Illumina, Inc. (ILMN) financials

NASDAQ · Healthcare · Medical - Diagnostics & Research · 8,600 employees · CEO Jacob Thaysen

Price: $235.99 -18.64%
Market cap: $35.6B
Enterprise value: $36.6B
Last report: Q3 '26 filed 2026-10-30
Next report: 2027-02-04

Revenue (TTM)$4.54B+5.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)22.4%+2.8 pp vs a year agoOperating income $1.02B

Net income (TTM)$895M+27.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.06B+5.0% vs a year agoCapex $173M

Diluted EPS (TTM)$5.82+30.5% vs a year agoSum of the last 4 quarters

Net cash-$891M+31.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $35.6B
Revenue: $4.54B
Revenue growth: +7%
Profit margin: 19.7%
P/E: 40.1×
P/S: 7.9×
EV / EBITDA: 26.4×
Free cash flow: $1.06B
Net income: $895M
Revenue estimate: $4.63B
Earnings: 2027-02-04
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth steady: 4.2% year on yearQ3 '26 revenue $1.13B, against an average of 5.0% over the four quarters before.
Operating margin 22.4% (TTM), +2.8 pp on a year agoOperating income grew 21.1% while revenue grew 5.9%.
Capex 3.8% of revenue (a year ago 2.7%)$173M invested in the last 4 quarters (+50.4% on a year earlier). Free cash flow $1.06B = 118.1% of net income.
Returned $51M to shareholders = 4.8% of free cash flowBuybacks $51M (a year earlier $717M), dividends $0, stock-based pay $0 (TTM).
Diluted share count up 0.0% in a year154M diluted shares in Q3 '26, 154M a year earlier.
Net debt $891MCash + short-term investments $1.34B, debt incl. leases $2.23B; a year ago net debt $1.3B.

Last quarter: Q3 '26

Quarter ended 2026-09-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$1.13B	$1.08B	+4.2%
Gross margin	73.5%	67.6%	+5.9 pp
Operating income	$305M	$231M	+32.0%
Operating margin	27.0%	21.3%	+5.7 pp
Net income	$220M	$150M	+46.7%
Diluted EPS	$1.43	$0.97	+47.4%
Operating cash flow	$419M	$284M	+47.5%
Capex	$41M	$24M	+70.8%
Free cash flow	$378M	$260M	+45.4%
R&D	$244M	$228M	+7.0%
Stock-based compensation	$0	$70M	-100.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Sequencing	$1.02B	+2.0%	90.4%	$4.14B	–
Microarray	$108M	+30.1%	9.6%	$403M	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Americas	–	–	–	–	–
EMEA	$347M	+12.3%	70.5%	$1.42B	+14.9%
Asia Pacific	$86M	-22.5%	17.5%	$374M	-12.2%
CHINA	$59M	+13.5%	12.0%	$223M	-16.5%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Core Illumina	–	–	$305M	–	–	–	–
GRAIL Inc.	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.23B
Capex: -$173M
Buybacks: -$51M
Dividends: $0
Acquisitions: $0
Net debt issued: -$208M
Stock-based compensation: $0
Free cash flow: $1.06B
Returned to shareholders / FCF: 4.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	40.1×	48.7× 2 of 5 years	24.5× – 72.9×
EV / EBITDA	26.4×	31.3× 2 of 5 years	15.1× – 47.5×
EV / Sales	8.1×	7.0×	5.0× – 12.6×
Price / FCF	33.7×	116.8×	22.4× – 291.0×
Price / Book	11.3×	6.0×	3.7× – 8.9×
FCF yield	3.0%	2.0%	0.3% – 4.5%
Return on invested capital	15.0%	-11.1%	-38.7% – 12.0%
Return on equity	31.5%	-20.0%	-66.7% – 31.2%

