NASDAQ: ILMN · Life Sciences Tools & Services
Illumina, Inc.
Illumina, based in San Diego, is a global leader in DNA sequencing and array-based tools for genetic and genomic analysis. It sells sequencing instruments such as the NovaSeq X and, mainly, the consumables (reagents and flow cells) used on them, plus services, to research labs, hospitals and clinical testing companies. In 2025 consumables were $3,227 million of $4,343 million revenue, instruments $482 million and service and other $634 million. Illumina bought cancer-test developer GRAIL in 2021 and, after antitrust challenges, spun it off in June 2024; GRAIL-related impairments caused large losses in 2022–2024. It returned to profit in 2025 (net income $850 million, diluted EPS $5.45). China barred its instrument exports from March to November 2025, and Greater China revenue fell to $243 million. In January 2026 it bought proteomics company SomaLogic for $350 million.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 09:48 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-27) · filed 2026-10-30Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 18.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +4.2 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.3x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.27x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 39.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.05
Higher than 34% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 50% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 53% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 24% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 32% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-27
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$231.80close on 2026-11-04
Market cap$35.47B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 39.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 13.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 33.3x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 24.8x
Earnings: trailing 12 months to 2026-09-27
At FY2025 year-end: 7.6x
Book value at FY2025 year-end
At FY2025 year-end: 19.7x
EBITDA for FY2025
At FY2025 year-end: 4.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 27, 2026.
- Revenue$1.08B → $1.13B (vs. a year earlier)↑ +4.2%$1.08B → $1.13B (vs. a year earlier)
- Operating margin20.9% → 27.0% (vs. a year earlier)↑ +6.1 pts20.9% → 27.0% (vs. a year earlier)
- Net income$150M → $220M (vs. a year earlier)↑ +46.7%$150M → $220M (vs. a year earlier)
- Diluted EPS$0.98 → $1.43 (vs. a year earlier)↑ +45.9%$0.98 → $1.43 (vs. a year earlier)
- Cash$1.04B → $1.29B (vs. previous quarter-end)↑ +23.9%$1.04B → $1.29B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook ↑ Raised
Revenue guidance $4.64-$4.66 billion, versus $4.60-$4.64 billion before. Source sentence
Total revenue of $4.64-$4.66 billion versus prior guidance of $4.60-$4.64 billion.
Key changes
Q3 revenue $1.13B, up 4.2%. Source sentence
Reported revenue was $1.13 billion for Q3 2026, up 4.2% from Q3 2025.
GAAP operating margin 27.0%. Source sentence
GAAP operating margin was 27.0% and non ‑ GAAP operating margin, excluding tariff refunds, was 25.0%.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- ILLUMINA, INC.
- Headquarters
- SAN DIEGO, CA
- Incorporated in
- Delaware
- Fiscal year end
- 01/03
- Exchange & ticker
- NASDAQ: ILMN
- Industry
- Life Sciences Tools & Services
- CIK
- 1110803
- Website
- https://www.illumina.com/ ↗
Workforce (as of FY2025 year-end)
Employees
8,650
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 39 days after quarter end (Feb 5, 2026; Feb 6, 2025; Feb 8, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around January 3.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 32–39 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 27, 2026 | Oct 29, 2026 (+32 days) | Oct 30, 2026 10-Q (+33 days) |
| Q2 FY2026 | Jun 28, 2026 | Jul 30, 2026 (+32 days) | Jul 31, 2026 10-Q (+33 days) |
| Q1 FY2026 | Mar 29, 2026 | Apr 30, 2026 (+32 days) | May 4, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 28, 2025 | Feb 5, 2026 (+39 days) | Feb 12, 2026 10-K (+46 days) |
| Q3 FY2025 | Sep 28, 2025 | Oct 30, 2025 (+32 days) | Oct 31, 2025 10-Q (+33 days) |
| Q2 FY2025 | Jun 29, 2025 | Jul 31, 2025 (+32 days) | Aug 1, 2025 10-Q (+33 days) |
| Q1 FY2025 | Mar 30, 2025 | May 8, 2025 (+39 days) | May 9, 2025 10-Q (+40 days) |
| Q4 FY2024 | Dec 29, 2024 | Feb 6, 2025 (+39 days) | Feb 12, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 29, 2024 | Nov 4, 2024 (+36 days) | Nov 6, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 6, 2024 (+37 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 8, 2024 (+39 days) | Feb 16, 2024 10-K (+47 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Core Illumina
Sequencing instruments
High-throughput and benchtop sequencers including NovaSeq X; NovaSeq X demand drove 2026 growth.
