REVVITY, INC. (RVTY)

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

Our fiscal year ends on the Sunday nearest December 31. We report fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending January 3, 2027 (“fiscal year 2026”) will include 53 weeks, and the fiscal year ended December 28, 2025 (“fiscal year 2025”) included 52 weeks.

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, immunodiagnostics and emerging market diagnostics.

Overview of the Second Quarter of Fiscal Year 2026

Our overall revenue in the second quarter of fiscal year 2026 was $729.7 million which increased by $9.4 million, or 1%, as compared to the second quarter of fiscal year 2025, reflecting an increase of $16.6 million, or 5%, in our Diagnostics segment revenue, and a decrease of $7.2 million, or 2%, in our Life Sciences segment revenue. The increase in our Diagnostics segment revenue for the second quarter of fiscal year 2026 was driven by both our Reproductive Health business and favorable changes in foreign exchange rates. The decrease in our Life Sciences segment revenue for the second quarter of fiscal year 2026 was driven by a decline in revenue in our Software business.

Our consolidated gross margins increased 260 basis points from 54.5% to 57.1% in the second quarter of fiscal year 2026, as compared to the second quarter of fiscal year 2025, primarily due to tariff refunds and product mix shift. Our consolidated operating margins decreased from 12.6% to 12.2% in the second quarter of fiscal year 2026, as compared to the second quarter of fiscal year 2025, primarily due to restructuring charges and digital investments.

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. 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 regarding valuation of goodwill and income taxes.

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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 28, 2025 (our “2025 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 six months ended July 5, 2026.

Consolidated Results of Continuing Operations

Revenue

Revenue for the three months ended July 5, 2026 was $729.7 million, as compared to $720.3 million for the three months ended June 29, 2025, an increase of $9.4 million, or 1%. The analysis in the remainder of this paragraph compares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $358.7 million for the three months ended July 5, 2026, as compared to $365.9 million for the three months ended June 29, 2025, a decrease of $7.2 million, or 2%, driven by a decrease of $10.2 million in Software revenue, partially offset by an increase of $3.0 million in Life Sciences Solutions revenue. Diagnostics segment revenue was $371.0 million for the three months ended July 5, 2026, as compared to $354.4 million for the three months ended June 29, 2025, an increase of $16.6 million, or 5%, due to an increase of $20.7 million in Reproductive Health revenue, partially offset by a decrease of $4.1 million in Immunodiagnostics revenue.

Revenue for the six months ended July 5, 2026 was $1,440.8 million, as compared to $1,385.0 million for the six months ended June 29, 2025, an increase of $55.8 million, or 4%. The analysis in the remainder of this paragraph compares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $720.5 million for the six months ended July 5, 2026, as compared to $706.3 million for the six months ended June 29, 2025, an increase of $14.3 million, or 2%, driven by an increase of $16.5 million in Life Sciences Solutions revenue, partially offset by a decrease of $2.3 million in Software revenue. Diagnostics segment revenue was $720.3 million for the six months ended July 5, 2026, as compared to $678.8 million for the six months ended June 29, 2025, an increase of $41.5 million, or 6%, due to an increase of $41.3 million in Reproductive Health revenue and an increase of $0.2 million in Immunodiagnostics revenue. Both the Life Sciences and the Diagnostics segments benefited from an extra fiscal week for the six months ended July 5, 2026.

Cost of Revenue

Cost of revenue for the three months ended July 5, 2026 was $312.8 million, as compared to $327.7 million for the three months ended June 29, 2025, a decrease of $14.9 million, or 5%. As a percentage of revenue, cost of revenue decreased to 42.9% for the three months ended July 5, 2026, from 45.5% for the three months ended June 29, 2025, resulting in an increase in gross margin of 260 basis points to 57.1% for the three months ended July 5, 2026, from 54.5% for the three months ended June 29, 2025, primarily due to tariff refunds and product mix shift. Amortization of intangible assets was $34.8 million for the three months ended July 5, 2026, as compared to $36.5 million for the three months ended June 29, 2025.

Cost of revenue for the six months ended July 5, 2026 was $636.3 million, as compared to $616.9 million for the six months ended June 29, 2025, an increase of $19.3 million, or 3%. As a percentage of revenue, cost of revenue decreased to 44.2% for the six months ended July 5, 2026, from 44.5% for the six months ended June 29, 2025, resulting in an increase in gross margin of 40 basis points to 55.8% for the six months ended July 5, 2026, from 55.5% for the six months ended June 29, 2025, primarily due to tariff refunds and product mix shift. Amortization of intangible assets was $69.8 million for the six months ended July 5, 2026, as compared to $70.9 million for the six months ended June 29, 2025.

On February 20, 2026, the United States Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the imposition of tariffs. In April 2026, the U.S. Customs and Border Protection (CBP) announced a new administrative process for importers to utilize in seeking to obtain refunds. Through the established CBP refund process, the Company applied for $20.2 million of refunds and received $16.2 million through July 5, 2026. The timing and amount of additional recoveries remain uncertain and will depend on the scope and timing of court or administrative developments and completion of applicable administrative steps. Accordingly, refunds have been recorded in income upon receipt of payment, and no refund receivable has been recorded as of July 5, 2026. As a result, $16.2 million of refunds were recorded in cost of revenue for the three months ended July 5, 2026.

