Illumina (ILMN) Financials

$139.07 -0.30 (-0.22%)

Closing price 05/5/2026 04:00 PM Eastern

Extended Trading

$137.50 -1.57 (-1.13%)

As of 05/5/2026 07:55 PM Eastern

Annual Income Statements for Illumina

This table shows Illumina's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	462	463	726	826	1,002	656	762	-4,404	-1,161	-1,223	850
Consolidated Net Income / (Loss)	458	428	678	782	990	656	762	-4,404	-1,161	-1,223	850
Net Income / (Loss) Continuing Operations	458	428	678	782	990	656	762	-4,404	-1,161	-1,223	850
Total Pre-Tax Income	583	561	1,043	894	1,118	856	884	-4,336	-1,117	-1,179	1,086
Total Operating Income	613	587	606	883	985	580	-123	-4,179	-1,069	-833	807
Total Gross Profit	1,549	1,666	1,826	2,300	2,467	2,203	3,154	2,972	2,744	2,861	2,870
Total Revenue	2,220	2,398	2,752	3,333	3,543	3,239	4,526	4,584	4,504	4,372	4,343
Operating Revenue	2,220	2,398	2,752	3,333	3,543	3,239	4,526	4,584	4,504	4,372	4,343
Total Cost of Revenue	671	732	926	1,033	1,076	1,036	1,372	1,612	1,760	1,511	1,473
Operating Cost of Revenue	671	732	926	1,033	1,076	1,036	1,372	1,612	1,760	1,511	1,473
Total Operating Expenses	936	1,079	1,220	1,417	1,482	1,623	3,277	7,151	3,813	3,694	2,063
Selling, General & Admin Expense	516	584	674	794	835	941	2,092	1,297	1,612	1,092	1,086
Research & Development Expense	401	504	546	623	647	682	1,185	1,321	1,354	1,169	967
Impairment Charge	-	-	-	-	-	0.00	0.00	3,914	827	1,889	0.00
Other Special Charges / (Income)	19	-9.00	-	-	-	0.00	0.00	619	20	-456	10
Total Other Income / (Expense), net	-30	-26	437	11	133	276	1,007	-157	-48	-346	279
Interest Expense	43	33	37	57	52	49	61	26	77	100	101
Interest & Investment Income	21	10	19	44	75	41	0.00	11	58	46	40
Other Income / (Expense), net	-8.00	-3.00	455	24	110	284	1,068	-142	-29	-292	340
Income Tax Expense	125	133	365	112	128	200	122	68	44	44	236
Basic Earnings per Share	$3.19	$3.09	$4.96	$5.63	$6.81	$4.48	$5.07	($28.00)	($7.34)	($7.69)	$5.47
Weighted Average Basic Shares Outstanding	145M	147M	146M	147M	147M	147M	150M	157M	158M	159M	155M
Diluted Earnings per Share	$3.10	$3.07	$4.92	$5.56	$6.74	$4.45	$5.04	($28.00)	($7.34)	($7.69)	$5.45
Weighted Average Diluted Shares Outstanding	149M	148M	148M	149M	149M	148M	151M	157M	158M	159M	156M
Weighted Average Basic & Diluted Shares Outstanding	144.70M	149.80M	146.40M	146.70M	147M	145.90M	157M	158M	158.90M	158.40M	152.90M