Core Illumina
Consumables
Reagents, flow cells and library preparation kits used on each sequencing run; the largest revenue source.
Core Illumina
Arrays and services
Microarrays for genotyping, instrument service contracts, software and informatics.
Core Illumina
Proteomics (SomaLogic)
SomaLogic protein-measurement technology acquired January 30, 2026 for $350M plus royalties and up to $75M of milestones.
From the Form 10-K, FY2025, year ended 2025-12-28.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Sequencing and arrays
Genetic and genomic analysis
U.S. share
—
Not disclosedWorldwide share
Global leader
Company-disclosed“We are a global leader in sequencing- and array-based solutions for genetic and genomic analysis.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $4,343M (−1%); operating income $807M; net income $850M; diluted EPS $5.45.
Source: Form 10-K (FY2025, year ended 2025-12-28)
Q3 2026
Revenue $1.13B (+4.2%); GAAP operating margin 27.0%; diluted EPS $1.43. Clinical demand and NovaSeq X placements beat guidance, and Illumina raised 2026 revenue guidance to $4.64–4.66B (excluding tariff refunds). It set up a $1B commercial paper program on October 8, 2026.
Source: Q3 2026 earnings release; Form 10-Q (quarter ended 2026-09-27)
H1 2026
Revenue $2,251M (+7%) on consumables and instruments demand for NovaSeq X; Q2 net income $207M versus $235M.
Source: Form 10-Q (quarter ended 2026-06-28)
SomaLogic
Completed acquisition of SomaLogic from Standard BioTools on January 30, 2026.
Source: Form 8-K (2026-01-30) — Item 2.01 SomaLogic acquisition completed
China exports
China allowed instrument exports again from November 10, 2025, subject to case-by-case approval.
Source: Form 10-K (FY2025, year ended 2025-12-28)
Capex ÷ D&A (FY2025)
0.55x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$148M ÷ $270M = 0.55x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
22.3%
formularesearch & development expense ÷ revenue × 100
e.g.$967M ÷ $4,343M × 100 = 22.3%
M&A spend (6-year total)
$2.93B
Latest year: $10M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $189M in FY2020 to $148M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$4.34B
As reported in the 10-K
Revenue CAGR (5 years)
+6.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($4,343M ÷ $3,239M) ^ (1÷5) − 1 = 6.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
18.6%
+0.7pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$807M ÷ $4,343M × 100 = 18.6%
ROE (FY2025)
33.4%▲favorable
6-year average: -7.1%
As reported in the 10-K
P/B (FY2025 end)
7.58x
formulafiscal year-end closing price ÷ book value per share
e.g.$134.95 ÷ $17.80 = 7.58x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
19.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($20,647M + $1,989M − $1,418M) ÷ ($807M + $270M) = 19.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.0% a year over 5 years (strong growth)
From $3.24B in FY2020 to $4.34B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 17.9% → 18.6%
How much operating profit is left per $100 of revenue. It moved +0.7 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 41.0% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -7.1% over 6 years (latest: 33.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- SomaLogic (from Standard BioTools)
07 · what it does
Key activities
- Sequencing instruments (NovaSeq X and others) and arrays
- Consumables: reagents and flow cells
- Services, software and, from 2026, SomaLogic proteomics
06 · what it draws on
Key resources
- About 8,600 full-time employees and 1,430 contingent workers
- Proprietary sequencing chemistry and patents
- Manufacturing in the U.S., Singapore and elsewhere
02 · why customers buy
Value propositions
- Sequencing and array instruments and consumables used in research and clinical labs.
