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Illumina Stock ILMN

Illumina Inc. · SEC filings · Reporting currency USD · Quarterly reporting · Figures as of Q2 2026 · updated 2026-10-18 · checked 2026-10-14 · ISIN US4523271090 · WKN 927079

Illumina is a life sciences company that develops and commercializes next-generation sequencing and array-based solutions for genetic analysis. Illumina stock (ILMN): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 07/2026, quarterly reporting. Stock analysis by NadirAlpha. Illumina stock (ILMN): listed on Nasdaq, WKN 927079. NadirAlpha has evaluated 53 original documents, cross-checked every figure automatically and linked each to its source; sources as of 07/2026. Revenue Q2 2026: USD 1.2 billion (+9% year on year). Latest reported (Q2 2026): short-term investments, Capital expenditures, cash flow from operating activities. Latest reading: Margin compressing, Guidance raised, Revenue accelerating.

Margin compressing Guidance raised Revenue accelerating ◦

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Illumina Current Status

The current state of Illumina at a glance, figures as of Q2 2026, with core figures and the key management statements from the latest filing. NadirAlpha methodology

Assessment by NadirAlpha, as of Q2 2026.

Illumina reported 2026-Q2 revenue of 1,159 million, a 9.5% increase from the prior-year quarter, with rest-of-world organic revenue growth of 8.1% excluding currency and acquisitions 33. Adjusted operating income was 260 million for the quarter 33. Adjusted diluted EPS was 1.31, while GAAP diluted EPS was 1.35 33. Illumina raised its fiscal year 2026 revenue and non-GAAP diluted EPS guidance following the quarterly results 33.
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-07-30):

“Illumina delivered strong results during the second quarter. Momentum continued to build through the first half of 2026, as our technology is enabling clinical customers to expand sequencing-intensive applications. Based on this performance, we are increasing our revenue and earnings guidance for the year. Demand for NovaSeq X remains high as we expand our workflow and multiomics capabilities, broadening the value of Illumina's ecosystem.”

Jacob Thaysen, Chief Executive Officer 33
Revenue · 2026-Q21,159$ million+9.4 % vs. 2025-Q2
Net profit · 2026-Q2207$ million−11.9 % vs. 2025-Q2
EPS · 2026-Q21.35$−9.4 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, Illumina guides Revenue 4,600 to 4,640 $ million (raised); EPS (non-GAAP) 5.3 to 5.4 $ (raised); ROW organic revenue growth 5% (raised). 33
Profitability
Illumina recorded GAAP operating income of 245 million and net income of 207 million in 2026-Q2 33. Operating cash flow was 201 million, with capital expenditures of 40 million during the quarter 33. In the year-to-date period, the effective tax rate decreased to 18.4% from 25.1% in the prior-year period, reflecting earnings mix in lower-tax jurisdictions and prior-year tax adjustments 34.
Leverage
Illumina held 1,040 million in cash and cash equivalents at the end of 2026-Q2, a decrease of $378 million from fiscal year-end 2025, driven by the SomaLogic acquisition and share repurchases 34. Net debt was 951 million at the close of the quarter. Illumina had $500 million in aggregate principal of 2030 Term Notes outstanding, issued in November 2025 at 4.750% per annum maturing December 2030 34.
Management view
Illumina raised fiscal year 2026 revenue guidance to $4.60-$4.64 billion from $4.52-$4.62 billion and non-GAAP diluted EPS guidance to $5.30-$5.40 from $5.15-$5.30 33. The SomaLogic acquisition, completed in January 2026 for $460 million, is intended to advance the company's multiomics strategy and expand its addressable market into proteomics 34. Illumina also indicated ongoing expansion of NovaSeq X workflow and multiomics capabilities as part of its product development roadmap 33.
Change
Illumina's non-GAAP operating margin was 22.5% in 2026-Q2, compared to 23.8% in the year-ago quarter 33. Free cash flow was 161 million, lower than in the comparable prior-year period, with higher capital expenditures cited as the primary driver 33. Gross margin comparisons with the year-ago quarter are affected by a $23 million intangible asset impairment recorded in Q2 2025 that was not present in Q2 2026 34.
Risks (current)
Illumina remains on China's Unreliable Entities List, creating ongoing market access uncertainty, while tariff uncertainty imposed or threatened by the U.S. and trading partners represents a broader macroeconomic risk 33. Integration of SomaLogic and Standard BioTools assets, as well as the ability to manufacture SomaLogic products at scale, presents execution and operational risk 33. Potential reductions in U.S. government NIH funding could weigh on research customer demand, and the company noted the risk of additional litigation arising from the GRAIL acquisition 33 34.
New this reporting period
In April 2026, Illumina's board authorized a 2026 Repurchase Program for up to $1.5 billion in addition to a prior $1.5 billion authorization; as of June 28, 2026, $279 million remained under the prior program and $1.5 billion was available under the new program 34.

Illumina Stock: Key Figures ($ million)

Revenue, margin, earnings and EPS of Illumina per fiscal year, half-year and quarter in $ million, as of Q2 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Debt ($ million) · annual basis, as reported
Net Debt ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
D&A ($ million) · annual basis, as reported
Cash ($ million) · quarterly basis, as reported
Debt ($ million) · quarterly basis, as reported
Net Debt ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2015 is on record.

Fiscal years

Amounts in $ million · EPS in $ per share · as reported
Illumina stock: key figures on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodRevenueOp. incomeOp. income (adj.)Net incomeEPS ($)EPS adj. ($)OCFSource
FY20254,3438071,0048505.454.841,07928
FY20244,372-833922-1,223-7.694.1683721
FY20234,504-1,069884-1,161-7.340.8647812

Quarters

Amounts in $ million · EPS in $ per share · as reported
Illumina stock: key figures on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedRevenueOp. incomeOp. income (adj.)Net incomeEPS ($)EPS adj. ($)FCFCashNet DebtSource
2026-Q2*2026-07-301,1592452602071.351.311611,040951133
2026-Q1*2026-04-301,0912092391340.871.152511,08990031
2025-Q4*2026-01-131,1592022753342.14*≈1.352661,41857128
2025-Q3*2025-10-301,0842272651500.981.342531,050942126
2025-Q2*2025-07-311,0592142522351.491.192049341,05724
2025-Q1*2025-05-081,0411642121310.820.972081,11387722
2024-Q4*2025-01-141,1041752181861.17*≈0.95322~1,12786219
2024-Q3*2024-11-041,0807412447054.421.142848691,119~17
2024-Q2*2024-08-061,112-1,637242-1,988-12.481.09499201,31415
2024-Q1*2024-05-021,076-111218~-126-0.790.97411,108382~13
2023-Q4*2024-01-091,122-164203-176-1.11*≈0.141731,04844110
2023-Q3*2023-11-091,119-754249-754-4.770.33949275628
2023-Q2*2023-08-091,176-88245-234-1.480.32581,5536856
2023-Q1*2023-04-251,087-64187~30.020.08-421,4947424
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: EBITDA (adj.) (not reported in any source for these periods).