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Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended July 5, 2026 were $278.6 million, as compared to $248.5 million for the three months ended June 29, 2025, an increase of $30.1 million, or 12%. As a percentage of revenue, selling, general and administrative expenses increased and were 38.2% for the three months ended July 5, 2026, as compared to 34.5% for the three months ended June 29, 2025. Amortization of intangible assets increased and was $50.1 million for the three months ended July 5, 2026, as compared to $48.8 million for the three months ended June 29, 2025. Restructuring and other costs increased and were $35.5 million for the three months ended July 5, 2026, as compared to $11.2 million for the three months ended June 29, 2025. Restructuring and other costs in the second quarter of fiscal year 2026 primarily consisted of charges associated with workforce reductions and facility consolidations in an effort to streamline operations, other exit costs, abandonments or associated asset write-downs, costs of terminating certain lease agreements or contracts, as well as costs associated with relocating facilities. In the second quarter of fiscal year 2026, severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of our workforce. The above increases were partially offset by a decrease in purchase accounting adjustments, which were $1.7 million for the three months ended July 5, 2026, and primarily consisted of a change in contingent consideration, as compared to $2.0 million for the three months ended June 29, 2025. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, were $0.1 million for the three months ended July 5, 2026, as compared to $1.2 million for the three months ended June 29, 2025. Significant litigation matters and settlements decreased, and were $0.1 million for the three months ended July 5, 2026, as compared to $1.1 million for the three months ended June 29, 2025. Transformation costs were a net credit of $0.7 million for the three months ended July 5, 2026. Excluding the items noted above, selling, general and administrative expenses increased due to digital investments and employee incentive compensation.

Selling, general and administrative expenses for the six mon

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Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

This annual report on Form 10-K, including the following management’s discussion and analysis, contains forward-looking information that you should read in conjunction with the consolidated financial statements and notes to consolidated financial statements that we have included elsewhere in this annual report on Form 10-K. 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,” “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 above under the heading “Risk Factors” in Item 1A above 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.

Accounting Period

Our fiscal year ends on the Sunday nearest December 31. We report fiscal years under a 52/53-week format and as a result, certain fiscal years will contain 53 weeks. Each of the fiscal years ended December 28, 2025 (“fiscal year 2025”), December 29, 2024 (“fiscal year 2024”) and December 31, 2023 (“fiscal year 2023”) included 52 weeks. The fiscal year ending January 3, 2027 (“fiscal year 2026”) will include 53 weeks.

Overview of Fiscal Year 2025

Our overall revenue in fiscal year 2025 increased by $101.1 million, or 4%, as compared to fiscal year 2024, reflecting an increase of $68.5 million, or 5%, in Diagnostics segment revenue and an increase of $32.5 million, or 2%, in Life Sciences segment revenue. The increase in our Diagnostics segment revenue was driven by both our Immunodiagnostics and Reproductive Health businesses. The increase in our Life Sciences segment revenue was driven by our Software business.

Our consolidated gross margin decreased 104 basis points in fiscal year 2025, as compared to fiscal year 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 fiscal year 2024. Our consolidated operating margin decreased 10 basis points in fiscal year 2025, as compared to fiscal year 2024, due to gross margin headwinds, as discussed above, partially offset by productivity and cost containment initiatives.

Overall, we believe that our range of product offerings, leading market positions, global scale and financial strength provides us with a foundation for continued long-term growth, margin expansion and robust cash flow generation.

Consolidated Results of Operations

Fiscal Year 2025 Compared to Fiscal Year 2024

Revenue

Revenue for fiscal year 2025 was $2,856.1 million, as compared to $2,755.0 million for fiscal year 2024, an increase of $101.1 million, or 4%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The analysis in the remainder of this paragraph compares segment revenue for fiscal year 2025 as compared to fiscal year 2024 and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $1,431.1 million for fiscal year 2025, as compared to $1,398.6 million for fiscal year 2024, an increase of $32.5 million, or 2%, driven by an increase of $35.6 million in Software revenue, partially offset by a decrease of $3.1 million in Life Sciences Solutions revenue. Diagnostics segment revenue for fiscal year 2025 was $1,424.9 million, as compared to $1,356.4 million for fiscal year 2024, an increase of $68.5 million, or 5%, due to an increase of $41.3 million in Immunodiagnostics revenue and an increase of $27.2 million in Reproductive Health revenue.

Cost of Revenue

Cost of revenue for fiscal year 2025 was $1,291.7 million, as compared to $1,217.4 million for fiscal year 2024, an increase of approximately $74.3 million, or 6%. As a percentage of revenue, cost of revenue increased to 45.2% in fiscal year 2025 from 44.2% in fiscal year 2024, resulting in a decrease in gross margin of approximately 104 basis points to 54.8% in fiscal year 2025 from 55.8% in fiscal year 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 fiscal year 2024. Rebranding costs were $6.2 million for fiscal year 2024. Stock compensation expense related to awards given to BioLegend employees

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post-acquisition added an incremental expense of $0.6 million for fiscal year 2024. Amortization of intangible assets was $141.1 million for fiscal year 2025, as compared to $144.4 million for fiscal year 2024.

