227,123 |  |  | 318,065 |  |  | 545,188 |
Asia | 246,026 |  |  | 314,662 |  |  | 560,688 |  |  | 244,873 |  |  | 331,131 |  |  | 576,004 |
| $ | 1,049,115 |  |  | $ | 1,034,880 |  |  | $ | 2,083,995 |  |  | $ | 1,023,839 |  |  | $ | 1,001,815 |  |  | $ | 2,025,654 |
Major goods/service lines |  |  |  |  |  |  |  |  |  |  |
Life Sciences Solutions | $ | 875,046 |  |  | $ | — |  |  | $ | 875,046 |  |  | $ | 884,849 |  |  | $ | — |  |  | $ | 884,849 |
Software | 174,069 |  |  | — |  |  | 174,069 |  |  | 138,990 |  |  | — |  |  | 138,990 |
Immunodiagnostics | — |  |  | 629,119 |  |  | 629,119 |  |  | — |  |  | 613,479 |  |  | 613,479 |
Reproductive health | — |  |  | 405,761 |  |  | 405,761 |  |  | — |  |  | 388,336 |  |  | 388,336 |
| $ | 1,049,115 |  |  | $ | 1,034,880 |  |  | $ | 2,083,995 |  |  | $ | 1,023,839 |  |  | $ | 1,001,815 |  |  | $ | 2,025,654 |

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Contract Balances
Unbilled receivable and Contract assets: The timing of revenue recognition may differ from the timing of customer billing. When revenue is recognized prior to billing and the right to the amount due from customers is conditioned only on the passage of time, the Company records an unbilled receivable on its consolidated balance sheets. The unbilled receivables are classified as either current in “Accounts receivable, net” or as long-term in “Other assets, net” in the condensed consolidated balance sheets. Unbilled receivables totaled $95.5 million and $80.6 million at September 28, 2025 and December 29, 2024, respectively, primarily related to the Life Sciences software business. The Company had no material contract assets as of September 28, 2025 and December 29, 2024.
Deferred revenue and Customer deposits: Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Deferred revenue is classified as either current in “Accrued expenses and other current liabilities” or as long-term in “Other long-term liabilities” in the condensed consolidated balance sheets based on the timing of when the Company expects to recognize revenue. Substantially all of the deferred revenue is expected to be recognized in revenue within 12 months of the balance sheet date, and has been classified within accrued expenses and other current liabilities. The deferred revenue balance is primarily related to the Company’s software as a service offerings, maintenance contracts and prepaid storage arrangements. Deferred revenue totaled $224.0 million and $212.8 million at September 28, 2025 and December 29, 2024, respectively. The Company also had customer deposits received in advance of the transfer of control totaling $19.5 million at September 28, 2025 and December 29, 2024. The Company expects that these customer deposits will be recognized in revenue within three months of the balance sheet date.
Transaction price allocated to the remaining performance obligations
The Company applies the practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the period are not material to the Company. The remaining performance obligations primarily include noncancelable purchase orders, noncancelable software subscriptions and cloud service contracts and long-term prepaid storage contracts.
Note 3: Discontinued Operations
During fiscal year 2023, the Company completed the sale of certain assets and the equity interests constituting the Company’s Applied, Food and Enterprise Services businesses (the “Business”) for approximately $2.27 billion in cash proceeds before transaction costs. During fiscal year 2023 and fiscal year 2024, the Company recognized a pre-tax gain (loss) on sale of $811.5 million and $(25.4) million, respectively. During fiscal year 2023 and fiscal year 2024, the Company recognized income (loss) from discontinued operations of $513.6 million and $(12.7) million, respectively. The Business was a component of the Company’s Discovery & Analytical Solutions segment, which is now referred to as the Life Sciences segment. The sale of the Business was reported as discontinued operations in the Company’s condensed consolidated financial statements.
During the three months ended September 28, 2025 and September 29, 2024, the Company recorded a (loss) gain on sale of $(0.3) million and $0.4 million, respectively, and a provision for (benefit from) income taxes of $0.2 million and $(0.6) million, respectively, related to the sale of the Business. Dur ing the nine months ended September 28, 2025 and September 29, 2024, the Company recorded a loss on sale of $(0.6) million and $(25.1) million, respectively, and a provision for (benefit from) income taxes of $0.7 million and $(6.1) million, respectively, related to the sale of the Business.
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Note 4: Interest and Other Expense, Net
Interest and other expense, net, consisted of the following:

| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Interest income | $ | (6,925) |  |  | $ | (22,764) |  |  | $ | (25,351) |  |  | $ | (63,362) |
Interest expense | 22,771 |  |  | 24,383 |  |  | 68,672 |  |  | 73,497 |
Change in fair value of investments | 4,602 |  |  | (7,004) |  |  | 3,484 |  |  | (13,975) |
Other components of net periodic pension cost | 1,729 |  |  | 1,956 |  |  | 10,211 |  |  | 5,778 |
Foreign exchange losses and other expense, net | 4,034 |  |  | 1,223 |  |  | 11,153 |  |  | 4,485 |
Total interest and other expense (income), net | $ | 26,211 |  |  | $ | (2,206) |  |  | $ | 68,169 |  |  | $ | 6,423 |

Note 5: Inventories, Net
Inventories, net consisted of the following:

| September 28, 2025 |  | December 29, 2024
| (In thousands)
Raw materials | $ | 174,651 |  |  | $ | 174,502 |
Work in progress | 67,066 |  |  | 65,191 |
Finished goods | 138,200 |  |  | 127,894 |
Total inventories, net | $ | 379,917 |  |  | $ | 367,587 |

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Note 6: Debt
The Company’s debt consisted of the following:

| September 28, 2025
| Outstanding Principal |  | Unamortized Debt Discount |  | Unamortized Debt Issuance Costs |  | Net Carrying Amount
| (In thousands)
Long-Term Debt: |  |  |  |  |  |  |
Senior Unsecured Revolving Credit Facility | $ | — |  |  | $ | — |  |  | $ | (3,035) |  |  | $ | (3,035) |
1.900% Senior Unsecured Notes due in 2028 | 500,000 |  |  | (160) |  |  | (1,929) |  |  | 497,911 |
3.3% Senior Unsecured Notes due in 2029 | 850,000 |  |  | (1,224) |  |  | (3,390) |  |  | 845,386 |
2.55% Senior Unsecured Notes due in March 2031 | 400,000 |  |  | (77) |  |  | (2,018) |  |  | 397,905 |
2.250% Senior Unsecured Notes due in September 2031 | 500,000 |  |  | (950) |  |  | (2,730) |  |  | 496,320 |
3.625% Senior Unsecured Notes due in 2051 | 400,000 |  |  | (3) |  |  | (3,966) |  |  | 396,031 |
Other Debt Facilities, non-current | 175 |  |  | — |  |  | — |  |  | 175 |
Total Long-Term Debt | $ | 2,650,175 |  |  | $ | (2,414) |  |  | $ | (17,068) |  |  | $ | 2,630,693 |
Current Portion of Long-term Debt: |  |  |  |  |  |  |
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) | 584,550 |  |  | (492) |  |  | (404) |  |  | 583,654 |
Other Debt Facilities, current | 190 |  |  | — |  |  | — |  |  | 190 |
Total Current Portion of Long-Term Debt | 584,740 |  |  | (492) |  |  | (404) |  |  | 583,844 |
Total | $ | 3,234,915 |  |  | $ | (2,906) |  |  | $ | (17,472) |  |  | $ | 3,214,537 |

The Company entered into a senior unsecured revolving credit facility in 2021 (the “2021 Senior Unsecured Revolving Credit Facility”) with a five-year term and a borrowing capacity of $1.5 billion available through August 24, 2026. On January 7, 2025, the 2021 Senior Unsecured Revolving Credit Facility was replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through January 7, 2030. Borrowings will bear interest, payable quarterly or, if earlier, at the end of any interest period, at the Company’s option at either (a) the base rate (as described in the credit agreement), or (b) the Term Secured Overnight Financing Rate (“Term SOFR”) (as described in the credit agreement), in each case plus a percentage spread based on the credit rating of the Company’s debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, and (c) Term SOFR plus 1.00%. The credit agreement for the new facility contains customary affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capitalization ratio that remains applicable for so long as the Company’s debt is rated as investment grade. In the event that the Company’s debt is not rated as investment grade, the debt-to-capitalization ratio covenant is replaced with leverage ratio and interest coverage ratio covenants.
Note 7: Earnings Per Share
Basic earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding during the period less restricted unvested shares. Diluted earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding plus all potentially dilutive common stock equivalents,
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primarily shares issuable upon the exercise of stock options using the treasury stock method. The following table reconciles the number of shares utilized in the earnings per share calculations:

| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Number of common shares—basic | 115,411 |  |  | 122,810 |  |  | 117,686 |  |  | 123,198 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options | 5 |  |  | 56 |  |  | 17 |  |  | 54 |
Restricted stock awards | 47 |  |  | 160 |  |  | 32 |  |  | 84 |
Number of common shares—diluted | 115,463 |  |  | 123,026 |  |  | 117,735 |  |  | 123,336 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 1,364 |  |  | 949 |  |  | 1,235 |  |  | 2,979 |

Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future.
Note 8: Segment Information
The Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and operating income adjusted for certain items. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1, Nature of Operations and Accounting Policies, to the audited consolidated financial statements in the 2024 Form 10-K.
Effective at the beginning of fiscal year 2025, the Company implemented changes to its operating model. The majority of the Company’s Applied Genomics business, previously reported as part of the Diagnostics segment, has been integrated into a newly formed Life Sciences Solutions business, encompassing all Life Sciences reagents and consumables, instruments and services, as well as technology and licensing, which is reported as part of the Life Sciences segment. Beginning in fiscal year 2025, the Life Sciences segment consists of Life Sciences Solutions and Software, while the Diagnostics segment consists of Immunodiagnostics and Reproductive Health.
The effect of the change is not significant. Prior period financial information has been reclassified to reflect this new segment composition for consistent comparison.
The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments.
The primary financial measure by which the CODM evaluates the performance of the Company’s segments is adjusted operating income. Adjusted operating income consists of operating income plus amortization of intangible assets, adjustments to operations arising from purchase accounting (primarily adjustments to the fair value of acquired inventory that are subsequently recognized), acquisition and divestiture-related costs, and other costs that are not expected to recur or are of a non-cash nature, primarily including transformation costs, significant litigation matters and restructuring actions. The CODM does not evaluate operating segments using discrete asset information and there are no segment assets reported to the CODM. Accordingly, no segment assets have been reported.
Revenue and operating income, including significant segment expenses, by reportable segment are shown in the table below:
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| Three Months Ended
| September 28, 2025 |  | September 29, 2024
| Life Sciences |  | Diagnostics |  | Total |  | Life Sciences |  | Diagnostics |  | Total
| (In thousands)
Segment revenue | $ | 342,822 |  |  | $ | 356,127 |  |  | $ | 698,949 |  |  | $ | 338,800 |  |  | $ | 345,249 |  |  | $ | 684,049 |
Segment cost of revenue | 129,976 |  |  | 158,900 |  |  |  |  | 117,546 |  |  | 144,653 |  |  |
Segment selling, general and administrative expenses | 84,190 |  |  | 84,719 |  |  |  |  | 84,944 |  |  | 84,116 |  |  |
Segment research and development expenses | 27,608 |  |  | 23,132 |  |  |  |  | 25,745 |  |  | 22,632 |  |  |
Segment operating income | $ | 101,048 |  |  | $ | 89,376 |  |  | 190,424 |  |  | $ | 110,565 |  |  | $ | 93,848 |  |  | 204,413 |
Corporate expenses |  |  |  |  | (8,008) |  |  |  |  |  |  | (10,915) |
Amortization of intangible assets |  |  |  |  | (84,074) |  |  |  |  |  |  | (89,642) |
Purchase accounting adjustments |  |  |  |  | (348) |  |  |  |  |  |  | (103) |
Acquisition and divestiture-related costs |  |  |  |  | (284) |  |  |  |  |  |  | (4,874) |
Transformation costs |  |  |  |  | (5,103) |  |  |  |  |  |  | — |
Significant litigation matters and settlements |  |  |  |  | (785) |  |  |  |  |  |  | (810) |
Restructuring and other, net |  |  |  |  | (9,926) |  |  |  |  |  |  | 82 |
Interest and other (expense) income, net |  |  |  |  | (26,211) |  |  |  |  |  |  | 2,206 |
Income from continuing operations before income taxes |  |  |  |  | $ | 55,685 |  |  |  |  |  |  | $ | 100,357 |

| Nine Months Ended
| September 28, 2025 |  | September 29, 2024
| Life Sciences |  | Diagnostics |  | Total |  | Life Sciences |  | Diagnostics |  | Total
| (In thousands)
Segment revenue | $ | 1,049,115 |  |  | $ | 1,034,880 |  |  | $ | 2,083,995 |  |  | $ | 1,023,839 |  |  | $ | 1,001,815 |  |  | $ | 2,025,654 |
Segment cost of revenue | 384,325 |  |  | 450,130 |  |  |  |  | 361,534 |  |  | 421,836 |  |  |
Segment selling, general and administrative expenses | 258,271 |  |  | 258,736 |  |  |  |  | 255,048 |  |  | 249,996 |  |  |
Segment research and development expenses | 84,291 |  |  | 73,201 |  |  |  |  | 78,174 |  |  | 67,182 |  |  |
Segment operating income | $ | 322,228 |  |  | $ | 252,813 |  |  | 575,041 |  |  | $ | 329,083 |  |  | $ | 262,801 |  |  | 591,884 |
Corporate expenses |  |  |  |  | (30,912) |  |  |  |  |  |  | (33,725) |
Amortization of intangible assets |  |  |  |  | (252,063) |  |  |  |  |  |  | (271,500) |
Purchase accounting adjustments |  |  |  |  | (2,349) |  |  |  |  |  |  | (7,348) |
Acquisition and divestiture-related costs |  |  |  |  | (2,950) |  |  |  |  |  |  | (22,115) |
Transformation costs |  |  |  |  | (6,226) |  |  |  |  |  |  | — |
Significant litigation matters and settlements |  |  |  |  | (12,495) |  |  |  |  |  |  | (7,086) |
Significant environmental matters |  |  |  |  | 1,208 |  |  |  |  |  |  | — |
Restructuring and other, net |  |  |  |  | (24,368) |  |  |  |  |  |  | (22,119) |
Interest and other expense, net |  |  |  |  | (68,169) |  |  |  |  |  |  | (6,423) |
Income from continuing operations before income taxes |  |  |  |  | $ | 176,717 |  |  |  |  |  |  | $ | 221,568 |

Depreciation expense included in the Company’s reportable segment operating income and corporate expenses is as follows:
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| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Life Sciences | $ | 8,456 |  |  | $ | 8,674 |  |  | $ | 24,188 |  |  | $ | 25,068 |
Diagnostics | 8,785 |  |  | 8,839 |  |  | 23,910 |  |  | 24,540 |
Corporate | 744 |  |  | 516 |  |  | 2,100 |  |  | 1,708 |
Total depreciation expense | $ | 17,985 |  |  | $ | 18,029 |  |  | $ | 50,198 |  |  | $ | 51,316 |

Note 9: Stockholders’ Equity
Comprehensive Income:
The components of accumulated other comprehensive loss consisted of the following:

| September 28, 2025 |  | December 29, 2024
| (In thousands)
Foreign currency translation adjustments, net of income taxes | $ | (178,659) |  |  | $ | (394,938) |
Unrecognized prior service costs, net of income taxes | (798) |  |  | (798) |
Unrealized net losses on marketable securities, net of income taxes | (348) |  |  | (369) |
Accumulated other comprehensive loss | $ | (179,805) |  |  | $ | (396,105) |

The unrealized foreign exchange losses (gains) on intercompany debt for which repayment is not anticipated in the foreseeable future that was recorded in accumulated other comprehensive income (“AOCI”) were $22.6 million and $2.8 million for the three months ended September 28, 2025 and September 29, 2024, respectively, and $(206.1) million and $1.5 million for the nine months ended September 28, 2025 and September 29, 2024, respectively.
Stock Repurchases:
On October 24, 2024, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”). The Repurchase Program was set to expire on October 23, 2026 unless terminated earlier by the Board and could have been suspended or discontinued at any time. D uring the three months ended September 28, 2025, the Company repurchased 2,322,206 shares of common stock under the Repurchase Program for an aggregate cost of $204.9 million. During the nine months ended September 28, 2025, the Company repurchased 6,749,067 shares of common stock under the Repurchase Program for an aggregate cost of $647.9 million. As of September 28, 2025, $209.7 million remained available for aggregate repurchases of shares under the Repurchase Program. Subsequent to the third quarter of fiscal year 2025, the Company repurchased 515,232 shares of common stock under the Repurchase Program at an aggregate cost of $47.5 million.
On October 23, 2025, the Repurchase Program was terminated by the Board and the Board authorized the Company to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on October 22, 2027 unless terminated earlier by the Board and may be suspended or discontinued at any time. Subsequent to October 23, 2025, the Company repurchased 172,642 shares of common stock under the New Repurchase Program at an aggregate cost of $16.5 million.
In addition, the Board has authorized the Company to repurchase sh ares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company’s equity incentive plans. During the three months ended September 28, 2025, the Company repurchased 2,145 shares of common stock for this purpose at an aggregate cost of $0.2 million. During the nine months ended September 28, 2025, the Company repurchased 34,879 shares of common stock for this purpose at an aggregate cost of $3.9 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.
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Dividends:
The Board declared a regular quarterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2025 and in each quarter of fiscal year 2024. At September 28, 2025, the Company had accrued $8.0 million for dividends declared on July 24, 2025 for the third quarter of fiscal year 2025 that will be paid in November 2025. On October 23, 2025, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2025 that will be payable in February 2026. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.
Note 10: Goodwill and Intangible Assets, Net
The Company tests goodwill at least annually for possible impairment. The Company completes the annual testing of impairment for goodwill on the later of November 1 or the first day of its eleventh fiscal month of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill.
The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units for fiscal year 2024 as of November 1, 2024. There were no impairments measured in the periods presented. While the Company believes that its estimates of current value are reasonable, if actual results differ from the estimates and judgments used, including such items as future cash flows and the volatility inherent in markets which the Company serves, impairment charges against the carrying value of those assets could be required in the future.
The changes in the carrying amount of goodwill for the nine months ended September 28, 2025 were as follows:

| Life Sciences |  | Diagnostics |  | Consolidated
| (In thousands)
Balance at December 29, 2024 | $ | 4,541,467 |  |  | $ | 1,922,152 |  |  | $ | 6,463,619 |
Foreign currency translation | 96,267 |  |  | 40,745 |  |  | 137,012 |
Acquisitions, earn-outs and other | 98 |  |  | (98) |  |  | — |
Balance at September 28, 2025 | $ | 4,637,832 |  |  | $ | 1,962,799 |  |  | $ | 6,600,631 |

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Identifiable intangible asset balances by category were as follows:

| September 28, 2025 |  | December 29, 2024
| (In thousands)
Patents | $ | 27,805 |  |  | $ | 27,808 |
Less: Accumulated amortization | (26,467) |  |  | (26,293) |
Net patents | 1,338 |  |  | 1,515 |
Trade names and trademarks | 149,468 |  |  | 142,588 |
Less: Accumulated amortization | (99,392) |  |  | (87,824) |
Net trade names and trademarks | 50,076 |  |  | 54,764 |
Licenses | 27,487 |  |  | 27,164 |
Less: Accumulated amortization | (19,395) |  |  | (17,855) |
Net licenses | 8,092 |  |  | 9,309 |
Core technology | 1,618,415 |  |  | 1,561,831 |
Less: Accumulated amortization | (881,299) |  |  | (735,532) |
Net core technology | 737,116 |  |  | 826,299 |
Customer relationships | 2,859,641 |  |  | 2,807,909 |
Less: Accumulated amortization | (1,230,337) |  |  | (1,058,875) |
Net customer relationships | 1,629,304 |  |  | 1,749,034 |
Total | $ | 2,425,926 |  |  | $ | 2,640,921 |

