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Dec 28, 2025
Illumina Q4 2025 Earnings Report
Illumina reported its financial results for the fourth quarter and fiscal year 2025, showing a return to growth in Q4.
Key Takeaways
Illumina concluded fiscal year 2025 with a strong fourth quarter, achieving a 5% increase in revenue to $1.16 billion and a significant rise in GAAP diluted EPS to $2.16. The company's non-GAAP operating margin also improved to 23.7%, indicating disciplined execution and momentum, particularly in clinical markets.
Fourth quarter 2025 revenue reached $1.16 billion, marking a 5% increase from Q4 2024.
GAAP diluted EPS for Q4 2025 was $2.16, a substantial increase from $0.73 in Q4 2024.
Non-GAAP operating margin improved to 23.7% in Q4 2025, up from 19.7% in the prior year period.
Cash provided by operations was $321 million, with free cash flow at $267 million for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For fiscal year 2026, Illumina anticipates total company revenue between $4.5 billion and $4.6 billion, representing 4% to 6% growth, including a benefit from the SomaLogic acquisition. Non-GAAP operating margin is projected to be in the range of 23.3% to 23.5%, with non-GAAP diluted EPS expected between $5.05 and $5.20.
Positive Outlook
- Total company revenue expected to grow 4% - 6% on a reported basis.
- SomaLogic acquisition is anticipated to contribute 1.5% - 2.0% benefit to revenue growth.
- Ex-China Organic revenue growth projected at 2% - 4%.
- Non-GAAP operating margin expected to remain strong at 23.3% - 23.5%.
- Non-GAAP diluted EPS guidance of $5.05 - $5.20 indicates continued profitability.
Challenges Ahead
- SomaLogic acquisition is expected to have a negative impact of 100bps on non-GAAP operating margin.
- SomaLogic acquisition is expected to dilute non-GAAP diluted EPS by $0.18.
- The company remains on the Unreliable Entities List (UEL) in China, requiring approvals for instrument purchases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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