REVVITY, INC. 10-K

Item 8. Financial Statements and Supplementary Data TABLE OF CONTENTS Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 40 Consolidated Statements of Operations for Each of the Three Fiscal Years in the Period Ended December 28, 2025 41 Consolidated Statements of Comprehensive Income for Each of the Three Fiscal Years in the Period Ended December 28, 2025 42 Consolidated Balance Sheets as of December 28, 2025 and December 29, 2024 43 Consolidated Statements of Stockholders’ Equity for Each of the Three Fiscal Years in the Period Ended December 28, 2025 44 Consolidated Statements of Cash Flows for Each of the Three Fiscal Years in the Period Ended December 28, 2025 45 Notes to Consolidated Financial Statements 47 39 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Revvity, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Revvity, Inc. and subsidiaries (the “Company”) as of December 28, 2025 and December 29, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows, for each of the three years in the period ended December 28, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 28, 2025 and December 29, 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 28, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 28, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 24, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Goodwill - Life Sciences Solutions Reporting Unit — Refer to Notes 1 and 12 to the financial statements Critical Audit Matter Description The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. As of December 28, 2025, the Company’s balance of goodwill was $6.6 billion, of which $4.5 billion was allocated to the Life Sciences Solutions reporting unit. In connection with the annual impairment assessment as of November 3, 2025, the Company concluded that the fair value of each reporting unit exceeded the carrying value of each reporting unit and no impairment was recognized. The fair value of the Life Sciences Solutions reporting unit exceeded the carrying value by more than 10% but less than 20%. The Company determined the fair value of the Life Sciences Solutions reporting unit using an income approach which was corroborated with a market approach. The income approach required management to make significant estimates and assumptions related to the discount rate and forecasts of future revenue. Changes in these assumptions could have a significant impact on the fair value of the reporting unit. We identified the valuation of the Life Sciences Solutions reporting unit as a critical audit matter because of the significant estimates and assumptions management made to measure the fair value of the Life Sciences Solutions reporting unit. Auditing these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the selection of the discount rate and revenue growth rates within the Life Sciences Solutions reporting unit. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to testing the selection of the discount rate and the forecasts of future revenue included the following, among others: – We tested the effectiveness of controls over management’s evaluation of goodwill for impairment, including those controls related to the selection of the discount rate and revenue growth rates used in measuring the fair value of the Life Sciences Solutions reporting unit. – Evaluated management’s ability to accurately forecast operating results by comparing actual results to management’s historical forecasts. – Evaluated the reasonableness of management’s forecasts by comparing the forecasts to (1) historical results, (2) internal communications, budgets and other information obtained while performing the audit and (3) external information. – With the assistance of our fair value specialists, we performed the following: – We evaluated the discount rate, including testing the underlying source information and mathematical accuracy of the calculations, and developing a range of independent estimates and comparing those to the discount rate selected by management. – We tested the mathematical accuracy of the calculations. /s / DELOITTE & TOUCHE LLP Boston, Massachusetts February 24, 2026 We have served as the Company’s auditor since 2002. 40 Table of Contents CONSOLIDATED STATEMENTS OF OPERATIONS December 28, 2025 December 29, 2024 December 31, 2023 (In thousands, except per share data) Revenue Product revenue $ 2,389,984 $ 2,338,211 $ 2,415,893 Service revenue 466,067 416,815 334,678 Total revenue 2,856,051 2,755,026 2,750,571 Cost of product revenue 1,117,132 1,041,749 1,077,744 Cost of service revenue 174,554 175,618 133,136 Selling, general and administrative expenses 991,890 994,074 1,022,551 Research and development expenses 215,840 196,844 216,578 Operating income from continuing operations 356,635 346,741 300,562 Interest and other expense, net 88,358 30,615 117,586 Income from continuing operations before income taxes 268,277 316,126 182,976 Provision for income taxes 28,394 33,055 3,473 Income from continuing operations 239,883 283,071 179,503 Income (loss) from discontinued operations 1,318 ( 12,686 ) 513,591 Net income $ 241,201 $ 270,385 $ 693,094 Basic earnings per share: Income from continuing operations $ 2.06 $ 2.31 $ 1.44 Income (loss) from discontinued operations 0.01 ( 0.10 ) 4.12 Net income $ 2.07 $ 2.21 $ 5.56 Diluted earnings per share: Income from continuing operations $ 2.06 $ 2.30 $ 1.44 Income (loss) from discontinued operations 0.01 ( 0.10 ) 4.11 Net income $ 2.07 $ 2.20 $ 5.55 The accompanying notes are an integral part of these consolidated financial statements. 41 Table of Contents CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Net income $ 241,201 $ 270,385 $ 693,094 Other comprehensive income (loss) Foreign currency translation adjustments, net of income taxes: Amount recognized in other comprehensive income 173,876 ( 119,260 ) 80,172 Amounts recognized in discontinued operations — — 90,814 Net foreign currency translation adjustments, net of income taxes 173,876 ( 119,260 ) 170,986 Unrealized gains (losses) on securities, net of tax 94 ( 153 ) ( 181 ) Other comprehensive income (loss) 173,970 ( 119,413 ) 170,805 Comprehensive income $ 415,171 $ 150,972 $ 863,899 The accompanying notes are an integral part of these consolidated financial statements. 42 Table of Contents CONSOLIDATED BALANCE SHEETS December 28, 2025 December 29, 2024 (In thousands, except share and per share data) Current assets: Cash and cash equivalents $ 919,860 $ 1,163,396 Accounts receivable, net 744,671 632,400 Inventories, net 379,497 367,587 Other current assets 195,719 186,225 Total current assets 2,239,747 2,349,608 Property, plant and equipment, net 479,249 482,217 Operating lease right-of-use assets, net 165,439 167,716 Intangible assets, net 2,347,003 2,640,921 Goodwill 6,613,493 6,463,619 Other assets, net 323,480 288,397 Total assets $ 12,168,411 $ 12,392,478 Current liabilities: Current portion of long-term debt $ 588,828 $ 242 Accounts payable 185,464 167,463 Accrued expenses and other current liabilities 556,954 485,395 Total current liabilities 1,331,246 653,100 Long-term debt 2,631,236 3,150,476 Deferred taxes and other long-term liabilities 807,461 770,523 Operating lease liabilities 148,108 151,505 Total liabilities 4,918,051 4,725,604 Commitments and contingencies (see Note 16) Stockholders’ equity: Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding — — Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 112,281,000 and 120,646,000 shares at December 28, 2025 and December 29, 2024, respectively 112,281 120,646 Capital in excess of par value 1,305,900 2,097,110 Retained earnings 6,054,314 5,845,223 Accumulated other comprehensive loss ( 222,135 ) ( 396,105 ) Total stockholders’ equity 7,250,360 7,666,874 Total liabilities and stockholders’ equity $ 12,168,411 $ 12,392,478 The accompanying notes are an integral part of these consolidated financial statements. 43 Table of Contents CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Common Stock Shares Common Stock Amount Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity (In thousands) Balance, January 1, 2023 126,300 $ 126,300 $ 2,753,055 $ 4,951,018 $ ( 447,497 ) $ 7,382,876 Net income — — — 693,094 — 693,094 Other comprehensive loss — — — — 170,805 170,805 Dividends ($0.28 per common share, see Note 18) — — — ( 34,900 ) — ( 34,900 ) Exercise of employee stock options 58 58 4,286 — — 4,344 Issuance of common stock for employee stock purchase plans 29 29 3,103 — — 3,132 Purchases of common stock ( 3,267 ) ( 3,267 ) ( 389,035 ) — — ( 392,302 ) Issuance of common stock for long-term incentive program 306 306 34,886 — — 35,192 Stock-based compensation — — 10,498 — — 10,498 Balance, December 31, 2023 123,426 $ 123,426 $ 2,416,793 $ 5,609,212 $ ( 276,692 ) $ 7,872,739 Net income — — — 270,385 — 270,385 Other comprehensive loss — — — — ( 119,413 ) ( 119,413 ) Dividends ($0.28 per common share, see Note 18) — — — ( 34,374 ) — ( 34,374 ) Exercise of employee stock options 117 117 7,584 — — 7,701 Issuance of common stock for employee benefit plans 14 14 1,414 — — 1,428 Purchases of common stock ( 3,146 ) ( 3,146 ) ( 366,222 ) — — ( 369,368 ) Issuance of common stock for long-term incentive program 235 235 27,831 — — 28,066 Stock-based compensation — — 9,710 — — 9,710 Balance, December 29, 2024 120,646 $ 120,646 $ 2,097,110 $ 5,845,223 $ ( 396,105 ) $ 7,666,874 Net income — — — 241,201 — 241,201 Other comprehensive income — — — — 173,970 173,970 Dividends ($0.28 per common share, see Note 18) — — — ( 32,110 ) — ( 32,110 ) Exercise of employee stock options 36 36 2,890 — — 2,926 Issuance of common stock for employee stock purchase plans 27 27 2,634 — — 2,661 Purchases of common stock ( 8,546 ) ( 8,546 ) ( 819,510 ) — — ( 828,056 ) Issuance of common stock for long-term incentive program 118 118 13,595 — — 13,713 Stock-based compensation — — 9,181 — — 9,181 Balance, December 28, 2025 112,281 $ 112,281 $ 1,305,900 $ 6,054,314 $ ( 222,135 ) $ 7,250,360 The accompanying notes are an integral part of these consolidated financial statements. 44 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS For the Fiscal Years Ende d December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Operating activities: Net income $ 241,201 $ 270,385 $ 693,094 (Income) loss from discontinued operations ( 1,318 ) 12,686 ( 513,591 ) Income from continuing operations 239,883 283,071 179,503 Adjustments to reconcile income from continuing operations to net cash provided by continuing operations: Restructuring and other costs, net 55,932 17,454 26,601 Depreciation and amortization 405,340 427,849 431,769 Stock-based compensation 22,847 37,809 41,410 Pension and other post-retirement expense 3,639 9,381 23,089 Change in fair value of contingent consideration ( 1,400 ) ( 1,869 ) 4,168 Deferred taxes ( 61,483 ) ( 102,232 ) ( 123,664 ) Contingencies and non-cash tax matters ( 86 ) ( 8,073 ) 26,183 Amortization of deferred debt issuance costs and accretion of discounts 4,552 6,073 7,349 Asset impairment 4,784 22,814 — Change in fair value of investments 11,456 ( 7,958 ) 33,921 Debt extinguishment gain — — ( 3,685 ) Unrealized foreign exchange loss (gain) 273 ( 1,059 ) 24,089 Changes in assets and liabilities which provided (used) cash: Accounts receivable, net ( 101,023 ) ( 15,969 ) ( 8,997 ) Inventories, net 14,782 45,086 ( 14,109 ) Accounts payable 7,345 ( 26,025 ) ( 76,426 ) Accrued expenses and other ( 17,885 ) ( 21,397 ) ( 291,814 ) Net cash provided by operating activities of continuing operations 588,956 664,955 279,387 Net cash used in operating activities of discontinued operations ( 6,023 ) ( 36,656 ) ( 188,115 ) Net cash provided by operating activities 582,933 628,299 91,272 Investing activities: Capital expenditures ( 73,522 ) ( 86,648 ) ( 81,368 ) Purchases of investments and notes receivables ( 385 ) ( 6,587 ) ( 6,300 ) Purchases of marketable securities — — ( 1,221,609 ) Proceeds from maturities of marketable securities — 710,000 550,000 Proceeds from investments, notes receivable and disposition of businesses and assets 304 2,500 153 Cash paid for acquisitions, net of cash acquired — — ( 2,086 ) Net cash (used in) provided by investing activities of continuing operations ( 73,603 ) 619,265 ( 761,210 ) Net cash provided by investing activities of discontinued operations 56,250 156,897 2,074,734 Net cash (used in) provided by investing activities ( 17,353 ) 776,162 1,313,524 45 Table of Contents December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Financing activities: Payments of senior unsecured notes — ( 711,479 ) ( 523,808 ) Payments of debt financing and equity issuance costs ( 2,474 ) — ( 15 ) Net (payments) proceeds on other credit facilities ( 521 ) ( 11,593 ) 6,323 Payments for acquisition-related contingent consideration ( 3,838 ) ( 8,832 ) ( 10,117 ) Proceeds from issuance of common stock under stock plans 2,925 7,701 4,344 Purchases of common stock ( 820,815 ) ( 369,578 ) ( 388,882 ) Dividends paid ( 32,800 ) ( 34,454 ) ( 34,966 ) Net cash used in financing activities of continuing operations ( 857,523 ) ( 1,128,235 ) ( 947,121 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 48,521 ( 26,147 ) ( 14,048 ) Net (decrease) increase in cash, cash equivalents and restricted cash ( 243,422 ) 250,079 443,627 Cash, cash equivalents and restricted cash at beginning of year 1,164,452 914,373 470,746 Cash, cash equivalents and restricted cash at end of year $ 921,030 $ 1,164,452 $ 914,373 Supplemental disclosures of cash flow information Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: Cash and cash equivalents $ 919,860 $ 1,163,396 $ 913,163 Restricted cash included in other current assets 6 1,056 1,210 Restricted cash included in other assets 1,164 — — Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 921,030 $ 1,164,452 $ 914,373 Cash paid during the year for: Interest $ 86,195 $ 91,092 $ 94,008 Supplemental disclosures of non-cash investing and financing activities: Consideration receivable from sale of Business $ — $ — $ 241,353 The accompanying notes are an integral part of these consolidated financial statements. 46 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1: Nature of Operations and Accounting Policies Nature of Operations: Revvity, Inc. (the “Compan y”) is a leading provider of health sciences solutions, technologies, expertise and services that deliver complete workflow from discovery to development, and diagnosis to cure. The Company has two operating segments: Life Sciences and Diagnostics. The Company’s Life Sciences segment focuses on service a nd innovating for custo mers spanning the life sciences market. Th e Company’s Diagnostics segment is targeted towards meeting the needs of clinically-oriented customers, especially within the growing areas of reproductive health and emerging market diagnostics. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on the Sunday nearest December 31. The Company reports 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 2025”) will incl ude 53 weeks. Accounting Policies and Estimates: The preparation of consolidated financial statements in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed 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. Revenue Recognition: The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. The Company recognizes revenue in an amount that reflects the consideration the Company expects to receive in exchange for the promised products or services when a performance obligation is satisfied by transferring control of those products or services to customers. Taxes that are collected by the Company from a customer and assessed by a governmental authority, that are both imposed on and concurrent with a specific revenue-producing transaction, are excluded from revenue. The Company reports shipping and handling revenue in revenue, to the extent it is billed to customers, and the associated costs in cost of product revenue. Inventories : Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or market. Inventories are accounted for using the first-in, first-out method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based primarily on the Company’s estimated forecast of product demand and production requirements. Income Taxes: The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. This method also requires the recognition of future tax benefits such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established for any deferred tax asset for which realization is not more likely than not. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions. These reserves are based on a determination of whether a tax benefit taken by the Company in its tax filings is more likely than not to be sustained upon audit based on its technical merits. The tax benefit recognized is measured as the largest amount that is more likely than not to be realized upon ultimate settlement. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. The Company is subject to the Global Intangible Low Taxed Income (“GILTI”) tax in the U.S. The Company elected to treat taxes on future GILTI inclusions in U.S. taxable income as a current period expense when incurred. 47 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income. Property, Plant and Equipment: The Company depreciates property, plant and equipment using the straight-line method over its estimated useful lives, which generally fall within the following ranges: buildings - 10 to 40 years; leasehold improvements - estimated useful life or remaining term of lease, whichever is shorter; machinery and equipment - 3 to 10 years; and capitalized internal-use softw are - 3 to 10 years. Certain tooling costs are capitalized and amortized over a 3 -year life, while repairs and maintenance costs are expensed. The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Pension and Other Postretirement Benefits: The Company sponsors both funded and unfunded U.S. and non-U.S. defined benefit pension plans and other postretirement benefits. The Company recognizes actuarial gains and losses in operating results in the year in which the gains and losses occur. Actuarial gains and losses are measured annually as of the calendar month-end that is closest to the Company’s fiscal year end and accordingly will be recorded in the fourth quarter, unless the Company is required to perform an interim remeasurement. The remaining components of pension expense, primarily service and interest costs and assumed return on plan assets, are recorded on a quarterly basis. The Company’s funding policy provides that payments to the U.S. pension trusts shall at least be equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974. Non-U.S. plans are accrued for, but generally not fully funded, and benefits are paid from operating funds. Translation of Foreign Currencies: For foreign operations, asset and liability accounts are translated at current exchange rates; income and expenses are translated using weighted average exchange rates for the reporting period. Resulting translation adjustments, as well as translation gains and losses from certain intercompany transactions considered permanent in nature, are reported in accumulated other comprehensive income (“AOCI”), a separate component of stockholders’ equity. Gains and losses arising from transactions and translation of period-end balances denominated in currencies other than the functional currency are included in other expense, net . Business Combinations: Business combinations are accounted for at fair value. Acquisition costs are expensed as incurred and recorded in selling, general and administrative expenses. Measurement period adjustments are made in the period in which the amounts are determined, and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date. All changes that do not qualify as measurement period adjustments are also included in current period earnings. The accounting for business combinations requires estimates and judgment as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair value for assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in the financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of finite-lived intangible assets, or the recognition of additional consideration which would be expensed. Goodwill and Other Intangible Assets: The Company’s intangible assets consist of (i) goodwill, which is not being amortized; and (ii) amortizing intangibles, which consist of patents, trade names and trademarks, licenses, customer relationships and purchased technologies, which are being amortized over their estimated useful lives. 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 goodw ill. The Company's annual goodwill impairment testing date is the later of November 1 or the first day of its eleventh fiscal month of each fiscal year. Amortizing intangible assets are reviewed for impairment when indicators of impairment are present. When a potential impairment has been identified, forecasted undiscounted net cash flows of the operations to which the asset relates are compared to the current carrying value of the long-lived assets present in that operation. If such cash flows are less than such carrying amounts, long-lived assets, including such intangibles, are written down to their respective fair values. Stock-Based Compensation: The Company accounts for stock-based compensation expense based on estimated grant date fair value, generally using the Black-Scholes option-pricing model or the quoted price of the Company’s stock on the grant date. The fair value is recognized as expense in the consolidated financial statements over the requisite service period. The 48 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of subjective assumptions, including the expected term and the expected price volatility of the underlying stock. The Company estimates the expected term assumption based on historical experience. In determining the Company’s expected stock price volatility assumption, the Company reviews both the historical and implied volatility of the Company’s common stock. The Company recognizes the impact of forfeitures in the period that the forfeiture occurs, rather than estimating the number of awards that are not expected to vest in accounting for share-based compensation. Marketable Securities and Investments: Investments in debt securities that are classified as available for sale are recorded at fair value with unrealized gains and losses included in AOCI until realized. Investments in debt securities that are classified as held-to-maturity are recorded at amortized cost. Investments in equity securities are recorded at fair values with unrealized holding gains and losses included in earnings. Investments in equity securities without a readily determinable fair values are carried at cost minus impairment, if any. When an observable price change in orderly transactions for the identical or a similar investment of the same issuer has occurred, the Company elects to carry those equity investments at fair value as of the date that the observable transaction occurred. Cash and Cash Equivalents: The Company considers all highly liquid, unrestricted instruments with a purchased maturity of three months or less to be cash equivalents. The carrying amount of cash equivalents approximates fair value due to the short maturities of these instruments. Environmental Matters: The Company accrues for costs associated with the remediation of environmental pollution when it is probable that a liability has been incurred and the Company’s proportionate share of the amount can be reasonably estimated. The recorded liabilities have not been discounted. Research and Development: Research and development costs are expensed as incurred. Restructuring and Other Costs: Generally, costs associated with an exit or disposal activity are recognized when the liability is incurred. Prior to recording restructuring charges for employee separation agreements, the Company notifies all employees of termination. Costs related to employee separation arrangements requiring future service beyond a specified minimum retention period are recognized over the service period . Comprehensive Income: Comprehensive income is defined as net income or loss and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. Comprehensive income is reflected in the consolidated statements of comprehensive income. Derivative Instruments and Hedging: Derivatives are recorded on the consolidated balance sheets at fair value. Accounting for gains or losses resulting from changes in the values of those derivatives depends on the use of the derivative instrument and whether it qualifies for hedge accounting. For a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently amortized into net earnings when the hedged exposure affects net earnings. Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge by matching the terms of the contract to the underlying transaction. The Company classifies the cash flows from hedging transactions in the same categories as the cash flows from the respective hedged items. Once established, cash flow hedges are generally recorded in other comprehensive income, unless an anticipated transaction is no longer likely to occur, and subsequently amortized into net earnings when the hedged exposure affects net earnings. Discontinued or dedesignated cash flow hedges are immediately settled with counterparties, and the related accumulated derivative gains or losses are recognized into net earnings on the consolidated financial statements. Settled cash flow hedges related to forecasted transactions that remain probable are recorded as a component of other comprehensive income (loss) and are subsequently amortized into net earnings when the hedged exposure affects net earnings. Forward contract effectiveness for cash flow hedges is calculated by comparing the fair value of the contract to the change in value of the anticipated transaction using forward rates on a monthly basis. The Company also has entered into other foreign currency forward contracts that are not designated as hedging instruments for accounting purposes. These contracts are recorded at fair value, with the changes in fair value recognized into interest and other expense, net on the consolidated financial statements. The Company also uses foreign currency denominated debt to hedge its investments in certain foreign subsidiaries. Realized and unrealized translation adjustments from these hedges are included in the foreign currency translation component of AOCI, as well as the offset 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. Leases: Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in the Company’s consolidated balance sheet. ROU assets represent the Company’s right to use an 49 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized based on the present value of the remaining lease payments over the lease term. When the Company’s lease did not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The Company used the implicit rate when readily determinable. The operating lease ROU asset excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, such as cars, the Company accounts for the lease and non-lease components as a single lease component. The Company has made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for facilities and equipment. Instead, the Company recognizes the lease payments in the consolidated statements of operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. As a lessor, the Company applies the practical expedient to not separate non-lease components from the associated lease component and instead accounts for those components as a single component if the non-lease components otherwise would be accounted for under Accounting Standards Codification 606, Revenue From Contracts With Customers (“ASC 606”), and both of the following criteria are met: 1) the timing and pattern of transfer of the non-lease component or components and associated lease component are the same; and 2) the lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, the Company accounts for the combined component in accordance with ASC 606. Otherwise, the Company accounts for the combined component as an operating lease in accordance with Accounting Standards Codification 842, Leases (“ASC 842”). Recently Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. In December 2025, the FASB issued Accounting Standards Update 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. ASU 2025-10 provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. ASU 2025-10 also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-10 but does not expect the impact of such adoption to be material. In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. In September 2025, the 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 requires 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 50 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 Company adopted the guidance in fi scal year 2025 on a prospective basis and has included the additional disclosures related to income taxes in Note 6, Income Taxes . Note 2: Revenue For arrangements with multiple performance obligations, the Company accounts for individual products and services separately if they are distinct - i.e., if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated to each performance obligation in an arrangement based on relative stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the products, extended warranties, and services. For items that are not sold separately, the Company estimates stand-alone selling prices by reference to the amount charged for similar items on a stand-alone basis. The Company sells products and services predominantly through its direct sales force, and the use of distributors is generally limited to geographic regions where the Company has no direct sales force. The Company does not offer product return or exchange rights (other than those relating to defective goods under warranty). In instances where the timing of revenue recognition differs from the timing of invoicing, the Company determined that the contracts generally do not include a significant financing component. In limited circumstances where the Company provides the customer with a significant benefit of financing, the Company uses the practical expedient and only adjusts the transaction price for the effects of the time value of money and only on contracts where the duration of financing is more than one year. Nature of goods and services The Life Sciences segment principally generates revenue from sales of instruments, reagents, software, subscriptions, detection and imaging technologies, extended warranties, training and services in the life sciences market. The Diagnostics segment principally generates revenue from sales of instruments, solutions, consumables, reagents, and services in the diagnostics market. The typical length of a contract for service is 12 to 36 months. The revenue generated from the sale of instruments, reagents, and certain software is recognized at a point in time. The Company recognizes revenue in these arrangements at the point in time when control of the products has been transferred to customers, which is typically at delivery. Certain of the Company’s products require specialized installation and configuration at the customer's site. Revenue for these products is deferred until installation is complete and customer acceptance has been received. When the Company places the instrument at the customer's site and sells the reagents to a customer, the instrument and reagents are accounted for together as one performance obligation. The Company does not charge a fee for the use of the instrument and retains ownership of the placed instrument. The Company recognizes revenue upon delivery of reagents, which is the point in time where the Company has performed its obligation to provide a screening solution to the customer. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days. The revenue generated from the sale of licenses for software as a service, cloud services, subscriptions, and laboratory services and training is recognized over time. Software as a service, subscriptions and cloud services, are generally recognized ratably over the contract period. The Company sells its software subscriptions and cloud services with maintenance services and, in some cases, with consulting services. The Company recognizes revenue for the software commencing when the service is made available to the customer. For maintenance and consulting services, revenue is recognized over the period in which the services are provided. Revenue for laboratory services is recognized over the contract period or when the service is billable, based on an input method that is based on time and materials. Product revenue is recognized at a point in time and service revenue is generally recognized over time. 51 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Disaggregation of revenue In the following tables, revenue is disaggregated by primary geographical market and major good and service lines. Reportable Segments For the fiscal year ended December 28, 2025 December 29, 2024 December 31, 2023 Life Sciences Diagnostics Total Life Sciences Diagnostics Total Life Sciences Diagnostics Total (In thousands) Primary geographical markets Americas $ 750,857 $ 505,104 $ 1,255,961 $ 745,206 $ 477,881 $ 1,223,087 $ 759,782 $ 455,831 $ 1,215,613 Europe 343,507 481,471 824,978 315,173 427,441 742,614 344,713 402,310 747,023 Asia 336,740 438,372 775,112 338,222 451,103 789,325 353,697 434,238 787,935 $ 1,431,104 $ 1,424,947 $ 2,856,051 $ 1,398,601 $ 1,356,425 $ 2,755,026 $ 1,458,192 $ 1,292,379 $ 2,750,571 Major goods/service lines Life Sciences Solutions $ 1,194,728 $ — $ 1,194,728 $ 1,197,802 $ — $ 1,197,802 $ 1,279,903 $ — $ 1,279,903 Software 236,376 — 236,376 200,799 — 200,799 178,289 — 178,289 Immunodiagnostics — 869,908 869,908 — 828,627 828,627 — 787,394 787,394 Reproductive health — 555,039 555,039 — 527,798 527,798 — 504,985 504,985 $ 1,431,104 $ 1,424,947 $ 2,856,051 $ 1,398,601 $ 1,356,425 $ 2,755,026 $ 1,458,192 $ 1,292,379 $ 2,750,571 Major Customer Concentration No single customer comprises more than 10% of net revenues in the years presented. 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 classif ied as either current in “Accounts receivable, net” or as long-term in “Other assets, net” in the consolidated balance sheets. Unbilled receivables totaled $ 105.6 million and $ 80.6 million at December 28, 2025 and December 29, 2024, respectively, primarily related to software revenue. The Company has no material contract assets as of December 28, 2025 and December 29, 2024. Deferred revenu e 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 “Long-term liabilities” in the 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 our software as a service offerings, maintenance contracts and prepaid storage arrangements. Deferred revenue totaled $ 224.8 million and $ 212.8 million at December 28, 2025 and December 29, 2024, respectively. The Company also has customer deposits received in advance of the transfer of control totaling $ 19.3 million and $ 19.5 million at December 28, 2025 and December 29, 2024, respectively. The Company expects that these customer deposits will be recognized in revenue within 3 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. 52 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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. 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 consolidated financial statements. The Company was entitled to an additional $ 75.0 million in proceeds payable in installments to commence upon the Company’s ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the buyer (the “Brand Fee”). During fiscal years 2025 and 2024, the Company received $ 56.2 million and $ 18.8 million, respectively, of the Brand Fee. The following table summarizes the results of discontinued operations which are presented as income from discontinued operations in the Company’s consolidated statements of operations: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Revenue $ — $ — $ 176,324 Cost of revenue — — 125,219 Selling, general and administrative expenses — — 78,613 Research and development expenses — — 10,434 Operating loss — — ( 37,942 ) Other (loss) income: (Loss) gain on sale ( 817 ) ( 25,448 ) 811,472 Other expense, net — — ( 49 ) Total other (loss) income ( 817 ) ( 25,448 ) 811,423 (Loss) income from discontinued operations before income taxes ( 817 ) ( 25,448 ) 773,481 (Benefit from) provision for income tax ( 2,135 ) ( 12,762 ) 259,890 Income (loss) from discontinued operations $ 1,318 $ ( 12,686 ) $ 513,591 The capital expenditures from discontinued operations for the fiscal year 2023 were not material. 53 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Note 4: Restructuring and Other Costs Restructuring and other costs 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, cost 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 the Company’s workforce. Restructuring and other costs in fiscal years 2024 and 2023 primarily included charges for workforce reductions and facility consolidations, abandonments or associated asset write-downs, cost of terminating certain lease agreements or contracts, as well as costs associated with relocating facilities. Severance actions associated with facility consolidations and cost reduction initiatives were not material to the Company’s overall workforce in both fiscal years. Restructuring and other costs, included in the selling, general and administrative expenses in the consolidated statements of operations, by segment are as follows: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Life Sciences $ 15,552 $ 4,532 $ 6,203 Diagnostics 39,337 12,539 15,465 Corporate 1,043 383 4,933 $ 55,932 $ 17,454 $ 26,601 The following table summarizes the changes in the Company’s accrued restructuring balance for fiscal year 202 5. The changes in accrued restructuring balance for fiscal years 2024 and 2023 were not material. Other amounts reported as restructuring and other costs during fiscal year 2025 in the accompanying statement of income have been summarized in the notes to the table. Remaining obligations related to these accounts are expected to be paid over the next 12 months and are included in the accrued expenses and other current liabilities in the consolidated balance sheets. (In thousands) Balance at December 29, 2024 $ 3,836 Net restructuring charges incurred in 2025 (a) 28,167 Payments ( 14,210 ) Balance at December 28, 2025 $ 17,793 (a) Excludes $ 27.8 million of charges, principally $ 20.8 million for asset impairment and $ 0.8 million of lease abandonment charges in the Diagnostics segment and $ 6.2 million of lease abandonment charges in the Life Sciences segment. 54 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Note 5: Interest and Other Expense, Net Interest and other expense, net, consisted of the following for the fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Interest income $ ( 31,103 ) $ ( 73,190 ) $ ( 72,131 ) Interest expense 92,185 96,278 98,813 Change in fair value of investments 11,456 ( 7,958 ) 33,921 Other components of net periodic pension cost 871 8,508 19,006 Foreign exchange losses and other expense, net 14,949 6,977 37,977 Total interest and other expense, net $ 88,358 $ 30,615 $ 117,586 55 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Note 6: Income Taxes The components of income from continuing operations before income taxes were as follows for the fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) U.S. $ 142,633 $ 134,177 $ 51,314 Non-U.S. 125,644 181,949 131,662 Total $ 268,277 $ 316,126 $ 182,976 The components of the provision for income taxes on continuing operations were as follows: Current Expense Deferred Expense (Benefit) Total (In thousands) Fiscal year ended December 28, 2025 Federal $ 12,257 $ ( 14,468 ) $ ( 2,211 ) State 10,328 ( 8,659 ) 1,669 Non-U.S. 67,292 ( 38,356 ) 28,936 Total $ 89,877 $ ( 61,483 ) $ 28,394 Fiscal year ended December 29, 2024 Federal $ 42,708 $ ( 34,407 ) $ 8,301 State 17,040 ( 10,962 ) 6,078 Non-U.S. 75,539 ( 56,863 ) 18,676 Total $ 135,287 $ ( 102,232 ) $ 33,055 Fiscal year ended December 31, 2023 Federal $ 39,800 $ ( 60,845 ) $ ( 21,045 ) State 9,183 ( 19,619 ) ( 10,436 ) Non-U.S. 78,154 ( 43,200 ) 34,954 Total $ 127,137 $ ( 123,664 ) $ 3,473 The total provision for income taxes included in the consolidated financial statements is as follows for the fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Continuing operations $ 28,394 $ 33,055 $ 3,473 Discontinued operations ( 2,135 ) ( 12,762 ) 259,890 Total $ 26,259 $ 20,293 $ 263,363 As described in Note 1 above, the Company has elected to adopt the guidance in ASU 2023-09 on a prospective basis. A reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax provision for the fiscal year ended December 28, 2025 is as follows: Amount Percent (In thousands) Tax at statutory rate $ 56,338 21.0 % Domestic state and local income taxes, net of federal effect (a) ( 1,281 ) ( 0.5 ) Foreign tax effects China 56 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Audit and dispute resolution 4,390 1.6 Other ( 2,780 ) ( 1.0 ) Germany Audit and dispute resolution ( 2,902 ) ( 1.1 ) Rate change 4,850 1.8 State and local income taxes ( 4,045 ) ( 1.5 ) Other ( 1,942 ) ( 0.7 ) Other foreign jurisdictions 3,978 1.5 Tax credits Foreign tax credits ( 30,208 ) ( 11.3 ) Other ( 2,473 ) ( 0.9 ) Nontaxable and nondeductible items Effect of stock compensation 4,943 1.8 Other ( 575 ) ( 0.2 ) Cross-border tax laws Subpart F income 5,217 1.9 Foreign-derived intangible income ( 15,526 ) ( 5.8 ) Other 3,855 1.4 Change in valuation allowance 8,644 3.2 Other ( 2,003 ) ( 0.6 ) Worldwide changes in unrecognized tax benefits ( 86 ) — Provision for income tax at effective tax rate $ 28,394 10.6 % (a) State taxes in California, Massachusetts and Pennsylvania made up the majority (greater than 50%) of the tax effect in this category. 57 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) A reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax provision is as follows for the fiscal years ended: December 29, 2024 December 31, 2023 (In thousands) Tax at statutory rate $ 66,386 $ 38,346 Non-U.S. rate differential, net ( 13,332 ) ( 18,479 ) U.S. taxation of multinational operations ( 28,879 ) ( 4,594 ) State income taxes, net 2,174 ( 265 ) Impact of rate changes — ( 12,795 ) Prior year tax matters ( 9,389 ) 3,971 Effect of stock compensation 2,960 2,225 General business tax credits ( 17,634 ) ( 4,718 ) Transfer pricing matters ( 2,391 ) ( 6,725 ) Change in valuation allowance 29,781 6,772 Effect of foreign repatriations 5,329 ( 4,737 ) Other, net ( 1,950 ) 4,472 Provision for income taxes $ 33,055 $ 3,473 The amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign was as follows for the fiscal year ended December 28, 2025: (In thousands) Federal $ 34,706 State and local 10,306 Foreign Germany 14,636 Finland 23,957 The Netherlands 7,377 Singapore 16,300 All other foreign 24,068 Total income taxes paid, net of refunds received $ 131,350 The amount of income taxes paid by the Company during fiscal years 2024 and 2023 were $ 154.9 million and $ 359.8 million, respectively. 58 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/or (iii) the statute of limitations expires regarding a tax position. The Company has recognized the change in tax positions in prior periods through both continuing and discontinuing operations. The tabular reconciliation of the total amounts of unrecognized tax benefits is as follows for the fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Unrecognized tax benefits, beginning of year $ 149,785 $ 129,056 $ 57,948 Gross increases—tax positions in prior periods 1,638 29,623 64,697 Gross increases—current-period tax positions — — 14,969 Settlements ( 10,224 ) — — Lapse of statute of limitations ( 3,046 ) ( 7,251 ) ( 10,830 ) Foreign currency translation adjustments 4,361 ( 1,643 ) 2,272 Unrecognized tax benefits, end of year $ 142,514 $ 149,785 $ 129,056 The Company classifies interest and penalties as a component of income tax expense. At December 28, 2025 and December 29, 2024, the Company had accrued interest and penalties of $ 4.5 million and $ 5.1 million, respectively. During fiscal years 2025, 2024 and 2023, the Company recognized a net expense (benefit) of $ 0.3 million, $( 1.2 ) million and $( 1.1 ) million, respectively, for interest and penalties in its total tax provision. At December 28, 2025, substantially all of the unrecognized tax benefits, if recognized, would affect the effective tax rate. The Company is subject to income taxes in numerous jurisdictions and is routinely examined by taxing authorities. In the fourth quarter of 2025, the Internal Revenue Service (“IRS”) opened an examination of the Company’s fiscal year 2023 federal income tax return. In addition, the Company is currently under audit in Germany and Singapore. The resolution of these examinations could have a material impact on the Company’s future results of operations depending on their outcome. Further, various tax years after 2015 remain open to examination by certain taxing authorities in jurisdictions in which the Company has significant business operations, including China, Finland, Luxembourg, the Netherlands, and the United Kingdom. The specific tax years subject to examination vary by jurisdiction. 59 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The tax effects of temporary differences and attributes that gave rise to deferred income tax assets and liabilities were as follows: December 28, 2025 December 29, 2024 (In thousands) Deferred tax assets: Inventory $ 11,879 $ 11,548 Reserves and accruals 80,623 70,544 Accrued compensation 19,554 23,637 Net operating loss and credit carryforwards 178,551 176,504 Accrued pension 11,800 12,773 Restructuring reserve 7,912 1,369 Deferred revenue 17,092 18,388 Capitalized research and development expenses 46,511 69,208 Operating lease liabilities 31,335 33,468 Unrealized foreign exchange losses — 2,612 All other, net 219 775 Total deferred tax assets 405,476 420,826 Deferred tax liabilities: Postretirement health benefits ( 5,540 ) ( 5,139 ) Unrealized foreign exchange gains ( 43,889 ) — Depreciation and amortization ( 621,045 ) ( 688,771 ) Operating lease right-of-use assets ( 27,758 ) ( 30,881 ) Prepaid expenses ( 496 ) ( 375 ) Deferred tax liability on foreign earnings ( 30,254 ) ( 19,662 ) Total deferred tax liabilities ( 728,982 ) ( 744,828 ) Valuation allowance ( 131,096 ) ( 126,488 ) Net deferred tax liabilities $ ( 454,602 ) $ ( 450,490 ) The components of net deferred tax liabilities were recognized in the consolidated balance sheets as follows: December 28, 2025 December 29, 2024 (In thousands) Other assets, net $ 32,652 $ 5,613 Deferred taxes and other long-term liabilities ( 487,254 ) ( 456,103 ) Total $ ( 454,602 ) $ ( 450,490 ) At December 28, 2025, the Company had U.S. federal net operating loss carryforwards of $ 102.6 million, state net operating loss ca rryforwards of $ 2.3 million, foreign net operating loss carryforwards of $ 551.9 million, state tax credit carryforwards of $ 6.1 million and foreign tax credit carryforwards of $ 33.2 million. Certain net operating loss carryforwards and state credit carryforwards do not expire, while other losses begin to expire in 2026. Valuation allowances take into consideration limitations imposed upon the use of the tax attributes and reduce the value of such items to the likely net realizable amount. The Company regularly evaluates positive and negative evidence available to determine if valuation allowances are required or if existing valuation allowances are no longer required. Valuation allowances have been provided on state net operating loss and state tax credit carryforwards and on certain foreign tax attributes that the Company has determined are not more likely tha n not to be realized. The change in valuation allowance of $ 4.6 million for fiscal year 2025, primarily relates to valuation allowances recorded for losses in foreign jurisdictions and generation of foreign tax credit carryforwards for which realizability is not expected, partially offset by the release of a valuation allowance against certain state tax credits. The Company records the applicable taxes associated with the future remittance of undistributed foreign earnings previously taxed at the U.S. federal level and/or that would be claimed for a dividend received deduction if repatriated. For the 60 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) remaining other undistributed foreign earnings and outside basis differences, we continue to be indefinitely reinvested and have not provided any taxes for these amounts. 