Illumina Balance Sheet & Cash Flow ($ million)

Point-in-time balance sheet items of Illumina (cash, financial debt) and cash flow items per fiscal year, half-year and quarter, derived values with their formula in the popover. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in $ million · as reported
Illumina stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedCashDebtNet DebtD&AOCFCapexFCFSource
FY20252026-02-051,4181,9895712701,07914893129
FY20242025-01-141,1271,98986235483712870919
FY20232024-02-081,0481,48944143247819528311

Quarters

Amounts in $ million · as reported
Illumina stock: balance sheet and cash flow on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedCashDebtNet DebtD&AOCFCapexFCFSource
2026-Q22026-07-301,0401,9919517020140161133
2026-Q12026-04-301,0891,989900692893825131
2025-Q42026-02-051,4181,9895716632155266129
2025-Q32025-10-301,0501,9929426728431253126
2025-Q22025-07-319341,9911,057682343020424
2025-Q12025-05-081,1131,990877692403220822
2024-Q42025-02-061,1271,9898627136442~322~20
2024-Q32024-11-048691,988~1,119~703163228417
2024-Q22024-08-069202,2341,31410580314915
2024-Q12024-05-021,1081,490~382~10877364113
2023-Q42024-02-081,0481,4894411092245117311
2023-Q32023-11-099271,48956210813945948
2023-Q22023-08-091,5532,23868510810547586
2023-Q12023-04-251,4942,2367421071052-424
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Illumina Guidance Tracking (latest per metric/period · 17/31)

All forecasts (guidance) of the Illumina management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology

Actuals: revenue in $m · EPS in $ per share · ratios in %

Direction: confirmedcutinitiatedraised Verdict: beatin linemisspending

Illumina: guidance and actuals per metric and period, 31 entries. Compiled by NadirAlpha from SEC filings.
For periodGuided onMetricGuidedActualVerdictDirectionSource
FY20262026-07-30Revenue4,600–4,640–33
FY20262026-07-30EPS (non-GAAP)5.3–5.4–33
FY20262026-07-30ROW organic revenue growth5%–33
FY20262026-04-30Operating margin23.4%-23.6%–33
FY20262026-04-30Revenue growth (YoY)-6–4%–31
FY20262026-02-05Total company revenue4,500–4,600–29
FY20262026-02-05Ex-China organic revenue growth2–4%–29
FY20252026-01-13 °Revenue~4,3404,34328
FY20252026-01-13 °EPS (GAAP)5.42–5.455.4528
FY20252026-01-13 °EPS (non-GAAP)4.76–4.794.8428
FY20252025-10-30Operating margin22.75–23%18.626
FY20252025-10-30Revenue growth (YoY)0.5–1.5%––26
FY20252025-10-30Revenue ex-China0.5–1.5%––26
FY20252025-07-31Constant currency revenue0.5–2.5%––24
FY20252025-05-08Core Illumina revenue1–3%––22
FY20252025-05-08Revenue outside of the Greater China region0–2%––22
FY20252025-05-08Reported revenue from the Greater China region165–185––22
FY20242024-11-04EPS (non-GAAP)4.05–4.154.1617
FY20242024-11-04Operating margin21–21.5%-19.117
FY20242024-11-04Core Illumina revenue~3%––17
2024-Q42024-11-04Core Illumina revenue~1,070––17
FY20232023-11-09EPS (non-GAAP)0.6–0.70.868
FY20232023-11-09Revenue growth (YoY)2–3%––8
FY20232023-11-09Core Illumina revenue3–4%––8
FY20232023-11-09GAAP diluted loss per share-6.67–-6.57–––8
FY20232023-04-25GRAIL revenue90–110––8
FY20232023-02-07EPS (GAAP)0.03–0.28-7.34–2
FY20232023-01-11Operating margin~22%-23.71
FY20232023-01-11Core Illumina revenue growth6–9%––4
FY20232023-01-11GRAIL revenue growth~80%––1
FY20232023-01-11GRAIL operating loss~670––1

Illumina Stock: Price & Chart

Chart and key figure trend of Illumina stock: the TradingView chart starts only on click, the key figure chart comes from the core tables up to Q2 2026. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

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Illumina Event Timeline

This timeline collects the material events of Illumina from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategyfinancials2023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q4FY20252026-Q12026-Q2
2026 · 6 events

Revenue accelerating ◦ 2026-07-30
Q2 2026 revenue of USD 1,159 million, up 9.5% from Q2 2025 with 8.1% rest-of-world organic growth excluding currency and acquisitions 33
Margin compressing 2026-07-30
Non-GAAP operating margin at 22.5% in Q2 2026 versus 23.8% in Q2 2025 33
Guidance raised 2026-07-30
Full-year 2026 revenue guidance raised to $4.60-$4.64 billion and non-GAAP diluted EPS guidance raised to $5.30-$5.40 33

“Illumina delivered a strong start to 2026, reflecting strength of the Illumina ecosystem and progress against our strategy. Demand for NovaSeq X is increasing as we help our clinical customers expand into new application areas. With our strong first quarter performance, we are raising our full-year revenue and EPS guidance.”

Jacob Thaysen, Chief Executive Officer 31
Acquisition 2026-05-04
Illumina acquired SomaLogic on January 30, 2026 for $460 million to expand into proteomics and advance its multiomics strategy 32
revenue 2026-04-30
Q1 2026 revenue of USD 1,091 million, up 4.8% from Q1 2025, driven by NovaSeq X high-throughput consumable and instrument demand 31
Guidance raised 2026-04-30
Full-year FY2026 revenue guidance raised to $4.52-$4.62 billion and non-GAAP diluted EPS guidance raised to $5.15-$5.30 31
2025 · 17 events

Operating income turned positive 2026-01-13
Operating income turned positive for the first time after 2 negative fiscal years (-833.0 to +USD 807.0 million). 28
Net income turned positive 2026-01-13
Net income turned positive for the first time after 2 negative fiscal years (-1223.0 to +USD 850.0 million). 28

“The Illumina team delivered a strong finish to 2025, marking a return to growth through disciplined execution against our strategy. Momentum built in the second half of the year, especially in clinical markets, where adoption of NGS-based testing is expanding, reinforces our confidence as we enter 2026.”

Jacob Thaysen, Chief Executive Officer 29
Revenue accelerating 2026-02-05
Q4 2025 revenue $1.16 billion, up 5% reported (4% constant currency) from Q4 2024; ex-China revenue up 8% reported and 7% constant currency 29
Guidance initiated 2026-02-05
FY2026 revenue guidance of $4.5 billion to $4.6 billion, representing 4%–6% reported growth, including a 1.5%–2.0% contribution from the recently closed SomaLogic acquisition 29
Acquisition 2026-02-05
Completed acquisition of SomaLogic from Standard BioTools for $350 million expanding multiomics portfolio with NGS-enabled proteomics; separately, MOFCOM lifted sequencing instrument export ban though Illumina remains on China's Unreliable Entities List 29

“I am pleased to announce that the Illumina team delivered Q325 results that exceeded the high-end of our guidance range for revenue and earnings, driven by revenue acceleration in clinical, our largest market segment. During the quarter, we returned to growth ex-China and are executing on our strategic pillars that support our long-range financial targets.”

