ILMNIllumina, Inc.

Health care · Lab Instruments · Nasdaq

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

What the 10-K filed 2026-02-12 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-12.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“Shipments to customers outside the United States comprised 48% of our total revenue in each of 2025, 2024, and 2023.”
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“Shipments to customers outside the United States comprised 48% of total revenue in each of 2025, 2024, and 2023.”
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“Customers outside the United States represented 53% of our gross trade accounts receivable balance as of December 28, 2025 and December 29, 2024.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“The complex nature of our products requires customized, precision-manufactured sub-assemblies, components, and materials that currently are available from a limited number of sources, and, in the case of some sub-assemblies, components, and materials, from only a single source.”
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“We require customized products and components that currently are available from a limited number of sources.”
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Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

“We regularly review outstanding legal matters to determine the adequacy of the liabilities accrued and related disclosures in consideration of many factors, which include, but are not limited to, past history, scientific and other evidence, and the specifics and status of each matter.”
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“On 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.”
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“On January 21, 2025, the defendants filed a motion to dismiss the complaint in the lawsuit filed by The Pavers and Road Builders Benefit Funds.”
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New “On April 17, 2025, the court held a teleconference on the consolidated action, during which it directed the parties to (i) refile the consolidation stipulation once the Icahn Partners LP, et al. v. deSouza, et al. settlement was finalized and (ii) proceed with the briefing on the motion to dismiss the operative complaint in the consolidated action, which is the complaint filed in The Pavers and Road Builders Benefit Funds v. deSouza, et al.”
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New “Plaintiffs filed their answering brief on November 20, 2025, and the Director Defendants filed their reply brief on December 19, 2025.”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

New “As of both December 28, 2025 and December 29, 2024, we recognized a non-contingent liability of $1 million related to this indemnification.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“As of December 28, 2025, there were no borrowings or letters of credit outstanding under the credit facility, and we were in compliance with all financial and operating covenants.”
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“The Credit Agreement contains other customary covenants, representations and warranties, and events of default.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“Total minimum payments for noncancelable purchase obligations as of December 28, 2025 were $184 million, more than half of which are due during 2026.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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.