Illumina supplies DNA-sequencing and microarray instruments, proprietary consumables, software and services to research, clinical and applied markets. Its January 2026 acquisition of SomaLogic added high-throughput protein measurement and related analytics.
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A snapshot of what ILLUMINA, INC. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001110803-24-000010 | Feb 16, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 29, 20240001110803-25-000019 | Feb 12, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 28, 20250001110803-26-000024 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Illumina’s recovery is real but uneven: sequencing demand and operating cash generation have strengthened, while headline earnings remain sensitive to investment valuations and the aftermath of GRAIL. Fiscal 2025 produced $850 million of GAAP net income and $1.079 billion of operating cash flow, although Core Illumina revenue was essentially flat and its gross margin declined. In the first half of 2026, revenue and operating income improved, but net income fell and company-defined free cash flow was unchanged. SomaLogic broadens the product portfolio, with integration benefits still prospective. Subsequent financing expanded and extended borrowing arrangements without establishing additional cash on hand. China restrictions, research funding, manufacturing costs and continuing GRAIL obligations remain material. The latest supplied operating results cover June 28, 2026; later disclosures update financing and litigation, not current trading performance.
Sources: 10-K · 2025-12-28 · 10-Q · 2026-06-28 · EX-99.1 · 2026-07-30 · 8-K · 2026-08-13 · 8-K · 2026-08-17 · 8-K · 2026-10-13 · 8-K · 2026-08-07
Illumina sells instruments that establish laboratory capacity, then supplies consumables, maintenance, informatics and other services used with that equipment. Consumables represented 74% of fiscal 2025 revenue, instruments 11%, and services and other revenue 15%; sequencing accounted for 92%. This supports repeat purchases, but does not make revenue contractually recurring: laboratory utilization, research funding, clinical adoption and customer capital budgets still matter. NovaSeq X migration can increase demand for its consumables while reducing purchases for older platforms. Lower sequencing costs may broaden applications, but additional volumes must offset lower prices. SomaLogic, consolidated from January 30, 2026, extends this model into protein measurement.
Sources: 10-K · 2025-12-28 · 10-Q · 2026-06-28
Fiscal 2025 revenue was $4.343 billion, compared with $4.372 billion in 2024 and $4.504 billion in 2023. Core revenue was approximately flat in 2025: stronger high-throughput consumables offset fewer instrument shipments and weaker strategic-partnership services. Consolidated comparisons also reflect GRAIL’s June 2024 separation; historical results were not recast as discontinued operations. Operating income of $807 million replaced a $833 million loss, largely against a prior year burdened by GRAIL impairments. Conversely, 2024 benefited from the European Commission fine reversal and large contingent-consideration gains. The $850 million 2025 net profit also included $328 million of strategic-investment gains. GAAP net profit is not a measure of cash generation or purely recurring operating performance. Separately, 2025 operating cash flow was $1.079 billion, comprising $850 million of net income plus $382 million of net adjustments less $153 million of changes in operating assets and liabilities.
Sources: 10-K · 2025-12-28 · 10-K · 2024-12-29
After the February 12, 2026 annual filing, first-half revenue reached $2.251 billion and operating income $454 million. Management cited NovaSeq X consumables demand, higher NovaSeq X and MiSeq i100 shipments, and acquired SomaLogic services. The July earnings release reported 7.2% revenue growth, including acquisition and currency contributions; consolidated organic growth was 3.9%, versus 5.8% excluding Greater China. These are different measures. Q2 non-GAAP operating margin fell to 22.5% from 23.8%, despite higher GAAP margin, which benefited from the absence of a prior-year impairment. First-half net income declined to $340 million as investment results weakened; fewer diluted shares partly cushioned EPS.
Sources: 10-Q · 2026-06-28 · EX-99.1 · 2026-07-30
Operating cash flow increased to $1.079 billion in 2025, with $148 million of net property-and-equipment purchases and $742 million of repurchase payments. In the first half of 2026, operating cash flow was $490 million and capital expenditure $78 million, leaving company-defined non-GAAP free cash flow unchanged at $412 million. Acquisition spending and repurchases helped reduce cash to $1.040 billion at June 28. The separate $128 million short-term-investment balance included equities and time deposits. Repurchase authorization is not spending: approximately $279 million remained under the 2024 program and $1.5 billion under the new program, with no purchases under the latter through June.
Sources: 10-K · 2025-12-28 · 10-Q · 2026-06-28 · EX-99.1 · 2026-07-30
On August 13, Illumina replaced its $750 million revolver with a $1 billion facility maturing in August 2031; no borrowings were outstanding at the report date. On August 17, it completed a $300 million, 4.950% note offering due September 2029, intending to combine proceeds with cash to repay $500 million of September 2026 notes. That repayment is not confirmed by the supplied evidence. An unsecured commercial-paper program established October 8 permits up to $1 billion outstanding, but reported no issuance outstanding. The revolver and commercial-paper limits are not cash and cannot be treated as assured independent, additive liquidity.
Sources: 8-K · 2026-08-13 · 8-K · 2026-08-17 · 8-K · 2026-10-13
China’s instrument-export restrictions eased in November 2025 to case-by-case approval, not unrestricted access or confirmed removal from its Unreliable Entities List. Greater China revenue continued declining in 2026. Research-funding constraints, competition, single-source components, tariffs, memory-chip inflation and freight costs also affect demand or margins. GRAIL separation left investment volatility, CVR payments, award indemnification and litigation exposure. Continuing commercial arrangements with GRAIL also remain a dependency: Illumina warns of uncertainty about fully realizing their anticipated economic benefits. July guidance raised expected 2026 revenue to $4.60–$4.64 billion and non-GAAP EPS to $5.30–$5.40, while leaving adjusted operating-margin guidance unchanged at 23.4%–23.6%. These remain forecasts, not achieved results; a forward GAAP reconciliation was unavailable because material adjustment items were uncertain.
Sources: 10-K · 2025-12-28 · 10-Q · 2026-06-28 · EX-99.1 · 2026-07-30
USD 4.343 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.343 bn | — |
Total product, service and other revenue after intercompany eliminations; historical GRAIL revenue retained through its spin-off.
Sources: 10-K · 2025-12-28
USD 4.372 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 4.372 bn | — |
Total product, service and other revenue after intercompany eliminations; includes GRAIL through June 24, 2024.
Sources: 10-K · 2025-12-28
USD 4.504 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 4.504 bn | — |
Total product, service and other revenue after intercompany eliminations; includes GRAIL for the full fiscal year.
Sources: 10-K · 2025-12-28
USD 850 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 850 m | — |
Consolidated income or loss after income taxes, including investment remeasurement and exceptional items.
Sources: 10-K · 2025-12-28
USD -1.223 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -1.223 bn | — |
Consolidated income or loss after income taxes, including GRAIL through spin-off and exceptional items.
Sources: 10-K · 2025-12-28
USD -1.161 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD -1.161 bn | — |
Consolidated income or loss after income taxes, including GRAIL and exceptional items.
Sources: 10-K · 2025-12-28
USD 1.079 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.079 bn | — |
Consolidated operating cash flow after noncash adjustments and operating-asset/liability changes.
Sources: 10-K · 2025-12-28
USD 837 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 837 m | — |
Consolidated operating cash flow; includes GRAIL operating cash flows through spin-off.
Sources: 10-K · 2025-12-28
USD 478 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 478 m | — |
Consolidated operating cash flow; includes GRAIL for the full fiscal year.
Sources: 10-K · 2025-12-28
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