Jacob Thaysen, Chief Executive Officer 26
Revenue decelerating 2025-10-30
Revenue $1.08 billion in Q3 2025, flat compared to Q3 2024 on both reported and constant currency basis, improving from first-half declines; nine-month revenue down 2% constant currency 26
Margin expanding 2025-10-30
Non-GAAP operating margin of 24.5% in Q3 2025; YTD gross margin improved to 66.3% from 65.3% in YTD 2024, partly reflecting removal of lower-margin GRAIL operations following the June 2024 spin-off 26 27
New market 2025-10-30
Launched BioInsight, a new business to accelerate technology and data-driven discovery initiatives 26
Operating income halved 2025-10-30
Operating income more than halved YoY (741.0 to USD 227.0 million, -69%). 126
Net income halved 2025-10-30
Net income more than halved YoY (705.0 to USD 150.0 million, -79%). 126

“The Illumina team again delivered results that exceeded our guidance, driven by the continued ramp in X consumables, as well as accelerating growth in clinical, our largest customer segment. In research, we are actively helping our customers navigate a constrained funding environment. Even in these challenging conditions, the team's focus on operational excellence helped drive margin expansion, enabling us to increase our expectations for the year.”

Jacob Thaysen, Chief Executive Officer 24
Margin expanding 2025-07-31
Non-GAAP operating margin improved to 23.8% in Q2 2025 from 22.2% in Q2 2024 24
Guidance raised 2025-07-31
FY2025 constant currency revenue guidance raised to (2.5%) to (0.5%) decline and non-GAAP operating margin guidance raised to approximately 22%–22.5% 24
Acquisition 2025-07-31
Definitive agreement to acquire SomaLogic and specified assets from Standard BioTools for $350 million in cash plus up to $75 million in milestone payments, expected to close H1 2026 24

“I'm proud that the Illumina team delivered strong Q1 revenue and EPS, a good start to the year in an increasingly dynamic business environment. Our outlook for the year has weakened due to shifting policy and geopolitical developments and we have taken swift incremental actions to protect our earnings. Our strategic focus remains on customer collaboration, driving differentiated innovations, and delivering on our long-term financial targets of growth and profitability.”

Jacob Thaysen, Chief Executive Officer 22
Strategic pivot 2025-05-09
China added Illumina to Unreliable Entities List in February 2025 and prohibited sequencing instrument exports from March 2025, materially reducing Greater China revenue access for the year 23
Revenue decelerating 2025-05-08
Core Illumina revenue $1.04 billion, down 1% reported (flat constant currency) in Q1 2025; total revenue down 3% primarily due to removal of GRAIL contribution following the June 2024 GRAIL Spin-Off and decreased service and other revenue 22 23
Strategic pivot 2025-05-08
Incremental $100 million cost reduction program implemented including workforce reductions and productivity measures to mitigate Greater China revenue and operating income impact 22
Cash flow inflection 2025-05-08
Operating cash flow reached USD 240.0 million vs USD 77.0 million in 2024-Q1 (×3.1). 22
2024 · 15 events

“The Illumina team delivered fourth quarter revenue that exceeded our expectations, and we made significant progress in 2024 toward our goals to drive customer-centric innovation, margin expansion, and EPS growth. For 2025, we will continue our transformation, executing our refreshed strategy that prioritizes a sharp focus on customers and our own operational excellence in order to drive Illumina forward.”

Jacob Thaysen, Chief Executive Officer 20
Margin expanding 2025-02-06
FY2024 Core Illumina non-GAAP operating margin of 21.3% and Q4 2024 non-GAAP operating margin of 19.7%, reflecting sustained improvement in product mix and operational efficiency versus prior-year levels (20)
revenue 2025-01-14
Core Illumina Q4 2024 revenue increased 1% from Q4 2023 to approximately $1.1B, the first quarter of year-over-year growth in fiscal 2024 (19, 20)
Guidance initiated 2025-01-14
FY2025 guidance introduced: low single-digit constant currency revenue growth, non-GAAP operating margin approximately 23%, non-GAAP diluted EPS of $4.50-$4.65 (19, 20)

“The near-term macroeconomic environment remains constrained, and we are slightly lowering our 2024 revenue guidance. The underlying demand for Illumina's products and applications remains strong and we are demonstrating significant progress in driving margin and earnings expansion.”

Jacob Thaysen, Chief Executive Officer 17
Net income turned positive 2024-11-06
GAAP net income of $705M in Q3 2024 versus net loss of $1,988M in Q2 2024; improvement driven by absence of Q2's $1,886M GRAIL impairment charges and recognition of $481M gain from European Commission's September 2024 withdrawal of its €432M fine, not reflecting recurring operational improvement (18, 126)
guidance 2024-11-04
FY2024 Core Illumina revenue guidance lowered to approximately -3% from fiscal 2023, reflecting continued instrument demand weakness (17)
Guidance raised 2024-11-04
FY2024 Core Illumina non-GAAP operating margin guidance raised to 21%-21.5% and non-GAAP diluted EPS guidance raised to $4.05-$4.15 (17)
Operating income turned positive 2024-11-04
Operating income turned positive for the first time after 9 negative periods (-1637.0 to +USD 741.0 million). 126
EBITDA turned positive 2024-11-04
EBITDA turned positive for the first time after 4 negative periods (-1532.0 to +USD 811.0 million). 126

“The Illumina team delivered results ahead of our expectations in the quarter, driven by disciplined execution on our strategic priorities. Consumable sales remained solid as customers continued to increase their sequencing activity, but instrument demand has softened in a constrained funding environment. We are progressing our operating excellence initiatives and will deliver expanded margins this year.”

Jacob Thaysen, Chief Executive Officer 15
Revenue decelerating 2024-08-06
Core Illumina revenue declined 6% year-over-year to $1.09B in Q2 2024, driven by softer instrument demand in a constrained funding environment despite solid consumable sales (15)
Guidance raised 2024-08-06
FY2024 Core Illumina non-GAAP operating margin guidance raised to 20.5%-21%; non-GAAP diluted EPS guidance of $3.80-$3.95 introduced for the first time (15)
Divestiture 2024-08-06
GRAIL spin-off completed June 24, 2024; Illumina retained approximately 14.5% of GRAIL shares and distributed 85.5% to stockholders; transaction triggered $1,886M in goodwill and intangible impairment charges (15, 16)

“The Illumina team delivered results ahead of our expectations by supporting our customers with innovative solutions that enable the next wave of progress in genomics and multiomics. Our customers are leveraging the NovaSeq X to drive increased sequencing activity, even in a persistently challenging global macroeconomic environment. Additionally, our team's strong execution and continued focus on operational excellence enabled us to deliver year-over-year improvement in both gross margin and non-GAAP operating margin.”

Jacob Thaysen, Chief Executive Officer 13
Revenue decelerating 2024-05-03
Consolidated revenue declined 1% to $1,076M in Q1 2024; Core Illumina revenue down 2%, driven by fewer high-throughput and mid-throughput instrument shipments (14, 13)
Margin expanding 2024-05-02
Core Illumina non-GAAP operating margin expanded to 20.6% from 17.4% in Q1 2023, supported by favorable consumables mix and operational excellence cost savings (13)
Divestiture 2024-05-02
European Commission approved GRAIL divestment plan in April 2024; Illumina on track to finalize divestiture terms by end of Q2 2024 (13)
Cash flow inflection 2024-05-02
Operating cash flow reached USD 77.0 million vs USD 10.0 million in 2023-Q1 (×7.7). 13
2023 · 15 events

“I'm pleased that in the fourth quarter, my first full quarter with the company, Illumina delivered results ahead of our expectations, driven by NovaSeq X instrument and consumables sales. While our customers generally remain constrained in their purchasing, we are well-positioned for growth as market conditions improve. Illumina is focused on three key priorities to accelerate value creation: driving our top line; focusing on operational excellence, including boosting productivity, cost savings, and customer-focused innovation; and working to resolve GRAIL as quickly as possible.”

