Illumina Inc. (ILMN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$1.05	$1.15	+9.5%	—	$1.1B	—
Q4 25	$1.23	$1.35	+9.8%	—	$1.2B	—
Q3 25	$1.17	$1.34	+14.5%	—	$1.1B	—
Q2 25	$1.01	$1.19	+17.8%	—	$1.1B	—
Q1 25	$0.94	$0.97	+3.2%	—	$1B	—
Q4 24	$0.92	$0.86	-6.5%	—	$1.1B	—
Q3 24	$0.88	$1.14	+29.5%	—	$1.1B	—
Q2 24	$0.9	$0.36	-60.0%	—	$1.1B	—
Q1 24	$0.11	$0.09	-18.2%	—	$1.1B	—
Q4 23	$0.12	$0.14	+16.7%	—	$1.1B	—
Q3 23	$0.12	$0.33	+175.0%	—	$1.1B	—
Q2 23	$0.02	$0.32	+1500.0%	—	$1.2B	—
Q1 23	$0.03	$0.08	+166.7%	—	$1.1B	—
Q4 22	$0.1	$0.14	+40.0%	—	$1.1B	—
Q3 22	$0.3	$0.34	+13.3%	—	$1.1B	—
Q2 22	$0.65	$0.57	-12.3%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.47	—	—	$4.3B	—
FY24	—	-$7.69	—	—	$4.4B	—
FY23	—	-$7.34	—	—	$4.5B	—
FY22	—	-$28	—	—	$4.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.4B	$2.8B	$3.3B	$3.5B	$3.2B	$4.5B	$4.6B	$4.5B	$4.4B	$4.3B
YoY change	+8.02%	+14.8%	+21.1%	+6.3%	-8.58%	+39.7%	+1.28%	-1.75%	-2.93%	-0.66%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.4B	2.8B	3.3B	3.5B	3.2B	4.5B	4.6B	4.5B	4.4B	4.3B
Cost of revenue	732M	926M	1B	1.1B	1B	1.4B	1.6B	1.8B	1.5B	1.5B
Gross profit	1.7B	1.8B	2.3B	2.5B	2.2B	3.2B	3B	2.7B	2.9B	2.9B
Gross margin	69.5%	66.4%	69%	69.6%	68%	69.7%	64.8%	60.9%	65.4%	66.1%
Research & development	504M	546M	623M	647M	682M	1.2B	1.3B	1.4B	1.2B	967M
Selling, general & administrative	584M	674M	794M	835M	941M	2.1B	1.3B	1.6B	1.1B	1.1B
Operating expenses	1.1B	1.2B	1.4B	1.5B	1.6B	3.3B	2.6B	3B	2.3B	2.1B
Operating income	578M	606M	883M	985M	580M	-123M	354M	-222M	600M	817M
Operating margin	24.1%	22%	26.5%	27.8%	17.9%	-2.72%	7.72%	-4.93%	13.7%	18.8%
Non-operating income, net	6M	455M	24M	110M	284M	1.1B	-4.7B	-876M	-1.7B	330M
Pretax income	561M	1B	894M	1.1B	856M	884M	-4.3B	-1.1B	-1.2B	1.1B
Income tax	133M	365M	112M	128M	200M	122M	68M	44M	44M	236M
Net income	428M	678M	782M	990M	656M	762M	-4.4B	-1.2B	-1.2B	850M
Net margin	17.8%	24.6%	23.5%	27.9%	20.3%	16.8%	-96.1%	-25.8%	-28%	19.6%
EBITDA	726M	1.2B	1.1B	1.4B	1.1B	137M	746M	269M	708M	1.5B
EPS	3.09	4.96	5.63	6.81	4.48	5.07	-28	-7.34	-7.69	5.47
Diluted EPS	3.07	4.92	5.56	6.74	4.45	5.04	-28	-7.34	-7.69	5.45

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1B	1.1B	1.1B	1.2B	1.1B	—
Cost of revenue	435M	448M	409M	391M	335M	376M	358M	364M	351M	400M	370M	—
Gross profit	684M	674M	667M	721M	745M	728M	683M	695M	733M	759M	721M	—
Gross margin	61.1%	60.1%	62%	64.8%	69%	65.9%	65.6%	65.6%	67.6%	65.5%	66.1%	—
Research & development	315M	341M	339M	325M	253M	256M	252M	247M	229M	239M	240M	—
Selling, general & administrative	303M	485M	439M	147M	239M	279M	267M	234M	277M	309M	272M	—
