10-K 0001110803-26-000024 (2026-02-12) vs 10-K 0001110803-25-000019 (2025-02-12)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 10,483 |
13.5% |
| MD&A | Item 7 | 7,870 |
19.9% |
| Legal Proceedings | Item 3, via Note 9 – LEGAL PROCEEDINGS | 2,155 |
52.5% |
| Accounting Policies | Item 8, Note 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 6,518 |
9.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 189 words changed in this paragraph; it is 39% similar to last year's version.
In 2024, 2025, the variance from the U.S. federal statutory tax rate of 21% was primarily because due to the release of a valuation allowance of $74 million against certain deferred tax assets in Singapore. This was partially offset by the implications of the $308 million income U.S. tax expense impact legislation that was signed on July 4, 2025, which included changes to no longer require capitalization of U.S. based research and development expenses. While the changes from the impairment recent U.S. tax legislation were favorable, based on available evidence, the increased U.S. tax deductions resulted in a determination that it is more likely than not the future realization of goodwill, which is nondeductible for deferred tax purposes, $90 million income tax expense impact of GRAIL pre-acquisition net operating losses on GILTI, the utilization of assets associated with certain U.S. foreign tax credits, and credits may not be achieved. Therefore, a valuation allowance of $62 million was recorded against the Pillar Two global minimum top-up tax, and the $52 million income deferred tax expense impact of capitalizing research and development expenses for assets associated with certain U.S. foreign tax purposes. credits. The income tax rate in 2024 2025 was favorably impacted by the $99 million income tax expense impact of the reversal of the European Commission fine related to the GRAIL acquisition, which is excluded from taxable income, and by the mix of earnings in jurisdictions with lower statutory tax rates than the U.S. federal statutory tax rate, such as in Singapore.
Source: Item 7, 10-K 0001110803-26-000024 vs Item 7, 10-K 0001110803-25-000019
Risk Factors 179 words changed in this paragraph; it is 73% similar to last year's version.
Furthermore, we have and may continue to become subject to stockholder inspection demands under Delaware law, investigations initiated by regulators and law firms, and derivative or other similar litigation that can be expensive, divert management attention and human and financial capital to less productive uses and result in potential reputational damage. The GRAIL acquisition and subsequent litigation resulted in in, among other things (i) the announcement of an investigation by the SEC and others by law firms of possible securities law violations; (ii) stockholder inspection demands seeking to investigate possible breaches of fiduciary duties, corporate wrongdoing or a lack of independence of the members of the Board, including a complaint filed in the Delaware Court of Chancery seeking to inspect books and records captioned Pavers and Road Builders Benefit Funds v. Illumina, Inc.; (iii) the filing of securities class actions in the United States District Court for the Southern District of California: Kangas v. Illumina, Inc. et al., Roy v. Illumina, Inc. et al., and Louisiana Sheriffs’ Pension & Relief Fund v. Illumina, Inc. et al.; (iv) the filing of a stockholder derivative complaint in the United States District Court for the Southern District of California captioned Warner v. deSouza et al.; (v) the filing of a stockholder derivative complaint in the United States District Court for the District of Delaware captioned Wang v. deSouza et al.; (vi) (ii) the filing of two securities class actions in the Superior Court of the State of California, County of San Mateo: Loren Scott Mar v. Illumina, et al. and Scott Zerzanek v. Illumina, Inc. et al.; (vii) (iii) the filing of a stockholder derivative and class action complaint captioned Icahn Partners LP, et al. v. deSouza, et al.; (viii) (iv) the filing of a stockholder derivative complaint captioned City of Omaha Police and Firefighters Retirement System v. deSouza, et al.; (ix) (v) the filing of a stockholder derivative complaint captioned City of Roseville General Employees Retirement System, et al. v. deSouza, et al.; and (x) the filing of a stockholder derivative complaint captioned Thomas P. DiNapoli v. John Thompson et al.; and (xi) (vi) the filing of a stockholder derivative complaint captioned Pavers and Road Builders Benefit Funds v. John Thompson et al. See note 9. Legal Proceedings within the Consolidated Financial Statements for further details. In the event that any of the matters described above result in one or more adverse judgments or settlements, we may experience an adverse impact on our financial condition, results of operations or stock price.