This table shows Illumina's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	-234	-754	-176	-126	-1,988	705	186	131	235	150	334
Consolidated Net Income / (Loss)	-234	-754	-176	-126	-1,988	705	186	131	235	150	334
Net Income / (Loss) Continuing Operations	-234	-754	-176	-126	-1,988	705	186	131	235	150	334
Total Pre-Tax Income	-89	-782	-168	-109	-1,976	720	186	182	306	220	378
Total Operating Income	-88	-754	-163	-111	-1,637	741	174	164	214	227	202
Total Gross Profit	732	684	673	667	721	745	728	683	695	733	759
Total Revenue	1,176	1,119	1,122	1,076	1,112	1,080	1,104	1,041	1,059	1,084	1,159
Operating Revenue	1,176	1,119	1,122	1,076	1,112	1,080	1,104	1,041	1,059	1,084	1,159
Total Cost of Revenue	444	435	449	409	391	335	376	358	364	351	400
Operating Cost of Revenue	444	435	449	409	391	335	376	358	364	351	400
Total Operating Expenses	820	1,438	836	778	2,358	4.00	554	519	481	506	557
Selling, General & Admin Expense	462	303	469	439	147	239	267	267	234	277	308
Research & Development Expense	358	315	340	339	325	253	252	252	247	229	239
Total Other Income / (Expense), net	-1.00	-28	-5.00	2.00	-339	-21	12	18	92	-7.00	176
Interest Expense	19	19	19	18	20	36	26	25	25	25	26
Interest & Investment Income	17	13	11	12	13	11	10	11	10	9.00	10
Other Income / (Expense), net	1.00	-22	3.00	8.00	-332	4.00	28	32	107	9.00	192
Income Tax Expense	145	-28	8.00	17	12	15	-	51	71	70	44
Basic Earnings per Share	($1.48)	($4.77)	($1.11)	($0.79)	($12.48)	$4.43	$1.17	$0.83	$1.49	$0.98	$2.15
Weighted Average Basic Shares Outstanding	158M	158M	158M	159M	159M	159M	159M	159M	157M	153M	155M
Diluted Earnings per Share	($1.48)	($4.77)	($1.11)	($0.79)	($12.48)	$4.42	$1.17	$0.82	$1.49	$0.98	$2.15
Weighted Average Diluted Shares Outstanding	158M	158M	158M	159M	159M	160M	159M	159M	157M	154M	156M
Basic & Diluted Earnings per Share	-	-	($1.11)	-	-	-	$1.17	-	-	-	$2.15
Weighted Average Basic & Diluted Shares Outstanding	158.30M	158.80M	158.90M	159.30M	159.30M	158.60M	158.40M	158.30M	153.70M	152.80M	152.90M

This table details how cash moves in and out of Illumina's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	133	-34	490	-77	898	-232	-578	779	-963	79	291
Net Cash From Operating Activities	786	779	875	1,142	1,051	1,080	545	392	478	837	1,079
Net Cash From Continuing Operating Activities	786	779	875	1,142	1,051	1,080	545	392	478	837	1,079
Net Income / (Loss) Continuing Operations	458	428	678	782	990	656	762	-4,404	-1,161	-1,223	850
Consolidated Net Income / (Loss)	458	428	678	782	990	656	762	-4,404	-1,161	-1,223	850
Depreciation Expense	73	90	110	140	151	156	176	215	235	224	203
Amortization Expense	93	81	76	80	83	71	107	179	197	130	67
Non-Cash Adjustments To Reconcile Net Income	121	131	-265	176	10	7.00	-276	4,426	1,354	2,616	11
Changes in Operating Assets and Liabilities, net	41	49	276	-36	-183	190	-224	-24	-147	-910	-52
Net Cash From Investing Activities	-107	-515	-214	-1,813	745	-554	-1,069	-591	-231	-178	-55
Net Cash From Continuing Investing Activities	-107	-515	-214	-1,813	745	-554	-1,069	-591	-231	-178	-55
Purchase of Property, Plant & Equipment	-143	-260	-310	-296	-209	-189	-208	-286	-195	-128	-148
Acquisitions	-37	-29	-2.00	-100	-29	-98	-2,444	-265	-30	-81	-10
Purchase of Investments	-797	-895	-742	-2,859	-1,048	-2,058	221	-40	-6.00	-52	103
Divestitures	0.00	0.00	278	0.00	15	-	-	0.00	0.00	83	0.00
Net Cash From Financing Activities	-545	-296	-176	594	-897	-766	-51	1,000	-1,210	-570	-744
Net Cash From Continuing Financing Activities	-545	-296	-176	594	-897	-766	-51	1,000	-1,210	-570	-744
Repayment of Debt	-245	-66	-9.00	-4.00	-550	0.00	-517	0.00	-1,235	-750	-500
Repurchase of Common Equity	-274	-249	-251	-201	-324	-736	-	0.00	0.00	-116	-742
Payment of Dividends	-3.00	-29	-3.00	-	-	-	-	0.00	-1.00	-1.00	-1.00
Issuance of Debt	0.00	5.00	5.00	735	0.00	0.00	988	991	-1.00	1,241	495
Issuance of Common Equity	104	136	150	138	59	61	60	63	67	56	44
Other Financing Activities, net	-127	-93	-68	-74	-82	-91	-582	-54	-40	-1,000	-40
Effect of Exchange Rate Changes	-1.00	-2.00	-	-	-1.00	8.00	-3.00	-22	0.00	-10	11
Cash Interest Paid	-	-	-	-	-	-	9.00	17	73	83	95
Cash Income Taxes Paid	17	60	149	99	164	119	233	122	65	105	73