04 · how it keeps them
Customer relationships
- Recurring consumables used on each instrument run; service contracts.
03 · how it reaches them
Channels
- Direct sales, plus life-science distributors in some markets.
01 · who it serves
Customer segments
- Genomic research centers, academic and government labs
- Hospitals, reference labs and clinical testing companies; no customer above 10% of revenue
09 · where money goes
Cost structure
FY2025, share of revenue ($4.34B)
- Cost of revenue33.9%
- Research & development22.3%
- Selling, general & administrative25.0%
Operating profit left: 18.6% of revenue. Depreciation & amortization (inside the costs above): $270M. Capital spending: $148M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Consumables $3,227M
- Instruments $482M
- Service and other $634M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Places sequencing and array instruments with customers and earns recurring revenue from proprietary consumables used on each run, plus service contracts.
01 what it draws on
Inputs & resources
- About 8,600 full-time employees and 1,430 contingent workers
- Proprietary sequencing chemistry and patents
- Manufacturing in the U.S., Singapore and elsewhere
02 what it does
Activities
- Sequencing instruments (NovaSeq X and others) and arrays
- Consumables: reagents and flow cells
- Services, software and, from 2026, SomaLogic proteomics
03 who it serves
Customers
- Genomic research centers, academic and government labs
- Hospitals, reference labs and clinical testing companies; no customer above 10% of revenue
04 how money comes in
How it earns
- Consumables $3,227M
- Instruments $482M
- Service and other $634M (2025)
How the business makes money
- 2025 gross margin 66.1%; R&D 22.3% of revenue.
- Revenue by region 2025: Americas $2,406M, Europe $1,264M, Greater China $243M, APMEA $430M.
- Repurchased $742M of stock in 2025; never paid a dividend.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Illumina’s clinical tests depend on reimbursement, and tariffs and trade restrictions have affected the business.
Regulated prices & reimbursement
Government reimbursement
Tests such as prenatal tests depend on payor reimbursement, which may be cut.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade rules
Tariffs, trade restrictions and export/import rules have affected and will affect its business.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Consumables
3,227 (74%)Instruments
482 (11%)Service and other
634 (15%)
Source: Form 10-K (FY2025, year ended 2025-12-28) Single reportable segment (Core Illumina) since the June 2024 GRAIL spin-off; revenue by type.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Americas — 55% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Americas
2,406 (55%)Europe
1,264 (29%)Greater China
243 (6%)Asia-Pacific, Middle East and Africa
430 (10%)
Source: Form 10-K (FY2025, year ended 2025-12-28) Revenue by region of destination; U.S. revenue $2,243M.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
SomaLogic (from Standard BioTools)
Acquired January 30, 2026 for $350M in cash plus royalties and up to $75M of milestones.
Source: Form 8-K (2026-01-30) — Item 2.01 SomaLogic acquisition completed
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Research, academic and clinical labs worldwide.
Named by the company
No customer provided more than 10% of revenue in 2023–2025.
Suppliers
Component and reagent suppliers; some single-source parts.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Illumina competes with companies that make products for analyzing genetic variation and biological function using many technologies; it names no competitors in the 10-K.
Competitors named in the 10-K
The 10-K names no specific competitors.
Peer group the company chose
Fiscal 2025 compensation peer group (23 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Companies with similar revenue and market cap; Exact Sciences, Avantor, Revvity, BioMarin, IQVIA and Bruker added; KLA, Palo Alto Networks, Horizon and Splunk removed.