Source: Item 1A, 10-K 0001110803-26-000024 vs Item 1A, 10-K 0001110803-25-000019
Legal Proceedings 169 words changed in this paragraph; it is 54% similar to last year's version.
On February 26, 2024, a stockholder derivative complaint captioned City of Omaha Police and Firefighters Retirement System v. deSouza, et al., purportedly brought on behalf of Illumina, was filed in the Delaware Court of Chancery against certain current and former directors. On April 16, 2024, a stockholder derivative complaint captioned City of Roseville General Employees Retirement System, et al. v. deSouza, et al., purportedly brought on behalf of Illumina, was filed in the Delaware Court of Chancery against certain current and former directors and officers. On August March 26, 2024, the defendants filed a motion to dismiss the complaint in the lawsuit filed by City of Omaha Police and Firefighters Retirement System. On May 16, 2024, the defendants filed a stockholder derivative motion to dismiss the complaint captioned Thomas P. DiNapoli v. John Thompson et al., purportedly brought on behalf of Illumina, was filed in the Delaware Court lawsuit filed by City of Chancery against certain current and former directors. We are named as a nominal defendant in the complaints. The lawsuits allege the named directors and officers breached their fiduciary duties by knowingly causing Illumina to unlawfully close the GRAIL acquisition. The stockholders previously made requests to inspect certain books and records under Delaware law, and they purport to base their complaint in part on documents obtained from Illumina in response to those requests. Before the filing of the complaint, the purported stockholders did not make a demand that our Board of Directors pursue the claim asserted therein. The complaints seek damages against the individual defendants, costs and expenses, including attorney fees and other equitable relief. Roseville General Employees Retirement System, et al.
Source: Item 3, via Note 9 – LEGAL PROCEEDINGS, 10-K 0001110803-26-000024 vs Item 3, via Note 9 – LEGAL PROCEEDINGS, 10-K 0001110803-25-000019
Accounting Policies 128 words changed in this paragraph; it is 37% similar to last year's version.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) 2023-07, Segment Reporting - Improvements to Income Tax Reportable Segment Disclosures. The new standard requires a company to expand its existing income tax disclosures, specifically related disclose incremental segment information on an annual and interim basis, including significant segment expenses and measures of profit or loss that are regularly provided to the rate reconciliation and income taxes paid. CODM. The standard is does not change how an entity identifies its operating segments. The standard was effective for us beginning in fiscal year 2025, with early adoption permitted, 2024 and is expected interim periods within fiscal year 2025. We adopted the standard on its effective date in fiscal year 2024 and applied the amendments retrospectively to be applied prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2023-09 on all prior periods presented in the consolidated financial statements statements. See note 12. Segment and related disclosures. Geographic Information for additional details.