Total amortization expense related to amortizable intangible assets was $84.1 million and $252.1 million for the three and nine months ended September 28, 2025, respectively, and $89.6 million and $271.5 million for the three and nine months ended September 29, 2024, respectively. Estimated amortization expense related to amortizable intangible assets is $84.6 million for the remainder of fiscal year 2025, $332.1 million for fiscal year 2026, $304.6 million for fiscal year 2027, $278.6 million for fiscal year 2028, and $249.2 million for fiscal year 2029.
Note 11: Derivatives and Hedging Activities
The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Appro ximat ely 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business.
In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows.
Principal hedged currencies include the Chinese Renminbi, British Pound, Euro and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $530.4 million, $409.8 million and $445.4 million at September 28, 2025, December 29, 2024 and September 29, 2024, respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on
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these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of the nine months ended September 28, 2025 and September 29, 2024.
During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of AOCI, which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of September 28, 2025, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €498.6 million. The unrealized foreign exchange (gains) losses recorded in AOCI related to the net investment hedge were $(1.2) million and $62.7 million for the three and nine months ended September 28, 2025, and $22.1 million and $4.4 million for the three and nine months ended September 29, 2024, respectively.
The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months.
Note 12: Fair Value Measurements
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, accounts receivable and notes receivable. The Company believes it had no significant concentrations of credit risk as of September 28, 2025.
The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the nine months ended September 28, 2025. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acqu isition and divestiture related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value.
Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible.
The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of September 28, 2025 and December 29, 2024 classified in one of the three classifications described above:

|  |  | Fair Value Measurements at September 28, 2025 Using:
| Total Carrying Value at September 28, 2025 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (In thousands)
Marketable securities - available for sale | $ | 29,412 |  |  | $ | 29,412 |  |  | $ | — |  |  | $ | — |
Foreign exchange derivative assets | 445 |  |  | — |  |  | 445 |  |  | — |
Foreign exchange derivative liabilities | (1,261) |  |  | — |  |  | (1,261) |  |  | — |
Contingent consideration asset | 14,890 |  |  | — |  |  | — |  |  | 14,890 |
Contingent consideration liabilities | (19,156) |  |  | — |  |  | — |  |  | (19,156) |

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|  |  | Fair Value Measurements at December 29, 2024 Using:
| Total Carrying Value at December 29, 2024 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (In thousands)
Marketable securities - available for sale | $ | 27,413 |  |  | $ | 27,413 |  |  | $ | — |  |  | $ | — |
Foreign exchange derivative assets | 861 |  |  | — |  |  | 861 |  |  | — |
Foreign exchange derivative liabilities | (1,048) |  |  | — |  |  | (1,048) |  |  | — |
Contingent consideration asset | 14,890 |  |  | — |  |  | — |  |  | 14,890 |
Contingent consideration liabilities | (21,753) |  |  | — |  |  | — |  |  | (21,753) |

Level 1 and Level 2 Valuation Techniques: The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity and fixed-income securities as well as derivative contracts. For financial assets and liabilities that utilize Level 1 and Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including common stock price quotes, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities.
Marketable securities - available for sale: Includes equ ity and mutual fund investments measured at fair value using the quoted market prices in active markets at the reporting date.
Foreign exchange derivative assets and liabilities: Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company’s condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both September 28, 2025 and December 29, 2024, none of the master netting arrangements involved collateral.
Level 3 Valuation Techniques: The Company’s Level 3 assets and liabilities are comprised of contingent consideration related to the sale of the Business (see Note 3) and acquisitions. For assets and liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 assets and liabilities.
Contingent consideration: Contingent consideration is measured at fair value at the disposition or acquisition date using projected milestone dates, discount rates, volatility, probabilities of success and projected achievement of financial targets, including revenues of the acquired business in many instances. Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model.
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The fair value of the contingent consideration asset was initially measured using a lattice model and recognized upon the sale of the Business on March 13, 2023. In accordance with the terms of the sale of the Business, the Company is entitled to receive up to $150.0 million that is contingent on the exit valuation the buyer and its affiliated funds receive on a sale or other capital event related to the Business. Potential valuation adjustments may be made as additional information and market factors that impact the expected exit valuation of the Business becomes available, with the impact of such adjustments being recorded in the Company’s condensed consolidated statements of operations. Adjustments to the fair value since initial recognition were not material.
The fair values of contingent consideration liabilities are calculated on a quarterly basis based on a collaborative effort of the Company’s operations, finance and accounting groups, as appropriate. Valuation adjustments are made as additional information becomes available, including the progress towards achieving the revenue targets, with the impact of such adjustments being recorded in the Company’s condensed consolidated statements of operations.
A reconciliation of the beginning and ending Level 3 contingent consideration liabilities is as follows:

| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Balance at beginning of period | $ | (21,090) |  |  | $ | (30,540) |  |  | $ | (21,753) |  |  | $ | (40,005) |
Amounts paid and foreign currency translation | 2,041 |  |  | (889) |  |  | 2,538 |  |  | 14,925 |
Change in fair value (included within selling, general and administrative expenses) | (107) |  |  | 344 |  |  | 59 |  |  | (6,005) |
Balance at end of period | $ | (19,156) |  |  | $ | (31,085) |  |  | $ | (19,156) |  |  | $ | (31,085) |

