Logo

ILMN

Illumina, Inc.

ILMN

Illumina, Inc. • NASDAQ
$131.45 ▲ 1.26% (+1.64)
Market Cap $20.09 B
52w High $153.06
52w Low $68.70
Dividend Yield 0%
P/E 29.47
Volume 764.43K
Outstanding Shares 152.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.083B ▲ $501M ▲ $150M ▼ 13.85% ▼ $0.98 ▼ $337M ▼
Q2-2025 $1.059B ▲ $481M ▼ $235M ▲ 22.191% ▲ $1.49 ▲ $399M ▲
Q1-2025 $1.041B ▼ $519M ▼ $131M ▼ 12.584% ▼ $0.82 ▼ $276M ▼
Q4-2024 $1.104B ▲ $553M ▲ $187M ▼ 16.938% ▼ $1.18 ▼ $283M ▼
Q3-2024 $1.08B $4M $705M 65.278% $4.43 $826M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.278B ▲ $6.177B ▲ $3.796B ▼ $2.381B ▲
Q2-2025 $1.155B ▼ $6.087B ▼ $3.829B ▲ $2.258B ▼
Q1-2025 $1.237B ▲ $6.182B ▼ $3.814B ▼ $2.368B ▼
Q4-2024 $1.22B ▲ $6.303B ▲ $3.93B ▲ $2.373B ▲
Q3-2024 $939M $6.014B $3.889B $2.125B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $150M ▲ $284M ▲ $-51M ▼ $-115M ▲ $116M ▲ $260M ▲
Q2-2025 $-131M ▼ $234M ▼ $-49M ▲ $-371M ▼ $-179M ▼ $211M ▲
Q1-2025 $131M ▼ $240M ▼ $-63M ▼ $-195M ▼ $-14M ▼ $201M ▼
Q4-2024 $187M ▼ $364M ▲ $-48M ▼ $-47M ▲ $258M ▲ $335M ▲
Q3-2024 $704M $316M $-41M $-332M $-51M $284M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Microarray
Microarray
 $90.00M ▲$90.00M ▲$90.00M ▲$80.00M ▼
Sequencing
Sequencing
 $990.00M ▲$950.00M ▼$970.00M ▲$1.00Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been essentially flat to slightly down over the past few years, which suggests the top line is mature rather than strongly growing at the moment. Gross profit remains healthy, showing that the core products and consumables are still valuable and priced with decent spread over costs. However, operating results have been deeply negative for several years, with sizeable net losses and negative earnings per share after earlier years of solid profitability. This pattern points to a cost structure and investment level that the current revenue base does not yet support, likely including high R&D, higher overhead, and possibly one‑time charges. In short, the business is strategically important but currently unprofitable on a reported basis.

Balance Sheet

Balance Sheet The balance sheet has shrunk meaningfully from its peak, with total assets and shareholders’ equity both moving down over time. Cash remains significant but is lower than earlier, while debt is higher than in the past and now represents a more meaningful part of the capital structure. The combination of repeated losses and a smaller equity cushion has weakened the overall financial buffer, even though the company still has positive net assets. Illumina retains financial flexibility, but the margin for error is slimmer than a few years ago, making future capital allocation and cost discipline more important.

Cash Flow

Cash Flow Despite accounting losses, the business has continued to generate positive cash from operations each year, which is an important stabilizing factor. Free cash flow has generally been positive, slipping into mildly negative territory only once over the period, and capital spending has been steady and moderate rather than aggressive. This shows that the installed base and consumables model still throw off cash, even while reported earnings are under pressure. Cash flow quality looks better than the income statement suggests, but it is not strong enough yet to fully offset ongoing losses indefinitely without improvement.

Competitive Edge

Competitive Edge Illumina sits at the center of the genomics ecosystem with a very large installed base of sequencers and a dominant share in many clinical and research sequencing markets. Its sequencing‑by‑synthesis technology, scale advantages, and broad product lineup create high switching costs and support a classic razor‑and‑blade model where consumables drive recurring revenue. A vast patent portfolio and deep integration of hardware, reagents, software, and support further reinforce customer stickiness. The flip side is that such a valuable market continues to attract capable competitors and new technologies, so Illumina’s strong current position must be actively defended through continued execution and innovation.

Innovation and R&D

Innovation and R&D The company’s identity is built around heavy, long‑term investment in innovation. Flagship platforms like NovaSeq and the evolution of its core chemistry have driven dramatic reductions in sequencing cost and enabled many of today’s genomics applications. Illumina is pushing into areas such as higher‑throughput systems, multiomics (including proteomics), spatial genomics, streamlined whole‑genome workflows, and AI‑enhanced data analysis. This level of R&D spending helps sustain its technological edge and ecosystem, but it is also a major driver of the current losses. The key question is how quickly these new platforms and capabilities translate into profitable growth to justify the ongoing investment burden.

Summary

Illumina combines a world‑leading competitive position in genomics with a weaker near‑term financial profile. Revenues have plateaued while the company has swung from prior profitability to several years of sizeable losses, eroding equity and compressing the balance sheet. At the same time, cash generation from the installed base remains positive, and capital spending is measured, giving the company time to execute its strategy. The moat around its sequencing ecosystem, intellectual property, and customer relationships is substantial, but the firm is now in a phase where it must convert its heavy innovation agenda—new chemistries, platforms, and data tools—into renewed growth and restored profitability. Success would reinforce its leadership; failure to do so would leave it more exposed given the thinner balance‑sheet cushion and rising competition.

NEWS

November 12, 2025 · 12:00 PM UTC

Illumina whole-genome sequencing provides greater insight into genetic signals behind common diseases--according to Nature study

Read more

November 11, 2025 · 4:05 PM UTC

Illumina To Webcast Upcoming Investor Conference

Read more

November 10, 2025 · 12:15 PM UTC

Illumina® Protein Prep delivers groundbreaking precision in NGS proteomics for more than 40 customers, ranging from academic institutions to large national biobanks

Read more

November 5, 2025 · 5:16 PM UTC

Illumina Responds to Positive Updates from Chinese Ministry of Commerce

Read more

October 30, 2025 · 4:05 PM UTC

Illumina Reports Financial Results for Third Quarter of Fiscal Year 2025

Read more