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Screener / SEC EDGAR /CIK 0001110803 /10-K filed Feb 12, 2026, compared with Feb 12, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
CRLALGNILMNMTDCOOIDXX
Nasdaq Health care · Lab Instruments

Illumina, Inc. ILMN

ILMN quote by TradingView
Headquarters
San Diego, CA
CEO
Jacob Thaysen
Next results
around Jan 12, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $4.3B through the costs to a net profit of $850.0M · income statement of the 10-K

19% operating margin
Revenue to Gross profit: $2.9BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $807.0MGross profit to Operating expenses: $2.1BOperating profit to Net profit: $571.0MOperating profit to Tax: $236.0MOther income to Net profit: $279.0MOperating expenses to R&D: $967.0MOperating expenses to SG&A: $1.1B Revenue: $4.3B REVENUE $4.3B −1% Y/Y Gross profit: $2.9B · 66% margin GROSS PROFIT $2.9B 66% margin · +0% Y/Y Cost of revenue: $1.5B · 34% of revenue COST OF REVENUE $1.5B 34% of revenue Operating profit: $807.0M · 19% margin OPERATING PROFIT $807.0M 19% margin Other income: $279.0M · 6% of revenue OTHER INCOME $279.0M 6% of revenue Operating expenses: $2.1B · 48% of revenue OPERATING EXPENSES $2.1B 48% of revenue Net profit: $850.0M · 20% margin NET PROFIT $850.0M 20% margin Tax: $236.0M · 5% of revenue TAX $236.0M 5% of revenue R&D: $967.0M · 22% of revenue R&D $967.0M 22% of revenue SG&A: $1.1B · 25% of revenue SG&A $1.1B 25% of revenue
Gross profit $2.9B 66% margin · +0% Y/Y
Operating profit $807.0M 19% margin
Net profit $850.0M 20% margin
The full income statement, year by year

ILMN among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: -0.7%, above 7% of 59 peers (their median 7.2%) REVENUE GROWTH -0.7% · above 7% Gross margin: 67.9%, above 62% of 50 peers (their median 64.2%) GROSS MARGIN 67.9% · above 62% Operating margin: 21.2%, above 76% of 50 peers (their median 13.4%) OPERATING MARGIN 21.2% · above 76% Net margin: 19.7%, above 83% of 59 peers (their median 9.5%) NET MARGIN 19.7% · above 83% FCF margin: 23.3%, above 84% of 55 peers (their median 15.2%) FCF MARGIN 23.3% · above 84% Return on capital: 12.8%, above 76% of 41 peers (their median 9.0%) RETURN ON CAPITAL 12.8% · above 76%
ILMN Peer median Below the median

What changed

7 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 12, 2026 against Feb 12, 2025.

Risk factors
7 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +16.2% vs revenue -0.7% (+16.9 pts)
10-K · XBRL
Critical audit matters changed
New this year: Valuation of Excess and Obsolete Inventory (“The Company's inventories totaled $564 million as of December 28, 2025. As explained in Note 1 and Note 7 to the consolidated financial statements, the Company assesses the valuation of inventory each reporting period. Obsolete inventory or inventory in excess of management's estimated usage require”). No longer listed: GRAIL Contingent Consideration; Impairment assessment of GRAIL in-process research and development (IPR&D)
10-K · XBRL
Accounting checks
9 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
8 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +16.2% vs revenue -0.7% (+16.9 pts)
  • Critical audit matters changed
    New this year: Valuation of Excess and Obsolete Inventory (“The Company's inventories totaled $564 million as of December 28, 2025. As explained in Note 1 and Note 7 to the consolidated financial statements, the Company assesses the valuation of inventory each reporting period. Obsolete inventory or inventory in excess of management's estimated usage require”). No longer listed: GRAIL Contingent Consideration; Impairment assessment of GRAIL in-process research and development (IPR&D)
  • Cash from operations $1.1B vs net income $850.0M (FY ending Dec 28, 2025)
8 more checks with nothing to note
  • Inventory +3.1% vs revenue -0.7% (+3.8 pts)
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

7 paragraphs in Risk Factors that were not in the 10-K filed Feb 12, 2025. Quoted as filed.

All 7 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    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,…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    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. We operate a diversified, global supply chain. Recent tariff measures and…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    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…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$4.6B$4.5B$4.4B$4.3B
Net income−$4.4B−$1.2B−$1.2B$850.0M
Operating cash flow$392.0M$478.0M$837.0M$1.1B
Free cash flow$106.0M$283.0M$709.0M$931.0M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$4.3B ▼ 0.7% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

8 filings in the last 30 days · SEC EDGAR

All filings
3 more

About the company

Illumina, Inc., San Diego, CA · from the 10-K filed Feb 12, 2026

Headquarters
San Diego, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
January 3
Last results
Oct 29, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 12, 2026 (open at SEC), compared with the 10-K filed Feb 12, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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