Jacob Thaysen, Chief Executive Officer 11
Revenue accelerating 2024-02-08
Q4 2023 revenue of $1,122 million increased 4% YoY, the strongest year-over-year growth quarter of fiscal 2023; full-year FY2023 revenue declined 2% to $4,504 million 11
Guidance initiated 2024-02-08
FY2024 guidance issued: Core Illumina revenue approximately flat year-over-year, non-GAAP operating margin approximately 20% 11
Divestiture 2024-02-08
Announced decision to divest GRAIL through third-party sale or capital markets transaction, targeting finalization of terms by end of Q2 2024 11 12

“While the environment remains challenging, I am confident in our ability to navigate it and position the company for long-term success. I came to Illumina for the opportunity presented by our core business. While I evaluate the company's strategy, we will remain focused on driving on further placements of the NovaSeq X, which will boost consumables demand. We will also continue optimizing our operations and drive stronger execution.”

Jacob Thaysen, Chief Executive Officer 8
earnings 2023-11-13
Q3 GAAP operating loss widened to $(754) million, including $712 million in GRAIL goodwill impairment and $109 million in intangible asset impairment charges 8 9
Strategic pivot 2023-11-09
New CEO Jacob Thaysen, Ph.D. started September 25, 2023 8
Divestiture 2023-11-09
Retained advisors and preparing Form 10 filing for GRAIL divestiture in accordance with European Commission divestiture order 8

“Illumina's second quarter consolidated revenue grew 8% sequentially from the first quarter, and we saw higher-than-anticipated NovaSeq X shipments. Despite additional placements, we expect our second half revenue to be negatively impacted by customers remaining more cautious in their purchasing, a more protracted recovery in China, and a larger than expected temporary decline in high throughput consumables as customers transition to the NovaSeq X. In response, we are increasing customer support for the NovaSeq X and continue to manage our expense base in a disciplined way.”

Charles Dadswell, Interim Chief Executive Officer 6
Revenue accelerating 2023-08-09
Q2 2023 revenue of $1,176 million rose 1% YoY, recovering from Q1 2023's 11% year-over-year decline, and up 8% sequentially 6
Margin compressing 2023-08-09
Core Illumina non-GAAP operating margin declined to 7.0% from 12.2% in Q2 2022 due to NovaSeq X platform launch costs and lower manufacturing volumes 6
Strategic pivot 2023-08-09
Three new independent directors named, Stephen MacMillan elected non-executive chair, and Charles Dadswell appointed Interim CEO 6

“The year is off to a solid start, led by NovaSeq X outperforming expectations in both customer demand and manufacturing supply. We shipped 67 NovaSeq X instruments in the first quarter, exceeding our plan. Demand remains strong, with our quarter-end NovaSeq X order book standing at over 200 instruments. We continue to work closely with our customers and partners to help them manage the challenging macroeconomic environment and to deliver on our 2023 goals. Our commitment to higher margins will set Illumina on the best path to deliver long-term sustainable success for our shareholders.”

Francis deSouza, Chief Executive Officer 4
Margin compressing 2023-05-05
Gross margin fell to 60.3% from 66.6% in Q1 2022, driven by lower manufacturing volumes and lower instrument margins from NovaSeq X launch 5
Revenue decelerating 2023-05-05
Q1 2023 revenue declined 11% YoY (9% constant currency) to $1,087 million, driven by lower sequencing consumables and instruments 5
Strategic pivot 2023-04-25
Announced plan to reduce annualized run rate expenses by more than $100 million beginning later in 2023 4
Net income turned positive 2023-04-25
Net income turned positive for the first time after 3 negative periods (-140.0 to +USD 3.0 million). 4
EBITDA turned positive 2023-04-25
EBITDA turned positive for the first time after 3 negative periods (-21.0 to +USD 43.0 million). 4
Net income halved 2023-04-25
Net income more than halved YoY (86.0 to USD 3.0 million, -97%). 4

Illumina Business Model

What Illumina does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology

Illumina is a life sciences company that develops and commercializes next-generation sequencing and array-based solutions for genetic analysis. Its revenue is derived from instruments, consumables (including flow cells, reagents, and library preparation kits), and services, with consumables providing recurring revenue through an installed-base attach model tied to platforms such as NovaSeq X. Illumina serves research institutions, academic laboratories, pharmaceutical and biotechnology companies, clinical diagnostics providers, and government entities globally. Through the SomaLogic acquisition, Illumina has extended its addressable market into proteomics, broadening its portfolio toward a multiomics platform strategy.

Illumina Stock: Share-Price Drivers

Factors Illumina itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology

NovaSeq X Series ramp and sequencing consumables pull-through
Illumina's NovaSeq X is the core high-throughput platform, and the company continues to expand its workflow and multiomics capabilities around it, with group revenue of 1,159 million in 2026-Q2 and adjusted operating income of 260 million (33).
NovaSeq X Series platform and installed-base pull-through
Illumina launched the NovaSeq X and has since expanded its workflow and multiomics capabilities, with further Series enhancements flagged; the platform is gaining traction as the installed base scales (33, 31, 20).
Oncology menu: TruSight Oncology
Illumina advanced TSO 500 version 2, secured TSO Comprehensive approval from Japan's Ministry of Health, Labour and Welfare, and added pharmaceutical development partnerships, pointing to broadening clinical adoption (24, 26).
Multiomics and spatial: Constellation mapped reads, 5-base solution, Protein Prep, single-cell
Illumina launched Constellation mapped read technology, the 5-base solution, Illumina Protein Prep and Single Cell 3' RNA Prep, extending the company beyond core sequencing into proteomics, methylation and spatial applications (26, 30).
SomaLogic proteomics acquisition
Illumina is adding the SomaLogic proteomics business from Standard BioTools; integration and traction are still early, making the contribution to growth not yet established (34, 30, 28).
Software and data analysis: DRAGEN, PromoterAI, NVIDIA collaboration
Illumina released DRAGEN v4.4 and PromoterAI and is collaborating with NVIDIA on multiomic data analysis, deepening the recurring software and informatics layer around its instruments (24, 20).
Profitability and cash generation recovery
Illumina reported higher adjusted operating income and free cash flow of 161 million in 2026-Q2, with the change flags showing accelerating growth and improving profitability (33).

Sector trend: Illumina's end markets show sequencing demand recovering and shifting toward multiomics, spatial and clinical oncology applications, which is lifting consumables utilisation on the installed base. Reported margins and free cash flow are improving as the company moves past the GRAIL divestiture (33, 26).

