Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill for fiscal years 2025 and 2024 are as follows:
Life SciencesDiagnosticsConsolidated
(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, 20244,541,467 1,922,152 6,463,619 
Foreign currency translation105,495 44,379 149,874 
Other98,000 (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 patents1,068 1,515 
Trade names and trademarks150,103 142,588 
Less: Accumulated amortization(102,234)(87,824)
Net trade names and trademarks47,869 54,764 
Licenses27,561 27,164 
Less: Accumulated amortization(19,849)(17,855)
Net licenses7,712 9,309 
Core technology1,624,925 1,561,831 
Less: Accumulated amortization(921,325)(735,532)
Net core technology703,600 826,299 
Customer relationships2,870,384 2,807,909 
Less: Accumulated amortization(1,283,630)(1,058,875)
Net customer relationships1,586,754 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.
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Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025
2023Mar 1, 2023
2022Mar 3, 2022
2021Mar 2, 2021
2019Feb 25, 2020
2018Feb 26, 2019
2017Feb 28, 2017
2016Mar 1, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.