Operating expenses	618M	826M	778M	472M	492M	535M	519M	481M	506M	548M	512M	—
Operating income	66M	-152M	-111M	249M	253M	193M	164M	214M	227M	211M	209M	—
Operating margin	5.9%	-13.5%	-10.3%	22.4%	23.4%	17.5%	15.8%	20.2%	20.9%	18.2%	19.2%	—
Non-operating income, net	-842M	-8M	8M	-2.2B	492M	9M	32M	107M	9M	182M	-39M	—
Pretax income	-782M	-167M	-109M	-2B	720M	187M	182M	306M	220M	377M	157M	—
Income tax	-28M	8M	17M	12M	15M	0	51M	71M	70M	43M	23M	—
Net income	-754M	-175M	-126M	-2B	705M	187M	131M	235M	150M	334M	134M	—
Net margin	-67.4%	-15.6%	-11.7%	-178.8%	65.3%	16.9%	12.6%	22.2%	13.8%	28.8%	12.3%	—
EBITDA	165M	2M	17M	35M	338M	301M	276M	399M	312M	479M	250M	—
EPS	-4.77	-1.11	-0.79	-12.5	4.43	1.17	0.83	1.49	0.98	2.18	0.88	1.37
Diluted EPS	-4.77	-1.11	-0.79	-12.5	4.42	1.17	0.82	1.49	0.98	2.16	0.87	1.35

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	18.3B	31B	42.9B	47.4B	52.9B	55.5B	30.9B	21.4B	21.2B	20.3B	29.3B
Enterprise value	18B	30.2B	41.4B	45.9B	51.3B	56.7B	32.4B	22.6B	22.6B	21.2B	31.5B
Shares outstanding	146.8M	146M	147M	147M	147M	150M	157M	158M	159M	155M	155M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	42.7	45.8	54.8	47.9	80.7	72.8	—	—	—	23.9	37.9
P/S	7.62	11.3	12.9	13.4	16.3	12.3	6.74	4.75	4.86	4.68	6.72
P/B	8.05	11.3	11.2	10.3	11.3	5.17	4.68	3.73	8.95	7.47	10.6
EV/EBITDA	24.8	24.5	36.6	33.8	47	414	43.4	84	32	14.5	27.3
EV/Sales	7.51	11	12.4	13	15.9	12.5	7.07	5.02	5.18	4.89	7.02
Earnings yield	2.34%	2.18%	1.82%	2.09%	1.24%	1.37%	—	—	—	4.18%	2.64%
FCF yield	2.78%	1.81%	1.97%	1.77%	1.68%	0.61%	-0.24%	1.32%	3.34%	4.58%	2.73%
PEG	—	—	—	—	—	—	—	—	—	—	-4.7

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	69.5%	66.4%	69%	69.6%	68%	69.7%	64.8%	60.9%	65.4%	66.1%	66.2%
Operating margin	24.1%	22%	26.5%	27.8%	17.9%	-2.72%	7.72%	-4.93%	13.7%	18.8%	21.1%
Net margin	17.8%	24.6%	23.5%	27.9%	20.3%	16.8%	-96.1%	-25.8%	-28%	19.6%	18.3%
ROE	18.9%	24.7%	20.3%	21.5%	14%	7.09%	-66.7%	-20.2%	-51.5%	31.2%	32.3%
ROA	10%	12.9%	11.2%	13.5%	8.65%	5.01%	-35.9%	-11.5%	-19.4%	12.8%	8.67%
ROIC	22.1%	20.3%	33.1%	28.3%	14.2%	-0.89%	4.36%	-3.19%	15.9%	17.6%	17%
Return on tangible assets	19.1%	20.1%	15.9%	18.4%	11.9%	-13.8%	553.3%	120.3%	-35.1%	21.3%	27.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.29	3.99	2.49	6.69	3.6	2.48	1.28	1.66	1.78	2.08	1.8
Quick ratio	2.86	3.55	2.27	6.15	3.3	2.09	1.08	1.29	1.42	1.72	1.36
Debt / equity	0.56	0.49	0.52	0.41	0.41	0.24	0.54	0.39	1.1	0.94	0.89
Debt / assets	0.3	0.25	0.29	0.26	0.25	0.17	0.29	0.22	0.42	0.38	0.39
Net debt / EBITDA	-0.38	-0.65	-1.34	-1.13	-1.43	8.77	2.03	4.49	1.98	0.63	0.96
