Illumina
ILMN · NasdaqLaboratory Analytical Instruments · Fiscal year ends Jan 3
Illumina reported revenue of $4.3B in the fiscal year ended Dec 2025, down 0.7% from the year before. Operating income was $807M, an operating margin of 18.6%, and net income was $850M. Operating cash flow of $1.1B less capital expenditure of $148M left free cash flow of $931M. Net debt was $72M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.5B | $4.6B | $4.5B | $4.4B | $4.3B |
| Cost of revenue | $1.4B | $1.6B | $1.8B | $1.5B | $1.5B |
| Gross profit | $3.2B | $3B | $2.7B | $2.9B | $2.9B |
| Research & development | $1.2B | $1.3B | $1.4B | $1.2B | $967M |
| Selling, general & admin | $2.1B | $1.3B | $1.6B | $1.1B | $1.1B |
| Operating income | −$123M | −$4.2B | −$1.1B | −$833M | $807M |
| Interest expense | $61M | $26M | $77M | $100M | $101M |
| Pre-tax income | $884M | −$4.3B | −$1.1B | −$1.2B | $1.1B |
| Income tax | $122M | $68M | $44M | $44M | $236M |
| Net income | $762M | −$4.4B | −$1.2B | −$1.2B | $850M |
| Diluted EPS | 5.04 | −28.00 | −7.34 | −7.69 | 5.45 |
| Diluted shares | 151M | 157M | 158M | 159M | 156M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.2B | $2B | $1B | $1.1B | $1.4B |
| Receivables | $648M | $671M | $734M | $735M | $854M |
| Inventory | $431M | $568M | $587M | $547M | $564M |
| Current assets | $2.7B | $3.6B | $2.6B | $2.7B | $3.3B |
| Net PP&E | $1B | $1.1B | $1B | $815M | $759M |
| Goodwill | $7.1B | $3.2B | $2.5B | $1.1B | $1.1B |
| Total assets | $15.2B | $12.3B | $10.1B | $6.3B | $6.6B |
| Payables | $332M | $293M | $245M | $221M | $240M |
| Deferred revenue | $234M | $245M | $252M | $260M | $270M |
| Current liabilities | $1.1B | $2.8B | $1.6B | $1.5B | $1.6B |
| Short-term debt | $0 | – | – | – | – |
| Long-term debt | $993M | $1.5B | $1.5B | $1.5B | $1.5B |
| Shareholders' equity | $10.7B | $6.6B | $5.7B | $2.4B | $2.7B |
| Backlog (remaining obligations) | $1B | $1B | $653M | $657M | $738M |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $545M | $392M | $478M | $837M | $1.1B |
| Capital expenditure | $208M | $286M | $195M | $128M | $148M |
| Free cash flow | $337M | $106M | $283M | $709M | $931M |
| Depreciation & amortisation | $251M | $394M | $432M | $354M | $270M |
| Stock-based compensation | $754M | $366M | $380M | $370M | $275M |
| Acquisitions | $2.4B | $265M | $30M | $81M | $10M |
| Share buybacks | $0 | $0 | $0 | $116M | $742M |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.3% | −1.7% | −2.9% | −0.7% |
| EPS growth (YoY) | – | −655.6% | – | – | – |
| Gross margin | 69.7% | 64.8% | 60.9% | 65.4% | 66.1% |
| Operating margin | −2.7% | −91.2% | −23.7% | −19.1% | 18.6% |
| Net margin | 16.8% | −96.1% | −25.8% | −28.0% | 19.6% |
| Return on equityBlank when equity is negative | 7.1% | −66.7% | −20.2% | −51.5% | 31.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.9% | −44.1% | −12.5% | −17.5% | 16.0% |
| Free cash flow margin | 7.4% | 2.3% | 6.3% | 16.2% | 21.4% |
| Cash conversion (CFO ÷ net income) | 0.72x | −0.09x | −0.41x | −0.68x | 1.27x |
| Receivable days | 52 | 53 | 59 | 61 | 72 |
| Inventory days | 115 | 129 | 122 | 132 | 140 |
| Payable days | 88 | 66 | 51 | 53 | 59 |
| Interest cover | −2.02x | −161x | −13.9x | −8.33x | 7.99x |
| Debt ÷ equity | 0.09x | 0.23x | 0.26x | 0.63x | 0.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$239M | −$524M | $441M | $363M | $72M |
| Current ratio | 2.48x | 1.28x | 1.66x | 1.78x | 2.08x |
Recent filings
More in Laboratory Analytical Instruments
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.