Financial Instruments Not Recorded at Fair Value
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these assets and liabilities. If measured at fair value, cash and cash equivalents would be classified as Level 1.
The Company’s outstanding senior unsecured notes had an aggregate fair value of $2,940.3 million and an aggregate carrying value of $3,217.2 million as of September 28, 2025. The Company’s outstanding senior unsecured notes had an aggregate fair value of $2,765.5 million and an aggregate carrying value of $3,151.5 million as of December 29, 2024. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements.
The Company’s other debt facilities, including the Company’s senior unsecured revolving credit facility, had an aggregate carrying value of $0.4 million and $0.5 million as of September 28, 2025 and December 29, 2024, respectively. The carrying values approximate fair value and were classified as Level 2.
Note 13: Contingencies
The Company is conducting a number of environmental investigations and remedial actions at current and former locations of the Company and, along with other companies, has been named a potentially responsible party (“PRP”) for certain waste disposal sites. The Company accrues for environmental issues in the accounting period that the Company’s responsibility is established and when the cost can be reasonably estimated. The Company has accrued $11.1 million and $14.2 million as of September 28, 2025 and December 29, 2024, respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters and does not include any potential liability for related personal injury or property damage claims. These amounts were included in accrued expenses and other current liabilities. The Company’s environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems
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to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded.
The Company is subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of its business activities, including product liability claims. Legal defense costs are recognized as incurred, and insurance recoveries are recognized when collection is probable. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at the reporting date, the total cost of resolving these contingencies at September 28, 2025 should not have a material adverse effect on the Company’s condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company.
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
This quarterly report on Form 10-Q, including the following management’s discussion and analysis, contains forward-looking information that you should read in conjunction with the condensed consolidated financial statements and notes to the condensed consolidated financial statements that we have included elsewhere in this report. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “plans,” “anticipates,” “intends,” “expects,” “will” and similar expressions are intended to identify forward-looking statements. Our actual results may differ materially from the plans, intentions or expectations we disclose in the forward-looking statements we make. We have included important factors below under the heading “Risk Factors” in Part II, Item 1A. that we believe could cause actual results to differ materially from the forward-looking statements we make. We are not obligated to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Overview
We are a leading provider of health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what’s possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.
The principal products and services of our two reportable segments are:
•Life Sciences. Provides products and services targeted towards life sciences customers.
•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the areas of reproductive health and emerging market diagnostics.
Effective at the beginning of fiscal year 2025, we implemented changes to our operating model. The majority of our Applied Genomics business, previously reported as part of the Diagnostics segment, has been integrated into a newly formed Life Sciences Solutions business, encompassing all Life Sciences reagents and consumables, instruments and services, as well as technology and licensing, which is reported as part of the Life Sciences segment. Beginning in fiscal year 2025, the Life Sciences segment consists of Life Sciences Solutions and Software, while the Diagnostics segment consists of Immunodiagnostics and Reproductive Health.
Overview of the Third Quarter of Fiscal Year 2025
Our overall revenue in the third quarter of fiscal year 2025 was $698.9 million which increased by $14.9 million, or 2%, as compared to the third quarter of fiscal year 2024, reflecting an increase of $10.9 million, or 3%, in our Diagnostics segment revenue, and an increase of $4.0 million, or 1%, in our Life Sciences segment revenue. The increase in our Diagnostics segment revenue for the third quarter of fiscal year 2025 was driven primarily by our Reproductive Health business. The increase in our Life Sciences segment revenue for the third quarter of fiscal year 2025 was driven by increased revenue in our Software business.
Our consolidated gross margins decreased 266 basis points in the third quarter of fiscal year 2025, as compared to the third quarter of fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift. Our consolidated operating margins decreased 263 basis points in the third quarter of fiscal year 2025, as compared to the third quarter of fiscal year 2024, due to gross margin headwinds as discussed above.
Critical Accounting Policies and Estimates
The preparation of condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to accounting for business combinations, divestitures, long-lived assets, including goodwill and other intangible assets, and employee compensation and benefits. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Critical accounting policies are those policies that affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements. We believe our critical accounting policies include policies
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regarding business combinations, divestitures, valuation of long-lived assets, including goodwill and other intangibles and employee compensation and benefits.
For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 (our “2024 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the nine months ended September 28, 2025.
Consolidated Results of Continuing Operations
Revenue
Revenue for the three months ended September 28, 2025 was $698.9 million, as compared to $684.0 million for the three months ended September 29, 2024, an increase of $14.9 million, or approximately 2%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The analysis in the remainder of this paragraph comp ares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $342.8 million for the three months ended September 28, 2025, as compared to $338.8 million for the three months ended September 29, 2024, an increase of $4.0 million, or 1%, driven by an increase of $8.9 million in Software revenue and a decrease of $4.9 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $356.1 million for the three months ended September 28, 2025, as compared to $345.2 million for the three months ended September 29, 2024, an increase of $10.9 million, or 3%, due to an increase of $9.7 million in Reproductive Health revenu e and an increase of $1.2 million in Immunodiagnostics revenue.
Revenue for the nine months ended September 28, 2025 was $2,084.0 million, as compared to $2,025.7 million for the nine months ended September 29, 2024, an increase of $58.3 million, or approximately 3%. The analysis in the remainder of this paragraph comp ares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $1,049.1 million for the nine months ended September 28, 2025, as compared to $1,023.8 million for the nine months ended September 29, 2024, an increase of $25.3 million, or 2%, driven by an increase of $35.1 million in Software revenue, partially offset by a decrease of $9.8 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $1,034.9 million for the nine months ended September 28, 2025, as compared to $1,001.8 million for the nine months ended September 29, 2024, an increase of $33.1 million, or 3%, due to an increase of $15.6 million in Immunodiagnostics revenue and an increase of $17.4 million in Reproductive Health revenu e.
Cost of Revenue
Cost of revenue for the three months ended September 28, 2025 was $324.3 million, as compared to $299.2 million for the three months ended September 29, 2024, an increase of $25.1 million, or 8%. As a percentage of revenue, cost of revenue increased to 46.4% for the three months ended September 28, 2025, from 43.7% for the three months ended September 29, 2024, resulting in a decrease in gross margin of 266 basis points to 53.6% for the three months ended September 28, 2025, from 56.3% for the three months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.2 million for the three months ended September 29, 2024. Rebranding costs were $0.1 million for the three months ended September 29, 2024. Amortization of intangible assets was $35.3 million for the three months ended September 28, 2025, as compared to $36.4 million for the three months ended September 29, 2024.
Cost of revenue for the nine months ended September 28, 2025 was $941.3 million, as compared to $900.3 million for the nine months ended September 29, 2024, an increase of $41.0 million, or 5%. As a percentage of revenue, cost of revenue increased to 45.2% for the nine months ended September 28, 2025, from 44.4% for the nine months ended September 29, 2024, resulting in a decrease in gross margin of 72 basis points to 54.8% for the nine months ended September 28, 2025, from 55.6% for the nine months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates and product mix shift partially offset by the completion of product rebranding efforts in 2024. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.6 million for the nine months ended September 29, 2024. Rebranding costs were $6.2 million for the nine months ended September 29, 2024. Amortization of intangible assets was $106.2 million for the nine months ended September 28, 2025, as compared to $109.1 million for the nine months ended September 29, 2024.
We now estimate that pursuant to the tariffs recently enacted and currently in effect, our cost of revenue for the current fiscal year could increase by approximately $25 million. However, we anticipate that as the result of the mitigating actions that we have taken and plan to take, the tariffs would result in a decrease to our gross margin for the current fiscal year of approximately $20 million. The majority of this impact affects products manufactured in Europe for the U.S. market. We are
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implementing a comprehensive mitigation strategy that includes manufacturing optimization, supplier collaboration, selective pricing actions, and targeted temporary cost measures to minimize financial exposure.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the three months ended September 28, 2025 were $241.9 million, as compared to $237.5 million for the three months ended September 29, 2024, an increase of $4.4 million, or 2%. As a percentage of revenue, selling, general and administrative expen ses decreased and were 34.6% for the three months ended September 28, 2025, as compared to 34.7% for the three months ended September 29, 2024. Restructuring and other costs, net, increased, and was $9.9 million for the three months ended September 28, 2025, as compared to decreasing expenses by $0.1 million for the three months ended September 29, 2024. Costs related to our transformation initiatives focused on business process modernization, automation and implementation of global systems to support the new Revvity Business Model (“t ransformation costs”) added an incremental expense of $5.1 million for the three months ended September 28, 2025. Purchase accounting adjustments increased expenses by $0.2 million for the three months ended September 28, 2025, as compared to decreasing expenses by $0.3 million for the three months ended September 29, 2024, which primarily cons isted of a change in contingent consideration. The above increases in selling, general and administrative expenses compared to prior year were partially offset by a decrease in amortization of intangible assets, which was $48.7 million for the three months ended September 28, 2025, as compared to $53.2 million for the three months ended September 29, 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, added an incremental expense of $0.3 million for the three months ended September 28, 2025. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and stock compensation expense related to the awards given to BioLegend employees post-acquisition, added an incremental expense of $3.9 million for the three months ended September 29, 2024. Significant litigation matters and settlements added an incremental expense of $0.8 million for each of the three months ended September 28, 2025 and September 29, 2024. Excluding the items noted above, selling, general and administrative expenses decreased due to cost controls and productivity gains partially offset by unfavorable changes in foreign exchange rates and investments in digital capabilities and innovation.
Selling, general and administrative expenses for the nine months ended September 28, 2025 were $740.2 million, as compared to $749.7 million for the nine months ended September 29, 2024, a decrease of $9.6 million, or 1%. As a percentage of revenue, selling, general and administrative expenses decreased and were 35.5% for the nine months ended September 28, 2025, as compared to 37.0% for the nine months ended September 29, 2024. Amortization of intangible assets decreased and was $145.9 million for the nine months ended September 28, 2025, as compared to $162.4 million for the nine months ended September 29, 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, added an incremental expense of $3.0 million for the nine months ended September 28, 2025. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and stock compensation expense related to the awards given to BioLegend employees post-acquisition, added an incremental expense of $13.2 million for the nine months ended September 29, 2024. Purchase accounting adjustments increased expenses by $1.8 million for the nine months ended September 28, 2025, as compared to $6.1 million for the nine months ended September 29, 2024, which primarily consisted of a change in contingent consideration. Costs for significant environmental matters decreased by $1.2 million for the nine months ended September 28, 2025. The above decreases were partially offset by an increase in restructuring and other costs, net, which was $24.4 million for the nine months ended September 28, 2025, as compared to $22.1 million for the nine months ended September 29, 2024. S ignificant litigation matters and settlements added an incremental expense of $12.5 million for the nine months ended September 28, 2025, as compared to $7.1 million for the nine months ended September 29, 2024. Transformation costs added an incremental expense of $6.2 million for the nine months ended September 28, 2025. Excluding the items noted above, selling, general and administrative expense s increased due to unfavorable changes in foreign exchange rates and investments in digital capabilities and innovation partially offset by cost control and productivity.
Research and Development Expenses
Research and development expenses for the three months ended September 28, 2025 were $50.8 million, as compared to $49.1 million for the three months ended September 29, 2024, an increase of $1.7 million, or 3%. As a percentage of revenue, research and development expenses increased and were 7.3% for the three months ended September 28, 2025, as compared to 7.2% for the three months ended September 29, 2024. The increase in research and development expenses was primarily driven by unfavorable changes in foreign exchange rates and our investments in new product development. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.7 million for the three months ended September 29, 2024.
Research and development expenses for the nine months ended September 28, 2025 were $157.7 million, as compared to $147.6 million for the nine months ended September 29, 2024, an increase of $10.0 million, or 7%. As a percentage of revenue, research and development expenses increased and were 7.6% for the nine months ended September 28, 2025, as compared to 7.3% for the nine months ended September 29, 2024. The increase in research and development expenses was primarily driven
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by unfavorable changes in foreign exchange rates and our investments in new product development. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $2.1 million for the nine months ended September 29, 2024.
Interest and Other Expense (Income), Net
Interest and other expense (income), net, consisted of the following:

| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Interest income | $ | (6,925) |  |  | $ | (22,764) |  |  | $ | (25,351) |  |  | $ | (63,362) |
Interest expense | 22,771 |  |  | 24,383 |  |  | 68,672 |  |  | 73,497 |
Change in fair value of investments | 4,602 |  |  | (7,004) |  |  | 3,484 |  |  | (13,975) |
Other components of net periodic pension cost | 1,729 |  |  | 1,956 |  |  | 10,211 |  |  | 5,778 |
Foreign exchange losses and other expense, net | 4,034 |  |  | 1,223 |  |  | 11,153 |  |  | 4,485 |
Total interest and other expense (income), net | $ | 26,211 |  |  | $ | (2,206) |  |  | $ | 68,169 |  |  | $ | 6,423 |