Illumina Revenue by Type (as of 2026-Q2 · USD million · 0/1)

The segments of Illumina in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology

Illumina: revenue by segment, as of 2026-Q2, in USD million. Compiled by NadirAlpha from SEC filings.
SegmentSinceRevenueSource
Period 2024-Q1 (3M)
GRAIL2022-Q12714

Illumina Products & announcements (13/38 active+recent)

What Illumina launched, had approved or announced, from the filings up to Q2 2026, each row with the date of first mention. NadirAlpha methodology

Status: PlannedLaunchedStable

Illumina: product announcements from the filings, 38 entries. Compiled by NadirAlpha from SEC filings.
Product/LineSinceStatusSource
2026
NovaSeq X workflow and multiomics capabilities expansion2026-0633
2025
5-base solution (2x)2025-1026
Illumina Protein Prep2025-0930
Constellation mapped read technology (2×)2025-0930
BioInsight2025-0926
TruSight Oncology (TSO) Comprehensive approval from Japan's Ministry of Health, Labour and Welfare2025-0624
PromoterAI2025-0624
Spatial transcriptomics technology2025-0322
Illumina Single Cell 3' RNA Prep2025-0130
Billion Cell Atlas202529
2024
DRAGEN v4.4 software (2×)2024-0624
2023
TruSight Oncology 500 ctDNA v2 launch (3×)2023-0924
2021
2030 Term Notes issuance (4×)2021-0334
2024
UK Biobank proteomics pilot program2024-1220
TruSight Oncology expansion2024-1220
Regeneron collaboration and Truveta Genome Project investment2024-1220
NVIDIA collaboration for multiomic data analysis2024-1220
Updates on whole-genome sequencing, proteomics, and single-cell technology2024-0917
TSO Comprehensive with two companion diagnostics2024-0917
Bengaluru global capability center2024-0917
TruSight Oncology 500 HT high-throughput version expansion2024-0615
XLEAP-SBS chemistry on NextSeq 1000 and NextSeq 2000 Systems (2×)2024-0315
Illumina Complete Long Reads (ICLR) with Enrichment2024-0313
MiSeq i100 Series (2×)202427
2023
REACH/Galleri-Medicare study initiation2023-1211
Global Health Access Initiative launch2023-1211
Illumina Solutions Center in Bengaluru, India2023-098
25B flow cell (300-cycle kit) for NovaSeq X2023-098
Convertible senior notes due August 15, 20232023-085
PrimateAI-3D2023-066
GRAIL SYMPLIFY study results (2×)2023-066
DRAGEN 4.22023-066
Illumina Connected Insights2023-034
Illumina Complete Long Read Prep, Human2023-034
Revolving Credit Agreement2023-0132
XLEAP-SBS sequencing chemistry launch (2×)202321
NovaSeq X Plus launch (3×)20239
NovaSeq X (2×)202331

Illumina Transactions & Events (22)

All recorded acquisitions, divestitures and exits of Illumina, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology

Acquisitions · 5Partnerships/contracts · 13Divestitures/exits · 4
20242025

Acquisitions by Illumina

Illumina: Acquisitions, 5 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2025
SomaLogic acquisition from Standard BioTools (2×)2025-06Completed28
SomaLogic acquisition2025Completed34
2024
Fluent Biosciences acquisition2024-06Completed15
2023
GRAIL Galleri pilot expansion with Point32Health2023-09Completed8
John Hancock expanded Galleri access for Vitality PLUS program2023-03Completed4

Divestitures and exits by Illumina

Illumina: Divestitures / exits, 4 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2024
GRAIL spin-off (2×)2024-06Divested30
2023
GRAIL acquisition2023-12Divested14
European Commission fine for GRAIL acquisition2023-07Divested6
Potential GRAIL divestment2023-06Divested7

Partnerships and contracts of Illumina

Illumina: Partnerships & contracts, 13 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2025
TruSight Oncology pharmaceutical development partnerships2025-09Agreement26
Tempus partnership for clinical adoption2025-03Agreement22
Broad Institute flagship collaboration project2025-03Agreement22
Broad Clinical Labs collaboration2025-03Agreement22
2024
Collaboration with AstraZeneca for GRAIL risk classification test2024-03Agreement13
2023
Janssen collaboration on molecular residual disease assay2023-12Agreement11
GRAIL Galleri collaboration with HCA Healthcare2023-09Agreement8
Pillar Biosciences partnership2023-06Agreement6
Alliance for Genomic Discovery expansion (2×)2023-06Agreement11
Partnership with Henry Ford Health for genomic testing in cardiovascular disease2023-03Agreement4
Partnership with FirstHealth of the Carolinas for Galleri offering2023-03Agreement4
Expanded partnership with Providence Health System for Galleri2023-03Agreement4
Expanded partnership with Myriad Genetics for TSO 500 HRD oncology testing2023-03Agreement4

Illumina Risks (61 since the annual report of 2026-02-12, 180 tracked in total)

Risk factors Illumina itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology

Category: CustomersMacroGeopoliticsTechnologyRegulatoryFinancialMarketLegalCompetitionSupply chain

