Revenue of $1.16 billion, up 5% from Q4 2024 (up 4% on a constant currency basis)
Ex-China revenue of $1.10 billion, up 8% from Q4 2024 (up 7% on a constant currency basis)
GAAP operating margin of 17.4% and non-GAAP operating margin of 23.7%
GAAP diluted EPS of $2.16 and non-GAAP diluted EPS of $1.35
Fiscal year 2025 results:
Revenue of $4.34 billion, flat compared to 2024 on both a reported and constant currency basis
Ex-China revenue of $4.10 billion, up 2% from 2024 on both a reported and constant currency basis
GAAP operating margin of 18.6% and non-GAAP operating margin of 23.1%
GAAP diluted EPS of $5.45 and non-GAAP diluted EPS of $4.84
Fiscal year 2026 guidance:
For fiscal year 2026, we expect:
Total company revenue of $4.5 billion to $4.6 billion, representing growth of 4% - 6% on a reported basis, including a 1.5% - 2.0% benefit from the recently closed SomaLogic acquisition
Ex-China Organic revenue growth of 2% - 4%, which excludes currency and acquisition impacts
Non-GAAP operating margin in the range of 23.3% - 23.5%, including a negative impact of 100bps from the SomaLogic acquisition
Non-GAAP diluted EPS in the range of $5.05 - $5.20, including $0.18 in dilution from the SomaLogic acquisition
SAN DIEGO, Feb. 5, 2026 /PRNewswire/ -- Illumina, Inc. (NASDAQ:ILMN) ("Illumina" or the "company") today announced its financial results for the fourth quarter and fiscal year 2025.
"The Illumina team delivered a strong finish to 2025, marking a return to growth through disciplined execution against our strategy," said Jacob Thaysen, Chief Executive Officer of Illumina. "Momentum built in the second half of the year, especially in clinical markets, where adoption of NGS-based testing is expanding, reinforces our confidence as we enter 2026."
Fourth quarter results
GAAP
Non-GAAP (a)
Dollars in millions, except per share amounts
Q4 2025
Q4 2024
Q4 2025
Q4 2024
Revenue
$ 1,159
$ 1,104
$ 1,159
$ 1,104
Gross margin
65.5 %
65.9 %
67.0 %
67.4 %
Research and development (R&D) expense
$ 239
$ 256
$ 238
$ 255
Selling, general and administrative (SG&A) expense
$ 310
$ 279
$ 264
$ 271
Legal contingency and settlement
$ 8
$ 18
$ ,
$ ,
Operating profit
$ 202
$ 175
$ 275
$ 218
Operating margin
17.4 %
15.8 %
23.7 %
19.7 %
Tax provision
$ 44
$ 70
$ 50
$ 47
Tax rate
11.6 %
37.9 %
19.5 %
23.7 %
Net income
$ 334
$ 117
$ 208
$ 152
Diluted EPS
$ 2.16
$ 0.73
$ 1.35
$ 0.95
(a)
See tables in "Results of Operations - Non-GAAP" section below for GAAP and non-GAAP reconciliations.
Capital expenditures for free cash flow purposes were $54 million for Q4 2025. Cash flow provided by operations was $321 million, compared to $364 million in the prior year period. Free cash flow (cash flow provided by operations less capital expenditures) was $267 million for the quarter, compared to $322 million in the prior year period. Depreciation and amortization expense was $67 million for Q4 2025. At the close of the quarter, the company held $1.63 billion in cash, cash equivalents and short-term investments.
Fiscal year results
GAAP
Non-GAAP (a)
Dollars in millions, except per share amounts
2025
2024
2025
2024
Revenue (b)
$ 4,343
$ 4,332
$ 4,343
$ 4,332
Gross margin
66.1 %
67.1 %
68.2 %
68.6 %
R&D expense
$ 967
$ 988
$ 950
$ 982
SG&A expense
$ 1,086
$ 900
$ 1,009
$ 1,069
Goodwill and intangible impairment
$ ,
$ 3
$ ,
$ ,
Legal contingency and settlement
$ 10
$ (456)
$ ,
$ ,
Operating profit
$ 807
$ 1,473
$ 1,004
$ 922
Operating margin
18.6 %
34.0 %
23.1 %
21.3 %
Tax provision
$ 236
$ 229
$ 194
$ 204
Tax rate
21.7 %
20.4 %
20.5 %
23.6 %
Net income
$ 850
$ 894
$ 756
$ 663
Diluted EPS
$ 5.45
$ 5.61
$ 4.84
$ 4.16
(a)
See tables in "Results of Operations - Non-GAAP" section below for GAAP and non-GAAP reconciliations.
