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Revenue
 6 Months Ended
Jun. 27, 2025
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The following tables present the Company’s revenues disaggregated by geographical region and revenue type for the three and six-month periods ended June 27, 2025 and June 28, 2024 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue.
BiotechnologyLife SciencesDiagnosticsTotal
For the Three-Month Period Ended June 27, 2025:
Geographical region:
North America(a)
$612 $762 $1,064 $2,438 
Western Europe708 394 405 1,507 
Other developed markets(b)
82 118 94 294 
High-growth markets(c)
448 503 746 1,697 
Total$1,850 $1,777 $2,309 $5,936 
Revenue type:
Recurring$1,694 $1,214 $2,062 $4,970 
Nonrecurring156 563 247 966 
Total$1,850 $1,777 $2,309 $5,936 
For the Three-Month Period Ended June 28, 2024:
Geographical region:
North America(a)
$607 $785 $1,042 $2,434 
Western Europe567 374 380 1,321 
Other developed markets(b)
81 116 95 292 
High-growth markets(c)
458 495 743 1,696 
Total$1,713 $1,770 $2,260 $5,743 
Revenue type:
Recurring$1,478 $1,208 $2,003 $4,689 
Nonrecurring235 562 257 1,054 
Total$1,713 $1,770 $2,260 $5,743 
BiotechnologyLife SciencesDiagnosticsTotal
For the Six-Month Period Ended June 27, 2025:
Geographical region:
North America(a)
$1,155 $1,483 $2,382 $5,020 
Western Europe1,274 772 805 2,851 
Other developed markets(b)
146 241 185 572 
High-growth markets(c)
887 961 1,386 3,234 
Total$3,462 $3,457 $4,758 $11,677 
Revenue type:
Recurring$3,151 $2,350 $4,285 $9,786 
Nonrecurring311 1,107 473 1,891 
Total$3,462 $3,457 $4,758 $11,677 
For the Six-Month Period Ended June 28, 2024:
Geographical region:
North America(a)
$1,121 $1,566 $2,379 $5,066 
Western Europe1,113 746 786 2,645 
Other developed markets(b)
160 241 194 595 
High-growth markets(c)
843 962 1,428 3,233 
Total$3,237 $3,515 $4,787 $11,539 
Revenue type:
Recurring$2,787 $2,400 $4,297 $9,484 
Nonrecurring450 1,115 490 2,055 
Total$3,237 $3,515 $4,787 $11,539 
(a) The Company defines North America as the United States and Canada.
(b) The Company defines other developed markets as all the markets of the world that are not North America, Western Europe or high-growth markets.
(c) The Company defines high-growth markets as developing markets of the world experiencing accelerated growth, over extended periods, in gross domestic product and infrastructure which include Eastern Europe, the Middle East, Africa, Latin America (including Mexico) and Asia (with the exception of Japan, Australia and New Zealand). The Company defines developed markets as all markets of the world that are not high-growth markets.
The Company’s products and services primarily consist of life sciences research, biopharmaceutical drug production and medical diagnostic products and services. The Company sells equipment to customers as well as consumables, software and services, some of which customers purchase on a recurring basis. Consumables sold for use with the equipment sold by the Company are typically critical to the use of the equipment and are typically used on a one-time or limited basis, requiring frequent replacement in the customer’s operating cycle. Examples of these consumables include reagents used in diagnostic tests, chromatography resins used for research and bioprocessing and filters used in filtration, separation and purification processes. Additionally, some of the Company’s consumables are used on a standalone basis, such as custom nucleic acids, genomics solutions, antibodies and immunoassays. The Company separates its goods and services between those typically sold to a customer on a recurring basis and those typically sold to a customer on a nonrecurring basis. Recurring revenue includes revenue from consumables (both used with Company equipment and used on a standalone basis), services and operating-type leases (“OTLs”). Nonrecurring revenue includes sales of equipment and sales-type leases (“STLs”). OTLs and STLs are included in the above revenue amounts. For the three-month periods ended June 27, 2025 and June 28, 2024, lease revenue was $117 million and $95 million, respectively. For the six-month periods ended June 27, 2025 and June 28, 2024, lease revenue was $231 million and $194 million, respectively.
Remaining performance obligations related to Topic 606, Revenue from Contracts with Customers, represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one year which are fully or partially unsatisfied at the end of the period. As of June 27, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.9 billion. The Company expects to recognize revenue on approximately 46% of the remaining performance obligations over the next 12 months, 28% over the subsequent 12 months, and the remainder recognized thereafter.
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (“contract assets”) and deferred revenue, customer deposits and billings in excess of revenue recognized (“contract liabilities”) on the accompanying Consolidated Condensed Balance Sheets. Contract assets and liabilities are reported on a net basis (on a contract-by-contract basis) in the accompanying Consolidated Condensed Balance Sheets at the end of each reporting period.
The Company often receives cash payments from customers in advance of the Company’s performance, resulting in contract liabilities that are classified as either current or long-term in the accompanying Consolidated Condensed Balance Sheets based on the timing of when the Company expects to recognize revenue. As of June 27, 2025 and December 31, 2024, contract liabilities were approximately $1.7 billion and $1.5 billion, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. The increase in the contract liability balance during the six-month period ended June 27, 2025 was primarily a result of cash payments received in advance of satisfying performance obligations, partially offset by amounts recognized as revenue. Revenue recognized during the six-month periods ended June 27, 2025 and June 28, 2024 that was included in the contract liability balance on December 31, 2024 and December 31, 2023 was $769 million and $901 million, respectively.