Analysts

Consensus target $252.73 (+7.1%)
range $155.00 – $305.00 · rating Buy

Strong buy1

Buy26

Hold17

Sell6

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$4.63B	+6.7%	$5.40	-0.9%	43.7×	11
FY2027	$4.94B	+6.6%	$6.14	+13.6%	38.5×	12
FY2028	$5.3B	+7.4%	$7.03	+14.5%	33.6×	7
FY2029	$5.79B	+9.3%	$8.03	+14.2%	29.4×	4
FY2030	$6.14B	+6.0%	$8.95	+11.5%	26.4×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 251 figures Illumina, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$241M	$218M	+10.6%	$240M	$221M	+8.6%
Accounts Receivable, after Allowance for Credit Loss, Current	$738M	$729M	+1.2%	$854M	$735M	+16.2%
Accounts Receivable, Allowance for Credit Loss, Current	$8M	$9M	-11.1%	$7M	$9M	-22.2%
Accounts Receivable, before Allowance for Credit Loss, Current	$746M	$738M	+1.1%	$861M	$744M	+15.7%
Accrued Liabilities, Current	$915M	$746M	+22.7%	$846M	$827M	+2.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.36B2025-12-28	$1.25B	+8.7%	$1.36B	$1.25B	+8.7%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$8M	-$12M	+166.7%	-$10M	$22M	-145.5%
Additional Paid in Capital	$8.03B	$7.76B	+3.5%	$7.82B	$7.53B	+3.9%
Advertising Expense	–	–	–	$37M	$37M	0.0%
Amortization of Intangible Assets	$20M	$17M	+17.6%	$67M	$130M	-48.5%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	2M	-100.0%	2M	4M	-50.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$75M	$70M	+7.1%	$275M	$318M	-13.5%
Assets	$6.81B	$6.18B	+10.3%	$6.64B	$6.3B	+5.4%
Assets, Current	$3.04B	$2.8B	+8.5%	$3.29B	$2.75B	+19.8%
Assets, Fair Value Disclosure	$1.13B	–	–	$1.5B	$1.11B	+34.9%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	-$11M	$3M	-466.7%	-$18M	-$315M	+94.3%
Business Combination, Contingent Consideration, Liability	$36M	–	–	$54M	$73M	-26.0%
Business Combination, Contingent Consideration, Liability, Current	$38M2026-06-28	–	–	$1M2022-01-02	$0	–
Capital Expenditures Incurred but Not yet Paid	–	–	–	$22M	$4M	+450.0%
Cash and Cash Equivalents, Fair Value Disclosure	$969M	–	–	$1.17B	$931M	+26.0%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$1M	$7M	-85.7%	-$15M	$27M	-155.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.29B	$1.05B	+22.8%	$1.42B	$1.13B	+25.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$249M	$116M	+114.7%	$291M	$79M	+268.4%
Common Stock, Par or Stated Value Per Share	$0.012025-12-28	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	320M2025-12-28	320M	0.0%	320M	320M	0.0%
Common Stock, Shares, Issued	201M2025-12-28	200M	+0.5%	201M	200M	+0.5%
Common Stock, Shares, Outstanding	153M2025-12-28	159M	-3.8%	153M	159M	-3.8%
Common Stock, Value, Issued	$2M	$2M	0.0%	$2M	$2M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$220M	$159M	+38.4%	$818M	-$1.2B	+168.2%
Contract with Customer, Asset, after Allowance for Credit Loss	$20M	$22M	-9.1%	$21M	$16M	+31.3%
Contract with Customer, Liability	$319M	$307M	+3.9%	$346M	$327M	+5.8%
Contract with Customer, Liability, Current	$250M	$234M	+6.8%	$270M	$260M	+3.8%
Contract with Customer, Liability, Revenue Recognized	$47M	$47M	0.0%	$244M	–	–
Cost of Revenue	$299M	$351M	-14.8%	$1.47B	$1.51B	-2.5%
Cost, Amortization	$18M	$16M	+12.5%	$66M	$127M	-48.0%
Current Federal Tax Expense (Benefit)	–	–	–	$0	$6M	-100.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$104M	$137M	-24.1%
Current Income Tax Expense (Benefit)	–	–	–	$117M	$161M	-27.3%
Current State and Local Tax Expense (Benefit)	–	–	–	$13M	$18M	-27.8%
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent	$72M2025-12-28	$65M	+10.8%	$72M	$65M	+10.8%
Deferred Compensation Liability, Current and Noncurrent	$69M	–	–	$72M	$65M	+10.8%
Deferred Compensation Plan Assets	$84M	–	–	$79M	$70M	+12.9%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$106M	-$59M	+279.7%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$6M	-$2M	-200.0%
Deferred Income Tax Assets, Net	$454M	$490M	-7.3%	$454M	$567M	-19.9%
Deferred Income Tax Expense (Benefit)	–	–	–	$119M	-$117M	+201.7%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$19M	-$56M	+133.9%
Deferred Tax Assets, Gross	$835M2025-12-28	$953M	-12.4%	$835M	$953M	-12.4%
Deferred Tax Assets, in Process Research and Development	$134M2025-12-28	$181M	-26.0%	$134M	$181M	-26.0%
Deferred Tax Assets, Investments	$02025-12-28	$23M	-100.0%	$0	$23M	-100.0%
Deferred Tax Assets, Net	$450M2025-12-28	$558M	-19.4%	$450M	$558M	-19.4%
Deferred Tax Assets, Net of Valuation Allowance	$585M2025-12-28	$675M	-13.3%	$585M	$675M	-13.3%
Deferred Tax Assets, Operating Loss Carryforwards	$125M2025-12-28	$189M	-33.9%	$125M	$189M	-33.9%
Deferred Tax Assets, Other	$68M2025-12-28	$63M	+7.9%	$68M	$63M	+7.9%
Deferred Tax Assets, Property, Plant and Equipment	$22M2025-12-28	$17M	+29.4%	$22M	$17M	+29.4%
Deferred Tax Assets, Tax Credit Carryforwards	$290M2025-12-28	$252M	+15.1%	$290M	$252M	+15.1%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$31M2025-12-28	$34M	-8.8%	$31M	$34M	-8.8%
Deferred Tax Assets, Tax Deferred Expense, Other	$36M2025-12-28	$42M	-14.3%	$36M	$42M	-14.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$32M2025-12-28	$40M	-20.0%	$32M	$40M	-20.0%
Deferred Tax Assets, Valuation Allowance	$250M2025-12-28	$278M	-10.1%	$250M	$278M	-10.1%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-27, 10-Q 2026-06-28, 10-Q 2026-03-29, 10-K 2025-12-28, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-29, 10-Q 2024-09-29

Data as of 2026-11-02