This table details how cash moves in and out of Illumina's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Net Change in Cash & Equivalents	59	-626	121	60	-188	-51	258	-14	-179	116	368
Net Cash From Operating Activities	105	139	224	77	80	316	364	240	234	284	321
Net Cash From Continuing Operating Activities	105	139	224	77	80	316	364	240	234	284	321
Net Income / (Loss) Continuing Operations	-234	-755	-175	-126	-1,988	704	187	131	235	150	334
Consolidated Net Income / (Loss)	-234	-755	-175	-126	-1,988	704	187	131	235	150	334
Depreciation Expense	59	59	60	59	57	54	54	52	51	50	50
Amortization Expense	49	49	49	49	48	16	17	17	17	17	16
Non-Cash Adjustments To Reconcile Net Income	128	973	145	129	2,308	113	66	39	2.00	79	-109
Changes in Operating Assets and Liabilities, net	103	-187	145	-34	-345	-571	40	1.00	-71	-12	30
Net Cash From Investing Activities	-37	-53	-85	-48	-41	-41	-48	-63	-49	-51	108
Net Cash From Continuing Investing Activities	-37	-53	-85	-48	-41	-41	-48	-63	-49	-51	108
Purchase of Property, Plant & Equipment	-47	-45	-51	-36	-31	-32	-29	-32	-30	-31	-55
Acquisitions	-	-	-29	0.00	-	-81	-	-7.00	-	-	-3.00
Purchase of Investments	-8.00	10	-5.00	-12	-10	-11	-19	-24	-19	-20	166
Net Cash From Financing Activities	-3.00	-707	-27	35	-226	-332	-47	-195	-371	-115	-63
Net Cash From Continuing Financing Activities	-3.00	-707	-27	35	-226	-332	-47	-195	-371	-115	-63
Repayment of Debt	-	-735	-	-	-	-750	-	-	-	-	-500
Repurchase of Common Equity	-	-	-	0.00	-	-	-17	-200	-370	-130	-42
Issuance of Debt	-	-	-	-	-	497	-	-	-	-	495
Other Financing Activities, net	-3.00	-2.00	-26	-1.00	-969	-	-30	-22	-1.00	-1.00	-16
Effect of Exchange Rate Changes	-	-5.00	9.00	-4.00	-1.00	6.00	-11	4.00	7.00	-2.00	2.00

This table presents Illumina's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Total Assets	3,688	4,281	5,257	6,959	7,316	7,585	15,217	12,252	10,111	6,303	6,644
Total Current Assets	2,097	2,318	2,980	4,490	4,451	4,483	2,713	3,561	2,609	2,746	3,289
Cash & Equivalents	769	735	1,225	1,144	2,042	1,810	1,232	2,011	1,048	1,127	1,418
Short-Term Investments	617	824	920	2,368	1,372	1,662	107	26	6.00	93	215
Accounts Receivable	386	381	411	514	573	487	648	671	734	735	854
Inventories, net	271	300	333	386	359	372	431	568	587	547	564
Prepaid Expenses	54	78	91	78	105	152	295	285	234	244	238
Plant, Property, & Equipment, net	343	713	931	1,075	889	922	1,024	1,091	1,007	815	759
Total Noncurrent Assets	1,248	1,250	1,346	1,394	1,976	2,180	11,480	7,600	6,495	2,742	2,596
Goodwill	753	776	771	831	824	897	7,113	3,239	2,545	1,113	1,113
Intangible Assets	274	243	175	185	145	142	3,250	3,285	2,993	295	210
Noncurrent Deferred & Refundable Income Taxes	135	123	88	70	64	-	-	-	56	567	454
Other Noncurrent Operating Assets	87	108	312	308	943	1,141	1,117	1,076	901	767	819
Total Liabilities & Shareholders' Equity	3,688	4,281	5,257	6,959	7,316	7,585	15,217	12,252	10,111	6,303	6,644
Total Liabilities	1,807	1,967	2,288	3,053	2,703	2,891	4,477	5,653	4,366	3,930	3,921
Total Current Liabilities	610	705	746	1,804	665	1,244	1,093	2,773	1,570	1,547	1,585
Short-Term Debt	75	2.00	10	1,107	0.00	511	0.00	1,248	0.00	499	499
Accounts Payable	139	138	160	184	149	192	332	293	245	221	240
Accrued Expenses	387	342	432	513	516	541	761	1,232	1,325	827	846
Total Noncurrent Liabilities	1,196	1,262	1,542	1,249	2,038	1,647	3,384	2,880	2,796	2,383	2,336
Long-Term Debt	1,016	1,056	1,182	890	1,141	673	1,695	1,487	1,489	1,490	1,490
Other Noncurrent Operating Liabilities	181	206	360	359	897	974	1,689	1,393	1,307	893	846
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,849	2,270	2,749	3,845	4,613	4,694	10,740	6,599	5,745	2,373	2,723
Total Preferred & Common Equity	1,849	2,197	2,749	3,758	4,613	4,694	10,740	6,599	5,745	2,373	2,723
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,849	2,197	2,749	3,758	4,613	4,694	10,740	6,599	5,745	2,373	2,723
Common Stock	2,499	2,735	2,835	3,292	3,562	3,817	8,940	9,209	9,557	7,527	7,824
Retained Earnings	1,023	1,485	2,256	3,083	4,067	4,723	5,485	1,142	-19	-1,242	-392
Treasury Stock	-1,674	-2,022	-2,341	-2,616	-3,021	-3,848	-3,702	-3,755	-3,792	-3,934	-4,699
Accumulated Other Comprehensive Income / (Loss)	0.04	-1.00	-1.00	-1.00	5.00	2.00	17	3.00	-1.00	22	-10

