REVVITY, INC.RVTY
REVVITY, INC. Stock Compensation Disclosure
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.
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.
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.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.