ILMNIllumina, Inc.

Health care · Lab Instruments · Nasdaq

Headquarters: San Diego, CA
CEO: Jacob Thaysen
Next results: around Jan 12, 2027

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	5.81	Sales (ttm)	4.5B	Net income (ttm)	895.0M	Sales growth	-0.7%	EPS growth	-	Sales Q/Q	+4.2%
Free cash flow	1.1B	Gross margin	67.9%	Oper. margin	21.2%	Net margin	19.7%	FCF margin	23.3%	ROE	28.5%
ROA	13.1%	R&D / sales	22.3%	Dividend	-	Debt/Eq	0.57	Curr. ratio	2.63	Cash	1.3B
Op. cash flow (ttm)	1.2B	EBITDA	1.1B	EBITDA margin	24.8%	Net debt	500.0M	Quick ratio	2.14	Interest cover	7.99
ROIC	12.8%	Tax rate	21.7%	Stock pay / sales	6.3%	Shares out.	151.2M	Shares Y/Y	-1.9%	Book / share	20.80
Cash / share	8.53	Sales / share	30.02	Asset turnover	0.67	Inventory turns	2.61	Days sales out.	72	Sales 3Y CAGR	-1.8%
Sales 5Y CAGR	+6.1%	EPS 5Y CAGR	+4.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 31%$709.0M → $931.0M · Cash from operations − capital expenditure · 10-K ↗
Operating margin widened to 18.6%-19.1% → 18.6% · Operating income / revenue · 10-K ↗
Net income turned to a profit−$1.2B → $850.0M · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

ILMN against Health care peers

Ten years, side by side → · All 60 →

ILMNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

-0.7%56th of 60 · median +7.1%

Net margin

19.7%11th of 60 · median 9.6%

Return on equity

28.5%8th of 54 · median 13.1%

Free cash flow margin

23.3%10th of 56 · median 15.5%

Debt / equity (less is better)

0.5719th of 49 · median 0.66

ILMN and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
ILMN Illumina, Inc.	$4.5B	-0.7%	67.9%	19.7%	28.5%	23.3%	0.57
IDXX Idexx Laboratories	$4.7B	+10.4%	62.7%	25.4%	63.2%	28.0%	0.20
WAT Waters Corporation	$4.6B	+7.0%	59.3%	3.6%	1.1%	8.6%	0.33
COO Cooper Companies	$4.2B	+5.1%	65.9%	13.5%	6.8%	16.0%	0.31
MTD Mettler Toledo	$4.2B	+4.0%	60.4%	22.2%	-	20.7%	-
ALGN Align Technology	$4.2B	+0.9%	69.1%	11.8%	11.4%	14.5%	-

FY2021FY2025

From $4.5B of sales to $762.0M of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $4.3B of sales to $850.0M of profit

FY2025, from the 10-K income statement and revenue by product

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$30$53$17

FY2025

$34$47$20

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4

✓
Net margin above the peer median19.7% vs 9.6%
!
Gross margin down over 5 years68.0% → 66.1%
✓
Return on equity above 15%28.5%
!
A profit in 7 of 10 years

Net margin, FY2016 to FY2025: 19.3% → 19.6%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 8.0× interest expense
✓
Debt smaller than equityDebt / equity 0.57 on the latest balance sheet (peer median 0.66)
✓
Current assets cover current liabilitiesCurrent ratio 2.63
✓
Net debt under 3 years of free cash flow$285.0M net debt, 0.3 years

Debt / equity at each year end, FY2016 to FY2025: 0.48 → 0.73

Cash and shareholders

2 of 3

✓
Free cash flow positive in every one of 10 years$931.0M last year
!
Share count up over 5 years+5.4%
✓
Cash from operations above net income$1.1B vs $850.0M

Free cash flow, FY2016 to FY2025: 519.0M → 931.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 4.3B Net income 850.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

