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Illumina 8-K Report, Financial Results (Jul 31, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 31, 2025
Period End
July 31, 2025
Security
ILMN
In the 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 · Nov ’17Nov ’17
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Sep ’22Sep ’22
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed July 31, 2025. Cited figures are marked; the original filing is the authoritative source.

Illumina, Inc. (Nasdaq: ILMN) furnished this Form 8-K under Item 2.02 to report financial results for the second quarter ended June 29, 2025.

Q2 2025 revenue was $1.06 billiona, down 3% from Q2 2024 on both a reported and constant currency basis. GAAP operating margin was 20.2% and non-GAAP operating margin was 23.8%. GAAP diluted EPS was $1.49 and non-GAAP diluted EPS was $1.19.

Cash provided by operations was $234 millionb and free cash flow was $204 million for the quarter. Management raised its fiscal 2025 outlook. Expected total company constant currency revenue decline is now (2.5%) to (0.5%), up from (3%) to (1%) previously.

Non-GAAP operating margin guidance is approximately 22% to 22.5%, up from 21.5% to 22.0%. Non-GAAP diluted EPS guidance is $4.45 to $4.55c, up from the May range of $4.20 to $4.30, and includes a benefit of approximately 10 cents from recently passed legislation allowing U.S.-based R&D spend to be tax-deductible. CEO Jacob Thaysen attributed the results to the continued ramp of X consumables and accelerating growth in clinical, the company's largest customer segment, while noting a constrained funding environment in research.

During the quarter Illumina repurchased about 4.5 million shares for $380 milliond, at an average price of $84.66 per share, and it had approximately $800 million of repurchase authorization remaining at quarter end. The company also entered into a definitive agreement to acquire SomaLogic from Standard BioTools, with closing expected in the first half of 2026, subject to regulatory approval.

02—Key points

Key Highlights

  1. Q2 2025 revenue of $1.06 billion, down 3% from Q2 2024 on both reported and constant currency bases.
  2. GAAP operating margin of 20.2% and non-GAAP operating margin of 23.8% for Q2 2025; GAAP operating profit was $214 million versus $442 million for Core Illumina in Q2 2024.
  3. GAAP diluted EPS of $1.49 and non-GAAP diluted EPS of $1.19 for Q2 2025.
  4. Fiscal 2025 guidance raised: non-GAAP diluted EPS of $4.45 to $4.55 (from $4.20 to $4.30), non-GAAP operating margin of approximately 22% to 22.5% (from 21.5% to 22.0%), and constant currency revenue decline of (2.5%) to (0.5%) (from (3%) to (1%)).
  5. Cash provided by operations of $234 million and free cash flow of $204 million in Q2 2025; $1.16 billion in cash, cash equivalents and short-term investments at quarter end.
  6. Repurchased about 4.5 million shares for $380 million in Q2 2025, with approximately $800 million remaining under the authorization.
  7. Entered a definitive agreement to acquire SomaLogic from Standard BioTools, expected to close in the first half of 2026, subject to regulatory approval.

03—Questions

Frequently Asked Questions

  1. How did Illumina perform in the second quarter of 2025?

    Revenue was $1.06 billion, down 3% from the prior-year quarter on both a reported and constant currency basis. GAAP diluted EPS was $1.49 and non-GAAP diluted EPS was $1.19, with a GAAP operating margin of 20.2% and a non-GAAP operating margin of 23.8%.

  2. What changed in Illumina's fiscal 2025 guidance?

    The company raised its outlook. Constant currency revenue decline is now expected at (2.5%) to (0.5%), up from (3%) to (1%). Non-GAAP operating margin is expected at approximately 22% to 22.5%, up from 21.5% to 22.0%. Non-GAAP diluted EPS is expected at $4.45 to $4.55, up from $4.20 to $4.30 in May, including an approximate 10 cent benefit from recently passed U.S. legislation on R&D tax deductibility.

  3. How much did Illumina spend on share repurchases?

    Illumina repurchased approximately 4.5 million shares for $380 million in the quarter at an average price of $84.66 per share. About $800 million of authorization remained at the end of the quarter, and the company intends to repurchase incremental shares over the rest of the year.

  4. What is the SomaLogic acquisition?

    Illumina entered into a definitive agreement to acquire SomaLogic and other specified assets from Standard BioTools. The transaction is expected to close in the first half of 2026, subject to regulatory approval.

  5. What did management say about market conditions?

    CEO Jacob Thaysen said Illumina is helping research customers navigate a constrained funding environment. He highlighted continued ramp of X consumables and accelerating growth in clinical, the company's largest customer segment.

04—Continue

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