FirmAtlas
Company handbook · ILMN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ILMN · CIK 1110803 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
Illumina, Inc.
$262.54
−5.39 (−2.01%)
Close, Oct 16, 2026 · 52-week $94–309
Last fiscal year
Illumina, Inc. reported revenue of $4.3B for the year ended Dec 28, 2025 (FY25), down 0.7% from FY24. Net income was $850M, operating cash flow $1.1B and free cash flow $931M. Source: 10-K filed Feb 12, 2026.
Market cap
$40.2B
P/E
48.7
EV/EBITDA
37.6x
P/B
14.2
ROIC
20.3%
Revenue 1Y
−0.7%/yr
EPS 1Y
n/m
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJacob Thaysen
HQSan Diego, CA
AuditorErnst & Young LLP
Employees8,600
Year endsJanuary
Revenue by segment · FY25
Sequencing92%
Microarray8%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.6%
−8.5%
26.0%
173.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.2B deployed
Capex
$276M
22.5%
Acquisitions
$91M
7.4%
Buybacks
$858M
70.0%
Operating cash flow over the period: $1.9B. Total debt changed by $0M. R&D of $2.1B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Dec 28, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,372
4,343−0.7%
4,493
YoY
−0.7%
Gross profit
2,861
2,870+0.3%
2,983
Gross margin
65.4%
66.1%+0.6 pp
—
Operating income
(833)
807n/m
883
Operating margin
−19.1%
18.6%+37.6 pp
—
EBITDA
(479)
1,077n/m
—
EBITDA margin
−11.0%
24.8%+35.8 pp
—
Interest expense
100
101+1.0%
—
Interest coverage
−4.79x
10.66x+15.45x
—
Net income
(1,223)
850n/m
825
YoY
n/m
Net margin
−28.0%
19.6%+47.5 pp
—
EPS (diluted, $)
−7.69
5.45n/m
5.38
YoY
n/m
Balance sheet
Total assets
6,303
6,644+5.4%
6,650
Cash & short-term investments
1,220
1,633+33.9%
—
Accounts receivable
735
854+16.2%
—
Inventory
547
564+3.1%
—
Net PP&E
815
759−6.9%
—
Other assets
2,986
2,834−5.1%
—
Total liabilities
3,930
3,921−0.2%
3,812
Accounts payable
221
240+8.6%
—
Total debt
1,989
1,989+0.0%
1,991
Other liabilities
1,720
1,692−1.6%
—
Shareholders’ equity
2,373
2,723+14.7%
2,838
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
837
1,079+28.9%
1,095
Net income
(1,223)
850n/m
—
Depreciation & amortization
354
270−23.7%
—
Stock-based compensation
370
275−25.7%
—
Working capital & other
1,336
(316)−123.7%
—
Cash from investing
(178)
(55)n/m
—
Capex
(128)
(148)n/m
—
Acquisitions
(81)
(10)n/m
—
Other investing
31
103+232.3%
—
Cash from financing
(570)
(744)n/m
—
Debt raised
1,241
495−60.1%
—
Buybacks
(116)
(742)n/m
—
Shares issued
56
44−21.4%
—
Other financing
(1,751)
(541)n/m
—
Net change in cash
79
291+268.4%
—
Free cash flow (OCF − capex)
709
931+31.3%
931
Where the cash went
Operating cash flow
837
1,079+28.9%
1,095
Reinvested in the business
209
158−24.4%
—
% of operating cash flow
25.0%
14.6%
Capex
128
148+15.6%
164
Acquisitions
81
10−87.7%
—
R&D (memo, already in costs)
1,169
967−17.3%
—
Free cash flow
709
931+31.3%
931
YoY
+31.3%
Returned to shareholders
116
742+539.7%
—
% of free cash flow
16.4%
79.7%
Buybacks
116
742+539.7%
—
Change in total debt
—
0
—
Cash left over
—
179
—
FCF conversion (FCF ÷ net income)
—
109.5%
—
Owner earnings
—
855
—
Owner earnings margin
—
19.7%
—
Returns & ratios
ROIC (all capital)
−26.5%
20.3%+46.8 pp
—
ROIC (operating)
−44.4%
33.1%+77.5 pp
—
Net debt / EBITDA
—
0.33x
—
Debt / equity
0.84x
0.73x−0.11x
—
Cash conversion cycle (days)
140
152+12 d
—
ROE
−51.5%
31.2%+82.8 pp
—
ROA
−19.4%
12.8%+32.2 pp
—
ROCE
−17.5%
16.0%+33.5 pp
—
NOPAT
(833)
632n/m
—
Invested capital (operating)
1,876
1,937+3.3%
—
Invested capital (all)
3,142
3,079−2.0%
—
Reinvestment rate
—
9.7%
—
Debtor days
61
72+10 d
—
Inventory days
132
140+8 d
—
Days payable
53
59+6 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,084
1,159
1,091
1,159
vs year-ago quarter
Gross profit
733
759
721
770
Gross margin
67.6%
65.5%
66.1%
66.4%
Operating income
227
202
209
245
Net income
150
334
134
207
vs year-ago quarter
Net margin
13.8%
28.8%
12.3%
17.9%
EPS (diluted, $)
0.98
2.18
0.87
1.35
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
6,177
6,644
6,559
6,650
Cash & equivalents
1,050
1,633
1,089
1,040
Total debt
1,992
1,989
1,989
1,991
Shareholders’ equity
2,381
2,723
2,676
2,838
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
284
321
289
201
Capex
31
55
38
40
Free cash flow
253
266
251
161
vs year-ago quarter