Interest coverage	18	29.2	16.7	22.5	18.5	15.5	-165.8	-13.5	-10.8	11.8	11.6
Effective tax rate	23.7%	35%	12.5%	11.4%	23.4%	13.8%	0%	0%	0%	21.7%	19.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16.3	18.8	22.7	24.1	22	30.2	29.2	28.5	27.5	28	29.6
EPS (basic)	3.09	4.96	5.63	6.81	4.48	5.07	-28	-7.34	-7.69	5.47	5.47
EPS (diluted)	3.07	4.92	5.56	6.74	4.45	5.04	-28	-7.34	-7.69	5.45	5.28
Book value per share	15.5	18.8	26.2	31.4	31.9	71.6	42	36.4	14.9	17.6	18.8
FCF per share	3.46	3.86	5.76	5.73	6.06	2.25	-0.47	1.78	4.46	6.01	6.32
Cash per share	10.6	14.7	23.9	23.2	23.6	8.93	13	6.67	7.67	10.5	7.74
Capex per share	1.77	2.12	2.01	1.42	1.29	1.39	1.82	1.23	0.81	—	1

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	10.8%	11.3%	8.88%	5.9%	5.84%	4.6%	6.24%	4.33%	2.93%	—	3.51%
Capex / operating cash flow	32%	22.6%	28.4%	17.2%	14.7%	14.4%	-7.06%	-36.3%	-13.4%	—	11.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$1B	$1.1B	$1.1B	$1.2B	$1.1B	—
YoY change	+0.36%	+3.6%	-1.01%	-5.44%	-3.49%	-1.6%	-3.25%	-4.77%	+0.37%	+4.98%	+4.8%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.6B	2.1B	3.5B	3.4B	3.5B	1.3B	2B	1.1B	1.2B	1.6B
Receivables	381M	411M	514M	573M	487M	648M	671M	734M	735M	854M
Inventory	300M	333M	386M	359M	372M	431M	568M	587M	547M	564M
Total current assets	2.3B	3B	4.5B	4.5B	4.5B	2.7B	3.6B	2.6B	2.7B	3.3B
Property, plant & equipment	704M	776M	790M	1.4B	1.4B	1.7B	1.7B	1.5B	1.2B	1.1B
Goodwill & intangibles	2B	1.9B	2B	1.9B	2.1B	20.7B	13B	11.1B	2.8B	2.6B
Total assets	4.3B	5.3B	7B	7.3B	7.6B	15.2B	12.3B	10.1B	6.3B	6.6B
Accounts payable	138M	160M	184M	149M	192M	332M	293M	245M	221M	240M
Short-term debt	225M	154M	1.1B	45M	562M	71M	1.3B	86M	578M	577M
Total current liabilities	705M	746M	1.8B	665M	1.2B	1.1B	2.8B	1.6B	1.5B	1.6B
Long-term debt	1.1B	1.2B	890M	1.8B	1.3B	2.5B	2.2B	2.2B	2B	2B
Total liabilities	2B	2.5B	3.1B	2.7B	2.9B	4.5B	5.7B	4.4B	3.9B	3.9B
Shareholders' equity	2.3B	2.7B	3.8B	4.6B	4.7B	10.7B	6.6B	5.7B	2.4B	2.7B
Total debt	1.3B	1.3B	2B	1.9B	1.9B	2.5B	3.6B	2.3B	2.6B	2.6B
Net debt	546M	111M	853M	-161M	96M	1.3B	1.5B	1.2B	1.5B	1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	933M	1.1B	1.1B	994M	939M	1.2B	1.2B	1.2B	1.3B	1.6B	1.2B	—
Receivables	690M	734M	635M	641M	699M	735M	699M	701M	729M	854M	738M	—
Inventory	615M	587M	584M	561M	574M	547M	537M	575M	590M	564M	611M	—
Total current assets	2.5B	2.6B	2.6B	2.5B	2.4B	2.7B	2.7B	2.6B	2.8B	3.3B	2.7B	—
Property, plant & equipment	1.6B	1.5B	1.5B	1.3B	1.3B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	—