Source: Item 8, Note 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001110803-26-000024 vs Item 8, Note 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001110803-25-000019
Every change, by type
Sentences and paragraphs of ILMN's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-12.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
In addition, a reduction or delay in research and development budgets and government funding may adversely affect our business. Many of our customers’, and a portion of our own, research and development and other activities have been funded, or may be funded in the future, by government grants, including from the U.S. National Institutes of Health, or NIH. Any reduction, delay, or elimination of government funding, or failure to comply with grant requirements, could materially and adversely affect our or our customers’ research programs, product development, manufacturing operations and financial condition.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
A portion of our revenue is increasingly derived from a small number of large, centralized laboratory customers. If these customers continue to represent a growing share of our total sales, the loss of, or reduction in purchases by, any one of these key customers could materially and adversely affect our business, financial condition, and results of operations. Increased customer concentration may result in greater pricing pressure, reduced negotiating leverage, and increased exposure to credit risk. As a result, our operating results could therefore fluctuate more significantly from period to period in the future, depending on the purchasing patterns of these large customers.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
Changes in tariffs, trade restrictions, and customs or export/import regulations have impacted, and we expect will continue to impact, our business by increasing costs and administrative burdens, disrupting cross-border flows, and affecting customer demand.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
We operate a diversified, global supply chain. Recent tariff measures and related policy actions have already resulted in higher input costs and longer lead times, and we expect continued volatility in tariff rates, sector-specific duties, and licensing or other trade requirements in the U.S. and key international markets (including China) that may further raise costs, constrain pricing, reduce demand, or cause inventory imbalances. While we pursue mitigation efforts, these actions may not be successful, timely, or economically feasible, and our ability to pass cost increases to customers may be limited, any of which could adversely affect our business, cash flows, financial condition, and results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
In addition, from time to time, we develop and implement product updates, including significant hardware or software updates to in-service products, such as our NovaSeq X sequencing platform. Such product updates may materially impact how such products operate. Therefore, if we are unable to implement such updates on a cost-effective and timely basis, or if such updates are not successful technologically or operationally for our customers, our business and reputation could be adversely affected, and our financial results could suffer.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
In addition, we market certain products “For Research Use Only. Not for use in diagnostic procedures,” or RUO. Although some decentralized clinical laboratories may independently choose to incorporate RUO components into laboratory‑developed tests (LDTs) under applicable frameworks, our RUO labeling and policies prohibit promoting clinical use. Nevertheless, regulators could interpret our interactions with such labs—including sales practices, training, technical support, collateral, or performance data sharing—as evidence of diagnostic intended use or off‑label promotion, exposing us to inspections, warning letters, civil or criminal penalties, injunctions, product seizures, mandatory recalls, or requirements to obtain clearances/approvals or to re‑label products. Outside the U.S., under the EU IVDR, a lab that uses RUO products for patient testing can be deemed the manufacturer of the test, which increases scrutiny of our role and could result in parallel regulatory or reputational risk. Even with robust compliance training and operating procedures, government investigations (including qui tam actions), customer audits, loss of key customers, and delays in product availability could arise, which could have material adverse effects on our business, financial condition, results of operations, and reputation.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
In addition, from time to time, we undertake significant changes to our enterprise applications, including enterprise resource planning and adjacent systems. If these projects are delayed, exceed cost estimates, or do not perform as intended, we could experience operational disruptions (for example, in order processing, manufacturing, fulfillment, or financial reporting) and incremental costs, any of which could adversely affect our business, results of operations, or financial condition.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedRisk Factors
As previously disclosed, the Acquisition was subject to various legal challenges, including by the FTC and European Commission. As a result, we have been a party to a number of regulatory and administrative proceedings regarding the Acquisition.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
result in one or more adverse judgments or settlements, we may experience an adverse impact on our financial condition, results of operations or stock price.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
The business of GRAIL may be adversely affected by the Spin-Off, which could adversely affect the market value of the CVRs.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
products, and the prohibition of sale of any of our products or services could adversely affect our ability to grow or maintain profitability.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
In addition, if our products labeled as “For Research Use Only. Not for use in diagnostic procedures,” or RUO, are used, or could be used, for the diagnosis of disease, the regulatory requirements related to marketing, selling, and supporting such products could change or be uncertain, even if such use by our customers is without our consent. If the FDA or other regulatory authorities assert that any of our RUO products are subject to regulatory clearance or approval, our business, financial condition, or results of operations could be adversely affected.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
In April 2024, the FDA issued the Final Rule relating to Laboratory Development Tests (LDTs). Newly developed LDT products may be subject to regulatory clearance or approval, and could result in adverse impacts to our business, financial condition, or results of operations.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Certain of our in vitro diagnostic products, or IVDs, are currently available through laboratories that are certified under the Clinical Laboratory Improvements Amendments (CLIA) of 1988. These IVD products are commonly called “laboratory developed tests,” or LDTs.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
For a number of years, the FDA has exercised its regulatory enforcement discretion to not regulate LDTs as medical devices if created and used within a single laboratory. On April 29, 2024, the FDA released final regulations under 21 CFR Part 809 under the Federal Food, Drug, and Cosmetic Act (FD&C Act) amending the regulations to make explicit that LDTs offered as IVDs are devices under the FD&C Act including when the manufacturer of the IVD is a laboratory (the LDT Rule).