- Agilent Technologiessite ↗
- Edwards Lifesciencessite ↗
- Regeneron Pharmaceuticalssite ↗
- Align Technologysite ↗
- Exact Sciencessite ↗
- ResMedsite ↗
- Avantorsite ↗
- Hologicsite ↗
- Revvitysite ↗
- Biogensite ↗
- IDEXX Laboratoriessite ↗
- CooperCompaniessite ↗
- BioMarin Pharmaceuticalsite ↗
- Intuitive Surgicalsite ↗
- Vertex Pharmaceuticalssite ↗
- Bio-Rad Laboratoriessite ↗
- IQVIAsite ↗
- Waterssite ↗
- Brukersite ↗
- Jazz Pharmaceuticalssite ↗
- West Pharmaceutical Servicessite ↗
- DexComsite ↗
- Mettler-Toledosite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 3,239 | 4,526 | 4,584 | 4,504 | 4,372 | 4,343 |
| Operating income | 580 | -123 | -4,179 | -1,069 | -833 | 807 |
| Pretax income | 856 | 884 | -4,336 | -1,117 | -1,179 | 1,086 |
| Net income (attributable) | 656 | 762 | -4,404 | -1,161 | -1,223 | 850 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 39.7% | 1.3% | -1.7% | -2.9% | -0.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.9% | -2.7% | -91.2% | -23.7% | -19.1% | 18.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 20.3% | 16.8% | -96.1% | -25.8% | -28.0% | 19.6% |
| Balance sheet ($M) | ||||||
| Total assets | 7,585 | 15,217 | 12,252 | 10,111 | 6,303 | 6,644 |
| Total equity | 4,694 | 10,740 | 6,599 | 5,745 | 2,373 | 2,723 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 1,184 | 1,695 | 2,235 | 1,489 | 1,989 | 1,989 |
| Equity ratio | 61.9% | 70.6% | 53.9% | 56.8% | 37.6% | 41.0% |
| ROE | 14.0% | 9.9% | -50.8% | -18.8% | -30.1% | 33.4% |
| Cash flow ($M) | ||||||
| Operating CF | 1,080 | 545 | 392 | 478 | 837 | 1,079 |
| Investing CF | -554 | -1,069 | -591 | -231 | -178 | -55 |
| Financing CF | -766 | -51 | 1,000 | -1,210 | -570 | -744 |
| Free cash flowcalccash flow from operations − capital expenditures | 891 | 337 | 106 | 283 | 709 | 931 |
| Cash and equivalents | 1,810 | 1,232 | 2,011 | 1,048 | 1,127 | 1,418 |
| Per share & other | ||||||
| EPS ($) | 4.45 | 5.04 | -28.00 | -7.34 | -7.69 | 5.45 |
| BVPS ($) | 32.15 | 68.41 | 41.77 | 36.13 | 14.92 | 17.80 |
| P/E (x) | 80.9 | 73.4 | — | — | — | 24.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 67.7 | 457.5 | — | — | — | 19.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 11.19 | 5.41 | 4.71 | 3.75 | 9.06 | 7.58 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-27 | $1.13B+4.2% | $305M+34.4% | $220M+46.7% | $1.43 |
| 2026-06-28 | $1.16B+9.4% | $245M+14.5% | $207M-11.9% | $1.35 |
| 2026-03-29 | $1.09B+4.8% | $209M+27.4% | $134M+2.3% | $0.87 |
| 2025-12-28 † | $1.16B+5.0% | $202M+16.1% | $334M+79.6% | — |
| 2025-09-28 | $1.08B | $227M | $150M | $0.98 |
| 2025-06-29 | $1.06B | $214M | $235M | $1.49 |
| 2025-03-30 | $1.04B | $164M | $131M | $0.82 |
| 2024-12-29 † | $1.1B | $174M | $186M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
14.3%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$807M × (1 − 19.5%) ÷ $4,537M × 100 = 14.3%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
10.14%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $20.65B ÷ ($20.65B + $1.99B) = 91.2%
e.g.Debt weight: $1.99B ÷ ($20.65B + $1.99B) = 8.8%
e.g.WACC: 10.7% × 91.2% + 5.1% × (1 − 19.5%) × 8.8% = 10.14%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 8.4%–12.3% and ROIC − WACC runs +2.0 to +6.0 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 10.14% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.05 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.73%
- Cost of debt
- 5.08%
- Tax rate
- 19.5% (effective rate, FY2020–FY2025)
- Capital structure (equity : debt)