Illumina: risk factors as reported, 61 since the last annual report, 180 tracked. Compiled by NadirAlpha from SEC filings.
RiskCategoryLast reported
Illumina: first mention in 10-Q quarterly report of 2026-07-31 (2026-Q2), source 34
Reductions in U.S. government NIH funding impacting research customer demand=
Armed conflicts between Russia-Ukraine and Middle East-Iran causing higher fuel, energy, and shipping costs impacting gross margin=
Illumina: first mention in 8-K-EX99.1 earnings release of 2026-07-30 (2026-Q2), source 33
Inclusion on China's unreliable entities list creates market access uncertainty=
Ability to manufacture robust instrumentation and consumables including SomaLogic products=
Ability to successfully integrate SomaLogic and Standard BioTools assets=
Changes in rate of growth in served markets including proteomics=
Uncertainty regarding tariffs imposed or threatened by U.S. and trading partners=
Illumina: first mention in 10-Q quarterly report of 2026-05-04 (2026-Q1), source 32
Rising memory chip costs and freight costs from Middle East conflict negatively impacting gross margin2026-Q2
2026-07-31 34
Illumina: first mention in 8-K-EX99.1 earnings release of 2026-02-05 (2025-Q4), source 29
Tariffs on U.S. imports from Singapore manufacturing, parts to U.S. operations, and China imports; seeking refunds for IEEPA-related tariffs with uncertain timing2026-Q2
2026-07-31 34
Illumina: first mention in 10-Q quarterly report of 2025-10-31 (2025-Q3), source 27
Inclusion on China unreliable entities list reduced Greater China revenue by $27 million in YTD 20262026-Q2
2026-07-31 34
Illumina: first mention in 10-K annual report of 2025-02-12 (FY2024), source 21
Outstanding term notes maturing 2026, 2027, 2030, and 2031 with principal amounts of $500 million each2026-Q2
2026-07-31 34
Illumina: first mention in 10-Q quarterly report of 2024-05-03 (2024-Q1), source 14
Competitive challenges in China region affecting product sales and market position2026-Q2
2026-07-31 34
Illumina: first mention in 8-K-EX99.1 earnings release of 2024-01-09 (2023-Q4), source 10
Risk of additional litigation arising in connection with GRAIL acquisition2026-Q2
2026-07-30 33
Success of products and services competitive with Illumina offerings2026-Q2
2026-07-30 33
Illumina: first mention in 10-Q quarterly report of 2023-08-10 (2023-Q2), source 7
Inflation, exchange rate fluctuations, concerns about economic downturn, and geopolitical conflicts impacting sales and margins2026-Q2
2026-07-31 34
Illumina: first mention in 8-K-EX99.1 earnings release of 2023-04-25 (2023-Q1), source 4
Ability to obtain regulatory clearance and third-party payor reimbursement approval2026-Q2
2026-07-30 33
Illumina: first mention in 10-Q quarterly report of 2026-05-04 (2026-Q1), source 32
Significant IEEPA-related tariff costs incurred; recovery via CBP refund process uncertain and dependent on future court/administrative developments.=
Armed conflict in Middle East and Iran expected to increase freight and shipping costs in 2026.=
Armed conflict and instability in Iran and Middle East causing volatility in global energy markets and potential supply chain disruptions.=
Tariffs, inflation, exchange rate fluctuations expected to impact sales and margins throughout 2026.=
Reductions in U.S. government NIH funding impacting sales.=
Illumina: first mention in 10-K annual report of 2026-02-12 (FY2025), source 30
Inclusion on China unreliable entities list resulted in $20 million revenue decrease in Greater China region.2026-Q1
2026-05-04 32
Contractual disputes in ordinary course of business=
Employment-related legal actions=
Various lawsuits and claims involving intellectual property matters=
CLIA certification and CAP accreditation maintenance requirements=
In Vitro Diagnostics Regulation (EU) 2017/746 compliance requirements=
Manufacturing facilities operate under ISO 13485; commitment to medical device and health/safety regulatory compliance required=
Exposure to interest rate changes on floating rate securities=
Sanctions on Russia affecting business operations=
Macroeconomic factors including inflation and exchange rate fluctuations=
Tariffs imposed beginning April 2025 affecting manufacturing and supply chain=
Environmental regulations and climate change impacts=
Potential cybersecurity incidents and data breaches=
Illumina: first mention in 8-K-EX99.1 earnings release of 2026-02-05 (2025-Q4), source 29
Ability to successfully integrate SomaLogic assets into operations2026-Q1
2026-04-30 31
Illumina: first mention in 8-K-EX99.1 earnings release of 2026-01-13 (FY2025), source 28
Uncertainty regarding inclusion on China's unreliable entities list2026-Q1
2026-04-30 31
SomaLogic acquisition completion dependent on regulatory approvals=
Illumina: first mention in 10-Q quarterly report of 2025-10-31 (2025-Q3), source 27
Company remains on China's Unreliable Entities List requiring approval for purchases2025-Q4
2026-02-05 29
Illumina: first mention in 8-K-EX99.1 earnings release of 2025-10-30 (2025-Q3), source 26
Ability to adjust operating expenses to align with revenue expectations2026-Q1
2026-04-30 31
Illumina: first mention in 8-K-EX99.1 earnings release of 2025-07-31 (2025-Q2), source 24
Completion of proposed SomaLogic acquisition and regulatory approvals uncertain2025-Q3
2025-10-30 26
Multiple customer segments but concentration risk in research and clinical marketsFY2025
2026-02-12 30
Changes in growth rate of proteomics marketFY2025
2026-01-13 28
Challenges in developing, manufacturing, and launching new productsFY2025
2026-01-13 28
Illumina: first mention in 10-Q quarterly report of 2025-05-09 (2025-Q1), source 23
Reductions in U.S. government NIH funding impacting research customersFY2025
2026-02-12 30
Competitive challenges particularly in China regionFY2025
2026-02-12 30
Illumina: first mention in 10-K annual report of 2025-02-12 (FY2024), source 21
Ability to obtain regulatory clearance for products2026-Q1
2026-04-30 31
Illumina: first mention in 8-K-EX99.1 earnings release of 2025-01-14 (2024-Q4), source 19
Volume, timing and mix of customer orders among products and services2026-Q1
2026-04-30 31
Changes in the rate of growth in the markets served, including proteomics2026-Q1
2026-04-30 31
Illumina: first mention in 10-K annual report of 2024-02-16 (FY2023), source 12
Some raw materials and components obtained from single-source suppliers; pandemics or disasters could impact manufacturingFY2025
2026-02-12 30
FDA clearance and approval processes for molecular diagnostic productsFY2025
2026-02-12 30
Foreign currency exchange rate exposure across multiple jurisdictionsFY2025
2026-02-12 30
Competitors have greater financial, technical, and AI capabilities; new competitors expected to emergeFY2025
2026-02-12 30
Illumina: first mention in 8-K-EX99.1 earnings release of 2024-01-09 (2023-Q4), source 10
Ability to obtain approval by third-party payors for product reimbursement2025-Q4
2026-02-05 29
Ability to obtain regulatory clearance for products from government agencies2025-Q4
2026-02-05 29
Illumina: first mention in 8-K-EX99.1 earnings release of 2023-11-09 (2023-Q3), source 8
Impact of armed conflict on business operations and supply chains2025-Q4
2026-02-05 29
Uncertainty and adverse economic conditions including slowing growth2025-Q4
2026-02-05 29
Illumina: first mention in 10-Q quarterly report of 2023-08-10 (2023-Q2), source 7
Armed conflict between Russia and Ukraine continues to make business activities in affected regions challenging.2026-Q1
2026-05-04 32
Illumina: first mention in 8-K-EX99.1 earnings release of 2023-08-09 (2023-Q2), source 6
Reliance on third-party suppliers for critical components2025-Q4
2026-02-05 29
Illumina: first mention in 8-K-EX99.1 earnings release of 2023-04-25 (2023-Q1), source 4
Challenges in developing, manufacturing, and launching new products2026-Q1
2026-04-30 31
Ability to manufacture robust instrumentation and consumablesFY2025
2026-01-13 28
Success of competing products and servicesFY2025
2026-01-13 28
= last mention identical with the first mention (same source)

Illumina Reported KPIs (as disclosed) (199)

Figures Illumina discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
Illumina: reported KPIs as disclosed, 199 entries. Compiled by NadirAlpha from SEC filings.
KPIValue / changeSource
Illumina, published 2026-07-31, period 2026-Q2
total cash and investments$1,16834
short-term investments$12834
revolving credit facility$75034
operating margin YTD20.2%34
operating margin YTD18.0%34
gross margin YTD66.2%34
gross margin YTD65.6%34
gross margin66.4%34
gross margin65.6%34
effective tax rate YTD18.4%34
effective tax rate YTD25.1%34
effective tax rate20.5%34
effective tax rate23.4%34
contingent consideration liability GRAIL$4034
cash and cash equivalents$1,04034
2026 repurchase program remaining$1.534
2024 repurchase program remaining$27934
Illumina, published 2026-07-30, period 2026-Q2
short-term investments12833
cash flow from operating activities$20133
Cash and cash equivalents$1,04033
Capital expenditures$3933
Illumina, published 2026-05-04, period 2026-Q1
short-term investments$66 million32
Operating margin19.2%32
Gross margin66.1%32
Effective tax rate14.8%32
Cash and cash equivalents$1,089 million32
Illumina, published 2026-04-30, period 2026-Q1
Cash and short-term investments$1.16 billion31
Cash and cash equivalents$1,08931
Illumina, published 2026-02-12, period FY2025
Voluntary turnover rate8%30
short-term investments215 million30
Foreign subsidiaries cash444 million30
Cash and equivalents1,418 million30
R&D expense$967 million30
Pending patent applications outside the U.S.4,21830
Pending U.S. patent applications1,12030
Issued patents outside the U.S.7,65330
Issued U.S. patents1,38030
Backlog to be shipped in13%30
Backlog to be shipped in77%30
Backlog$738 million30
Illumina, published 2026-02-05, period 2025-Q4
short-term investments$215 million29
Cash and cash equivalents$1,418 million29
Illumina, published 2026-01-13, period FY2025
Ex-China revenueapproximately $1.100 billion28
Ex-China revenue (FY2025)approximately $4.10 billion28
Illumina, published 2025-10-31, period 2025-Q3
Total cash equivalents and investments1,27827
short-term investments22827
share repurchase authorization available68427
GRAIL contingent consideration liability4327
Foreign subsidiaries cash50127
cash and cash equivalents1,05027
Illumina, published 2025-10-30, period 2025-Q3
total cash and investments$1,28026
short-term investments$22826
Cash and equivalents$1,05026
Illumina, published 2025-07-31, period 2025-Q2
short-term investments$22124
Operating cash flow$23424
Cash and cash equivalents$93424
Illumina, published 2025-05-09, period 2025-Q1
taxes paid net share settlement$2223
strategic investments purchased$2423
stock repurchased$20023
short-term investments$12423
share repurchase remaining available$1.223
share repurchase authorization$1.523
share-based compensation expense$7323
revolving credit facility$75023
gross margin core Illumina65.6%23
gross margin consolidated65.6%23
Greater China region revenue$30823
estimated tariff cost impact$8523
depreciation and amortization expense$6923
covered revenues$3823
covered revenue payments paid$360,00023
contingent consideration long-term liabilities$5923
contingent consideration liability related to GRAIL$6123
cash held by foreign subsidiaries$43223
cash and cash equivalents and short-term investments$1,23723
cash and cash equivalents$1,11323
capital expenditures$3223
capital commitments callable recallable distributions$1023
capital commitments callable$323
2031 Term Notes principal$50023
2031 Term Notes interest rate2.550%23
2027 Term Notes principal$50023
2027 Term Notes interest rate5.750%23
2026 Term Notes principal$50023
2026 Term Notes interest rate4.650%23
2025 Term Notes principal$50023
2025 Term Notes interest rate5.800%23
Illumina, published 2025-05-08, period 2025-Q1
tariff related costs$85 million22
short-term investments$12422
cash, cash equivalents and short-term investments$1.24 billion22
Cash and cash equivalents$1,11322
Illumina, published 2025-02-12, period FY2024
short-term investments$93 million21
Cash and cash equivalents$1,127 million21
Backlog$657 million21
Illumina, published 2025-02-06, period 2024-Q4
term debt$1,98920
stockholders equity$2,37320
short-term investments$9320
Cash and cash equivalents$1,12720
Illumina, published 2024-11-06, period 2024-Q3
short-term investments7018
GRAIL contingent consideration liability8218
foreign subsidiary cash46418
cash and cash equivalents86918
Illumina, published 2024-11-04, period 2024-Q3
term debt$1,98817
stockholders' equity$2,12517
short-term investments$7017
Cash and cash equivalents$86917
Illumina, published 2024-08-07, period 2024-Q2
stock repurchase authorization remaining1516
short-term investments7416
revolving credit facility amount available75016
Fair value of contingent consideration liability (GRAIL CVRs)13116
European Commission fine accrued48116
Delayed Draw Credit Facility amount borrowed75016
Cash and cash equivalents92016
Illumina, published 2024-08-06, period 2024-Q2
Cash and equivalents$99415
Illumina, published 2024-05-03, period 2024-Q1
Term Notes50014
Term Notes50014
Term Notes50014
short-term investments714
Share-based compensation expense9614
Share repurchase authorization remaining1514
Restructuring charges3614
Property and equipment impairment3214
Gross margin Core Illumina65.7%14
GRAIL performance-based award potential value7814
GRAIL cash incentive awards unvested27914
Foreign subsidiary cash61414
European Commission fine accrued47814
Effective tax rate(15.3)%14
Depreciation and amortization10814
Credit Facility75014
Covered Revenues Q1 2024 expected2714
Covered Revenue Payments Q2 2024 expected25014
Contingent consideration liability GRAIL40314
Consolidated gross margin62.0%14
Cash and cash equivalents110814
Capital expenditures3614
Accrued GRAIL awards liability4114
Illumina, published 2024-05-02, period 2024-Q1
Purchases of property and equipment$(36)13
GRAIL revenue$2713
Depreciation and amortization expenses$10813
Core Illumina revenue$1,05613
Cash flow provided by operating activities$7713
Cash and cash equivalents$1,10813
Illumina, published 2024-02-16, period FY2023
Women percentage GRAIL55%12
Women percentage Core Illumina45%12
Voluntary turnover rate GRAIL8%12
Voluntary turnover rate Core Illumina7%12
US minorities percentage Core Illumina54%12
Operating cash flow478 million12
Operating cash flow392 million12
Operating cash flow545 million12
GRAIL contingent workers38012
European Commission fine accrual484 million12
Credit facility amount750 million12
Core Illumina contingent workers1,37012
contingent consideration liability GRAIL387 million12
cash and cash equivalents1,048 million12
2031 term notes principal500 million12
2027 term notes principal500 million12
2025 term notes principal500 million12
Illumina, published 2024-02-08, period 2023-Q4
short-term investments611
Cash and cash equivalents1,04811
Illumina, published 2024-01-09, period 2023-Q4
Core Illumina revenueapproximately $1,090 million10
Core Illumina revenue Fiscal Yearapproximately $4,431 million10
Core Illumina GAAP operating margin2.4%10
Core Illumina GAAP operating margin Fiscal Year12.3%10
Consolidated revenueapproximately $1,115 million10
Consolidated revenue Fiscal Yearapproximately $4,497 million10
Consolidated GAAP operating margin(15.5)%10
Consolidated GAAP operating margin Fiscal Year(24.0)%10
Illumina, published 2023-11-13, period 2023-Q3
short-term investments69
Cash and equivalents9339
Illumina, published 2023-11-09, period 2023-Q3
NovaSeq X instruments expected330 to 3408
Cash and equivalents$9338
Illumina, published 2023-08-10, period 2023-Q2
Operating loss-152 million7
Net loss YTD-231 million7
gross margin core Illumina65.5%7
gross margin consolidated62.2%7
foreign subsidiary cash413 million7
European Commission fine accrued471 million7
contingent consideration liability GRAIL440 million7
Cash and equivalents1.6 billion7
Illumina, published 2023-08-09, period 2023-Q2
short-term investments$66
NovaSeq X supply capacitymore than 3906
NovaSeq X shipments1096
Cash and cash equivalents$1,5536
Illumina, published 2023-05-05, period 2023-Q1
Expected covered revenuesapproximately 195
Expected covered revenue paymentsapproximately 183,0005
Effective tax rate103.9%5
Effective tax rate38.3%5
covered revenues235
covered revenue payments217,0005
Illumina, published 2023-04-25, period 2023-Q1
short-term investments244
Operating cash flow104
NovaSeq X order book quarter-endover 2004
Depreciation and amortization expenses1074
Cash and cash equivalents1,4944
Capital expenditures524
Annualized run rate cost savings commitmentmore than $100 million4

Illumina Development

How Illumina has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology

FY2026: Illumina

Illumina generated revenue of USD 1,091 million in Q1 2026, up 4.8% from Q1 2025 31, and USD 1,159 million in Q2 2026, up 9.5% from Q2 2025 33, with year-to-date growth driven primarily by higher demand for NovaSeq X high-throughput consumables and instruments as well as contributions from the SomaLogic acquisition 34. Illumina completed the acquisition of SomaLogic on January 30, 2026 for $460 million, expanding into the proteomics market as part of its multiomics strategy 32. Illumina's operating income reached USD 209 million in Q1 and USD 245 million in Q2, and the year-to-date GAAP operating margin moved higher despite ongoing headwinds from tariffs, inflation, and geopolitical conflicts 34. Full-year revenue guidance was raised twice during the period, reaching $4.60-$4.64 billion with non-GAAP diluted EPS guidance at $5.30-$5.40 as of the Q2 update 33, while the company's continued inclusion on China's Unreliable Entities List weighed on Greater China revenue and tariff uncertainty remained an ongoing risk 32 33.