(b)
Core Illumina revenue for 2024 included intercompany revenue of $15 million, which, prior to the spin-off of GRAIL in Q2 2024, was eliminated in consolidation.
Capital expenditures for free cash flow purposes were $148 million for fiscal year 2025. Cash flow provided by operations was $1.1 billion and free cash flow was $931 million. Depreciation and amortization was $270 million.
Key announcements since our last earnings release
Completed the acquisition of SomaLogic, expanding Illumina's multiomics portfolio and strengthening its position in scalable, NGS-enabled proteomics
Introduced the Billion Cell Atlas, the first data product of the BioInsight business, to support AI-enabled drug discovery; AstraZeneca, Merck, and Eli Lilly are the first pharmaceutical partners
Announced appointment of veteran genomics leader Eric Green, MD, PhD, as Chief Medical Officer to advance clinical genomics and expand access to precision medicine
Achieved progress in China, where the Chinese Ministry of Commerce (MOFCOM) lifted the export ban on Illumina sequencers; the company remains on the Unreliable Entities List (UEL) in China, requiring approvals for instrument purchases
A full list of recent announcements can be found in the company's News Center.
Financial outlook and guidanceThe company provides forward-looking guidance on a non-GAAP basis, including on a constant currency basis for revenue and revenue growth rates. The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures because it is unable to predict with reasonable certainty the impact of items such as acquisition-related expenses, fair value adjustments to contingent consideration, gains and losses from strategic investments, potential future asset impairments, restructuring activities, the ultimate outcome of pending litigation, and currency exchange rate fluctuations without unreasonable effort. These items are uncertain, inherently difficult to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the company is unable to address the significance of the unavailable information, which could be material to future results.
Conference call informationThe conference call will begin at 1:30 pm Pacific Time (4:30 pm Eastern Time) on Thursday, February 5, 2026. Interested parties may access the live webcast via the Investor Info section of Illumina's website or directly through the following link - https://illumina-earnings-call-q4-2025.open-exchange.net/. To ensure timely connection, please join at least ten minutes before the scheduled start of the call. A replay of the conference call will be posted on Illumina's website after the event and will be available for at least 30 days following.
Statement regarding use of non-GAAP financial measuresThe company reports non-GAAP results for diluted earnings per share, net income, gross margin, operating expenses, including research and development expense, selling general and administrative expense, legal contingency and settlement, and goodwill and intangible impairment, operating income, operating margin, gross profit, other income (expense), tax provision, constant currency revenue and growth, and free cash flow (on a consolidated and, as applicable, segment basis) in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The company's financial measures under GAAP include substantial charges such as amortization of acquired intangible assets among others that are listed in the reconciliations of GAAP and non-GAAP financial measures included in this press release, as well as the effects of currency translation. Management has excluded the effects of these items in non-GAAP measures to assist investors in analyzing and assessing past and future operating performance. Non-GAAP net income, diluted earnings per share and operating margin are key components of the financial metrics utilized by the company's board of directors to measure, in part, management's performance and determine significant elements of management's compensation.
The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP results are presented in the tables of this release.
