ILMNIllumina, Inc.

Health care · Lab Instruments · Nasdaq

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

The biggest changes in the 10-K filed 2026-02-12, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Operating margin

-19.1% → 18.6% (+37.6 pts) Big change FY to 2025-12-28 vs 2024-12-29

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Cash from operations

+28.9% Big change FY to 2025-12-28 vs 2024-12-29

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Gross margin

65.4% → 66.1% (+0.6 pts) FY to 2025-12-28 vs 2024-12-29

“Gross margin decreased primarily due to higher costs related to tariffs and a $23 million intangible asset impairment, partially offset by lower strategic partnership revenue, that is lower margin, and a more favorable product mix towards consumables.”
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“Consolidated gross margin was 66.1% in 2025 compared to 65.4% in 2024, and the increase was driven by the Spin-Off of GRAIL in 2024.”
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Revenue

-0.7% FY to 2025-12-28 vs 2024-12-29

“Total revenue in 2025 was impacted, across all products and services, by a decrease in revenue in our Greater China region of $65 million, primarily due to our inclusion on the List of Unreliable Entities.”
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“Consolidated revenue decreased 1% in 2025 to $4.34 billion compared to $4.37 billion in 2024 primarily due to a decrease in service and other revenue, driven by a decrease in GRAIL service and other revenue of $55 million as a result of the Spin-Off in 2024.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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