Tariffs enacted and implemented during fiscal year 2025 increased our cost of revenue by approximately $25 million. Through proactive mitigation efforts, the net impact on gross margin was approximately $20 million. The majority of this impact affected products manufactured in Europe and sold in the U.S. market. Our comprehensive mitigation strategy included manufacturing optimization, supplier collaboration, selective pricing adjustments, and targeted temporary cost measures to minimize ongoing financial exposure.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for fiscal year 2025 were $991.9 million, as compared to $994.1 million for fiscal year 2024, a decrease of $2.2 million, or less than 1%. As a percentage of revenue, selling, general and administrative expenses decreased to 34.7% in fiscal year 2025 from 36.1% in fiscal year 2024. Amortization of intangible assets decreased and was $194.5 million for fiscal year 2025, as compared to $215.0 million for fiscal year 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, were $3.8 million for fiscal year 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, were $16.3 million for fiscal year 2024. Costs for significant environmental matters decreased expenses by $1.2 million for fiscal year 2025. Asset impairment was $22.8 million for fiscal year 2024. The above decreases were partially offset by an increase in restructuring and other costs, net, which was $55.9 million for fiscal year 2025, as compared to $17.5 million for fiscal year 2024. Restructuring and other costs, net in fiscal year 2025 primarily included charges associated with workforce reductions and facility consolidations in an effort to streamline operations, other exit costs, abandonments or associated asset write-downs, costs of terminating certain lease agreements or contracts, as well as costs associated with relocating facilities. In fiscal year 2025, severance actions associated with facility consolidations and cost reduction measures affected approximately 5% of our workforce. Significant litigation matters and settlements was $12.2 million for fiscal year 2025, as compared to $7.8 million for fiscal year 2024. Transformation costs were $9.3 million for fiscal year 2025. Purchase accounting adjustments decreased expenses by $0.5 million for fiscal year 2025, as compared to $1.7 million for fiscal year 2024, which primarily consisted of a change in fair value of contingent consideration. Excluding the items noted above, selling, general and administrative expenses increased slightly due to unfavorable changes in foreign exchange rates and investments in digital capabilities and innovation mostly offset by lower long-term incentive compensation costs, cost control and productivity initiatives.

Research and Development Expenses

Research and development expenses for fiscal year 2025 were $215.8 million, as compared to $196.8 million for fiscal year 2024, an increase of $19.0 million, or 10%. As a percentage of revenue, research and development expenses increased to 7.6% in fiscal year 2025 from 7.1% in fiscal year 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 was $2.2 million for fiscal year 2024.

Interest and Other Expense, Net

Interest and other expense, net, consisted of the following for the fiscal years ended:

The decrease in interest income for the fiscal year 2025 as compared to the fiscal year 2024 was primarily due to a decrease in marketable securities and short-term investments. Interest expense was lower for the fiscal year 2025 as compared to prior year primarily due to a lower debt balance as a result of the repayment of senior unsecured notes that matured in September 2024. A more complete discussion of our liquidity is set forth below under the heading “Liquidity and Capital Resources.”

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Provision for Income Taxes

Our effective tax rates were 10.6% and 10.5% for fiscal years 2025 and 2024, respectively.

The variation in our effective tax rate from the statutory rate for fiscal year 2025 was primarily impacted by federal tax credits of $24.0 million, and the net benefits of U.S. international tax regimes of $6.6 million, partially offset by $2.7 million of other items.

The variation in our effective tax rate from the statutory tax rate for fiscal year 2024 was primarily the result of general business tax credits of $17.6 million, a prior year true-up related to the tax on foreign earnings of approximately $9.4 million, and favorability in our U.S. taxation of multinational operations of $28.9 million, which were partially offset by an increase in valuation allowance of $29.8 million.

Fiscal Year 2024 Compared to Fiscal Year 2023

For a discussion of our results of operations for fiscal year 2024 as compared to fiscal year 2023, see 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 filed with the Securities and Exchange Commission on February 25, 2025.

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Reporting Segment Results

Life Sciences

Fiscal Year 2025 Compared to Fiscal Year 2024

Revenue for fiscal year 2025 was $1,431.1 million, as compared to $1,398.6 million for fiscal year 2024, an increase of $32.5 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 was driven by an increase of $35.6 million in Software revenue, partially offset by a decrease of $3.1 million in Life Sciences Solutions revenue.

Segment operating income for fiscal year 2025 was $458.3 million, as compared to $467.3 million for fiscal year 2024, a decrease of $9.0 million, or 2%. Segment operating margin decreased 139 basis points to 32.0% in fiscal year 2025, as compared to 33.4% in fiscal year 2024, primarily due to unfavorable changes in volume leverage and foreign exchange rates, product mix shifts and inv

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