Use of forward-looking statementsThis release may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) changes in the rate of growth in the markets we serve, including the proteomics market; (ii) the volume, timing and mix of customer orders among our products and services; (iii) our ability to adjust our operating expenses to align with our revenue expectations; (iv) our ability to successfully integrate SomaLogic, Inc. and certain other assets we acquired from Standard BioTools Inc. (the SomaLogic Business) into our existing operations and the SomaLogic Business' technology and products into our portfolio; (v) our ability to successfully manage partner and customer relationships in the proteomics market; (vii uncertainty regarding the impact of our inclusion on the "unreliable entities list" by regulatory authorities in China; (vii) uncertainty regarding tariffs imposed or threatened by the U.S. government and its trading partners, and other possible tariffs or trade protection measures and our efforts to mitigate the impact of such tariffs; (viii) our ability to manufacture robust instrumentation and consumables, including the SomaLogic Business' products; (ix) the success of products and services competitive with our own; (x) challenges inherent in developing, manufacturing, and launching new products and services, including expanding or modifying manufacturing operations and reliance on third-party suppliers for critical components; (xi) the impact of recently launched or pre-announced products and services on existing products and services; (xii) our ability to modify our business strategies to accomplish our desired operational goals; (xiii) our ability to realize the anticipated benefits from prior or future actions to streamline and improve our R&D processes, reduce our operating expenses and maximize our revenue growth; (xiv) our ability to further develop and commercialize our instruments, consumables, and products; (xv) to deploy new products, services, and applications, and to expand the markets for our technology platforms; (xvi) the risk of additional litigation arising against us in connection with the GRAIL acquisition; (xvii) our ability to obtain approval by third-party payors to reimburse patients for our products; (xiii) our ability to obtain regulatory clearance for our products from government agencies; (xix) our ability to successfully partner with other companies and organizations to develop new products, expand markets, and grow our business; (xx) uncertainty, or adverse economic and business conditions, including as a result of slowing or uncertain economic growth or armed conflict; (xxi) the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments; and (xxii) legislative, regulatory and economic developments, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current quarter.
About IlluminaIllumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit www.illumina.com and connect with us on X, Facebook, LinkedIn, Instagram, TikTok, and YouTube.
Illumina, Inc.
Condensed Consolidated Balance Sheets
(In millions)
December 28,2025
December 29,2024
ASSETS
(unaudited)
Current assets:
Cash and cash equivalents
$ 1,418
$ 1,127
Short-term investments
215
93
Accounts receivable, net
854
735
Inventory, net
564
547
Prepaid expenses and other current assets
238
244
Total current assets
3,289
2,746
Property and equipment, net
759
815
Operating lease right-of-use assets
370
419
Goodwill
1,113
1,113
Intangible assets, net
210
295
Deferred tax assets, net
454
567
Other assets
449
348
Total assets
$ 6,644
$ 6,303
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 240
$ 221
Accrued liabilities
846
827
Term debt, current portion
499
499
Total current liabilities
1,585
1,547
Operating lease liabilities
486
554
Term debt
1,490
1,490
Other long-term liabilities
360
339
Stockholders' equity
2,723
2,373
Total liabilities and stockholders' equity
$ 6,644
$ 6,303
Illumina, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 28,2025
December 29,2024
December 28,2025
December 29,2024
Revenue:
Product revenue
$ 990
$ 939
$ 3,709
$ 3,656
Service and other revenue
169
165
634
716
Total revenue
1,159
1,104
4,343
4,372
Cost of revenue:
Cost of product revenue (a)
312
278
1,107
1,017
Cost of service and other revenue (a)
72
82
300
367
Amortization of acquired intangible assets
16
16
66
127
Total cost of revenue
400
376
1,473
1,511
Gross profit
759
728
2,870
2,861
Operating expense:
Research and development (a)
239
256
967
1,169
Selling, general and administrative (a)
310
279
1,086
1,092
Goodwill and intangible impairment
—
—
—
1,889
Legal contingency and settlement
8
18
10
(456)
Total operating expense
557
553
2,063
3,694
Income (loss) from operations
202
175
807
(833)
Other income (expense), net
176
13
279
(346)
Income (loss) before income taxes
378
188
1,086
(1,179)
Provision for income taxes
44
1
236
44
Net income (loss)
$ 334
$ 187
$ 850
$ (1,223)
Earnings (loss) per share:
Basic
$ 2.18
$ 1.17
$ 5.47
$ (7.69)
Diluted
$ 2.16
$ 1.17
$ 5.45
$ (7.69)
Shares used in computing earnings (loss) per share:
Basic
153
