Skip to content
AnalystLens

IlluminaILMN

Legal name
Illumina, Inc.
Sector
Other
Industry
Laboratory Analytical Instruments
Exchange
Nasdaq

Stock Price $ILMN

Latest filings

You are here#57 of 87 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K167

ILMN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 167 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’17Feb ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Deal closed8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $4.34B
YoY changeLargest recent move+39.7%in FY22Latest −0.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All ILMN Financial Metrics62 metrics

Income Statement16

Balance Sheet28

Cash Flow14

Per Share4

02—Overview

Illumina Financial Overview 2022–2025

Updated Nov 4, 2026

Illumina swung from a $1,223 million net loss in FY2024 to $850 milliona of net income in FY2025, on revenue that slipped 1%. The profit did not come from growth. It came from losing GRAIL: the $1,889 million of FY2024 impairments did not recur. What remains is a flat-revenue sequencing business that converts sales to cash efficiently, and that is the central case for the stock.

The longer arc is less flattering. Revenue went from $4.53 billion in FY2021 to $4.34 billionb in FY2025, while gross margin slid from 69.7% to 66.1%. Within that, FY2025 operating income reached $807 million, against an $833 million loss a year earlier. Operating cash flow was $1,079 million. Illumina spent $742 million on buybacks and still ended the year with $1,633 million in cash and short-term investments. Headwinds are real: Greater China revenue fell $65 million after the unreliable-entities listing, and instruments revenue slipped to $482 million.

At the close of FY2025, the market priced Illumina at $134.95c a share, or 24.8x earnings, for a market cap of $20.6 billion. That multiple rests on $5.45 of diluted EPS, which includes investment gains and the absence of impairments. Momentum has since improved: Q3 2026 revenue reached $1,129 million, up from $1,084 million in Q3 2025, with operating income of $305 million.

Recent Developments (Q2 and Q3 2026)

Illumina raised full-year guidance twice. Q2 2026 revenue of $1,159 milliond rose 9.5%, and FY2026 revenue guidance moved to $4.64-$4.66 billion after the Q3 2026 report. Reported Q3 2026 gross margin of 73.5% versus 67.6% was flattered by a net $42 million IEEPA tariff refund. Excluding refunds, revenue grew 4.7% organically. Free cash flow reached $378 million versus $253 million.

The SomaLogic deal closed January 30, 2026 for $460 millione. Illumina settled the Icahn GRAIL suit with no payment, though derivative actions remain. It repaid $500 million of notes, issued $300 million of 4.950% notes due 2029, and added a $1 billion revolver.

Bull case: guidance keeps rising and cash generation is accelerating. Bear case: tariffs, China and NIH funding pressure underlying margins, and 43.3x earnings as of the October 29, 2026 report date, not today, leaves little room for error.

What to watch: gross margin once tariff refunds fade; the November 2, 2026 dismissal hearing and remaining derivative suits

03—Filings

Recent SEC Filings

  1. 8-KIllumina 8-K Report, Financial Results (Oct 29, 2026)Illumina, Inc. reported third quarter 2026 results for the quarter ended September 27, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K. Reported revenue was $1.13 billion, up 4.2% from Q3 2025, and revenue excluding tariff refunds was $1.17 billion, up 4.7% on the company's ROW1 organic revenue growth basis. GAAP operating margin was 27.0% and GAAP diluted EPS was $1.43, compared with 21.0% and $0.98 in the prior-year quarter. Non-GAAP operating margin excluding tariff refunds was 25.0%, and non-GAAP diluted EPS excluding tariff refunds was $1.44. The results include an IEEPA tariff refund benefit of $79 million recognized as a reduction to cost of revenue, partly offset by a $37 million reduction to revenue for the portion expected to be credited to customers. Management raised full-year 2026 guidance, excluding tariff refunds. Total revenue is now expected at $4.64-$4.66 billion, up from $4.60-$4.64 billion, and non-GAAP diluted EPS is now expected at $5.40-$5.45, up from $5.30-$5.40. Non-GAAP operating margin guidance moved to 23.6% from a prior range of 23.4%-23.6%. Organic revenue growth guidance of greater than 4% and ROW organic revenue growth guidance of greater than 5% were unchanged. CEO Jacob Thaysen attributed the quarter's results above guidance to healthy clinical demand and robust NovaSeq X placements. Cash flow from operations was $419 million for the quarter, compared with $284 million a year earlier, and free cash flow was $378 million, compared with $253 million. The company held $1.34 billion in cash, cash equivalents and short-term investments at quarter end. Total term debt on the balance sheet was $1.79 billion (non-current) at September 27, 2026, with no current portion, versus $1.49 billion non-current and $499 million current at fiscal year-end 2025.
  2. 8-KIllumina 8-K Report, Material Agreement (Oct 13, 2026)On October 8, 2026, Illumina, Inc. entered into definitive documentation to establish an unsecured commercial paper program (the "CP Program") under which the company may issue short-term, unsecured commercial paper notes under the Section 4(a)(2) private placement exemption. Aggregate principal of CP Notes outstanding at any time may not exceed $1.0 billion, and amounts may be borrowed, repaid and re-borrowed. Net proceeds are expected to fund general corporate purposes, and as of the filing date no CP Notes were outstanding. The CP Notes may have maturities of up to 397 days from issue and will be sold in the commercial paper market at a discount from par or issued at par with fixed or floating interest rates. Three commercial paper dealers will initially act under the program, with a national bank serving as issuing and paying agent. The filing describes the dealer agreements as substantially identical in all material respects apart from the parties and notice provisions, and notes that dealers and their affiliates have provided and may continue to provide commercial banking, investment banking and other financial advisory services to the company for customary fees. The filing also incorporates the program's terms under Item 2.03 as a direct financial obligation. The form of dealer agreement is filed as Exhibit 10.1, and the filing states that the CP Notes have not been and will not be registered under the Securities Act or state securities laws.
  3. 8-KIllumina 8-K Report, Corporate Update (Aug 17, 2026)On August 17, 2026, Illumina, Inc. (ILMN) completed a public offering of $300,000,000 aggregate principal amount of its 4.950% notes due 2029 (the "Notes"). The Notes accrue interest at 4.950% per annum, payable semi-annually, and mature on September 19, 2029. The Notes were issued under an Indenture dated March 12, 2021 with U.S. Bank Trust Company, National Association, as trustee, together with an officer's certificate establishing their terms, and were registered on Form S-3 (File No. 333-281921). Illumina expects to use the net proceeds, together with cash on hand, to repay its 4.650% notes due September 9, 2026, of which $500 million aggregate principal amount was outstanding as of June 28, 2026. The refinancing therefore replaces maturing debt with new notes carrying a longer maturity, with the new issuance of $300 million being less than the $500 million outstanding on the notes being repaid, so the balance must come from cash on hand. The filing also states that upon an Event of Default under the Indenture, the principal of the Notes may be declared due and payable immediately, and that the Company may redeem the Notes in whole or in part from time to time at the redemption prices and on the terms set forth in the Notes. The filing is an Item 8.01 disclosure, and the full description is qualified by the Indenture, officer's certificate, and form of Notes filed as exhibits.
  4. 8-KIllumina 8-K Report, Material Agreement (Aug 13, 2026)Illumina, Inc. (ILMN) entered into a new credit agreement dated August 13, 2026, with Bank of America, N.A. as administrative agent, issuing bank and swingline lender, alongside other lenders and issuing banks. The agreement provides a $1,000 million senior unsecured five-year revolving credit facility, with a $50 million sublimit for swingline borrowings and a $75 million sublimit for letters of credit. Loans bear variable interest based on either the term secured overnight financing rate or the alternate base rate, plus an applicable rate tied to the Company's debt rating. The Company may request an increase in commitments or add term loans of up to $500 million, subject to lender consent and other conditions. The facility is intended to finance working capital needs and for general corporate or other lawful purposes of Illumina and its subsidiaries. It includes a maximum total leverage ratio financial covenant and operating covenants limiting subsidiary indebtedness, liens, and certain fundamental changes and asset dispositions. The facility matures on August 13, 2031, subject to three one-year extensions at the Company's option, lender consent and other conditions. Borrowings may be prepaid and commitments terminated at any time without premium or penalty. As of the date of the report, no borrowings were outstanding. The new commitments replace in their entirety the commitments under the Credit Agreement dated January 4, 2023 (the Existing Credit Agreement), which was terminated as of August 13, 2026. The filing also reports the termination under Item 1.02 and the financial obligation under Item 2.03 by reference to Item 1.01. The full agreement is filed as Exhibit 10.1.
  5. 8-KIllumina 8-K Report, Corporate Update (Aug 12, 2026)On August 10, 2026, Illumina, Inc. (ILMN) entered into an Underwriting Agreement with J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as representatives of the several underwriters, for the issuance and sale of $300,000,000 aggregate principal amount of its 4.950% notes due 2029. The offering is expected to close on August 17, 2026, subject to customary closing conditions. Illumina expects to use the net proceeds from the offering, together with cash on hand, to repay its 4.650% notes due September 9, 2026. The Notes are being issued under a Registration Statement on Form S-3 (Registration No. 333-281921) filed with the SEC on September 4, 2024, and the Underwriting Agreement is filed as Exhibit 1.1 to this report. For investors, the filing is a debt refinancing event: a new $300 million issuance at a 4.950% coupon and maturity in 2029 is being used to retire an existing note maturing in September 2026. The filing does not disclose any change to Illumina's operations, results, or guidance.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.