This table presents Illumina's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025
Total Assets	11,811	11,774	10,122	10,111	10,040	6,081	6,014	6,303	6,182	6,087	6,177
Total Current Assets	3,172	3,223	2,506	2,609	2,583	2,459	2,373	2,746	2,673	2,641	2,796
Cash & Equivalents	1,494	1,553	927	1,048	1,108	920	869	1,127	1,113	934	1,050
Short-Term Investments	24	6.00	6.00	6.00	-	74	70	93	124	221	228
Accounts Receivable	665	741	690	734	635	641	699	735	699	701	729
Inventories, net	586	617	615	587	584	561	574	547	537	575	590
Prepaid Expenses	403	306	268	234	256	263	161	244	200	210	199
Plant, Property, & Equipment, net	1,082	1,069	1,040	1,007	964	859	832	815	782	764	748
Total Noncurrent Assets	7,557	7,482	6,576	6,495	6,493	2,763	2,809	2,742	2,727	2,682	2,633
Goodwill	3,239	3,239	2,527	2,545	2,545	1,079	1,113	1,113	1,113	1,113	1,113
Intangible Assets	3,237	3,188	3,029	2,993	2,940	278	305	295	278	238	225
Noncurrent Deferred & Refundable Income Taxes	-	-	-	56	-	632	617	567	553	534	490
Other Noncurrent Operating Assets	1,081	1,055	1,020	901	1,008	774	774	767	783	797	805
Total Liabilities & Shareholders' Equity	11,811	11,774	10,122	10,111	10,040	6,081	6,014	6,303	6,182	6,087	6,177
Total Liabilities	5,118	5,219	4,224	4,366	4,306	4,645	3,889	3,930	3,814	3,829	3,796
Total Current Liabilities	2,230	2,303	1,482	1,570	1,474	2,208	975	1,547	1,440	1,461	1,962
Short-Term Debt	749	750	0.00	0.00	-	744	-	499	499	499	998
Accounts Payable	242	244	240	245	201	199	191	221	207	200	218
Accrued Expenses	1,239	1,309	1,242	1,325	1,273	1,265	784	827	734	762	746
Total Noncurrent Liabilities	2,888	2,916	2,742	2,796	2,832	2,437	2,914	2,383	2,374	2,368	1,834
Long-Term Debt	1,487	1,488	1,489	1,489	1,490	1,490	1,988	1,490	1,491	1,492	994
Other Noncurrent Operating Liabilities	1,401	1,428	1,253	1,307	1,342	947	926	893	883	876	840
Total Equity & Noncontrolling Interests	6,693	6,555	5,898	5,745	5,734	1,436	2,125	2,373	2,368	2,258	2,381
Total Preferred & Common Equity	6,693	6,555	5,898	5,745	5,734	1,436	2,125	2,373	2,368	2,258	2,381
Total Common Equity	6,693	6,555	5,898	5,745	5,734	1,436	2,125	2,373	2,368	2,258	2,381
Common Stock	9,313	9,399	9,489	9,557	9,660	7,349	7,451	7,527	7,610	7,678	7,764
Retained Earnings	1,145	911	157	-19	-145	-2,133	-1,428	-1,242	-1,111	-876	-726
Treasury Stock	-3,764	-3,767	-3,769	-3,792	-3,793	-	-3,893	-3,934	-4,139	-4,523	-4,645
Accumulated Other Comprehensive Income / (Loss)	-1.00	12	21	-1.00	12	14	-5.00	22	8.00	-21	-12