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
The LDT Rule also provides that the FDA intends to exercise enforcement discretion with regard to premarket review and most quality system requirements for certain categories of IVDs, including currently marketed IVDs offered as LDTs that were first marketed prior to April 29, 2024. The FDA has included additional enforcement discretion policies within the rule for LDTs approved by the New York State’s Clinical Laboratory Evaluation Program (NYS CLEP).
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
The majority of revenue from products currently offered by our laboratories do not fall within the scope of the LDT Rule. With one exception, the LDTs currently offered as IVDs by our laboratories that fall within the purview of the LDT Rule are approved by NYS CLEP and were first marketed prior to the release of the LDT Rule.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
We cannot predict the specifics of how the FDA intends to implement the Final Rule and uncertainties remain as to whether and how newly developed LDT products that are now require regulatory clearance or approval may impact our business, financial condition, or results of operations.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
into our products, our information technology infrastructure and our products may in the future be, and have in the past been, impacted by cyber-attacks, employee error, malfeasance, or other disruptions.
Read it in 10-K 2025-02-12 at sec.gov ↗
RewordedRisk Factors
MOFCOM has not announced what penalties will be imposed on us and we We cannot currently predict the duration of our inclusion on the List of Unreliable Entities or any Entities, and whether further actions that may ultimately be taken by MOFCOM. the regulatory authorities in China.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In particular, collaboration agreements and large-scale government funded projects such as population genomic projects are the result of lengthy and complex negotiations, and the timing of revenue recognition in connection with these agreements and projects may be subject to significant uncertainty because of the long-term nature of development and collaboration projects, as well as sample availability for population genomics projects.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We The markets we serve are dynamic — we face intense and increasing competition, which could render our products obsolete, result in significant price reductions, or substantially limit the volume of products that we sell. sell, and increasing customer concentration makes us more dependent on key customers.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In some cases, we compete for the resources our customers allocate for purchasing a wide range of sequencing and non-sequencing products, some of which are complementary or adjacent to our own but not directly competitive; in other cases, our products face direct competition as customers choose among sequencing and non-sequencing products that are designed to address the same use case or answer the same biological question.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Defense of any lawsuit or failure to obtain any of these licenses on favorable terms could prevent us from commercializing products, and the prohibition of sale of any of our products or services could adversely affect our ability to grow or maintain profitability.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The decision to place us on the List of Unreliable Entities and any Any future decision by such regulatory authorities to take action to impose and enforce additional penalties or restrictions against us could have a material adverse effect on our revenue and results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
On February 4, 2025, China’s Ministry of Commerce (MOFCOM) regulatory authorities in China announced that it Illumina had been added Illumina to its the List of Unreliable Entities under the Provisions of the List of Unreliable Entities (the UEL Provisions).