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 effects of such changes were included in the Company’s results in the period in which the law was enacted. The OBBBA also makes additional changes to international tax provisions, including substantive changes to existing GILTI, foreign-derived intangible income, and base erosion and anti-abuse tax provisions. The enactment of the OBBBA has no material impact on the Company’s fiscal year 2025 provision for income tax. The Company continues to monitor guidance that could be issued clarifying or implementing OBBBA. 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, 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 for the fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Number of common shares—basic 116,542 122,756 124,704 Effect of dilutive securities: Stock options 15 57 108 Restricted stock awards 38 9 — Number of common shares—diluted 116,595 122,822 124,812 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 1,290 951 1,089 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 securities also include restricted stock awards with average unrecognized compensation cost in excess of the average fair market value of the common stock for the related period. Antidilutive options and restricted stock awards were excluded from the calculation of diluted net income per share and could become dilutive in the future. Note 8: Accounts Receivable, Net Accounts receivable, net consisted of the following: December 28, 2025 December 29, 2024 (In thousands) Accounts receivable, net $ 744,671 $ 632,400 Long-term accounts receivable, net, included in Other assets, net 38,008 28,163 Total accounts receivable, net $ 782,679 $ 660,563 61 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Reserves for credit losses consisted of the following: Balance at Beginning of Year Provisions Charges/ Write-offs Other (1) Balance at End of Year (In thousands) Year ended December 31, 2023 $ 37,543 $ 9,067 $ ( 3,559 ) $ 329 $ 43,380 Year ended December 29, 2024 43,380 9,715 ( 4,487 ) ( 636 ) 47,972 Year ended December 28, 2025 47,972 2,476 ( 3,513 ) 1,128 48,063 (1) Other amounts primarily relate to the impact of foreign exchange movements. Note 9: Inventories, Net Inventories, net consisted of the following: December 28, 2025 December 29, 2024 (In thousands) Raw materials $ 173,033 $ 174,502 Work in progress 68,983 65,191 Finished goods 137,481 127,894 Total inventories, net $ 379,497 $ 367,587 Note 10: Property, Plant and Equipment, Net Property, plant and equipment consisted of the following: December 28, 2025 December 29, 2024 (In thousands) At cost: Land $ 33,016 $ 29,521 Building and leasehold improvements 391,098 364,556 Machinery and equipment 534,711 486,614 Capitalized internal-use software 134,309 101,193 Total property, plant and equipment 1,093,134 981,884 Accumulated depreciation ( 613,885 ) ( 499,667 ) Total property, plant and equipment, net $ 479,249 $ 482,217 Depreciation expense on property, plant and equipment for the fiscal years 2025, 2024 and 2023 were $ 69.8 million, $ 68.5 million and $ 66.7 million, respectively. During fiscal year 2025, as part of the restructuring actions, the Company recognized an asset impairment amounting to $ 20.8 million related to certain property and equipment, which is included in Note 4, Restructuring and other costs , and in Selling, general and administrative expenses in the consolidated statements of operations. During fiscal year 2024, the Company recognized an asset impairment amounting to $ 22.8 million related to capitalized internal-use software in the Diagnostics segment, which is included in Selling, general and administrative expenses in the consolidated statements of operations. 62 Table of Contents Note 11: Marketable Securities and Investments Investments consisted of the following: December 28, 2025 December 29, 2024 (In thousands) Marketable securities - available for sale $ 27,956 $ 27,413 Equity investments 49,814 56,170 Notes receivables and other investments 12,366 12,337 $ 90,136 $ 95,920 Marketable securities - available for sale. Marketable securities, which are included in Other assets, net, are accounted for as available for sale and include equity and fixed-income securities. The net unrealized holding gain and loss on marketable securities, net of income taxes, reported as a component of other comprehensive income (loss) in the consolidated statements of stockholders’ equity, was not material. The proceeds from the sales of securities and the related gains and losses are not material for any period presented. Equity investments. The Company has equity interests in privately-held entities over which the Company neither has significant influence nor control. Equity investments, which are included in Other assets, net, in the consolidated balance sheets, have no readily determinable fair values and are carried at cost less any impairment. The amount of upward adjustments during the periods presented were not material. The cumulative amount of upward adjustments as of each of December 28, 2025 and December 29, 2024 was $ 31.3 million. The amount of asset impairment and downward adjustments during fiscal years 2025 and 2024 were $ 13.3 million and $ 2.1 million, respectively. The cumulative amount of impairments and downward adjustments as of December 28, 2025 and December 29, 2024 was $ 20.5 million and $ 7.1 million, respectively. The impairments were measured using fair value estimates developed using an income approach as well as consideration of comparable assets, which are level 3 measurements. Notes receivables and other investments. Notes receivables and other investments, which are included in Other assets, net, in the consolidated balance sheets, are carried at cost less allowance for credit losses. The amortized cost of these investments are not materially different than the fair value. Notes receivables and other investments with a notional amount and carrying value of $ 0.4 million are convertible into equity securities or are due within one to five years if not converted. Notes receivables and other investments with a notional amount and carrying value of $ 12.0 million are convertible into equity securities or are due and payable upon an event of default (as defined in the applicable agreement). The credit losses, included in Interest and other expense, net, in the consolidated statements of operations, during fiscal years 2024 and 2023 were $ 1.8 million and $ 34.5 million, respectively. 63 Table of Contents Note 12: Goodwill and Intangible Assets, Net The changes in the carrying amount of goodwill for fiscal years 2025 and 2024 are as follows: Life Sciences Diagnostics Consolidated (In thousands) Balance at December 31, 2023 $ 4,587,938 $ 1,945,612 $ 6,533,550 Foreign currency translation ( 46,471 ) ( 23,460 ) ( 69,931 ) Balance at December 29, 2024 4,541,467 1,922,152 6,463,619 Foreign currency translation 105,495 44,379 149,874 Other 98,000 ( 98,000 ) — Balance at December 28, 2025 $ 4,744,962 $ 1,868,531 $ 6,613,493 Amortizable intangible asset balances at December 28, 2025 and December 29, 2024 were as follows: December 28, 2025 December 29, 2024 (In thousands) Patents $ 27,592 $ 27,808 Less: Accumulated amortization ( 26,524 ) ( 26,293 ) Net patents 1,068 1,515 Trade names and trademarks 150,103 142,588 Less: Accumulated amortization ( 102,234 ) ( 87,824 ) Net trade names and trademarks 47,869 54,764 Licenses 27,561 27,164 Less: Accumulated amortization ( 19,849 ) ( 17,855 ) Net licenses 7,712 9,309 Core technology 1,624,925 1,561,831 Less: Accumulated amortization ( 921,325 ) ( 735,532 ) Net core technology 703,600 826,299 Customer relationships 2,870,384 2,807,909 Less: Accumulated amortization ( 1,283,630 ) ( 1,058,875 ) Net customer relationships 1,586,754 1,749,034 Net amortizable intangible assets $ 2,347,003 $ 2,640,921 Total amortization expense related to amortizable intangible assets was $ 335.6 million in fiscal year 2025, $ 359.4 million in fiscal year 2024 and $ 365.1 million in fiscal year 2023. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $ 332.2 million in fiscal year 2026, $ 304.7 million in fiscal year 2027, $ 278.7 million in fiscal year 2028, $ 249.3 million in fiscal year 2029, and $ 221.5 million in fiscal year 2030. 64 Table of Contents Note 13: Debt The Company’s debt consisted of the following: December 28, 2025 Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ ( 2,857 ) $ ( 2,857 ) 1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”) 500,000 ( 148 ) ( 1,791 ) 498,061 3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”) 850,000 ( 1,169 ) ( 3,235 ) 845,596 2.55% Senior Unsecured Notes due in March 2031 (“March 2031 Notes”) 400,000 ( 75 ) ( 1,952 ) 397,973 2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”) 500,000 ( 919 ) ( 2,641 ) 496,440 3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”) 400,000 ( 3 ) ( 3,974 ) 396,023 Total Long-Term Debt 2,650,000 ( 2,314 ) ( 16,450 ) 2,631,236 Current Portion of Long-Term Debt: €500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) 589,450 ( 343 ) ( 279 ) 588,828 Total Current Portion of Long-Term Debt 589,450 ( 343 ) ( 279 ) 588,828 Total Debt $ 3,239,450 $ ( 2,657 ) $ ( 16,729 ) $ 3,220,064 December 29, 2024 Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ ( 1,208 ) $ ( 1,208 ) 2026 Notes 521,700 ( 834 ) ( 780 ) 520,086 2028 Notes 500,000 ( 200 ) ( 2,408 ) 497,392 2029 Notes 850,000 ( 1,448 ) ( 4,010 ) 844,542 March 2031 Notes 400,000 ( 88 ) ( 2,294 ) 397,618 September 2031 Notes 500,000 ( 1,065 ) ( 3,059 ) 495,876 2051 Notes 400,000 ( 4 ) ( 4,059 ) 395,937 Other Debt Facilities, non-current 233 — — 233 Total Long-Term Debt 3,171,933 ( 3,639 ) ( 17,818 ) 3,150,476 Current Portion of Long-Term Debt: Other Debt Facilities, current 242 — — 242 Total Current Portion of Long-Term Debt 242 — — 242 Total Debt $ 3,172,175 $ ( 3,639 ) $ ( 17,818 ) $ 3,150,718 65 Table of Contents Senior Unsecured Revolving Credit Facility. 