The decrease in interest income for the three and nine months ended September 28, 2025 as compared to the three and nine months ended September 29, 2024 was primarily due to a decrease in marketable securities and short-term investments. Interest expense was lower for the three and nine months ended September 28, 2025 as compared to the same period in prior year primarily due to a lower debt balance as a result of the repayment of senior unsecured notes that matured in September 2024.
Provision for Income Taxes
The provision for income taxes from continuing operations was $8.5 million for the three months ended September 28, 2025, as compared to $7.0 million for the three months ended September 29, 2024. The provision for income taxes from continuing operations was $32.6 million for the nine months ended September 28, 2025, as compared to $26.9 million for the nine months ended September 29, 2024.
The effective tax rate from continuing operations was 15.2% and 18.5% for the three and nine months ended September 28, 2025, as compared to 6.9% and 12.1% for the three and nine months ended September 29, 2024. The effective tax rate for the three and nine months ended September 28, 2025 was higher as compared to the three and nine months ended September 29, 2024 primarily due to net favorable impacts of prior year true-ups recorded in fiscal year 2024 in foreign locations of $7.1 million. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2025.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key 2017 Tax Cuts & Jobs Act provisions. Notable domestic tax provisions include options related to the accelerated deduction of previously capitalized U.S. Section 174 research and development expenditures and permanent 100% bonus depreciation. Several of the provisions being modified are retroactive to an earlier date in 2025. The OBBBA also makes additional changes to international tax provisions, including substantive changes to existing Global Intangible Low-Taxed Income (GILTI), foreign-derived intangible income (FDII), and base erosion and anti-abuse tax (BEAT) provisions. The enactment of OBBBA is not expected to materially impact our fiscal year 2025 provision for income taxes. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.
Reporting Segment Results of Continuing Operations
Life Sciences
Revenue for the three months ended September 28, 2025 was $342.8 million, as compared to $338.8 million for the three months ended September 29, 2024, an increase of $4.0 million, or 1%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The increase in our Life Sciences segment revenue during the three months ended September 28, 2025 was driven by an increase of $8.9 million in Software revenue, partially offset by a decrease of $4.9 million in Life Sciences Solutions revenue.
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Revenue for the nine months ended September 28, 2025 was $1,049.1 million, as compared to $1,023.8 million for the nine months ended September 29, 2024, an increase of $25.3 million, or 2%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The increase in our Life Sciences segment revenue during the nine months ended September 28, 2025 was driven by an increase of $35.1 million in Software revenue, partially offset by a decrease of $9.8 million in Life Sciences Solutions revenue.
Segment operating income for the three months ended September 28, 2025 was $101.0 million, as compared to $110.6 million for the three months ended September 29, 2024, a decrease of $9.5 million, or 9%. Segment operating margin decreased 316 basis points in the three months ended September 28, 2025, as compared to the three months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift.
Segment operating income for the nine months ended September 28, 2025 was $322.2 million, as compared to $329.1 million for the nine months ended September 29, 2024, a decrease of $6.9 million, or 2%. Segment operating margin decreased 143 basis points in the nine months ended September 28, 2025, as compared to the nine months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, product mix shift, and investments in new product development and digital capabilities.
Diagnostics
Revenue for the three months ended September 28, 2025 was $356.1 million, as compared to $345.2 million for the three months ended September 29, 2024, an increase of $10.9 million, or 3%, which includes an approximate 2% increase in revenue attributable to favorable changes in foreign exchange rates. T he increase in our Diagnostics segment revenue during the three months ended September 28, 2025 was driven by an increase of $9.7 million in Reproductive Health revenue and an increase of $1.2 million in Immunodiagnostics revenue.
Revenue for the nine months ended September 28, 2025 was $1,034.9 million, as compared to $1,001.8 million for the nine months ended September 29, 2024, an increase of $33.1 million, or 3%. T he increase in our Diagnostics segment revenue during the nine months ended September 28, 2025 was driven by an increase of $17.4 million in Reproductive Health revenu e and an increase of $15.6 million in Immunodiagnostics revenue.
Segment operating income for the three months ended September 28, 2025 was $89.4 million, as compared to $93.8 million for the three months ended September 29, 2024, a decrease of $4.5 million, or 5%. Segment operating margin decreased 209 basis points in the three months ended September 28, 2025, as compared to the three months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, product mix shift, and investments in new product development and digital capabilities.
Segment operating income for the nine months ended September 28, 2025 was $252.8 million, as compared to $262.8 million for the nine months ended September 29, 2024, a decrease of $10.0 million, or 4%. Segment operating margin decreased 180 basis points in the nine months ended September 28, 2025, as compared to the nine months ended September 29, 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, product mix shift, and investments in new product development and digital capabilities.
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Discontinued Operations
During fiscal year 2023, we completed the sale of certain assets and the equity interests constituting our Applied, Food and Enterprise Services businesses (the “Business”) for approximately $2.27 billion in cash proceeds before transaction costs. During fiscal year 2023 and fiscal year 2024, we recognized a pre-tax gain (loss) on sale of $811.5 million and $(25.4) million, respectively. During fiscal year 2023 and fiscal year 2024, we recognized income (loss) from discontinued operations of $513.6 million and $(12.7) million, respectively. The Business was a component of our Discovery & Analytical Solutions segment, which is now referred to as the Life Sciences segment. The sale of the Business was reported as discontinued operations in our condensed consolidated financial statements.
During the three months ended September 28, 2025 and September 29, 2024, we recorded a (loss) gain on sale of $(0.3) million and $0.4 million, respectively, and a provision for (benefit from) income taxes of $0.2 million and $(0.6) million, respectively, related to the sale of the Business. During the nine months ended September 28, 2025 and September 29, 2024, we recorded a loss on sale of $(0.6) million and $(25.1) million, respectively, and a provision for (benefit from) income taxes of $0.7 million and $(6.1) million, respectively, related to the sale of the Business.
In connection with the sale of the Business, we have received proceeds in installments that commenced upon our ceasing the use of the former brand and related trademarks and transferring them to the purchaser of the Business (“the Brand Fee”). During the third quarter of fiscal year 2025, we received the final installment of the Brand Fee from the purchaser of the Business.
Liquidity and Capital Resources
We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are our internal operations, borrowing capacity available under our senior unsecured revolving credit facility and access to debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, acquisitions, interest payments on our debt and dividends on our common stock, for the foreseeable future, including at least the next 12 mo nths.
At September 28, 2025, we had cash and cash equivalents of $931.4 million, of which $540.0 million was held by our non-U.S. subsidiaries, and we had $1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility. We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it i s needed.
On October 24, 2024, our Board of Directors (our “Board”) authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”). As of September 28, 2025, $209.7 million remained available for aggregate repurchases of shares under the Repurchase Program. Subsequent to the third quarter of fiscal year 2025, we repurchased 515,232 shares of common stock under the Repurchase Program at an aggregate cost of $47.5 million. On October 23, 2025, the Repurchase Program was terminated by our Board and our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on October 22, 2027 unless terminated earlier by our Board and may be suspended or discontinued at any tim e. Subsequent to October 23, 2025, we repurchased 172,642 shares of common stock under the New Repurchase Program at an aggregate cost of $16.5 million. If we co ntinue to repurchase shares, the New Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility.
As of September 28, 2025, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $77.9 million. As of September 28, 2025, we have recorded contingent consideration obligations of $19.2 million, of which $5.0 million was recorded in accrued expenses and other current liabilities, and $14.2 million was recorded in long-term liabilities. The maximum earnout period for acquisitions with open contingency periods is 6.2 years from September 28, 2025, and the remaining weighted average expected earnout period at September 28, 2025 was 3.8 years.
Distressed global financial markets could adversely impact general economic conditions by reducing liquidity and credit availability, creating increased volatility in security prices, widening credit spreads, increasing the cost of borrowings and decreasing valuations of certain investments. The widening of credit spreads may create a less favorable environment for certain of our businesses and may affect the fair value of financial instruments that we issue or hold. Increases in credit spreads, as well as limitations on the availability of credit at rates we consider to be reasonable, could affect our ability to borrow under future potential facilities on a secured or unsecured basis, which may adversely affect our liquidity and results of operations. In
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difficult global financial markets, we may be forced to fund our operations at a higher cost, or we may be unable to raise as much funding as we need to support our business activities or fund our strategic transactions.
We and our subsidiaries may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities), in privately negotiated or open market transactions, by tender offer or otherwise, or extend or refinance any of our outstanding indebtedness.
Principal factors that could affect the availability of our internally generated funds include:
•changes in sales due to weakness in markets in which we sell our products and services, and
•changes in our working capital requirements and capital expenditures.
Principal factors that could affect our ability to obtain cash from external sources include:
•financial covenants contained in the financial instruments controlling our borrowings that limit our total borrowing capacity,
•increases in interest rates applicable to our outstanding variable rate debt,
•a ratings downgrade that could limit the amount we can borrow under our senior unsecured revolving credit facility and our overall access to the corporate debt market,
•increases in interest rates or credit spreads, as well as limitations on the availability of credit, that affect our ability to borrow under future potential facilities on a secured or unsecured basis,
•a decrease in the market price for our common stock, and
•volatility in the public debt and equity markets.
Cash Flows
Operating Activities. Net cash provided by operating activities of our continuing operations was $407.0 million for th e nine months ended September 28, 2025, as compared to $489.5 million for the nine months ended September 29, 2024, a decrease of $82.5 million, primarily due to timing of collections durin g the nine months ended September 28, 2025 as compared to the nine months ended September 29, 2024. The cash provided by operating activities for the nine months ended September 28, 2025 was principally a result of income from continuing operations of $144.1 million, adjustments for non-cash charges aggregating to $360.8 million, including depreciation and amortization of $302.3 million, and a net cash decrease in working capital of $97.9 million. The cash provided by operating activities for the nine months ended September 29, 2024 was principally a result of income from continuing operations of $194.7 million, and adjustments for non-cash charges aggregating to $373.7 million, including depreciation and amortization of $322.8 million, and a net cash decrease in working capital of $78.9 million.
Investing Activities. Net cash used in investing activities of our continuing operations was $53.2 million for the nine months ended September 28, 2025, as compared to net cash provided of $646.0 million for the nine months ended September 29, 2024, an increase of $699.1 million in net cash used in investing activities. During the nine months ended September 28, 2025, net cash used for capital expenditures was $53.4 million, as compared to $62.2 million for the nine months ended September 29, 2024. The cash used in investing activities during the nine months ended September 28, 2025 was partially offset by $0.2 million proceeds from disposition of businesses and assets. During the nine months ended September 29, 2024, proceeds from maturity of U.S. treasury securities were $710.0 million and proceeds from investments and notes receivables were $2.5 million, which were partially offset by purchases of investments and notes receivables totaling $4.3 million.
Financing Activities. Net cash used in financing activities was $681.2 million for the nine months ended September 28, 2025, as compared to $935.2 million for the nine months ended September 29, 2024, a decrease of $254.0 million. During the nine months ended September 28, 2025, we repurchased shares of our common stock for a total cost of $652.5 million, as compared to $184.4 million in the prior year period. We paid $24.8 million in dividends for the nine months ended September 28, 2025, as compared to $25.9 million for the nine months ended September 29, 2024. During the nine months ended September 28, 2025, we made net payments of $2.6 million on debts, as compared to $722.3 million duri ng the nine months ended September 29, 2024. We paid $3.8 million for acquisition-related contingent consideration during the nine months ended September 28, 2025, as compared to $8.8 million in the prior year period. The cash used in financing activities during the nine months ended September 28, 2025 was partially offset by proceeds from the issuance of common stock under our stock plans of $2.6 million during the nine months ended September 28, 2025, as compared to $6.2 million for the nine months ended September 29, 2024.
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Borrowing Arrangements
Our outstanding €500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) will mature in July 2026. We expect to repay the 2026 Notes with our existing cash on hand or drawings from our senior unsecured revolving credit facility, or a combination thereof.
On January 7, 2025, our prior senior unsecured revolving credit facility was cancelled and replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through January 7, 2030. See Note 6, Debt, in the Notes to Condensed Consolidated Financial Statements and Note 12, Debt, to our audited consolidated financial statements in the 2024 Form 10-K for a detailed discussion of our borrowing arrangements.
Dividends
Our Board declared a regular quarterly cash dividend of $0.07 per share for the first three quarters of fiscal year 2025 and in each quarter of fiscal year 2024. At September 28, 2025, we had accrued $8.0 million for dividends declared on July 24, 2025 for the third quarter of fiscal year 2025 that will be paid in November 2025. On October 23, 2025, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2025 that will be payable in February 2026. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital res ources.
Effects of Recently Adopted and Issued Accounting Pronouncements
See Note 1, Nature of Operations and Accounting Policies, to our audited consolidated financial statements in the 2024 Form 10-K for a summary of recently adopted new accounting pronouncements during the fiscal year ended December 29, 2024. We have not adopted any new accounting pronouncements during the nine months ended September 28, 2025.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Market Risk. We are exposed to market risk, including changes in interest rates and currency exchange rates. To manage the volatility relating to these exposures, we enter into various derivative transactions pursuant to our policies to hedge against known or forecasted market exposures. We briefly describe several of the market risks we face below. Our market risks are not materially different from the disclosure provided under the heading, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2024 Form 10-K.
Foreign Currency Exchange Risk—Value-at-Risk Disclosure. We continue to measure foreign currency risk using the Value-at-Risk model described in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2024 Form 10-K. The measures for our Value-at-Risk analysis have not changed materially.
Interest Rate Risk. Our debt portfolio is primarily comprised of fixed interest debt. Our cash and cash equivalents, for which we receive interest at variable rates, were $931.4 million at September 28, 2025. Fluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest, and our earnings. To manage the volatility relating to these exposures, we periodically enter into various derivative transactions pursuant to our policies to hedge against known or forecasted interest rate exposures. However, no such instruments are outstanding at September 28, 2025.
Interest Rate Risk—Sensitivity. Our 2024 Form 10-K presents sensitivity measures for our interest rate risk. The measures for our sensitivity analysis have not changed materially. More information is available in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2024 Form 10-K for our sensitivity disclosure.
Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of our fiscal quarter ended September 28, 2025. The term “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to provide reasonable assurance that information required to be disclosed by the company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that
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it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of the end of our fiscal quarter ended September 28, 2025, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended September 28, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1.Legal Proceedings