ILMN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue4.3B

Net income850.0M

Free cash flow931.0M

EPS (diluted)5.45

Diluted shares156.0M

Revenue by business segment

year to Dec 28, 2025

	Revenue	Share	vs year before
Core Illumina	4.3B	100.0%	+0.3%
Sequencing	4.0B	91.8%	-0.2%
Microarray	358.0M	8.2%	-5.5%
GRAIL Inc.	0	0.0%	-100%

10-K 0001110803-26-000024, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 28, 2025

	Revenue	Share	vs year before
Consumables	3.2B	74.3%	+2.3%
Service and other revenue	634.0M	14.6%	-11.5%
Instruments	482.0M	11.1%	-3.8%

10-K 0001110803-26-000024, segment and revenue notes (XBRL).

Revenue by region

year to Dec 28, 2025

	Revenue	Share	vs year before
Americas	2.4B	55.4%	-1.4%
United States	2.2B	51.6%	-2.0%
Europe	1.3B	29.1%	+6.7%
Asia-Pacific, Middle East and Africa	430.0M	9.9%	-1.8%
China	243.0M	5.6%	-21.1%

10-K 0001110803-26-000024, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2.4B	2.8B	3.3B	3.5B	3.2B	4.5B	4.6B	4.5B	4.4B	4.3B
Cost of revenue	732.0M	926.0M	1.0B	1.1B	1.0B	1.4B	1.6B	1.8B	1.5B	1.5B
Gross profit	1.7B	1.8B	2.3B	2.5B	2.2B	3.2B	3.0B	2.7B	2.9B	2.9B
R&D	504.0M	546.0M	623.0M	647.0M	682.0M	1.2B	1.3B	1.4B	1.2B	967.0M
SG&A	584.0M	674.0M	794.0M	835.0M	941.0M	2.1B	1.3B	1.6B	1.1B	1.1B
Operating income	587.0M	606.0M	883.0M	985.0M	580.0M	-123.0M	-4.2B	-1.1B	-833.0M	807.0M
Interest expense	33.0M	37.0M	57.0M	52.0M	49.0M	61.0M	26.0M	77.0M	100.0M	101.0M
Pretax income	561.0M	1.0B	894.0M	1.1B	856.0M	884.0M	-4.3B	-1.1B	-1.2B	1.1B
Income tax	133.0M	365.0M	112.0M	128.0M	200.0M	122.0M	68.0M	44.0M	44.0M	236.0M
Net income	463.0M	726.0M	826.0M	1.0B	656.0M	762.0M	-4.4B	-1.2B	-1.2B	850.0M
EPS (diluted)	3.07	4.92	5.56	6.74	4.45	5.04	-28.00	-7.34	-7.69	5.45
Diluted shares	148.0M	148.0M	149.0M	149.0M	148.0M	151.0M	157.0M	158.0M	159.0M	156.0M
Depreciation & amortization	141.0M	156.0M	179.0M	188.0M	187.0M	251.0M	394.0M	432.0M	354.0M	270.0M
EBITDA	728.0M	762.0M	1.1B	1.2B	767.0M	128.0M	-3.8B	-637.0M	-479.0M	1.1B
Gross margin	69.5%	66.4%	69.0%	69.6%	68.0%	69.7%	64.8%	60.9%	65.4%	66.1%
Operating margin	24.5%	22.0%	26.5%	27.8%	17.9%	-2.7%	-91.2%	-23.7%	-19.1%	18.6%
Net margin	19.3%	26.4%	24.8%	28.3%	20.3%	16.8%	-96.1%	-25.8%	-28.0%	19.6%
Revenue growth	-	+14.8%	+21.1%	+6.3%	-8.6%	+39.7%	+1.3%	-1.7%	-2.9%	-0.7%
EPS growth	-	+60.3%	+13.0%	+21.2%	-34.0%	+13.3%	-656%	-	-	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	735.0M	1.2B	1.1B	2.0B	1.8B	1.2B	2.0B	1.0B	1.1B	1.4B
Short-term investments	824.0M	920.0M	2.4B	1.4B	1.7B	107.0M	26.0M	6.0M	93.0M	215.0M
Receivables	381.0M	411.0M	514.0M	573.0M	487.0M	648.0M	671.0M	734.0M	735.0M	854.0M
Inventory	300.0M	333.0M	386.0M	359.0M	372.0M	431.0M	568.0M	587.0M	547.0M	564.0M
Current assets	2.3B	3.0B	4.5B	4.5B	4.5B	2.7B	3.6B	2.6B	2.7B	3.3B
Property & equipment	713.0M	931.0M	1.1B	889.0M	922.0M	1.0B	1.1B	1.0B	815.0M	759.0M
Goodwill	776.0M	771.0M	831.0M	897.0M	897.0M	7.1B	3.2B	2.5B	1.1B	1.1B
Total assets	4.3B	5.3B	7.0B	7.3B	7.6B	15.2B	12.3B	10.1B	6.3B	6.6B
Accounts payable	138.0M	160.0M	184.0M	149.0M	192.0M	332.0M	293.0M	245.0M	221.0M	240.0M
Current liabilities	705.0M	746.0M	1.8B	665.0M	1.2B	1.1B	2.8B	1.6B	1.5B	1.6B
Total debt	1.1B	1.2B	838.0M	1.1B	1.2B	993.0M	2.0B	1.5B	2.0B	2.0B
Shareholders' equity	2.2B	2.7B	3.8B	4.6B	4.7B	10.7B	6.6B	5.7B	2.4B	2.7B
Retained earnings	1.5B	2.3B	3.1B	4.1B	4.7B	5.5B	1.1B	-19.0M	-1.2B	-392.0M