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 o f $ 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. The following table summarizes the maturities of the Company’s indebtedness as of December 28, 2025: (In thousands) 2026 $ 589,450 2027 — 2028 500,000 2029 850,000 2030 — 2031 and thereafter 1,300,000 Total debt payments $ 3,239,450 Note 14: Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: December 28, 2025 December 29, 2024 (In thousands) Payroll and incentives $ 71,406 $ 74,984 Employee benefits 48,128 44,183 Deferred revenue 160,194 140,212 Federal, non-U.S. and state income taxes 80,565 74,403 Operating lease liabilities 30,035 23,582 Other accrued operating expenses 166,626 128,031 Total accrued expenses and other current liabilities $ 556,954 $ 485,395 Note 15: Employee Benefit Plans Savings Plan: The Company has a 401(k) Savings Plan for the benefit of all qualified U.S. employees, with such employees receiving matching contributions in the amount equal to 100.0 % of the first 5.0 % of eligible compensation up to applicable Internal Revenue Service limits. Savings plan expense was $ 13.8 million in fiscal year 2025, $ 13.3 million in fiscal year 2024, and $ 15.0 million in fiscal year 2023. Pension Plans: The Company has a defined benefit pension plan covering certain U.S. employees and non-U.S. pension plans for certain non-U.S. employees. The principal U.S. defined benefit pension plan is closed to new hires and plan benefits 66 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) have been frozen. The plans provide benefits that are based on an employee’s years of service and compensation near retirement. In December 2024, the Company entered into an annuity purchase agreement to irrevocably transfer a portion of the U.S. pension benefit obligation to a third-party insurance company. The annuity purchase price was $ 94.1 million and was funded from U.S. pension plan assets. The resulting settlement of the U.S. pension plan was not material and is included in the actuarial gains and losses recognized during fiscal year 2024. In January 2025, the Company executed a sale of its United Kingdom (“UK”) pension plan to a third party as part of a multi-year buy-out plan. Following satisfaction of all obligations in the buy-out agreement, excess plan assets of $ 2.7 million, net of taxes, reverted to the Company. The resulting settlement of the UK pension plan was not material and was included in the actuarial gains and losses recognized during fiscal year 2025. As of December 28, 2025, all the principal non-U.S. pension plans are unfunded. Net periodic pension cost for U.S. and non-U.S. plans included the following components for fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Service and administrative costs $ 3,253 $ 5,017 $ 5,736 Interest cost 9,398 17,008 19,585 Expected return on plan assets ( 4,003 ) ( 12,899 ) ( 14,600 ) Actuarial (gains) losses ( 5,188 ) 1,188 9,341 Net periodic pension cost $ 3,460 $ 10,314 $ 20,062 The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in the fourth quarter of the year in which the gains and losses occur. Such adjustments for gains and losses are primarily driven by events and circumstances beyond the Company’s control, including changes in interest rates, the performance of the financial markets and mortality assumptions. Actuarial gains and losses, including other components of periodic pension cost, are recognized in the line item “Interest and other expense, net” in the consolidated statements of operations. 67 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table sets forth the changes in the funded status of the principal U.S. pension plan and the principal non-U.S. pension plans and the amounts recognized in the Company’s consolidated balance sheets as of December 28, 2025 and December 29, 2024. December 28, 2025 December 29, 2024 Non-U.S. U.S. Non-U.S. U.S. (In thousands) Actuarial present value of benefit obligations: Accumulated benefit obligations $ 132,279 $ 91,185 $ 212,120 $ 90,293 Change in benefit obligations: Projected benefit obligations at beginning of year $ 212,120 $ 90,293 $ 227,579 $ 208,505 Service and administrative costs 1,811 1,425 3,442 1,575 Interest cost 4,476 4,922 7,966 9,042 Benefits paid and plan expenses ( 8,045 ) ( 8,717 ) ( 14,770 ) ( 20,986 ) Plan settlements ( 89,351 ) — — ( 96,270 ) Actuarial (gains) losses ( 4,065 ) 3,262 ( 2,950 ) ( 11,573 ) Effect of exchange rate changes 15,333 — ( 9,147 ) — Projected benefit obligations at end of year $ 132,279 $ 91,185 $ 212,120 $ 90,293 Change in plan assets: Fair value of plan assets at beginning of year $ 93,500 $ 91,777 $ 112,305 $ 202,331 Actual return on plan assets — 7,965 ( 9,513 ) 6,702 Benefits paid and plan expenses ( 8,045 ) ( 9,571 ) ( 14,770 ) ( 20,986 ) Employer’s contributions 8,045 — 7,066 — Refund of annuity purchase premium — 2,147 — — Plan settlements ( 89,351 ) — — ( 96,270 ) Excess plan assets returned to the employer ( 3,271 ) — — — Effect of exchange rate changes ( 878 ) — ( 1,588 ) — Fair value of plan assets at end of year $ — $ 92,318 $ 93,500 $ 91,777 Net (liabilities) assets recognized in the consolidated balance sheets $ ( 132,279 ) $ 1,133 $ ( 118,620 ) $ 1,484 Net amounts recognized in the consolidated balance sheets consist of: Other assets $ — $ 1,133 $ 7,552 $ 1,484 Current liabilities ( 7,962 ) — ( 7,099 ) — Long-term liabilities ( 124,317 ) — ( 119,073 ) — Net (liabilities) assets recognized in the consolidated balance sheets $ ( 132,279 ) $ 1,133 $ ( 118,620 ) $ 1,484 Actuarial assumptions as of the year-end measurement date: Discount rate 3.90 % 5.29 % 4.19 % 5.71 % Rate of compensation increase 3.18 % None 3.19 % None Actuarial assumptions used to determine net periodic pension cost during the year were as follows: December 28, 2025 December 29, 2024 December 31, 2023 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Discount rate 4.19 % 5.71 % 3.69 % 4.54 % 4.12 % 4.84 % Rate of compensation increase 3.19 % None 3.19 % None 3.16 % None Expected rate of return on assets None 4.60 % 3.78 % 4.60 % 3.92 % 4.80 % 68 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The Company’s expected rate of return on assets assumptions are derived from management’s estimates, as well as other information compiled by management, including studies that utilize customary procedures and techniques. The studies include a review of anticipated future long-term performance of individual asset classes and consideration of the appropriate asset allocation strategy given the anticipated requirements of the plans to determine the average rate of earnings expected on the funds invested to provide for the pension plans benefits. While the study gives appropriate consideration to recent fund performance and historical returns, the assumption is primarily a long-term, prospective rate. The Company’s discount rate assumptions are derived from a range of factors, including a yield curve for certain plans, composed of the rates of return on high-quality fixed-income corporate bonds available at the measurement date and the related expected duration for the obligations, and a bond matching approach for certain plans. The following table provides a breakdown of the non-U.S. benefit obligations and fair value of assets for pension plans that have benefit obligations in excess of plan assets: December 28, 2025 December 29, 2024 (In thousands) Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligations $ 132,279 $ 126,172 Fair value of plan assets — — Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Accumulated benefit obligations $ 132,279 $ 126,172 Fair value of plan assets — — Assets of the defined benefit pension plans are primarily equity and debt securities. Asset allocations as of December 28, 2025 and December 29, 2024, and target asset allocations for fiscal year 2026 are as follows: Target Allocation Percentage of Plan Assets at January 3, 2027 December 28, 2025 December 29, 2024 Asset Category U.S. U.S. Non-U.S. U.S. Equity securities 0-10% 5 % — % 5 % Debt securities 90-100% 95 % — % 95 % Other 0-10% — % 100 % — % Total 100 % 100 % 100 % 100 % The Company maintains target allocation percentages among various asset classes based on investment policies established for the pension plans which are designed to maximize the total rate of return (income and appreciation) after inflation within the limits of prudent risk taking, while providing for adequate near-term liquidity for benefit payments. The target allocations for plan assets are listed in the above table. Equity securities primarily include investments in mutual funds with holdings in large-cap and mid-cap companies located in the United States and abroad. Debt securities include corporate bonds of companies from diversified industries, high-yield bonds, and U.S. government securities. Other types of investments include investments in non-U.S. government index linked bonds, multi-strategy hedge funds, venture capital funds and foreign liability driven investments that follow several different strategies. 69 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The fair value of the Company’s pension plan assets as of December 28, 2025 and December 29, 2024 by asset category, classified in the three levels of inputs described in Note 20, Fair Value Measurements, are as follows: Fair Value Measurements at December 28, 2025 Using: Total Carrying Value at December 28, 2025 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Cash and cash equivalents $ 615 $ 615 $ — $ — Equity securities: U.S. large-cap 2,833 2,833 — — International large-cap value 1,149 1,149 — — Emerging markets growth 484 484 — — Fixed income securities: Corporate and U.S. debt instruments 87,237 — 87,237 — Total assets measured at fair value $ 92,318 $ 5,081 $ 87,237 $ — 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) Cash $ 7,555 $ 7,555 $ — $ — Equity securities: U.S. large-cap 3,049 3,049 — — International large-cap value 887 887 — — Emerging markets growth 403 403 — — Fixed income securities: Corporate and U.S. debt instruments 83,267 25,905 57,362 — Corporate bonds 1,630 — 1,630 — Other types of investments: Foreign liability driven instrument 88,486 — — 88,486 Total assets measured at fair value $ 185,277 $ 37,799 $ 58,992 $ 88,486 Valuation Techniques: Valuation techniques utilized need to maximize the use of observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies utilized at December 28, 2025 compared to December 29, 2024. The following is a description of the valuation techniques utilized to measure the fair value of the assets shown in the table above. Equity Securities: Mutual funds held by the Master Trust are open‑ended mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Master Trust are deemed to be actively traded. These are categorized as Level 1 assets. Fixed Income Securities: Fixed income U.S. government bonds are valued at quoted market prices and are categorized as Level 1 assets. Fixed income corporate bond exchange traded funds or individual fixed income corporate bonds are categorized as Level 2 assets except where sufficient quoted prices exist in active markets, in which case such securities are categorized as Level 1 assets. These securities are valued using third-party pricing services. These services may use, for example, model-based pricing methods that utilize observable market data as inputs. Broker dealer bids or quotes of securities with similar characteristics may also be used. 70 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Other Types of Investments: In September 2021, the Company’s UK pension plan executed a buy-in contract with Phoenix Life LTD (“Phoenix”), under which the Company made an upfront payment to Phoenix in exchange for Phoenix’s agreement to make the benefit payments under the Company’s UK pension plan due to specified participants and their beneficiaries, thus transferring most of the investment and longevity risk associated with the covered participants and beneficiaries from the Company to Phoenix. This buy-in contract was considered a liability-driven investment (“LDI”) solution. These were categorized as Level 3 assets. The Company’s policy is to recognize significant transfers between levels at the actual date of the event. A reconciliation of the beginning and ending Level 3 investments is as follows: (In thousands) Balance at December 31, 2023 $ 100,666 Pension benefits paid ( 6,216 ) Foreign exchange losses ( 1,237 ) Return on plan assets ( 4,727 ) Balance at December 29, 2024 88,486 Foreign exchange losses ( 831 ) Settlement of plan obligation ( 87,655 ) Balance at December 28, 2025 $ — With respect to plans outside of the United States, the Company expects to contribute $ 7.9 million in the aggregate during fiscal year 2026. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows: Non-U.S. U.S. (In thousands) 2026 $ 7,962 $ 8,458 2027 7,980 8,409 2028 8,053 8,345 2029 7,819 8,202 2030 8,046 8,027 2031-2035 39,113 35,989 The Company also sponsors a supplemental executive retirement plan to provide senior management with benefits in excess of normal pension benefits. Effective July 31, 2000, this plan was closed to new entrants. At December 28, 2025 and December 29, 2024, the projected benefit obligations were each $ 16.4 million. Assets with a fair value of $ 0.1 million and $ 0.6 million, segregated in a trust (which is included in marketable securities in the Other assets, net, on the consolidated balance sheets), were available to meet this obligation as of December 28, 2025 and December 29, 2024, respectively. Pension income and expenses for this plan netted to expense of $ 1.8 million in fiscal year 2025, income of $ 0.3 million in fiscal year 2024 and expense of $ 1.5 million in fiscal year 2023. Post-retirement Medical Plan: The Company provides healthcare benefits for eligible retired U.S. employees under a comprehensive major medical plan or under health maintenance organizations where available. Eligible U.S. employees qualify for retiree health benefits if they retire directly from the Company and have at least ten years of service. Generally, the major medical plan pays stated percentages of covered expenses after a deductible is met and takes into consideration payments by other group coverage and by Medicare. The plan requires retiree contributions under most circumstances and has provisions for cost-sharing charges. Effective January 1, 2000, this plan was closed to new hires. For employees retiring after 1991, the Company has capped its medical premium contribution based on employees’ years of service. The Company funds the amount allowable under a 401(h) provision in the Company’s defined benefit pension plan. Assets of the plan are primarily equity and debt securities and are available only to pay retiree health benefits. The costs of this plan are not material and the net assets in the plan totaled $ 21.2 million and $ 19.2 million at December 28, 2025 and December 29, 2024, respectively. 71 Table of Contents Note 16: 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 $ 10.8 million and $ 14.2 million as of December 28, 2025 and December 29, 2024, respecti vely, in accrued expenses and other current liabilities, 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. 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 to date that have had, or are expected to have, a material adverse effect on the Company’s consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the 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 December 28, 2025 should not have a material adverse effect on the Company’s 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. Note 17: Stock Plans Stock-Based Compensation: The Company’s 2019 Incentive Plan (the “2019 Plan”) authorizes the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and cash awards as part of the Company’s compensation programs. The 2019 Plan replaced the Company’s 2009 Incentive Plan (the “2009 Plan”). Upon shareholder approval of the 2019 Plan, 6.25 million shares of the Company’s common stock, as well as shares of the Company’s common stock previously granted under the 2009 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price subject to a contractual repurchase right, became available for grant under the 2019 Plan. Awards granted under the 2009 Plan prior to its expiration remain outstanding. As part of the Company’s compensation programs, the Company also offers shares of its common stock under its Employee Stock Purchase Plan. The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, restricted stock units, performance restricted stock units and stock grants, included in the Company’s consolidated statements of operations: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Cost of product and service revenue $ 2,149 $ 2,495 $ 4,224 Research and development expenses 1,577 3,863 5,276 Selling, general and administrative expenses 19,121 31,451 31,910 Total stock-based compensation expense $ 22,847 $ 37,809 $ 41,410 The total income tax benefit recognized in the consolidated statements of operations for stock-based compensation was $ 5.3 million in fiscal year 2025, $ 8.0 million in fiscal year 2024 and $ 10.6 million in fiscal year 2023. Stock-based compensation costs capitalized as part of inventory were immaterial in all periods presented. 72 Table of Contents Stock Options: The Company has granted options to purchase common shares at prices equal to the market price of the common shares on the date the option is granted. Conditions of vesting are determined at the time of grant. Options are generally exercisable in equal annual installments over a period of three years , and will generally expire seven years after the date of grant. Options replaced in association with business combination transactions are generally issued with the same terms of the respective plans under which they were originally issued. The fair value of each option grant is estimated using the Black-Scholes option pricing model. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical and implied volatility of the Company’s stock. The average expected life was based on the contractual term of the option and historic exercise experience. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows for the fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 Risk-free interest rate 4.0 % 4.1 % 4.1 % Expected dividend yield 0.3 % 0.3 % 0.2 % Expected lives 5 years 5 years 5 years Expected stock volatility 33.2 % 33.6 % 32.7 % The following table summarizes stock option activity for the fiscal year ended December 28, 2025: Number of Shares Weighted-Average Exercise Price (In thousands) Outstanding at beginning of year 1,160 $ 130.50 Granted 371 105.16 Exercised ( 37 ) 82.16 Canceled ( 16 ) 142.15 Forfeited ( 16 ) 116.30 Outstanding at end of year 1,462 $ 125.32 Exercisable at end of year 855 $ 138.29 The aggregate intrinsic value for outstanding and exercisable stock options at December 28, 2025 was $ 1.0 million with a weighted-average remaining contractual term of 2.6 years. At December 28, 2025, there were 1.5 million outstanding stock options that were vested and expected to vest in the future, with an aggregate intrinsic value of $ 2.2 million and a weighted-average remaining contractual term of 4.0 years. The weighted-average grant-date fair value of options granted during fiscal years 2025, 2024 and 2023 was $ 37.10 , $ 37.85 , and $ 45.18 per share, respectively. The total intrinsic value of options exercised during fiscal years 2025, 2024 and 2023 was $ 1.4 million, $ 4.9 million, and $ 2.4 million, respectively. Cash received from option exercises for fiscal years 2025, 2024 and 2023 was $ 2.9 million, $ 7.7 million, and $ 4.3 million, respectively. The total compensation expense recognized related to the Company’s outstanding options was $ 9.2 million in fiscal year 2025, $ 9.8 million in fiscal year 2024 and $ 9.1 million in fiscal year 2023. There was $ 15.4 million of total unrecognized compensation cost related to nonvested stock options granted as of December 28, 2025. This cost is expected to be recognized over a weighted-average period of 2.0 years. Restricted Stock Awards: The Company has awarded shares of restricted stock and restricted stock units to certain employees and non-employee directors at no cost to them, which cannot be sold, assigned, transferred or pledged during the restriction period. The restricted stock and restricted stock units vest through the passage of time, assuming continued employment. The fair value of the award at the time of the grant is expensed on a straight-line basis primarily in selling, general and administrative expenses over the vesting period, which is generally 3 years. Recipients of the restricted stock have the right to vote such shares and receive dividends. 73 Table of Contents The following table summarizes restricted stock award activity for the fiscal year ended December 28, 2025: Number of Shares Weighted-Average Grant-Date Fair Value (In thousands) Nonvested at beginning of year 275 $ 122.80 Granted 197 109.71 Vested ( 122 ) 131.16 Forfeited ( 21 ) 112.40 Nonvested at end of year 329 $ 112.56 The fair value of restricted stock awards vested during fiscal years 2025, 2024 and 2023 was $ 16.0 million, $ 30.9 million, and $ 31.5 million, respectively. The total compensation expense recognized related to the restricted stock awards was $ 16.4 million in fiscal year 2025, $ 22.3 million in fiscal year 2024 and $ 28.3 million in fiscal year 2023. As of December 28, 2025, there was $ 20.3 million of total unrecognized compensation cost, related to nonvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 1.8 years. Employee Stock Purchase Plan: In April 1999, the Company’s shareholders approved the 1998 Employee Stock Purchase Plan. In April 2005, the Compensation and Benefits Committee of the Company’s Board of Directors (the “Board”) voted to amend the Employee Stock Purchase Plan, effective July 1, 2005, whereby participating employees have the right to purchase common stock at a price equal to 95 % of the closing price on the last day of each six-month offering period. The number of shares which an employee may purchase, subject to certain aggregate limits, is determined by the employee’s voluntary contribution, which may not exceed 10 % of the employee’s base compensation. During fiscal year 2025, the Company issued 27,111 shares of common stock under the Company’s Employee Stock Purchase Plan at a weighted-average price of $ 98.14 per share. During fiscal year 2024, the Company issued 14,339 shares under this plan at a weighted-average price of $ 99.62 per share. During fiscal year 2023, the Company issued 28,899 shares under this plan at a weighted-average price of $ 108.37 per share. At December 28, 2025, there remains available for sale to employees an aggregate of 0.6 million shares of the Company’s common stock out of the 5.0 million shares authorized by shareholders for issuance under this plan. Note 18: Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive (loss) income consisted of the following: Foreign Currency Translation Adjustment, net of tax Unrecognized Prior Service Costs, net of tax Unrealized (Losses) Gains on Securities, net of tax Accumulated Other Comprehensive (Loss) Income (In thousands) Balance, January 1, 2023 $ ( 446,664 ) $ ( 798 ) $ ( 35 ) $ ( 447,497 ) Current year change 80,172 — ( 181 ) 79,991 Reclassification to retained earnings 90,814 — — 90,814 Balance, December 31, 2023 ( 275,678 ) ( 798 ) ( 216 ) ( 276,692 ) Current year change ( 119,260 ) — ( 153 ) ( 119,413 ) Balance, December 29, 2024 ( 394,938 ) ( 798 ) ( 369 ) ( 396,105 ) Current year change 173,876 — 94 173,970 Balance, December 28, 2025 $ ( 221,062 ) $ ( 798 ) $ ( 275 ) $ ( 222,135 ) The unrealized foreign exchange (gains) losses, net of income taxes, on intercompany debt for which repayment is not anticipated in the foreseeable future that was recorded in AOCI for the fiscal years 2025, 2024 and 2023 were $( 165.3 ) million, $( 0.9 ) million and $ 11.3 million, respectively. 74 Table of Contents Income taxes related to foreign currency translation adjustments recognized in AOCI during fiscal year 2025 were $ 59.5 million. Income taxes related to foreign currency translation adjustments recognized in AOCI during fiscal years 2024 and 2023 were not material. Stock Repurchases: On October 24, 2024, 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”). 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”). 