We are subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of our business activities. Although we have established accruals for potential losses that we believe are probable and reasonably estimable, in the opinion of our management, based on its review of the information available at this time, the total cost of resolving these contingencies at September 28, 2025 should not have a material adverse effect on our condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to us.
Item 1A.Risk Factors
The following important factors affect our business and operations generally or affect multiple segments of our business and operations:
Risks Related to our Business Operations and Industry
If the markets into which we sell our products decline or do not grow as anticipated due to a decline in general economic conditions, or there are uncertainties surrounding the approval of government or industrial funding proposals, or there are unfavorable changes in government regulations, we may see an adverse effect on the results of our business operations.
Our customers include pharmaceutical and biotechnology companies, laboratories, academic and research institutions, public health authorities, private healthcare organizations, doctors and government agencies. Our quarterly revenue and results of operations are highly dependent on the volume and timing of orders received during the quarter. In addition, our revenues and earnings forecasts for future quarters are often based on the expected trends in our markets. However, the markets we serve do not always experience the trends that we may expect. Negative fluctuations in our customers’ markets, the inability of our customers to secure credit or funding, rest rictions in capital expenditures, general economic conditions, cuts in government funding, deficit reduction efforts or other actions that reduce or freeze the availability of government funding for healthcare and research or unfavorable changes in government regulations would likely result in a reduction in demand for our products and services and additional pricing pressures, as well as create potential collection risk associated with those sales. In addition, government funding is subject to economic conditions and the political process, which is inherently fluid and unpredictable. R ecently announced and proposed changes in U.S. funding and regulation has created a more cautious spending environment for our customers and could cause them to become more conservative with both instrumentation and consumable purchases due to funding and regulatory uncertainty. Our revenues may be adversely affected if our customers delay or reduce purchases as a result of uncertainties surrounding the approval of government or industrial funding proposals or reductions in government funding. Such declines could harm our consolidated financial position, results of operations, cash flows and trading price of our common stock, and could limit our ability to sustain profitability.
Our growth and profitability are subject to global economic and political conditions, and operational disruptions at our facilities.
Our business is affected by global economic and political conditions as well as the state of the financial markets, particularly as the United States and other countries balance concerns around debt, inflation, trade protectionism, growth and budget allocations in their policy initiatives. There can be no assurance that global economic conditions and financial markets will not worsen and that we will not experience any adverse effects that may be material to our consolidated cash flows, results of operations, financial position or our ability to access capital, such as the adverse effects resulting from a prolonged shutdown in government operations both in the United States and internationally. Our business is also affected by local economic environments, including inflation, recession, financial liquidity, interest rates and currency volatility or devaluation. Environmental events and political changes, including trade barriers and tariffs, such as the recent tariffs announced or imposed on U.S. trading partners and retaliatory measures threatened or imposed in response, and war or other conflicts, such as the current conflicts in Ukraine and the Middle East, some of which may be disruptive, could interfere with our supply chain, our customers and all of our activities in a particular location.
While we take precautions to prevent production or service interruptions at our global facilities, a major earthquake, fire, flood, power loss or other catastrophic event that results in the destruction or delay of any of our critical business operations could result in our incurring significant liability to customers or other third parties, cause significant reputational damage or have a material adverse effect on our business, operating results or financial condition.
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Certain of these risks can be hedged to a limited degree using financial instruments, or other measures, and some of these risks are insurable, but any such mitigation efforts are costly and may not always be fully successful. Our ability to engage in such mitigation efforts has decreased or become even more costly as a result of recent market developments.
If we do not introduce new products in a timely manner, we may lose market share and be unable to achieve revenue growth targets.
We sell many of our products in industries characterized by rapid technological change, frequent new product and service introductions, and evolving customer needs and industry standards. Many of the businesses competing with us in these industries have significant financial and other resources to invest in new technologies, substantial intellectual property portfolios, substantial experience in new product development, regulatory expertise, manufacturing capabilities, and established distribution channels to deliver products to customers. Our products could become technologically obsolete over time, or we may invest in technology that does not lead to revenue growth or continue to sell products for which the demand from our customers is declining, in which case we may lose market share or not achieve our revenue growth targets. The success of our new product offerings will depend upon several factors, including our ability to:
•accurately anticipate customer needs,
•innovate and develop new reliable technologies and applications,
•receive regulatory approvals in a timely manner,
•successfully commercialize new technologies in a timely manner,
•price our products competitively, and manufacture and deliver our products in sufficient volumes and on time, and
•differentiate our offerings from our competitors’ offerings.
Many of our products are used by our customers to develop, test and manufacture their products. We must anticipate industry trends and consistently develop new products to meet our customers’ expectations. In developing new products, we may be required to make significant investments before we can determine the commercial viability of the new product. If we fail to accurately foresee our customers’ needs and future activities, we may invest heavily in research and development of products that do not lead to significant revenue. We may also suffer a loss in market share and potential revenue if we are unable to commercialize our technology in a timely and efficient manner.
In addition, some of our licensed technology is subject to contractual restrictions, which may limit our ability to develop or commercialize products for some applications.
We may not be able to successfully execute acquisitions or divestitures, license technologies, integrate acquired businesses or licensed technologies into our existing businesses, maintain licensed technologies, or make acquired businesses or licensed technologies profitable.
We have in the past supplemented, and may in the future supplement, our internal growth by acquiring businesses and licensing technologies that complement or augment our existing product lines. However, we may be unable to identify or complete promising acquisitions or license transactions for many reasons, such as:
•competition among buyers and licensees,
•the high valuations of businesses and technologies,
•the need for regulatory and other approval, and
•our inability to raise capital to fund these acquisitions.
Some of the businesses we acquire may be unprofitable or marginally profitable, or may increase the variability of our revenue recognition. If, for example, we are unable to successfully commercialize products and services related to significant in-process research and development that we have capitalized, we may have to impair the value of such assets. Accordingly, the earnings or losses of acquired businesses may dilute our earnings. For these acquired businesses to achieve acceptable levels of profitability, we would have to improve their management, operations, products and market penetration. We may not be successful in this regard and may encounter other difficulties in integrating acquired businesses into our existing operations, such as incompatible management, information or other systems, cultural differences, loss of key personnel, unforeseen regulatory requirements, previously undisclosed liabilities or difficulties in predicting financial results. We may lose the right to utilize licensed technologies which could limit our ability to offer products incorporating such technologies. To finance our acquisitions, we may have to raise additional funds, either through public or private financings. We may be unable to obtain such funds or may be able to do so only on terms unacceptable to us. We may also incur expenses related to completing
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acquisitions or licensing technologies, or in evaluating potential acquisitions or technologies, which may adversely impact our profitability.
If we do not compete effectively, our business will be harmed.
We encounter aggressive competition from numerous competitors in many areas of our business. We may not be able to compete effectively with all of these competitors. To remain competitive, we must develop new products and periodically enhance our existing products. We anticipate that we may also have to adjust the prices of many of our products to stay competitive. In addition, new competitors, technologies or market trends may emerge to threaten or reduce the value of entire product lines.
Our quarterly operating results could be subject to significant fluctuation, and we may not be able to adjust our operations to effectively address changes we do not anticipate, which could increase the volatility of our stock price and potentially cause losses to our shareholders.
Given the nature of the markets in which we participate, we cannot reliably predict future revenue and profitability. Changes in competitive, market and economic conditions may require us to adjust our operations, and we may not be able to make those adjustments or make them quickly enough to adapt to changing conditions. A high proportion of our costs are fixed in the short term, due in part to our research and development and manufacturing costs. As a result, small declines in sales could disproportionately affect our operating results in a quarter. Factors that may affect our quarterly operating results include:
•demand for and market acceptance of our products,
•competitive pressures resulting in lower selling prices,
•changes in the level of economic activity in regions in which we do business, including as a result of global health crises or pandemics,
•changes in trade policy applicable to the regions in which we do business, including changes in U.S. trade policies or the imposition of higher tariffs on products being shipped into and from the U.S.,
•changes in general economic conditions or government funding,
•settlements of income tax audits,
•expenses incurred in connection with claims related to environmental conditions at locations where we conduct or formerly conducted operations,
•contract terminations, adverse litigation outcomes, and litigation costs,
•differing tax laws and changes in those laws (including the enactment by countries of the Organization for Economic Cooperation and Development (OECD) Base Erosion and Profit Shifting Pillar Two, which would impose a minimum corporate income tax rate of least 15%), or changes in the countries in which we are subject to taxation,
•changes in our effective tax rate,
•changes in industries, such as pharmaceutical and biomedical,
•changes in the portions of our revenue represented by our various products and customers,
•our ability to introduce new products,
•our competitors’ announcement or introduction of new products, services or technological innovations,
•costs of raw materials, labor, energy, supplies, transportation or other indirect costs,
•changes in healthcare or other reimbursement rates paid by government agencies and other third parties for certain of our products and services,
•our ability to realize the benefit of ongoing productivity initiatives,
•changes in the volume or timing of product orders,
•fluctuation in the expense related to the mark-to-market adjustment on postretirement benefit plans,
•changes in our assumptions underlying future funding of pension obligations,
•changes in assumptions used to determine contingent consideration in acquisitions, and
•changes in foreign currency exchange rates.
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A significant disruption in third-party package delivery and import/export services, or significant increases in prices for those services, could interfere with our ability to ship products, increase our costs and lower our profitability.
We ship a significant portion of our products to our customers through independent package delivery and import/export companies, including UPS and Federal Express in the United States; TNT, UPS and DHL in Europe; and UPS in Asia. We also ship our products through other carriers, including commercial airlines, freight carriers, national trucking firms, overnight carrier services and the United States Postal Service. If one or more of the package delivery or import/export providers experiences a significant disruption in services or institutes a significant price increase, we may have to seek alternative providers and the delivery of our products could be prevented or delayed. Such events could cause us to incur increased shipping costs that could not be passed on to our customers, negatively impacting our profitability and our relationships with certain of our customers.
Disruptions in the supply of raw materials, certain key components and other goods from our limited or single source suppliers could have an adverse effect on the results of our business operations, and could damage our relationships with customers.
The production of our products requires a wide variety of raw materials, key components and other goods that are generally available from alternate sources of supply. However, certain critical raw materials, key components and other goods required for the production and sale of some of our principal products are available from limited or single sources of supply. We generally have multi-year contracts with no minimum purchase requirements with these suppliers, but those contracts may not fully protect us from a failure by certain suppliers to supply critical materials or from the delays inherent in being required to change suppliers and, in some cases, validate new raw materials. Such raw materials, key components and other goods can usually be obtained from alternative sources with the potential for an increase in price, decline in quality or delay in delivery. A prolonged inability to obtain certain raw materials, key components or other goods is possible and could have an adverse effect on our business operations, and could damage our relationships with customers. In addition, global health crises or pandemics, actual or threatened tariffs, wars, conflicts, or other changes in a country’s or region’s political or economic conditions, could have a significant adverse effect on our supply chain.
We are subject to the rules of the Securities and Exchange Commission requiring disclosure as to whether certain materials known as conflict minerals (tantalum, tin, gold, tungsten and their derivatives) that may be contained in our products are mined from the Democratic Republic of the Congo and adjoining countries. As a result of these rules, we may incur additional costs in complying with the disclosure requirements and in satisfying those customers who require that the components used in our products be certified as conflict-free, and the potential lack of availability of these materials at competitive prices could increase our production costs.
If we do not retain our key personnel, our ability to execute our business strategy will be limited.
Our success depends to a significant extent upon the continued service of our executive officers and key management and technical personnel, particularly our experienced engineers and scientists, and on our ability to continue to attract, retain, and motivate qualified personnel. The competition for these employees is intense. The loss of the services of key personnel could have a material adverse effect on our operating results. In addition, there could be a material adverse effect on us should the turnover rates for key personnel increase significantly or if we are unable to continue to attract qualified personnel. We do not maintain any key person life insurance policies on any of our officers or employees.
Our success also depends on our ability to execute leadership succession plans. The inability to successfully transition key management roles could have a material adverse effect on our operating results.
If we experience a significant disruption in, or breach in security of, our information technology systems or those of our customers, suppliers or other third parties, or cybercrime, resulting in inappropriate access to or inadvertent transfer of information or assets or result in a ransom demand from a third party, or if we fail to implement new systems, software and technologies successfully, our business could be adversely affected.
We rely on several centralized information technology systems throughout our company to develop, manufacture and provide products and services, keep financial records, process orders, manage inventory, process shipments to customers and operate other critical functions. Our and our third-party service providers' information technology systems may be susceptible to damage, disruptions or shutdowns due to power outages, hardware failures, computer viruses, attacks by computer hackers, telecommunication failures, user errors, catastrophes or other unforeseen events. The risk of a security breach or disruption through cyber-attacks has generally increased as the number, intensity and sophistication of attempted attacks from around the world have increased. For example, many companies have experienced an increase in phishing and social engineering attacks from third parties. If we were to experience a prolonged system disruption in the information technology systems that involve our interactions with customers, suppliers or other third parties, it could result in the loss of sales and customers and significant
