01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Illumina, Inc. reported fiscal 2025 (year ended December 28, 2025) total revenue of $4.34 billiona, down from $4.37 billion in 2024, with consumables revenue of $3,227 million up from $3,169 million, offset by instruments revenue of $482 million (down from $501 million) and service and other revenue of $634 million (down from $662 million Core Illumina).
Net income was $850 millionb, compared with a net loss of $1,223 million in 2024, which had included $1,889 million of goodwill and intangible impairments tied to GRAIL. Operating income was $807 million versus a loss of $833 million, and the company cited tariffs, the Greater China revenue decline of $65 million from its inclusion on China's List of Unreliable Entities, and reduced U.S. NIH funding as headwinds. Gross margin was 66.1% compared with 65.4% in 2024.
Cash flow from operations was $1,079 millionc, and the company ended the year with cash, cash equivalents and short-term investments of $1,633 million. During 2025 Illumina repurchased $742 million of stock, issued $500 million of 4.750% 2030 Term Notes, and repaid $500 million of 2025 Term Notes. Remaining authorization under the $1.5 billion repurchase program was $643 million at year end.
Subsequent to year end, on January 30, 2026, the company completed the acquisition of SomaLogic and other assets from Standard BioTools for $350 milliond in cash, plus a separate $50 million intellectual property portfolio purchase, with up to $75 million in potential milestone payments. The filing also details significant legal exposure tied to the 2024 GRAIL acquisition, including federal and state securities class actions and multiple Delaware shareholder derivative complaints, all described as being at an early stage. Ernst & Young LLP issued an unqualified opinion on both the financial statements and internal control over financial reporting, which management concluded was effective as of December 28, 2025.
02—Key points
Key Highlights
- Total revenue of $4,343 million in 2025 versus $4,372 million in 2024, with consumables revenue of $3,227 million, up from $3,169 million.
- Net income of $850 million in 2025, compared with a net loss of $1,223 million in 2024, which included $1,889 million of goodwill and intangible impairments.
- Gross margin of 66.1% in 2025 versus 65.4% in 2024; the Core Illumina gross margin decreased to 66.1% from 67.1% due to tariffs and a $23 million intangible impairment.
- Greater China revenue declined $65 million in 2025 after Illumina was added to China's List of Unreliable Entities; export of sequencing instruments into China was halted in March 2025 and resumed on November 10, 2025 on a case-by-case basis.
- Net cash provided by operating activities of $1,079 million, with $1,633 million in cash, cash equivalents and short-term investments at year end.
- Share repurchases of $742 million in 2025, with $643 million remaining under the $1.5 billion authorization; the company issued $500 million of 4.750% 2030 Term Notes in November 2025.
- SomaLogic and other assets were acquired from Standard BioTools on January 30, 2026 for $350 million in cash, with up to $75 million in potential milestone payments.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Illumina kept $0.20.
- Revenue$4.34B100.0%
- Cost of revenue−$1.47B33.9%
- Gross profit$2.87B66.1%
- Operating costs−$2.06B47.5%
- Operating income$807.0M18.6%
- Interest, other & tax$43.0M1.0%
- Net income$850.0M19.6%
Where FY2025 revenue went
$4.34B- Cost of revenue: $1.47B, 34% of revenue
- SG&A: $1.09B, 25% of revenue
- R&D: $967.0M, 22% of revenue
- Operating income: $807.0M, 19% of revenue
Kept 19% as operating income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $4.34B$4.37B | −0.7% |
| Cost of Revenue | $1.47B$1.51B | −2.5% |
| Gross Profit | $2.87B$2.86B | +0.3% |
| R&D Expenses | $967.00M$1.17B | −17.3% |
| SG&A Expenses | $1.09B$1.09B | −0.5% |
| Operating Expenses | $2.06B$3.69B | −44.2% |
| Operating Income | $807.00M-$833.00M | +196.9% |
| Net Income | $850.00M-$1.22B | +169.5% |
| EPS (Basic) | $5.47$-7.69 | +171.1% |
| EPS (Diluted) | $5.45$-7.69 | +170.9% |
| Shares Outstanding (Basic) | 155.00M159.00M | −2.5% |
| Shares Outstanding (Diluted) | 156.00M159.00M | −1.9% |
05—Questions
Frequently Asked Questions
Did Illumina return to profitability in 2025?
Yes. Illumina reported net income of $850 million in 2025, compared with a net loss of $1,223 million in 2024. Operating income was $807 million, versus an operating loss of $833 million in 2024. The 2024 results were heavily affected by goodwill and intangible impairments of $1,889 million, mostly related to GRAIL.
What were the main headwinds to revenue in 2025?
The filing cites tariffs, inflation, exchange rate fluctuations, concerns about an economic downturn, competitive challenges in China, sanctions on Russia, and reductions in U.S. government funding of the NIH. Illumina's inclusion on China's List of Unreliable Entities reduced Greater China revenue by $65 million. Core Illumina instruments revenue fell to $482 million from $501 million, while service and other revenue fell to $634 million from $662 million.
How is Illumina using its cash and what is its capital allocation approach?
In 2025 Illumina repurchased $742 million of common stock and repaid $500 million of 2025 Term Notes at maturity. It issued $500 million of 4.750% 2030 Term Notes, receiving net proceeds of $495 million. Remaining repurchase authorization was $643 million at year end, and the company said it intends to continue repurchasing shares in 2026. The company has never paid cash dividends and has no present intention to do so.
What legal risks does Illumina face related to the GRAIL acquisition?
Illumina faces federal and state securities class actions and several Delaware shareholder derivative complaints related to the GRAIL acquisition. The company says these lawsuits are at an early stage, that it cannot predict their outcome, and that it intends to vigorously defend them. The Board has deferred decisions on shareholder litigation demands, and a motion to dismiss in the Pavers derivative action has a hearing scheduled for February 13, 2026.
What acquisitions and commitments came after year end 2025?
On January 30, 2026, Illumina completed the acquisition of SomaLogic and other specified assets from Standard BioTools for a $350 million upfront cash payment, subject to adjustments, plus royalty streams and up to $75 million in potential milestones. It also acquired an intellectual property portfolio for a $50 million upfront cash payment on the same date. The company said both were funded from cash on hand.
06—Continue