ILLUMINA, INC. (ILMN) Earnings History

ILLUMINA, INC. - Q4 FY2025 EarningsBeat

Filed at: Feb 5, 2026, 4:09 PM EST|Read from source

EXECUTIVE SUMMARY

Illumina reported a return to growth in Q4 FY2025, driven by disciplined execution and momentum in clinical markets. The company anticipates continued growth in FY2026, supported by the recent acquisition of SomaLogic and new product introductions, while also navigating integration impacts and ongoing strategic initiatives.

POSITIVE HIGHLIGHTS

  • •

    Q4 FY2025 revenue of $1.16 billion, up 5% year-over-year (4% on constant currency basis), marking a return to growth.

    positive
  • •

    Ex-China revenue in Q4 FY2025 was $1.10 billion, up 8% year-over-year (7% on constant currency basis).

    positive
  • •

    Full year 2025 non-GAAP operating margin was 23.1%, an improvement from 21.3% in 2024.

    positive
  • •

    Full year 2025 non-GAAP diluted EPS of $4.84, an increase from $4.16 in 2024.

    positive
  • •

    Completed the acquisition of SomaLogic, expanding Illumina's multiomics portfolio.

    positive

CONCERNS & RISKS

  • •

    Full year 2025 revenue was flat compared to 2024 on both a reported and constant currency basis ($4.34 billion).

    attention
  • •

    Q4 FY2025 GAAP operating margin was 17.4%, down from 34.0% in Q4 2024, though non-GAAP operating margin improved to 23.7% from 19.7%.

    attention
  • •

    Full year 2025 GAAP operating margin was 18.6%, a significant decrease from 34.0% in 2024.

    attention
  • •

    FY2026 guidance for non-GAAP operating margin is 23.3% - 23.5%, including a negative impact of 100bps from the SomaLogic acquisition.

    attention
  • •

    FY2026 guidance for non-GAAP diluted EPS is $5.05 - $5.20, including $0.18 in dilution from the SomaLogic acquisition.

    attention
  • •

    Inventory levels increased to $564 million in December 2025 from $547 million in December 2024.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$1.16B
+5.0%
Prior year: $1.10B
Annual (YTD)
$4.34B
N/A
Prior year: $4.33B
Net Income
Quarterly
$334.00M
+78.6%
Prior year: $187.00M
Annual (YTD)
$850.00M
N/A
Prior year: $-1.22B
EPS (Diluted)
Quarterly
$2.16
+84.6%
Prior year: $1.17
Annual (YTD)
$5.45
N/A
Prior year: $-7.69
Operating Income
Quarterly
$202.00M
+15.4%
Prior year: $175.00M
Annual (YTD)
$807.00M
N/A
Prior year: $-833.00M
EPS (Basic)
Quarterly
$2.18
+86.3%
Prior year: $1.17
Annual (YTD)
$5.47
N/A
Prior year: $-7.69

MARGIN ANALYSIS

Gross Margin
Current Quarter
65.5%
Prior Year
65.9%
YoY Change
-40 bps
Operating Margin
Current Quarter
17.4%
Prior Year
15.8%
YoY Change
+160 bps
Net Margin
Current Quarter
28.8%
Prior Year
16.9%
YoY Change
+1188 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 FY2025 2025

VISUAL OVERVIEW

|
Product Revenue
0.0%
N/A
Service and other revenue
0.0%
N/A

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% Total
Product Revenue
N/A———
Service and other revenue
N/A———
Total Revenue$0.00M——100.0%

Segment performance shows business unit health and growth drivers.

MANAGEMENT GUIDANCE

FY2026

Total company revenue
$4500000.0B—$4600000.0B
Mid-point: $4550000.0B
"representing growth of 4% - 6% on a reported basis, including a 1.5% - 2.0% benefit from the recently closed SomaLogic acquisition"
Ex-China Organic revenue growth
$2.0M—$4.0M
Mid-point: $3.0M
"which excludes currency and acquisition impacts"
Non-GAAP operating margin
23.3%—23.5%
Mid-point: 23.4%
"including a negative impact of 100bps from the SomaLogic acquisition"
Non-GAAP diluted EPS
$5.05—$5.20
Mid-point: $5.13
"including $0.18 in dilution from the SomaLogic acquisition"

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

MANAGEMENT COMMENTARY

The Illumina team delivered a strong finish to 2025, marking a return to growth through disciplined execution against our strategy.

— ILLUMINA, INC., Q4 FY2025 2025 Earnings Call

Momentum built in the second half of the year – especially in clinical markets, where adoption of NGS-based testing is expanding – reinforces our confidence as we enter 2026.

— ILLUMINA, INC., Q4 FY2025 2025 Earnings Call

Completed the acquisition of SomaLogic, expanding Illumina’s multiomics portfolio and strengthening its position in scalable, NGS-enabled proteomics.

— ILLUMINA, INC., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Inventory
564.0M
+3.1% YoY
Prior year: 547.0M
dollars

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.