Goodwill & intangibles	11.1B	11.1B	11B	2.7B	2.8B	2.8B	2.8B	2.7B	2.7B	2.6B	3.4B	—
Total assets	10.1B	10.1B	10B	6.1B	6B	6.3B	6.2B	6.1B	6.2B	6.6B	6.6B	—
Accounts payable	240M	245M	201M	199M	191M	221M	207M	200M	218M	240M	218M	—
Short-term debt	85M	86M	86M	815M	73M	578M	577M	578M	1.1B	577M	579M	—
Total current liabilities	1.5B	1.6B	1.5B	2.2B	975M	1.5B	1.4B	1.5B	2B	1.6B	1.6B	—
Long-term debt	2.2B	2.2B	2.2B	2.1B	2.6B	2B	2B	2B	1.5B	2B	2B	—
Total liabilities	4.2B	4.4B	4.3B	4.6B	3.9B	3.9B	3.8B	3.8B	3.8B	3.9B	3.9B	—
Shareholders' equity	5.9B	5.7B	5.7B	1.4B	2.1B	2.4B	2.4B	2.3B	2.4B	2.7B	2.7B	—
Total debt	2.3B	2.3B	2.3B	2.9B	2.7B	2.6B	2.6B	2.6B	2.6B	2.6B	2.5B	—
Net debt	1.3B	1.2B	1.2B	2B	1.8B	1.5B	1.5B	1.7B	1.5B	1.1B	1.5B	—

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	428M	678M	782M	990M	656M	762M	-4.4B	-1.2B	-1.2B	850M
Depreciation & amortization	141M	156M	179M	188M	187M	251M	394M	432M	354M	270M
Stock-based compensation	129M	164M	193M	194M	194M	754M	366M	380M	370M	275M
Change in working capital	-11M	261M	-139M	-136M	100M	-189M	-193M	-116M	-29M	-145M
Operating cash flow	813M	1.4B	1B	1.2B	1.3B	1.4B	-4.1B	-537M	-956M	1.1B
Capital expenditure	-260M	-310M	-296M	-209M	-189M	-208M	-286M	-195M	-128M	—
Investing cash flow	-504M	-212M	-1.8B	727M	-686M	-1.1B	-411M	-230M	-178M	-10M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-249M	-251M	-201M	-324M	-736M	0	0	—	-116M	-742M
Financing cash flow	-303M	-176M	594M	-897M	-766M	-51M	1B	-1.2B	-570M	-744M
Net change in cash	6M	983M	-177M	1B	-170M	325M	-3.5B	-2B	-1.7B	325M
Free cash flow	508M	563M	846M	842M	891M	337M	-74M	282M	709M	931M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	-234M	-755M	-175M	-126M	-2B	704M	187M	131M	235M	150M	334M	134M
Depreciation & amortization	108M	108M	109M	108M	105M	70M	71M	69M	68M	67M	66M	69M
Stock-based compensation	106M	87M	94M	96M	112M	83M	79M	73M	69M	70M	63M	60M
Change in working capital	-137M	52M	24M	50M	-61M	-57M	39M	46M	-45M	-66M	-80M	48M
Operating cash flow	-68M	-700M	118M	126M	-2.3B	788M	417M	322M	234M	284M	321M	289M
Capital expenditure	-47M	-45M	-51M	-36M	-31M	-32M	-29M	-32M	—	—	—	—
Investing cash flow	-55M	-35M	-85M	-48M	-41M	-43M	-48M	-56M	-19M	-20M	-3M	-415M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	-99M	-17M	-200M	-370M	-130M	-42M	-242M
Financing cash flow	-3M	-707M	-27M	35M	-970M	412M	-1.3B	-195M	-371M	-115M	-558M	-251M
Net change in cash	-126M	-1.4B	6M	113M	-3.3B	1.2B	-919M	71M	-156M	149M	-240M	-377M
Free cash flow	58M	95M	173M	41M	49M	284M	335M	201M	197M	253M	266M	251M

Illumina Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement