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Friday 6 November 2026
Export ILMN’s income statement to Excel — free account
Illumina, Inc.
ILMN Healthcare Diagnostics & Research
Illumina, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, down 0.66% from fiscal 2024.
- Revenue
- +4.15%
- EPS
- +49.0%
- Free cash flow
- +49.8%
- Total debt
- +80.0%
Quarter to September 2026, against a year earlier
209.82
16.72
−7.38%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,398 | 2,752 | 3,333 | 3,543 | 3,239 | 4,526 | 4,584 | 4,504 | 4,372 | 4,343 | 4,538 | +6.8% | 4,628 | 4,929 | 5,286 | +6.8% | |
| Gross margin, % | 69.47 | 66.35 | 69.01 | 69.63 | 68.01 | 69.69 | 64.83 | 60.92 | 65.44 | 66.08 | 67.87 | (3.4) pt | ||||||
| EBT | 561 | 1,043 | 894 | 1,118 | 856 | 884 | (4,336) | (1,117) | (1,179) | 1,086 | 1,059 | +7.6% | ||||||
| EBT margin, % | 23.39 | 37.90 | 26.82 | 31.56 | 26.43 | 19.53 | (94.59) | (24.80) | (26.97) | 25.01 | 23.34 | +1.6 pt | ||||||
| Net income | 428 | 678 | 782 | 990 | 656 | 762 | (4,404) | (1,161) | (1,223) | 850 | 895 | +7.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 16.31 | 18.85 | 22.67 | 24.10 | 22.03 | 30.17 | 29.20 | 28.51 | 27.50 | 28.02 | 30.05 | +6.2% | |||||
| Earnings | 3.09 | 4.96 | 5.63 | 6.81 | 4.48 | 5.07 | (28.00) | (7.34) | (7.69) | 5.47 | 5.89 | +6.6% | ||||||
| Cash flow | 5.30 | 5.99 | 7.77 | 7.15 | 7.35 | 3.63 | 2.50 | 3.03 | 5.26 | 6.96 | 8.15 | +3.1% | ||||||
| Capex | (1.84) | (2.14) | (2.01) | (1.42) | (1.29) | (1.39) | (2.97) | (1.24) | (0.80) | (0.95) | (1.15) | (7.0%) | ||||||
| Free cash flow | 3.46 | 3.86 | 5.76 | 5.73 | 6.06 | 2.25 | (0.47) | 1.78 | 4.46 | 6.01 | 7.00 | +6.3% | ||||||
| Book value | 15.44 | 18.83 | 26.16 | 31.38 | 31.93 | 71.60 | 42.03 | 36.36 | 14.92 | 17.57 | 20.83 | +1.4% | ||||||
| Shares, m | 147 | 146 | 147 | 147 | 147 | 150 | 157 | 158 | 159 | 155 | 153 | +0.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 40.87 | 43.99 | 52.40 | 47.83 | 81.09 | 73.39 | 0.00 | 0.00 | 0.00 | 23.93 | 35.62 | 36.4 | |||||
| P/S | 7.89 | 11.67 | 12.99 | 13.51 | 16.49 | 12.38 | 6.76 | 4.74 | 4.86 | 4.68 | 6.98 | 9.6 | ||||||
| P/B | 8.34 | 11.68 | 11.26 | 10.38 | 11.38 | 5.22 | 4.69 | 3.72 | 8.95 | 7.47 | 10.07 | 8.3 | ||||||
| EV/Sales | 7.68 | 11.32 | 12.53 | 12.89 | 15.78 | 12.57 | 6.74 | 4.94 | 5.03 | 4.76 | 7.19 | 9.4 | ||||||
| EV/FCF | 36.29 | 56.45 | 50.15 | 55.07 | 58.22 | 175.54 | (406.62) | 79.25 | 31.12 | 22.57 | 31.31 | 15.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 779 | 875 | 1,142 | 1,051 | 1,080 | 545 | 392 | 478 | 837 | 1,079 | 1,230 | +3.7% | |||||
| Capex | (271) | (312) | (296) | (209) | (189) | (208) | (466) | (196) | (128) | (148) | (173) | (6.5%) | ||||||
| Free cash flow | 508 | 563 | 846 | 842 | 891 | 337 | (74) | 282 | 709 | 931 | 1,057 | +7.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,613 | 2,234 | 2,686 | 3,786 | 3,239 | 1,620 | 788 | 1,039 | 1,199 | 1,704 | 1,879 | +0.6% | |||||
| Net debt | (501) | (953) | (1,515) | (2,228) | (2,288) | 356 | (550) | 435 | 270 | (143) | 452 | (13.0%) | ||||||
| Shareholders’ equity | 2,270 | 2,749 | 3,845 | 4,613 | 4,694 | 10,740 | 6,599 | 5,745 | 2,373 | 2,723 | 3,145 | +2.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 11.62 | 15.22 | 13.52 | 14.04 | 8.80 | 6.68 | (32.07) | (10.38) | (14.90) | 13.13 | 13.78 | +1.5 pt | |||||
| ROIC | 20.74 | 21.09 | 23.69 | 25.81 | 15.07 | (0.69) | (43.18) | (10.81) | (19.70) | 19.55 | 16.70 | (1.2) pt | ||||||
| ROE | 22.48 | 28.93 | 25.05 | 23.69 | 14.10 | 9.87 | (50.80) | (18.81) | (30.13) | 33.36 | 32.39 | +10.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 5,500 | 6,200 | 7,300 | 7,700 | 7,850 | 9,150 | 10,260 | 9,300 | 9,030 | 8,650 | — | +5.2% | |||||
| Revenue/emp, $m | 0.44 | 0.44 | 0.46 | 0.46 | 0.41 | 0.49 | 0.45 | 0.48 | 0.48 | 0.50 | — | +1.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Consumables | 3,227 | 74.30% |
|---|---|---|
| Service | 634 | 14.60% |
| Instruments | 482 | 11.10% |
| Gross margin | 66.08% | |
| Operating margin | 18.58% | |
| Pre-tax margin | 25.01% |
Illumina, Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IDXX IDEXX Laboratories, Inc. | $52.8B | 44.8× | 37.3× | +9.86% (above 0%: growing) | +17.30% (above 0%: growing) | +17.58% (above 0%: growing) | 62.94% | 33.14% | Compare |
| A Agilent Technologies, Inc. | $48.4B | 33.8× | 34.1× | +8.06% (above 0%: growing) | +8.47% (above 0%: growing) | +69.50% (above 0%: growing) | 55.48% | 23.64% | Compare |
| WAT Waters Corporation | $44.5B | 194× | 81.0× | +120.91% (above 0%: growing) | −67.02% (below 0%: shrinking) | −66.71% (below 0%: shrinking) | 50.25% | 7.24% | Compare |
| IQV IQVIA Holdings Inc. | $43.7B | 31.8× | 34.8× | +8.00% (above 0%: growing) | +10.16% (above 0%: growing) | −21.25% (below 0%: shrinking) | 33.83% | 12.92% | Compare |
| MTD Mettler-Toledo International, Inc. | $33.6B | 37.6× | 36.1× | +4.48% (above 0%: growing) | +18.30% (above 0%: growing) | +33.01% (above 0%: growing) | 63.29% | 30.61% | Compare |
| ILMN Illumina, Inc. | $31.5B | 35.6× | 46.4× | +4.15% (above 0%: growing) | +48.98% (above 0%: growing) | +49.80% (above 0%: growing) | 73.52% | 27.02% | |
| LH Labcorp Holdings Inc. | $29.5B | 29.5× | 26.7× | +6.92% (above 0%: growing) | +3.18% (above 0%: growing) | +44.73% (above 0%: growing) | 29.08% | 10.55% | Compare |
| DGX Quest Diagnostics Incorporated | $28.0B | 25.0× | 24.4× | +9.98% (above 0%: growing) | +29.36% (above 0%: growing) | +6.21% (above 0%: growing) | 33.65% | 15.47% | Compare |
| GH Guardant Health, Inc. | $20.6B | — (loss-making) | — (loss-making) | +36.12% (above 0%: growing) | n/m | +18.74% (above 0%: growing) | 65.42% | (36.78%) | Compare |
| Median of peers | $38.6B | 33.8× | 34.8× | +8.96% | +10.16% | +18.16% | 52.87% | 14.20% |
From the latest earnings call
- CEO Jacob Thaysen said clinical customers were expanding instrument capacity, while CFO Ankur Dhingra said clinical sequencing-consumables revenue grew 15% excluding China in Q2.
- Thaysen said Illumina was sharing some higher memory and freight costs with customers and using operational measures to offset the increases.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
102.49%
Held by the ten largest
52.65%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 19.19m | 12.71% | +167.81k |
| Capital Group | 15.65m | 10.37% | −122.39k |
| Vanguard | 14.64m | 9.70% | −168.63k |
| State Street | 6.51m | 4.31% | +77.94k |
| WCM INVESTMENT MANAGEMENT, LLC | 6.21m | 4.11% | +283.53k |
| Fidelity (FMR) | 4.52m | 3.00% | +2.98m |
| PRIMECAP Management | 3.51m | 2.33% | +1.45m |
| AQR Capital Management | 3.48m | 2.30% | −443.68k |
| Geode Capital Management | 2.95m | 1.95% | −104.61k |
| Corvex Management LP | 2.83m | 1.87% | −999.06k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 9 April 2026
Ownership
Directors and executive officers, together
2.90%
Capital World Investors
13.30%
BlackRock, Inc.
11.90%
The Vanguard Group
10.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Illumina, Inc. (ILMN) Latest News
30 Oct
29 Oct
28 Oct
22 Oct
21 Oct
13 Oct
ILMN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Illumina makes tools for reading and analyzing genetic information. Its sequencing systems determine the order of the chemical building blocks in DNA, while its arrays test samples for known genetic markers. Customers use these tools in research, drug development and clinical testing. Illumina was founded in 1998, is headquartered in San Diego and is led by chief executive Jacob Thaysen.
Its products include instruments, the materials needed to prepare and run samples, and software that helps customers manage and interpret the resulting data. The systems range from smaller machines used for targeted analyses to production-scale instruments used for whole-genome sequencing. Illumina also provides sequencing and genotyping services and support for customers that own its equipment.