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	779.0M	875.0M	1.1B	1.1B	1.1B	545.0M	392.0M	478.0M	837.0M	1.1B
Capital spending	260.0M	310.0M	296.0M	209.0M	189.0M	208.0M	286.0M	195.0M	128.0M	148.0M
Free cash flow	519.0M	565.0M	846.0M	842.0M	891.0M	337.0M	106.0M	283.0M	709.0M	931.0M
Stock-based pay (added back)	129.0M	164.0M	193.0M	194.0M	194.0M	754.0M	366.0M	380.0M	370.0M	275.0M
Buybacks	249.0M	251.0M	201.0M	324.0M	736.0M	0	0	0	116.0M	742.0M
Acquisitions	18.0M	0	100.0M	0	98.0M	2.4B	265.0M	30.0M	81.0M	10.0M
Debt raised	5.0M	5.0M	735.0M	0	0	988.0M	991.0M	0	1.2B	495.0M
Investing cash flow	-515.0M	-214.0M	-1.8B	745.0M	-554.0M	-1.1B	-591.0M	-231.0M	-178.0M	-55.0M
Financing cash flow	-296.0M	-176.0M	594.0M	-897.0M	-766.0M	-51.0M	1.0B	-1.2B	-570.0M	-744.0M

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	129.0M	164.0M	193.0M	194.0M	194.0M	754.0M	366.0M	380.0M	370.0M	275.0M
Stock-based pay / revenue	5.4%	6.0%	5.8%	5.5%	6.0%	16.7%	8.0%	8.4%	8.5%	6.3%
Operating lease cost	-	-	-	84.0M	84.0M	99.0M	112.0M	116.0M	93.0M	78.0M
Operating lease cash paid	-	-	0	84.0M	86.0M	96.0M	112.0M	123.0M	132.0M	114.0M
Right-of-use assets	-	-	579.0M	555.0M	532.0M	672.0M	653.0M	544.0M	419.0M	370.0M
Operating lease liabilities	-	-	722.0M	740.0M	722.0M	845.0M	820.0M	773.0M	633.0M	564.0M
Finance lease liabilities	9.0M	113.0M	269.0M	0	-	-	-	-	-	-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on ILMN in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ILMN/export.csv") into a cell.