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
One or more of our competitors may render one or more of our technologies obsolete or uneconomical. uneconomical, which would materially and adversely impact our business prospects and financial condition.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
For example, the market for noninvasive prenatal testing is rapidly developing, and if If our competitors are able to develop and commercialize products superior to or less expensive than ours or are able to obtain regulatory clearances before we do, our business could be adversely impacted.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Following the Spin-Off, we remain the obligor on the contingent value rights (the CVRs) we issued in connection with the GRAIL Acquisition. Acquisition, and the Spin-Off could adversely affect the market value of the CVRs.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We have sales offices located internationally throughout Europe, the Asia-Pacific region, and Brazil, as well as manufacturing and research facilities in Singapore and the United Kingdom.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
(iii) The GRAIL acquisition and subsequent litigation resulted in, among other things (i) the filing of securities class actions in the United States District Court for the Southern District of California:
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On June 22, 2025, we entered into a Stock Purchase Agreement (the Purchase Agreement) with Standard BioTools to acquire SomaLogic and other specified assets for $350 million in cash, subject to customary adjustments. The Purchase Agreement further provides for, in connection with the revenues generated from certain products and services, (i) royalty streams and (ii) up to $75 million in potential milestone payments to Standard BioTools. We believe the acquisition will enhance our presence in the expanding proteomics market and advance our multiomics strategy. The transaction was completed on January 30, 2026. See note 13. Subsequent Events for further details.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Beginning in April 2025, the U.S. government and several other countries enacted tariffs. Under the current tariff environment, the largest cost impact to us relates to importation from our manufacturing facility in Singapore. The remainder is a mix of importation of parts and sub-assemblies to our manufacturing operations in the United States and importation into China. We have and will continue to take several actions to fully mitigate the impact of these tariffs, and we partially mitigated the impact in 2025, through supply chain optimization, cost measures, and pricing actions. Based on the current tariff environment, our aim is to more fully mitigate the impact in 2026.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
(1)Total other income (expense), net in 2024 primarily relates to Core Illumina segment.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On June 22, 2025, we entered into a Stock Purchase Agreement (the Purchase Agreement) with Standard BioTools to acquire SomaLogic and other specified assets for $350 million in cash, subject to customary adjustments. The Purchase Agreement further provides for, in connection with the revenues generated from certain products and services, (i) royalty streams and (ii) up to $75 million in potential milestone payments to Standard BioTools. The transaction was completed on January 30, 2026. See note 13. Subsequent Events for further details.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
In September 2024, the European Commission withdrew its previously imposed fine of €432 million. Accordingly, we reversed the related accrual and recognized a net gain of $481 million in Q3 2024. The guarantees we provided in October 2023 to satisfy the obligation in lieu of cash payment while we appealed the European Commission’s jurisdictional and fine decisions are no longer outstanding. Refer to note 9. Legal Proceedings for additional details.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
In June 2024, we entered into a 364-day Delayed Draw Credit Facility, which provided us with a senior unsecured term loan credit facility in an aggregate principal amount of up to $750 million. On June 20, 2024, we borrowed $750 million on the Delayed Draw Credit Facility. The delayed draw term loan incurred interest at a rate of 6.7%. On September 9, 2024, we repaid the full principal amount outstanding under the Delayed Draw Credit Facility, as well as accrued interest, in an aggregate amount of $761 million and terminated the Delayed Draw Credit Agreement.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
The impact of the 2017 Tax Cuts and Jobs Act resulted in a one-time transition tax on earnings of certain foreign subsidiaries which we elected to pay in installments. As of December 29, 2024, we owed $39 million, which we expect to pay within the next year.
Read it in 10-K 2025-02-12 at sec.gov ↗
RewordedMD&A
The primary adjustments to net loss income included goodwill and intangible impairment of $1,889 million, share-based compensation expense of $370 $275 million, depreciation and amortization expense of $354 $270 million, net loss on strategic investments deferred income taxes of $312 $119 million, intangible impairment of $23 million, and property and equipment and right-of-use asset impairment non-cash charitable contribution of $46 $19 million, offset by net gains on investments of $328 million and change in fair value of contingent consideration liabilities of $315 million and deferred income taxes of $112 $18 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
This was We deconsolidated cash of $968 million for the GRAIL Spin-Off, repaid our delayed draw term loan of $750 million, used $116 million to repurchase our common stock, and used $32 million to pay taxes related to net share settlement of equity awards, offset by net borrowings on the Delayed Draw Credit Facility of $744 million, net proceeds received from the issuance of our 2026 Term Notes of $497 million, and proceeds received from the sale of shares under our employee stock purchase plan of $56 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Core Illumina instruments revenue decreased in 2024 2025 primarily due to a decrease in sequencing instruments revenue of $203 million, driven by fewer shipments of our high-throughput instruments, following the first year of NovaSeq X shipments in 2023, high- and fewer shipments of our mid-throughput instruments, as capital and cash flow constraints continue to impact our customer’s purchasing behavior. behavior, partially offset by an increase in MiSeq i100 Series shipments.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
We deconsolidated cash and cash equivalents of $968 million, as a result of the GRAIL Spin-Off, repaid our delayed draw term loan of $750 million, used $116 $742 million to repurchase our common stock, $500 million to repay our 2025 Term Notes that matured, and used $32 $40 million to pay taxes related to net share settlement of equity awards.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Though Although imposed tariffs, reductions in the U.S. government’s funding of the National Institutes of Health, our inclusion on the unreliable entities list by regulatory authorities in China, as well as macroeconomic factors such as inflation, exchange rate fluctuations fluctuations, and concerns about an economic downturn present additional uncertainty, we continue to use the best information available to inform our critical accounting estimates.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The 2025 2030 Term Notes, which mature on December 12, 2025, and the 2027 Term Notes, which mature on December 13, 2027, 2030, accrue interest at a rate of 5.800% and 5.750% 4.750% per annum, respectively, payable semi-annually in on June 12 and December 12 of each year. year, beginning on June 12, 2026.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Interest income 0.9 1.1 1.3 0.2 Interest expense (2.3) (2.3) (1.7) (0.6) Other expense, income (expense), net 7.8 (6.7) (0.7) (3.0) Total other expense, income (expense), net 6.4 (7.9) (1.1) (3.4) Loss Income (loss) before income taxes 25.0 (27.0) (24.8) (94.6) Provision for income taxes 5.4 1.0 1.0 1.5 Net loss income (loss) 19.6 % (28.0) % (25.8) % (96.1)% (25.8)%
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Core Illumina service and other revenue increased decreased in 2024 2025 primarily due to increased decreased revenue from our strategic partnerships and extended maintenance service contracts, partially offset by decreased revenues from genotyping services and development and licensing agreements. partnerships.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Since 2023, Throughout 2025, we experienced several headwinds including macroeconomic factors such as tariffs, inflation, exchange rate fluctuations and concerns about an economic downturn, competitive challenges in our China region, and the sanctions imposed on Russia as a result of the armed conflict between Russia and Ukraine Ukraine, and reductions in the U.S. government’s funding of the NIH, all of which have impacted both Illumina directly and our customers’ behavior.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
We anticipate that our current cash, cash equivalents, and short-term investments, together with cash provided by operating activities operations and available borrowing capacity under the Revolving Credit Facility, are sufficient to fund our near-term capital and operating needs for at least the next 12 months. months, including the SomaLogic acquisition that was completed on January 30, 2026 and funded from cash on hand.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
In millions 2025 2024 2023 2022 Net cash provided by operating activities $ 1,079 $ 837 $ 478 $ 392 Net cash used in investing activities (55) (178) (231) (591) Net cash (used in) provided by used in financing activities (744) (570) (1,210) 1,000 Effect of exchange rate changes on cash and cash equivalents 11 (10) — (22) Net increase (decrease) in cash and cash equivalents $ 291 $ 79 $ (963) $ 779
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
In 2024, 2025, we received net proceeds from the issuance of our 2026 2030 Term Notes of $497 million $495 million, and repaid $500 million for our delayed draw term loan of $750 million. 2025 Term Notes.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
Cash and cash equivalents increased by $79 $291 million from the prior year due primarily to factors described in the “Cash Flow Summary” below.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
The terms of sales transactions through distributors are generally consistent with the terms of direct sales to customers.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
We perform regular reviews to determine if any an event has occurred that may indicate that the carrying values of our intangible assets with finite lives and other long-lived assets are impaired.
Read it in 10-K 2026-02-12 at sec.gov ↗
