Company file · ILMN
Illumina
Illumina's revenue fell 0.7% in FY2025, to $4.3B, and net income turned positive at $850M, from a net loss of $1.2B in FY2024
Revenue fell 0.7% to $4.3B in FY2025, from $4.4B in FY2024. Net income was $850M, against a net loss of $1.2B a year earlier. Sequencing was the largest segment, at 92% of revenue.
Key facts
In fiscal 2025, which ended Dec 28, 2025, Illumina (Nasdaq: ILMN) took in $4.3B of revenue (down 0.7% on fiscal 2024); net income was $850M (compared with −$1.2B). The most recent quarter, ended Sep 27, 2026, brought revenue of $1.1B, up 4.2% year over year, with net income of $220M. Sequencing was the biggest single line by segment: 92% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 27, 2026 (filed Oct 30, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
Source: 10-Q filed May 4, 2026 · 10-Q filed Jul 31, 2026 · 10-Q filed Oct 30, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Sequencing (92%) and Microarray (8%), as shares of total revenue. Total revenue was $4.3B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Illumina 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026
By segment
Source: Illumina 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Net income was $850M in FY2025, against a net loss of $1.2B in FY2024. 10-K, FY2025
- Operating cash flow rose 28.9% in FY2025 to $1.1B. 10-K, FY2025
- Diluted shares fell 1.9% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 27, 2026 was $1.1B, up 4.2% on a year earlier. 10-Q, quarter ended Sep 27, 2026
The bear case
- Revenue fell 0.7% in FY2025 to $4.3B, from $4.4B a year earlier. 10-K, FY2025
- Microarray revenue fell 5.5% in FY2025 to $358M. 10-K, FY2025
- Services revenue fell 11.5% in FY2025 to $634M. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Illumina is in the life sciences tools & services industry, part of the health care sector. The SEC files it under Laboratory Analytical Instruments.
Illumina reports 2 segments: Sequencing and Microarray.
Its latest fiscal year, FY2025, ended Dec 28, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the life sciences tools & services industry. They are not a summary of Illumina’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $4.5B | $4.4B | $4.3B |
| Net income | −$1.2B | −$1.2B | $850M |
| Operating cash flow | $478M | $837M | $1.1B |
| Cash & equivalents (year end) | $1.0B | $1.1B | $1.4B |
| Total debt (year end) | $1.5B | $1.5B | $1.5B |
| Diluted shares | 158M | 159M | 156M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
- Total debt: Long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Form 3 and Form 5
- Acquisitions, net of cash acquired
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Illumina names its fiscal year by the calendar year in which it ends, so FY2025 is the year that ended Dec 28, 2025.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 27, 2026 |
| 10-Q | Jul 31, 2026 | Jun 28, 2026 |
| 10-Q | May 4, 2026 | Mar 29, 2026 |
| DEF 14A | Apr 9, 2026 | May 21, 2026 |
| 10-K | Feb 12, 2026 | Dec 28, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Illumina
How does Illumina make money?
In fiscal 2025, revenue totaled $4.3B. By segment in FY2025: Sequencing (92%) and Microarray (8%), as shares of total revenue. Total revenue was $4.3B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was Illumina's revenue in fiscal 2025?
Revenue came to $4.3B in the year ended Dec 28, 2025. Going back two years, it was $4.5B in fiscal 2023 and $4.4B in fiscal 2024, so the latest year was down 0.7%. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is Illumina profitable?
Yes, by US accounting rules (GAAP): net income was $850M in fiscal 2025, compared with −$1.2B from −$1.2B a year earlier. For the quarter ended Sep 27, 2026, net income was $220M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did Illumina report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 27, 2026 shows revenue of $1.1B, against $1.1B in the same quarter a year before (up 4.2%), and net income of $220M, against $150M (up 46.7%). Source: 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026.
How much cash and debt does Illumina have?
On Sep 27, 2026, cash and cash equivalents stood at $1.3B and total debt at $1.8B. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Oct 30, 2026.
What are the main risks Illumina faces?
Illumina's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the life sciences tools & services industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these Illumina numbers come from?
Two filings Illumina made with the SEC: its fiscal 2025 10-K, filed Feb 12, 2026, and its 10-Q for the quarter ended Sep 27, 2026, filed Oct 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Illumina
- Corvex Management: 2,830,552 shares, reported value $497.7M at Jun 30, 2026 (−26.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 1,262,021 shares, reported value $345.4M at Sep 30, 2026 (−5.5% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- ARK Investment Management: 1,045,010 shares, reported value $183.7M at Jun 30, 2026 (−7.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 826,642 shares, reported value $145.3M at Jun 30, 2026 (−15.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 84,718 shares, reported value $14.9M at Jun 30, 2026 (−58.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 39,000 shares, reported value $6.9M at Jun 30, 2026 (−27.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 23,217 shares, reported value $4.1M at Jun 30, 2026 (−68.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 12,586 shares, reported value $2.2M at Jun 30, 2026 (−1.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in ILMN
- The editor holds no position in Illumina (ILMN). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell ILMN from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold ILMN, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| IlluminaILMN | FY2025 | $4.3B | −0.7% | $850M |
| Thermo FisherTMO | FY2025 | $44.6B | +3.9% | $6.7B |
| DanaherDHR | FY2025 | $24.6B | +2.9% | $3.6B |
| Agilent TechnologiesA | FY2025 | $6.9B | +6.7% | $1.3B |
| WatersWAT | FY2025 | $3.2B | +7.0% | $643M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.