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incremental costs, which could adversely affect our business. In addition, security breaches of our information technology systems or cybercrime, resulting in inappropriate access to or inadvertent transfer of information or assets, could result in losses or misappropriation of assets, ransom demands by third parties, or unauthorized disclosure of confidential information belonging to us or to our employees, partners, customers or suppliers, which could result in our suffering significant financial or reputational damage.
Our results of operations will be adversely affected if we fail to realize the full value of our intangible assets.
As of September 28, 2025, our total assets included $9.0 billion of net intangible assets. Net intangible assets consist principally of goodwill associated with acquisitions and costs associated with securing patent rights, trademark rights, customer relationships, core technology and technology licenses, net of accumulated amortization. We test goodwill at least annually for potential impairment by comparing the carrying value to the fair value of the reporting unit to which it is assigned. All of our amort izing intangible assets are also evaluated for impairment should events occur that call into question the value of the intangible assets.
Our next annual goodwill impairment measurement date is November 3, 2025. While there has been no triggering event requiring an interim impairment assessment through September 28, 2025, adverse changes in our business, adverse changes in the key valuation assumptions used to determine the fair value of our reporting units, or the failure to grow our Life Sciences and Diagnostics segments, could result in an impairment of our intangible assets, which could adversely affect our results of operations.
Risks Related to our Intellectual Property
We may not be successful in adequately protecting our intellectual property.
Patent and trade secret protection is important to us because developing new products, processes and technologies gives us a competitive advantage, although it is time-consuming and expensive. We own many United States and foreign patents and intend to apply for additional patents. Patent applications we file, however, may not result in issued patents or, if they do, the claims allowed in the patents may be narrower than what is needed to protect fully our products, processes and technologies. The expiration of our previously issued patents may cause us to lose a competitive advantage in certain of the products and services we provide. Similarly, applications to register our trademarks may not be granted in all countries in which they are filed. For our intellectual property that is protected by keeping it secret, such as trade secrets and know-how, we may not use adequate measures to protect this intellectual property.
Third parties have in the past and may in the future also challenge the validity of our issued patents, may circumvent or “design around” our patents and patent applications, or claim that our products, processes or technologies infringe their patents. In addition, third parties may assert that our product names infringe their trademarks. We may incur significant expense in legal proceedings to protect our intellectual property against infringement by third parties or to defend against claims of infringement by third parties. Claims by third parties in pending or future lawsuits could result in awards of substantial damages against us or court orders that could effectively prevent us from manufacturing, using, importing or selling our products in the United States or other countries.
If we are unable to renew our licenses or otherwise lose our licensed rights, we may have to stop selling products or we may lose competitive advantage.
We may not be able to renew or otherwise lose our right to utilize our existing licenses, or licenses we may obtain in the future, on terms acceptable to us, or at all. If we lose the rights to a patented or other proprietary technology, we may need to stop selling products incorporating that technology and possibly other products, redesign our products or lose a competitive advantage. Potential competitors could in-license technologies that we fail to license and potentially erode our market share.
Our licenses typically subject us to various economic and commercialization obligations. If we fail to comply with these obligations, we could lose important rights under a license, such as the right to exclusivity in a market, or incur losses for failing to comply with our contractual obligations. In some cases, we could lose all rights under the license. In addition, rights granted under the license could be lost for reasons out of our control. For example, the licensor could lose patent protection for a number of reasons, including invalidity of the licensed patent, or a third-party could obtain a patent that curtails our freedom to operate under one or more licenses.
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Risks Related to Legal, Government and Regulatory Matters
The manufacture and sale of products and services may expose us to product and other liability claims for which we could have substantial liability.
We face an inherent business risk of exposure to product and other liability claims if our products, services or product candidates are alleged or found to have caused injury, damage or loss. We may be unable to obtain insurance with adequate levels of coverage for potential liability on acceptable terms or claims of this nature may be excluded from coverage under the terms of any insurance policy that we obtain. If we are unable to obtain such insurance or the amounts of any claims successfully brought against us substantially exceed our coverage, then our business could be adversely impacted.
If we fail to maintain satisfactory compliance with the regulations of the United States Food and Drug Administration and other governmental agencies in the United States and abroad, we may be forced to recall products and cease their manufacture and distribution, and we could be subject to civil, criminal or monetary penalties.
Our operations are subject to regulation by different state and federal government agencies in the United States and other countries, as well as to the standards established by international standards bodies. If we fail to comply with those regulations or standards, we could be subject to fines, penalties, criminal prosecution or other sanctions. Some of our products are subject to regulation by the United States Food and Drug Administration and similar foreign and domestic agencies. These regulations govern a wide variety of product activities, from design and development to labeling, manufacturing, promotion, sales and distribution. If we fail to comply with those regulations or standards, we may have to recall products, cease their manufacture and distribution, and may be subject to fines or criminal prosecution.
We are also subject to a variety of laws, regulations and standards that govern, among other things, the importation and exportation of products, the handling, transportation and manufacture of toxic or hazardous substances, the collection, storage, transfer, use, disclosure, retention and other processing of personal data, and our business practices in the United States and abroad such as anti-bribery, anti-corruption and competition laws. This requires that we devote substantial resources to maintaining our compliance with those laws, regulations and standards. A failure to do so could result in the imposition of civil, criminal or monetary penalties having a material adverse effect on our operations.
We are subject to stringent data privacy and information security laws and regulations and changes in such laws or regulations, or our failure to comply with such requirements, could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations.
We are subject to data privacy and information security laws and regulations that apply to the collection, transmission, storage and use of personally identifying information, which among other things, impose certain requirements relating to the privacy, security and transmission of personal information, including comprehensive regulatory systems in the United States, European Union and the United Kingdom. The legislative and regulatory landscape for privacy and data protection continues to evolve in jurisdictions worldwide, and there has been an increasing focus on privacy and data protection issues with the potential to affect our business. Failure to comply with any of these laws or regulations could result in enforcement actions against us, including fines, claims for damages by affected individuals, damage to our reputation and loss of goodwill, any of which could have a material adverse effect on our business, financial condition, results of operations or prospects.
Changes in governmental regulations may reduce demand for our products or increase our expenses.
We compete in markets in which we or our customers must comply with federal, state, local and foreign regulations, such as environmental, health and safety, data privacy and food and drug regulations. We develop, configure and market our products to meet customer needs created by these regulations. Any significant change in these regulations could reduce demand for our products or increase our costs of producing these products.
The healthcare industry is highly regulated and if we fail to comply with its extensive system of laws and regulations, we could suffer fines and penalties or be required to make significant changes to our operations which could have a significant adverse effect on the results of our business operations.
The healthcare industry, including the genetic screening market, is subject to extensive and frequently changing international and United States federal, state and local laws and regulations. In addition, legislative provisions relating to healthcare fraud and abuse, patient privacy violations and misconduct involving government insurance programs provide federal enforcement personnel with substantial powers and remedies to pursue suspected violations. Increasing uncertainty in the United States regarding regulation in the healthcare space could subject our business to new or modified regulations. If we fail to comply with applicable laws and regulations, we could suffer civil and criminal damages, fines and penalties, exclusion from participation in governmental healthcare programs, and the loss of various licenses, certificates and authorizations
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necessary to operate our business, as well as incur liabilities from third-party claims, all of which could have a significant adverse effect on our business.
Risks Related to our Foreign Operations
Economic, political and other risks associated with foreign operations could adversely affect our international sales and profitability.
Because we sell our products worldwide, our businesses are subject to risks associated with doing business internationally. Our sales originating outside the United States represented the majority of our total revenue in fiscal year 2024. We anticipate that sales from international operations will continue to represent a substantial portion of our total revenue. In addition, many of our manufacturing facilities, employees and suppliers are located outside the United States. Accordingly, our future results of operations could be harmed by a variety of factors, including:
•changes in actual, or from projected, foreign currency exchange rates,
•global health crises of unknown duration,
•wars, conflicts, or other changes in a country’s or region’s political or economic conditions, particularly in developing or emerging markets,
•longer payment cycles of foreign customers and timing of collections in foreign jurisdictions,
•trade protection measures including embargoes, sanctions and tariffs, such as the recent tariffs announced or imposed on U.S. trading partners and retaliatory measures threatened or imposed in response, as well as the sanctions and other restrictions implemented by the United States and other governments on the Russian Federation and related parties in connection with the conflict in Ukraine,
•import or export licensing requirements and the associated potential for delays or restrictions in the shipment of our products or the receipt of products from our suppliers,
•policies in foreign countries benefiting domestic manufacturers or other policies detrimental to companies headquartered in the United States,
•differing tax laws and changes in those laws, or changes in the countries in which we are subject to tax,
•adverse income tax audit settlements or loss of previously negotiated tax incentives,
•differing business practices associated with foreign operations,
•difficulty in transferring cash between international operations and the United States,
•difficulty in staffing and managing widespread operations,
•differing labor laws and changes in those laws,
•differing protection of intellectual property and changes in that protection,
•expanded enforcement of laws related to data protection and personal privacy,
•increasing global enforcement of anti-bribery and anti-corruption laws, and
•differing regulatory requirements and changes in those requirements.
We cannot yet predict the ultimate effect of the recently imposed and threatened U.S. tariffs on imports, or the extent to which other countries will impose further quotas, duties, tariffs, taxes or other similar restrictions upon imports or exports in the future, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business. We anticipate that recently enacted tariffs may increase our cost of revenue for the current fiscal year. While we may experience a decline in operating income, the mitigating actions that we have taken and plan to take are aimed at minimizing the financial exposure of increased tariffs.
Risks Related to our Debt
We have a substantial amount of outstanding debt, which could impact our ability to obtain future financing and limit our ability to make other expenditures in the conduct of our business.
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We have a substantial amount of debt and other financial obligations. Our debt level and related debt service obligations could have negative consequences, including:
•requiring us to dedicate significant cash flow from operations to the payment of principal and interest on our debt, which reduces the funds we have available for other purposes, such as acquisitions and stock repurchases;
•reducing our flexibility in planning for or reacting to changes in our business and market conditions;
•exposing us to interest rate risk as a portion of our debt obligations are at variable rates;
•increasing our foreign currency risk as a portion of our debt obligations are in denominations other than the U.S. dollar; and
•increasing the chances of a downgrade of our debt ratings due to the amount or intended purpose of our debt obligations.
We may incur additional indebtedness in the future to meet future financing needs. If we add new debt, the risks described above could increase. In addition, the market for both public and private debt offerings has experienced liquidity concerns and increased volatility, which could ultimately increase our borrowing costs and limit our ability to obtain future financing.
Restrictions in our senior unsecured revolving credit facility and other debt instruments may limit our activities.
Our senior unsecured revolving credit facility, senior unsecured notes due in 2026 (“2026 Notes”), senior unsecured notes due in 2028 (“2028 Notes”), senior unsecured notes due in 2029 (“2029 Notes”), senior unsecured notes due in March 2031 (“March 2031 Notes”), senior unsecured notes due in September 2031 (“September 2031 Notes”) and senior unsecured notes due in 2051 (“2051 Notes”) include restrictive covenants that limit our ability to engage in activities that could otherwise benefit our company. These include restrictions on our ability and the ability of our subsidiaries to:
•pay dividends on, redeem or repurchase our capital stock,
•sell assets,
•incur obligations that restrict our subsidiaries’ ability to make dividend or other payments to us,
•guarantee or secure indebtedness,
•enter into transactions with affiliates, and
•consolidate, merge or transfer all, or substantially all, of our assets and the assets of our subsidiaries on a consolidated basis.
We are also required to meet specified financial ratios under the terms of certain of our existing debt instruments. Our ability to comply with these financial restrictions and covenants is dependent on our future performance, which is subject to prevailing economic conditions and other factors, including factors that are beyond our control, such as foreign exchange rates, interest rates, changes in technology and changes in the level of competition. In addition, if we are unable to maintain our investment grade credit rating, our borrowing costs would increase and we would be subject to different and potentially more restrictive financial covenants under some of our existing debt instruments.
Any future indebtedness that we incur may include similar or more restrictive covenants. Our failure to comply with any of the restrictions in our new senior unsecured revolving credit facility that we entered into in January 2025, the 2026 Notes, the 2028 Notes, the 2029 Notes, the March 2031 Notes, the September 2031 Notes and the 2051 Notes, or any future indebtedness may result in an event of default under those debt instruments, which could permit acceleration of the debt under those debt instruments, and require us to prepay that debt before its scheduled due date under certain circumstances.
Risks Related to Ownership of our Common Stock
Our share price will fluctuate.
Over the last several years, stock markets in general and our common stock in particular have experienced significant price and volume volatility. Both the market price and the daily trading volume of our common stock may continue to be subject to significant fluctuations due not only to general stock market conditions but also to a change in sentiment in the market regarding our operations and business prospects. In addition to the risk factors discussed above, the price and volume volatility of our common stock may be affected by:
•operating results that vary from our financial guidance or the expectations of securities analysts and investors,
•the financial performance of the major end markets that we target,
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•the operating and securities price performance of companies that investors consider to be comparable to us,
•announcements of strategic developments, acquisitions and other material events by us or our competitors,
•changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, inflation, freight costs, commodity and equity prices and the value of financial assets, and
•changes to economic conditions arising from global health crises and pandemics, climate change, trade policy or from wars or conflicts.
Dividends on our common stock could be reduced or eliminated in the future.
On July 24, 2025, we announced that our Board of Directors (our “Board”) had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2025 that will be paid in November 2025. On October 23, 2025, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2025 that will be payable in February 2026. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Stock Repurchases
The following table provides information with respect to the shares of common stock repurchased by us for the periods indicated.