- 91% : 9%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 10.14%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.05 (price-derived adjusted beta. Raw β 1.07, R² 0.12, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.074 + 0.33 = 1.049
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.05 × 5.5% = 10.7%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
7.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 10.1% − 2.6%
Past FCF growth (FY2020–FY2025)
+0.9%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+6.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $931M (operating CF − capex); enterprise value $35.82B = market cap $35.47B (latest close, 2026-11-04) + debt $1.99B − cash and short-term investments $1.63B; r = WACC of 10.1% using this page’s default assumptions (β 1.05, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$35.81B
FCF $931M ÷ (10.1% − 7.5%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 8.1% | 9.1% | 10.1% | 11.1% | 12.1% |
|---|---|---|---|---|---|
| 0% | 0.32x | 0.29x | 0.26x | 0.23x | 0.21x |
| 2% | 0.43x | 0.37x | 0.32x | 0.29x | 0.26x |
| 4% | 0.63x | 0.51x | 0.43x | 0.37x | 0.32x |
| 6% | 1.24x | 0.84x | 0.63x | 0.51x | 0.43x |
| 8% | 25.99x | 2.36x | 1.24x | 0.84x | 0.63x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.21x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 74%
Most profit comes from core operations.
- !
Days sales outstanding: 55 → 67 days
Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,079M ÷ $850M = 1.27x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$807M ÷ $1,086M × 100 = 74%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($735M + $854M) ÷ 2 ÷ $4,343M × 365 = 67 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($547M + $564M) ÷ 2 ÷ $1,473M × 365 = 138 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 2.9%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 2.9%
- Institutional-ownership rank
- 31 of 416
- Beta (adjusted)
- 1.05
Reported total 103.5%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 7% of covered companies have more
above 1 = swings more than the market
- 156.3M shares reported by 936 13F filers ÷ 151.0M shares outstanding on 2026-07-24. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-09 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
20
Strengths & weaknessesSite analysis
Strengths
1. Global leader
Illumina describes itself as a global leader in sequencing- and array-based solutions.
Evidence: Form 10-K (FY2025, year ended 2025-12-28)
2. Recurring consumables
Consumables were 74% of 2025 revenue.
Evidence: Form 10-K (FY2025, year ended 2025-12-28)
3. Return to profit
2025 net income $850M after losses in 2022–2024; H1 2026 revenue +7%.
Evidence: Form 10-Q (quarter ended 2026-06-28)
Weaknesses
1. Flat revenue
Revenue was $4.3–4.6B every year 2021–2025.
Evidence: Form 10-K (FY2025, year ended 2025-12-28)
2. China exposure
Greater China revenue fell from $384M (2023) to $243M (2025) after export restrictions.
Evidence: Form 10-K (FY2025, year ended 2025-12-28)
3. GRAIL legacy
GRAIL-related impairments and lawsuits followed the 2021 acquisition.
Evidence: Form 10-Q (quarter ended 2026-09-27) — Legal Proceedings
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
24.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.5%
(Operating CF − capex) ÷ market cap
1. Installed base and consumables
Consumables recur with every run on a large installed base.
- What has to hold
- Sequencing volumes keep growing.
- The other side
- Price pressure from competitors.
Evidence: Form 10-K (FY2025, year ended 2025-12-28)
2. Buybacks
$742M of repurchases in 2025; share count fell to 153M.
