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Illumina
Illumina (ILMN) investor relations material
Illumina Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Q4 2025 revenue reached $1.16 billion, up 5% year-over-year, with ex-China revenue up 8% and strong clinical consumables growth; over 100 NovaSeq X instruments were placed, now representing 55% of high-throughput consumables revenue.
2025 marked a return to growth, with ex-China revenue up 2% for the year and 7% in Q4, and significant progress in high-throughput transitions and multi-omics expansion.
The acquisition of SomaLogic was completed in January 2026 for $350 million upfront, enhancing the multiomics and proteomics portfolio and expected to be accretive to profitability by 2027.
Strategic focus on core sequencing, scaling multi-omics, and expanding data/software capabilities drove results and positions the business for continued growth.
Q4 2025 GAAP operating margin was 17.4% and non-GAAP operating margin was 23.7%; Q4 GAAP diluted EPS was $2.16, non-GAAP EPS was $1.35.
Financial highlights
Q4 2025 revenue was $1.16 billion, up 5% year-over-year reported and 4% constant currency; ex-China revenue up 7%.
Sequencing consumables revenue reached $755 million, up 8% year-over-year and 11% ex-China; clinical segment up 20% in Q4.
Non-GAAP operating margin for Q4 was 23.7%, expanding 400 basis points year-over-year; non-GAAP EPS for Q4 was $1.35, up 42% year-over-year; full-year 2025 EPS was $4.84, up 16%.
Free cash flow for Q4 was $267 million; $931 million for the year; cash and short-term investments at year-end totaled $1.63 billion.
Americas and Europe revenue each grew 8%, AMEA 3%, while Greater China declined 30% year-over-year.
Outlook and guidance
2026 organic revenue growth ex-China expected at 2%-4%; total reported revenue guidance is $4.5-$4.6 billion, up 4%-6%, including 1.5%-2.0% from SomaLogic.
Clinical consumables expected to grow double-digit to mid-teens in 2026; research and applied consumables to decline mid-to-high single digits.
Operating margin guidance for 2026 is 23.3%-23.5%, up 130 basis points excluding SomaLogic impact; 100bps negative impact from SomaLogic.
2026 EPS guidance is $5.05-$5.20, including $0.18 dilution from SomaLogic; excluding dilution, EPS growth is 10%.
Instrument sales expected to be flat to slightly down; China sales projected at $210-$220 million.
SomaLogic impact on FY26 operating margin
China market strategy given UEL status
Clinical market NGS adoption drivers
BioInsight's 2026 revenue contribution
NovaSeq X transition completion impact
China instrument import outlook
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Next Illumina earnings date
Q1 20267 May, 2026
Illumina
Next Illumina earnings date
Q1 20267 May, 2026
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Frequently asked questions
Illumina, Inc., provides sequencing and array-based solutions for genetic and genomic analysis. The company offers products designed for genetic testing and research applications. It also offers gene expression analysis systems for DNA microarray, PCR and RT-PCR assays; genotyping, resequencing, methylation and methylation chip technologies; field portable system for next generation sequencing (NGS) developed by Oxford Nanopore Technologies, plc; semiconductor sequencing devices and bioinformatics software platforms, as well as single molecule real time (SMRTTM)-seq technology.
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