| Issuer Repurchases of Equity Securities
Period | Total Number of Shares Purchased(1) |  | Average Price Paid Per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) |  | Maximum Number (or Approximate Dollar Value) Shares that May Yet Be Purchased Under the Plans or Programs(2)
June 30, 2025 — July 27, 2025 | 200,147 |  |  | $ | 99.99 |  |  | 200,000 |  |  | $ | 394,546,862 |
July 28, 2025 — August 24, 2025 | 919,504 |  |  | 88.80 |  |  | 919,151 |  |  | 312,925,620 |
August 25, 2025 — September 28, 2025 | 1,204,700 |  |  | 85.77 |  |  | 1,203,055 |  |  | 209,730,634 |
Activity for quarter ended September 28, 2025 | 2,324,351 |  |  | $ | 88.20 |  |  | 2,322,206 |  |  | $ | 209,730,634 |

____________________
(1)Our Board of Directors (our “Board”) has authorized us to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans. During the three months ended September 28, 2025, we repurchased 2,145 shares of common stock for this purpose at an aggregate cost of $0.2 million.
(2)On October 24, 2024, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”). Subsequent to the third quarter of fiscal year 2025, we repurchased 515,232 shares of common stock under the Repurchase Program at an aggregate cost of $47.5 million. On October 23, 2025, the Repurchase Program was terminated by our Board and our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Pr ogram will expire on October 22, 2027 unless terminated earlier by our Board and may be suspended or discontinued at any time. Subsequent to October 23, 2025, we repurchased 172,642 shares of common stock under the New Repurchase Program at an aggregate cost of $16.5 million.
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Item 5.Other Information
Rule 10b5-1 Trading Plans
During the three months ended September 28, 2025, none of our directors or officers adopted a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as the terms are defined in Item 408(a) of Regulation S-K.
Item 6.Exhibits

Exhibit Number |  | Exhibit Name
31.1 |  | Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 |  | Certification of Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS |  | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document.
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB |  | Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 |  | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

____________________________
Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language):
(i) Cover Page, Form 10-Q, Quarterly Report for the quarterly period ended September 28, 2025, (ii) Condensed Consolidated Statements of Operations for the three and nine months ended September 28, 2025 and September 29, 2024, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 28, 2025 and September 29, 2024, (iv) Condensed Consolidated Balance Sheets at September 28, 2025 and December 29, 2024, (v) Condensed Consolidated Statements of Stockholders’ Equity for the nine months ended September 28, 2025 and September 29, 2024, (vi) Condensed Consolidated Statements of Cash Flows for the nine months ended September 28, 2025 and September 29, 2024, and (vii) Notes to Condensed Consolidated Financial Statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| REVVITY, INC.
November 4, 2025 | By: |  | /s/ MAXWELL KRAKOWIAK
|  |  | Maxwell Krakowiak Senior Vice President and Chief Financial Officer (Principal Financial Officer)

| REVVITY, INC.
November 4, 2025 | By: |  | /s/ ANITA GONZALES
|  |  | Anita Gonzales Vice President and Chief Accounting Officer (Principal Accounting Officer)

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