- What has to hold
- Profits stay positive.
- The other side
- No dividend.
Evidence: Form 10-K (FY2025, year ended 2025-12-28)
FY2021–FY2023 include GRAIL (acquired August 2021, spun off June 2024); the 2022–2024 losses were mainly GRAIL-related impairments. Fiscal years end on the Sunday nearest December 31.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$1.63B vs. —
Interest coverage (operating income ÷ interest expense)
8.0x
$807M vs. $101M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -2.9% in FY2024 ($4.5B → $4.37B) | Not yet, as of FY2025 |
| Operating income | -121.2% in FY2021 ($580M → −$123M) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash flow positive every year
Operating cash flow stayed positive every year 2020–2025, from $392M to $1,080M, through the GRAIL-related losses.
Source: Form 10-K (FY2025, year ended 2025-12-28)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Illumina faces shareholder litigation over its 2021 acquisition of GRAIL; the Icahn suit settled with no payment, but federal and state securities class actions continue.
3 open matters (2 flagged as major)
Federal GRAIL securities class action
PendingClass actionMajorLead plaintiffs v. Illumina, GRAIL and officers
In re Illumina, Inc. Securities Litigation alleges misleading statements about the GRAIL acquisition. The court dismissed the second amended complaint in September 2025 and the third amended complaint on September 30, 2026, each with leave to amend; plaintiffs filed a fourth amended complaint on October 21, 2026.
Source: Form 10-Q (quarter ended 2026-09-27) — Legal Proceedings
California state securities class action
PendingClass actionMajorMar and Zerzanek v. Illumina et al.
Suits in San Mateo County allege misleading GRAIL registration statements (2020–2021). The court overruled Illumina's demurrer, certified a class on May 15, 2026 and denied judgment on the pleadings; the Court of Appeal denied Illumina's writ against class certification on September 3, 2026.
- Next step
- Hearing on amended answer October 30, 2026
Source: Form 10-Q (quarter ended 2026-09-27) — Legal Proceedings
Delaware derivative suits
PendingLawsuitStockholders v. current and former directors
Derivative suits by pension funds over the GRAIL deal are consolidated in the Delaware Court of Chancery; the Icahn Partners action was dismissed under an August 2025 settlement with no payment. A settlement hearing on the Icahn dismissal was set for November 2, 2026.
Source: Form 10-Q (quarter ended 2026-09-27) — Legal Proceedings
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-27) — Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Geopolitics & supply chain
China restrictions
- Company disclosure (summarized from the 10-K)
- China placed Illumina on its Unreliable Entity List and barred instrument exports from March 4 to November 10, 2025; sales now need case-by-case approval.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competitors offer sequencing and other genetic analysis technologies; superior or cheaper products could hurt Illumina.
- Company’s stated mitigation
- In addition, we invest in technological innovation, and we seek beneficial licensing opportunities to develop and maintain our competitive position.