FY2025: Illumina

Illumina reported FY2025 revenue of $4,343 million, flat versus 2024 on both a reported and constant currency basis, with ex-China revenue of $4.10 billion up 2% as a $65 million decrease in Greater China revenue resulted from the company's addition to China's Unreliable Entities List and a sequencing instrument export prohibition enacted in early 2025 29 30. GAAP operating income was $807 million and non-GAAP operating income was $1,004 million, with full-year GAAP operating margin of 18.6% and non-GAAP operating margin of 23.1% 29. GAAP diluted EPS of $5.45 and non-GAAP diluted EPS of $4.84 were supported by free cash flow of $931 million and cash growth to $1,418 million by year-end 129. Revenue trends improved progressively over the course of the year, from reported declines in Q1 and Q2 to flat in Q3 and 5% growth in Q4 2025 on a reported basis 29. Material events for the year included an incremental $100 million cost reduction program and the signing and subsequent completion of the acquisition of the SomaLogic business from Standard BioTools for $350 million in cash, closed January 30, 2026 22 30.

FY2024: Illumina

Illumina's fiscal year 2024 consolidated revenue declined approximately 3% to $4,372 million, as growth in sequencing consumables was more than offset by weaker sequencing instruments demand across all four quarters (21, 129). The defining corporate event was the completion of the GRAIL spin-off on June 24, 2024, which distributed approximately 85.5% of GRAIL shares to stockholders and triggered $1,889 million in goodwill and intangible impairment charges, producing a GAAP net loss of $1,223 million for the full year (21, 16, 129). Excluding these non-cash charges, adjusted operating income reached $922 million and adjusted diluted EPS was $4.16, with the Core Illumina non-GAAP operating margin expanding to 21.3% for FY2024 (129, 20). Full-year gross margin widened to 65.4% from 60.9% in 2023, driven by a favorable mix shift toward sequencing consumables and operational excellence cost reductions (21). In September 2024 the European Commission withdrew its previously imposed €432 million fine, resulting in a $481 million recognized gain, and free cash flow for the year totaled $709 million (18, 21, 129).

FY2023: Illumina

Illumina's fiscal 2023 revenue declined 2% to $4,504 million, driven primarily by lower sequencing consumables and instruments sales as the NovaSeq X platform launch continued to compress gross margin to 60.9% from 64.8% in the prior year 12. The GAAP operating loss of $(1,069) million improved from $(4,218) million in FY2022, but that improvement reflects a $3.1 billion reduction in goodwill and intangible impairment charges rather than underlying operational gains; Core Illumina non-GAAP operating margin was 19.8% and non-GAAP diluted EPS declined to $0.86 from $2.12 in FY2022 10 11 12. The company shipped 352 NovaSeq X instruments in fiscal 2023 and launched the XLEAP-SBS sequencing chemistry, extending per-genome cost reduction 11 12. The European Commission imposed a €432 million fine in July 2023 for completion of the GRAIL acquisition, and in December 2023 Illumina announced plans to divest GRAIL through a third-party sale or capital markets transaction targeting finalization by end of Q2 2024 12. Full-year free cash flow was $283 million compared to $106 million in FY2022, with $1,048 million in cash and net debt of $441 million at year-end 11 120.

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

All original documents NadirAlpha used for this report on Illumina stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology

53 documents · 2016 to 2026 · SEC EDGAR (USA)
Sources for Illumina stock: 53 original documents, 2016 to 2026. Compiled by NadirAlpha.
#Document typePublished
#18-K-EX99.1 earnings release2023-01-11
#2 / #1028-K-EX99.1 earnings release2023-02-07
#310-K annual report2023-02-17
#4 / #1048-K-EX99.1 earnings release2023-04-25
#510-Q quarterly report2023-05-05
#6 / #1068-K-EX99.1 earnings release2023-08-09
#710-Q quarterly report2023-08-10
#8 / #1088-K-EX99.1 earnings release2023-11-09
#910-Q quarterly report2023-11-13
#108-K-EX99.1 earnings release2024-01-09
#11 / #1118-K-EX99.1 earnings release2024-02-08
#1210-K annual report2024-02-16
#13 / #1138-K-EX99.1 earnings release2024-05-02
#1410-Q quarterly report2024-05-03
#15 / #1158-K-EX99.1 earnings release2024-08-06
#1610-Q quarterly report2024-08-07
#17 / #1178-K-EX99.1 earnings release2024-11-04
#1810-Q quarterly report2024-11-06
#198-K-EX99.1 earnings release2025-01-14
#20 / #1208-K-EX99.1 earnings release2025-02-06
#2110-K annual report2025-02-12
#22 / #1228-K-EX99.1 earnings release2025-05-08
#2310-Q quarterly report2025-05-09
#24 / #1248-K-EX99.1 earnings release2025-07-31
#2510-Q quarterly report2025-08-01
#26 / #1268-K-EX99.1 earnings release2025-10-30
#2710-Q quarterly report2025-10-31
#288-K-EX99.1 earnings release2026-01-13
#29 / #1298-K-EX99.1 earnings release2026-02-05
#3010-K annual report2026-02-12
#31 / #1318-K-EX99.1 earnings release2026-04-30
#3210-Q quarterly report2026-05-04
#33 / #1338-K-EX99.1 earnings release2026-07-30
#3410-Q quarterly report2026-07-31
Older sources (+19)
Older sources for Illumina, 19 documents
#Document typePublished
#20110-K annual report2016-03-02
#20410-K annual report2016-03-02
#20610-K annual report2016-03-02
#20210-Q quarterly report2016-05-09
#20310-Q quarterly report2016-08-02
#20510-Q quarterly report2017-08-03
#20810-K annual report2018-02-13
#20710-Q quarterly report2018-07-31
#21210-K annual report2019-02-12
#20910-Q quarterly report2019-04-26
#21010-Q quarterly report2019-07-31
#21110-Q quarterly report2019-10-25
#21610-K annual report2020-02-11
#21310-Q quarterly report2020-05-01
#21410-Q quarterly report2020-08-07
#21510-Q quarterly report2020-10-30
#21710-Q quarterly report2021-04-28
#21810-Q quarterly report2021-08-06
#21910-Q quarterly report2021-11-05

Illumina Stock FAQ

Is there a management forecast (guidance) for FY2026?

Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Which additional key figures does Illumina report?

As reported for Q2 2026: short-term investments, Capital expenditures, cash flow from operating activities. The chapter Reported KPIs lists every value with its source. Revenue is broken down by GRAIL.

Where can I find the official investor relations documents of Illumina?

NadirAlpha links all 53 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.

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