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. During fiscal year 2025, the Company repurchased 7,264,299 shares of common stock under the Repurchase Program for an aggregate cost of $ 695.4 million. During fiscal year 2025, the Company repurchased 1,245,232 shares of common stock under the New Repurchase Program for an aggregate cost of $ 120.5 million. As of December 28, 2025, $ 879.5 million remained available for aggregate repurchases of shares under the New Repurchase Program. Subsequent to fiscal year 2025, the Company repurchased 608,907 shares of common stock under the New Repurchase Program at an aggregate cost of $ 64.2 million. In addition, the Board has authorized the Company to repurc hase 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 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 fiscal year 2025, the Company repurchased 37,710 shares of common stock for this purpose at an aggregate cost of $ 4.2 million. During fiscal year 2024, the Company repurchased 86,484 shares of common stock for this purpose at an aggregate cost of $ 9.8 million. During fiscal year 2023, the Company repurchased 103,144 shares of common stock for this purpose at an aggregate cost of $ 13.1 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. Dividends: The Board declared a regular quarterly cash dividend of $ 0.07 per share in each quarter of fiscal years 2025, 2024 and 2023, resulting in an annual cash dividends of $ 0.28 per share for fiscal years 2025, 2024 and 2023. At December 28, 2025, the Company had accrued $ 7.8 million for a di vidend declared in October 23, 2025 for the fourth quarter of fiscal year 2025 that was paid in February 2026 . On January 26, 2026 , the Company announced that the Board had declared a quarterly dividend of $ 0.07 per share for the first quarter of fiscal year 2026 that will be payable in May 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 19: 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. Approximately 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 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 consolidated statements 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 75 Table of Contents $ 598.4 million at December 28, 2025 and $ 409.8 million at December 29, 2024, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of fiscal years 2025, 2024 and 2023. During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its 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 December 28, 2025, the total notional amount of the 2026 Notes that was designated to hedge investments in foreign subsidiaries was € 498.6 million. The unrealized foreign exchange losses (gains) recorded in AOCI related to the ne t investment hedge were $ 67.6 million, $( 31.7 ) million and $ 19.5 million during the fiscal years 2025, 2024 and 2023, respectively. The Company does no t expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive income (loss) into interest and other expense, net within the next twelve months. Note 20: Fair Value Measurements Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities, accounts receivable and notes receivable. The Company believes it had no significant concentrations of credit risk as of December 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 December 28, 2025 and December 29, 2024 classified in one of the three classifications described above: Fair Value Measurements at December 28, 2025 Using: Total Carrying Value at December 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 $ 27,956 $ 27,956 $ — $ — Foreign exchange derivative assets 1,832 — 1,832 — Foreign exchange derivative liabilities ( 1,487 ) — ( 1,487 ) — Contingent consideration asset 14,890 — — 14,890 Contingent consideration liability ( 17,869 ) — — ( 17,869 ) 76 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 liability ( 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 consolidated balance sheet on a net basis and are recorded in other assets. As of both December 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. 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 consolidated statements of operations. The Company recognized $ 15.9 million upon the sale of Business in fiscal year 2023. The change in fair value of $( 1.0 ) million was recognized in selling, general and administrative expenses in fiscal year 2023. Adjustments to the fair value since initial recognition were not material. As of December 28, 2025 and December 29, 2024, the carrying value of the contingent consideration asset was $ 14.9 million. The fair values of contingent consideration liability are calculated on a quarterly basis based on a collaborative effort of the Company’s operations, finance and accounting groups, as appropriate. Potential 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 consolidated statements of operations. As of December 28, 2025, the Company may have to pay contingent consideration, related to acquisitions with open contingency periods that are substantially all revenue-based considerations, of up to $ 75.3 million. The expected maximum earnout period for acquisitions with open contingency period is 5.9 years from December 28, 2025, and the remaining weighted average expected earnout period at December 28, 2025 was 3.7 years. 77 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) A reconciliation of the beginning and ending Level 3 contingent consideration liabilities is as follows: (In thousands) Balance at January 1, 2023 $ ( 46,618 ) Amounts paid and foreign currency translation 9,741 Change in fair value (included within selling, general and administrative expenses) ( 3,128 ) Balance at December 31, 2023 ( 40,005 ) Amounts paid and foreign currency translation 16,383 Change in fair value (included within selling, general and administrative expenses) 1,869 Balance at December 29, 2024 ( 21,753 ) Amounts paid and foreign currency translation 2,484 Change in fair value (included within selling, general and administrative expenses) 1,400 Balance at December 28, 2025 $ ( 17,869 ) 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 $ 2,963.7 million and aggregate carrying value of $ 3,222.9 million as of December 28, 2025. The Company’s outstanding senior unsecured notes had an aggregate fair value of $ 2,765.5 million and 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 $ 0.5 million as of December 29, 2024. The carrying value approximates fair value and were classified as Level 2. Note 21: Leases Lessee Disclosures The Company leases certain property and equipment under operating and finance leases. The Company’s leases have remaining lease terms of less than 1 year to 25 years, some of which include options to extend the lease for up to 5 years, and some of which include options to terminate the lease within 1 year. Finance leases are not material to the Company. The components of lease expense were as follows: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Operating lease cost $ 47,862 $ 40,957 $ 47,738 Supplemental cash flow information related to leases was as follows: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 37,179 $ 33,198 $ 42,597 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 17,249 47,649 10,049 78 Table of Contents Supplemental balance sheet information related to leases was as follows: December 28, 2025 December 29, 2024 (In thousands, except lease term and discount rate) Operating Leases: Operating lease right-of-use assets $ 165,439 $ 167,716 Operating lease liabilities included in Accrued expenses and other current liabilities $ 30,035 $ 23,582 Operating lease liabilities 148,108 151,505 Total operating lease liabilities $ 178,143 $ 175,087 Weighted Average Remaining Lease Term in Years Operating leases 7.3 8.2 Weighted Average Remaining Discount Rate Operating leases 4.9 % 4.7 % Lease costs from finance leases, short-term leases, variable lease costs and sub-lease income are not material. Future payments of operating lease liabilities as of December 28, 2025 were as follows: (In thousands) 2026 $ 37,328 2027 35,369 2028 29,214 2029 23,760 2030 20,094 2031 and thereafter 66,155 Total lease payments 211,920 Less imputed interest ( 33,777 ) Total operating lease liabilities $ 178,143 Note 22: Segment and Geographic Area 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 CODM of the Company is the Chief Executive Officer (“CEO”). The CEO evaluates the performance of its operating segments based on revenue and operating income as 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. 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 79 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 Company evaluates the performance of its segments is adjusted operating income, which 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 restructuring actions, significant litigation matters and transformation costs. 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 for the fiscal years ended: December 28, 2025 December 29, 2024 December 31, 2023 Life Sciences Diagnostics Total Life Sciences Diagnostics Total Life Sciences Diagnostics Total (In thousands) Segment revenue $ 1,431,104 $ 1,424,947 $ 2,856,051 $ 1,398,601 $ 1,356,425 $ 2,755,026 $ 1,458,192 $ 1,292,379 $ 2,750,571 Segment cost of revenue 516,297 633,769 488,188 576,162 510,445 548,612 Segment selling, general and administrative expenses 344,516 343,430 338,755 336,325 328,068 341,155 Segment research and development expenses 112,029 103,582 104,382 90,000 107,429 104,585 Segment operating income $ 458,262 $ 344,166 802,428 $ 467,276 $ 353,938 821,214 $ 512,250 $ 298,027 810,277 Corporate expenses ( 28,944 ) ( 41,754 ) ( 40,417 ) Amortization of intangible assets ( 335,586 ) ( 359,376 ) ( 365,113 ) Purchase accounting adjustments ( 1,248 ) 79 ( 5,956 ) Acquisition and divestiture-related costs ( 3,783 ) ( 25,379 ) ( 69,159 ) Transformation costs ( 9,280 ) — — Asset impairment — ( 22,814 ) — Significant litigation matters and settlements ( 12,228 ) ( 7,775 ) ( 12 ) Significant environmental matters 1,208 — ( 2,457 ) Restructuring and other, net ( 55,932 ) ( 17,454 ) ( 26,601 ) Interest and other expense, net ( 88,358 ) ( 30,615 ) ( 117,586 ) Income from continuing operations before income taxes $ 268,277 $ 316,126 $ 182,976 80 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Depreciation expense included in the Company’s reportable segment operating income and corporate expenses is as follows: December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Life Sciences $ 33,485 $ 30,128 $ 30,110 Diagnostics 33,403 36,074 33,994 Corporate 2,867 2,271 2,551 Total depreciation expense $ 69,755 $ 68,473 $ 66,655 The following geographic area information for continuing operations includes revenue based on location of external customers for the three fiscal years ended December 28, 2025 and net long-lived assets based on physical location as of December 28, 2025 and December 29, 2024: Revenue December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) U.S. $ 1,126,274 $ 1,097,856 $ 1,117,654 International: China 425,060 450,007 454,426 Germany 177,664 162,575 193,170 United Kingdom 126,849 112,883 125,419 Other international 1,000,204 931,705 859,902 Total international 1,729,777 1,657,170 1,632,917 Total revenue $ 2,856,051 $ 2,755,026 $ 2,750,571 Net Long-Lived Assets (a) December 28, 2025 December 29, 2024 (In thousands) U.S. $ 341,172 $ 348,868 International: Germany 130,645 134,713 United Kingdom 40,839 35,097 China 34,894 49,207 Other international 201,481 177,995 Total international 407,859 397,012 Total net long-lived assets $ 749,031 $ 745,880 (a) Long-lived assets consist of property and equipment, net, operating lease right-of-use assets, rental equipment and other long-term assets. Note 23: Subsequent Events Subsequent to fiscal year 2025, the Company completed its acquisition of Advanced Chemistry Development Inc. (“ACD/Labs”) for $ 72 million in cash paid at the closing and up to $ 8 million in contingent consideration to be paid in cash based on the achievement of certain revenue metrics through 2028. AC D/Labs is based in Toronto, Canada, has approximately 200 employees, and is a provider of scientific software solutions that support analytical characterization and molecular design across pharmaceutical and material sciences end markets. ACD/Labs will be recognized in the Life Sciences segment. 81 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Not applicable.