- This site’s assessment
- Impact High / Likelihood High
- 3Demand & macro
Research funding
- Company disclosure (summarized from the 10-K)
- Customer spending depends on academic and government research budgets.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
GRAIL shareholder suits
- Company disclosure (summarized from the 10-K)
- Federal and state securities class actions over the GRAIL deal; a California class was certified in May 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Costs & inflation
Tariffs
- Company disclosure (summarized from the 10-K)
- U.S. and foreign tariffs announced from April 2025 raise costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• our expectations related to the acquisition of SomaLogic, Inc. Read more
(SomaLogic) and certain other assets from Standard BioTools Inc. (Standard BioTools), including the future conduct and growth of the SomaLogic business and the proteomics market and our ability to successfully integrate SomaLogic into our existing operations and SomaLogic’s technology and products into our portfolio;
Cancer is a disease of the genome. Today, cancer genomics is used to improve understanding of this disease, support the identification of new treatments, enable the development of more effective diagnostics and screening tests, and monitor disease evolution through liquid biopsies. Next-generation sequencing has transformed cancer research and cancer care and, together with the introduction of multiomics and other emerging technologies, is expected to continue to support efforts toward more personalized approaches to medicine. Customers in the translational and clinical oncology markets use our products to perform research that may help identify individuals who are genetically predisposed to cancer and to identify molecular changes in a tumor that may be addressed with targeted therapies. They use Illumina’s products to detect minute traces of cancer in the blood that can signal the…
We also offer advanced interpretation and knowledge aggregation capabilities through our clinical research informatics solutions, which are provided for research use only. Read more
Emedgene is an AI-driven genomic interpretation software platform designed to support clinical research and translational research workflows, including rare disease and inherited condition research, by enabling users to curate, prioritize, and analyze genomic variants using a continuously evolving knowledge graph. Illumina Connected Insights complements these capabilities by aggregating curated knowledge sources, publicly available databases, and variant annotations into a single research environment to support consistent, traceable, and reproducible interpretation of genomic data in clinical research settings. These solutions are not intended for use in diagnostic procedures.
In addition, Illumina Connected Multiomics extends our informatics portfolio to support integrated analysis across multiple biological data modalities, including genomics, transcriptomics, proteomics, and other emerging data types. Read more
This solution enables customers to combine and analyze multi-omic datasets within a unified research platform, supporting biological discovery, biomarker research, and systems-level insights across academic, pharmaceutical, and applied research settings. Together, these informatics offerings enable Illumina to support customers across the full lifecycle of genomic and multi-omic data, from sequencing through analysis and research insight generation.
In 2025, 2024, and 2023, total sequencing revenue comprised 92%, 91%, and 91% , respectively, of total revenue.
In 2025, 2024, and 2023, total array revenue comprised 8%, 9%, and 9%, respectively, of total revenue.
San Francisco Bay Area, CA 166,000 Office, Lab, and Manufacturing 2028 – 2033
A portion of our revenue is increasingly derived from a small number of large, centralized laboratory customers. Read more
If these customers continue to represent a growing share of our total sales, the loss of, or reduction in purchases by, any one of these key customers could materially and adversely affect our business, financial condition, and results of operations. Increased customer concentration may result in greater pricing pressure, reduced negotiating leverage, and increased exposure to credit risk. As a result, our operating results could therefore fluctuate more significantly from period to period in the future, depending on the purchasing patterns of these large customers.
No longer in the text (4)
Cancer is a disease of the genome, and the goal of cancer genomics is to identify genomic changes that transform a normal cell into a cancerous one. Read more
Understanding these genomic changes will improve diagnostic accuracy, increase understanding of the prognosis, and enable oncologists to target therapies to individuals. Customers in the translational and clinical oncology markets use our products to perform research that may help identify individuals who are genetically predisposed to cancer and to identify molecular changes in a tumor. We believe that circulating tumor DNA (ctDNA) will become an important clinical tool for managing oncology patients during all stages of tumor progression. Our technology is being used to research the implications of ctDNA in treatment determination, treatment monitoring, minimal residual disease, and asymptomatic screening. For example, GRAIL’s Galleri…
In 2024, 2023, and 2022, total sequencing revenue comprised 91% of total consolidated revenue for all periods.
In 2024, 2023, and 2022, total array revenue comprised 9% of total consolidated revenue for all periods.
GRAIL’s multi-cancer early detection test, Galleri, is designed as a screening test for adults with an elevated risk for cancer, such as those aged 50 or older, and was commercially launched in 2021 as a laboratory developed test.
127 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 12, 2025 ↗.
26
What to watch going forwardSite analysis
- NovaSeq X adoption and consumables growth.
- China sales after export restrictions eased.
- SomaLogic integration and proteomics.
- GRAIL-related securities litigation.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 09:48 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Illumina, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.