01—Abstract
Summary
Summary of the 8-K filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Illumina, Inc. (Nasdaq: ILMN) filed an 8-K on July 30, 2026 furnishing a press release announcing financial results for the second quarter ended June 28, 2026.
Q2 2026 revenue was $1.16 billiona, up 9.5% from Q2 2025, with ROW organic revenue growth of 8.1% excluding the impacts of currency, acquisitions, and China. GAAP operating margin was 21.1% and non-GAAP operating margin was 22.5%. GAAP diluted EPS was $1.35 versus $1.49 in the prior-year quarter, while non-GAAP diluted EPS was $1.31 versus $1.19.
Management attributed the results to clinical customers expanding sequencing-intensive applications and ongoing demand for NovaSeq X. The company raised its fiscal 2026 guidance. Total revenue is now expected at $4.60b-$4.64 billion, up from $4.52-$4.62 billion.
ROW organic revenue growth is now expected to exceed 5%, versus prior guidance of 2%-4%. Non-GAAP diluted EPS guidance rose to $5.30c-$5.40 from $5.15-$5.30. The non-GAAP operating margin guidance of 23.4%-23.6% was unchanged.
Cash flow was softer in the quarter. Operating cash flow was $201 milliond versus $234 million a year earlier, and free cash flow was $162 million versus $204 million.
The company held $1.17 billion in cash, cash equivalents and short-term investments at quarter end. Balance sheet items show goodwill rising to $1,284 million from $1,113 million at year-end 2025, and intangible assets rising to $410 million from $210 million.
02—Key points
Key Highlights
- Q2 2026 revenue of $1.16 billion, up 9.5% from Q2 2025; ROW organic revenue growth of 8.1%
- GAAP diluted EPS of $1.35 vs. $1.49 in Q2 2025; non-GAAP diluted EPS of $1.31 vs. $1.19
- GAAP operating margin of 21.1% and non-GAAP operating margin of 22.5% in Q2 2026
- FY2026 total revenue guidance raised to $4.60-$4.64 billion from $4.52-$4.62 billion
- FY2026 non-GAAP diluted EPS guidance raised to $5.30-$5.40 from $5.15-$5.30; non-GAAP operating margin guidance unchanged at 23.4%-23.6%
- Q2 2026 free cash flow of $162 million vs. $204 million a year earlier; operating cash flow of $201 million vs. $234 million
- Cash, cash equivalents and short-term investments of $1.17 billion at quarter end
03—Questions
Frequently Asked Questions
How did Illumina perform in the second quarter of 2026?
Revenue was $1.16 billion, up 9.5% from Q2 2025. GAAP diluted EPS was $1.35 compared with $1.49 a year earlier, and non-GAAP diluted EPS was $1.31 compared with $1.19. GAAP operating profit was $245 million and non-GAAP operating profit was $260 million.
What changed in Illumina's fiscal 2026 guidance?
Total revenue guidance was raised to $4.60-$4.64 billion from $4.52-$4.62 billion, and ROW organic revenue growth is now expected to exceed 5% versus prior guidance of 2%-4%. Non-GAAP diluted EPS guidance rose to $5.30-$5.40 from $5.15-$5.30. Non-GAAP operating margin guidance of 23.4%-23.6% was unchanged.
What drove the difference between GAAP and non-GAAP earnings?
The reconciliation adjusts for items including acquisition-related costs, transformational initiatives (primarily ERP system implementation costs in 2026), and strategic investment gains. In Q2 2026, strategic investment gains of $0.15 per share were excluded, and acquisition-related costs of $0.07 per share were added back.
How did cash flow and liquidity look at quarter end?
Operating cash flow was $201 million in Q2 2026 versus $234 million a year earlier, and capital expenditures were $39 million, leaving free cash flow of $162 million versus $204 million. The company held $1.17 billion in cash, cash equivalents and short-term investments.
What did management say about demand?
CEO Jacob Thaysen said momentum built through the first half of 2026 as clinical customers expanded sequencing-intensive applications, and that demand for NovaSeq X remains high as the company expands its workflow and multiomics capabilities.
04—Continue