This table displays calculated financial ratios and metrics derived from Illumina's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.27%	8.02%	14.76%	21.11%	6.30%	-8.58%	39.73%	1.28%	-1.75%	-2.93%	-0.66%
EBITDA Growth	21.84%	-2.08%	65.17%	-9.62%	17.92%	-17.91%	12.56%	-419.79%	83.04%	-15.77%	283.79%
EBIT Growth	25.48%	-3.47%	81.68%	-14.51%	20.73%	-21.10%	9.38%	-557.25%	74.59%	-2.46%	201.96%
NOPAT Growth	18.82%	-7.00%	-12.04%	96.07%	12.93%	-49.04%	-123.85%	-2,659.07%	74.42%	22.08%	208.32%
Net Income Growth	29.62%	-6.55%	58.41%	15.34%	26.60%	-33.74%	16.16%	-677.95%	73.64%	-5.34%	169.50%
EPS Growth	30.80%	-0.97%	60.26%	13.01%	21.22%	-33.98%	13.26%	-677.95%	73.64%	-4.77%	170.87%
Operating Cash Flow Growth	56.80%	-0.89%	12.32%	30.51%	-7.97%	2.76%	-49.54%	-28.07%	21.94%	75.10%	28.91%
Free Cash Flow Firm Growth	-44.89%	15.28%	-13.33%	108.13%	132.33%	-59.00%	-2,424.00%	109.93%	-57.80%	565.83%	-71.70%
Invested Capital Growth	22.43%	14.35%	11.20%	18.60%	-2.13%	2.82%	361.18%	-34.24%	-15.31%	-49.16%	-2.01%
Revenue Q/Q Growth	3.71%	1.15%	6.13%	27.46%	-13.31%	0.03%	5.75%	-2.45%	0.85%	-0.41%	1.28%
EBITDA Q/Q Growth	-6.86%	-0.20%	7.87%	0.45%	3.02%	3.90%	-11.78%	-6.97%	1.33%	29.59%	15.20%
EBIT Q/Q Growth	-8.92%	-0.84%	9.38%	-1.52%	4.68%	4.22%	-17.32%	-6.59%	0.54%	24.34%	20.10%
NOPAT Q/Q Growth	-9.62%	0.79%	-0.50%	19.20%	6.50%	-19.42%	-300.08%	-4.21%	-3.49%	28.80%	3.26%
Net Income Q/Q Growth	-9.81%	0.83%	-6.74%	21.62%	4.43%	2.82%	-15.89%	-6.07%	-3.29%	22.84%	21.08%
EPS Q/Q Growth	-9.62%	2.68%	-6.11%	20.61%	2.90%	3.49%	-15.44%	-6.07%	-3.29%	22.87%	18.74%
Operating Cash Flow Q/Q Growth	40.42%	-11.86%	3.80%	0.53%	15.75%	-3.31%	-18.54%	-25.62%	19.20%	20.09%	-3.83%
Free Cash Flow Firm Q/Q Growth	7.80%	-3.32%	44.87%	5.14%	14.69%	-6.91%	-3.57%	12.45%	45.21%	-0.25%	0.57%
Invested Capital Q/Q Growth	-3.29%	-2.31%	-4.91%	0.04%	-2.66%	-5.61%	0.74%	-1.80%	-4.25%	-1.01%	-0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.77%	69.47%	66.35%	69.01%	69.63%	68.01%	69.69%	64.83%	60.92%	65.44%	66.08%
EBITDA Margin	34.73%	31.48%	45.31%	33.81%	37.51%	33.68%	27.13%	-85.67%	-14.79%	-17.63%	32.63%
Operating Margin	27.61%	24.48%	22.02%	26.49%	27.80%	17.91%	-2.72%	-91.16%	-23.73%	-19.05%	18.58%
EBIT Margin	27.25%	24.35%	38.55%	27.21%	30.91%	26.67%	20.88%	-94.26%	-24.38%	-25.73%	26.41%
Profit (Net Income) Margin	20.63%	17.85%	24.64%	23.46%	27.94%	20.25%	16.84%	-96.07%	-25.78%	-27.97%	19.57%
Tax Burden Percent	78.56%	76.29%	65.00%	87.47%	88.55%	76.64%	86.20%	101.57%	103.94%	103.73%	78.27%
Interest Burden Percent	96.36%	96.06%	98.30%	98.57%	102.10%	99.07%	93.55%	100.35%	101.73%	104.80%	94.68%
Effective Tax Rate	21.44%	23.71%	35.00%	12.53%	11.45%	23.36%	13.80%	0.00%	0.00%	0.00%	21.73%
Return on Invested Capital (ROIC)	33.44%	26.36%	20.58%	35.05%	36.87%	18.73%	-1.57%	-31.81%	-11.10%	-12.51%	20.31%
ROIC Less NNEP Spread (ROIC-NNEP)	30.68%	31.34%	-18.50%	34.27%	30.65%	9.46%	-91.43%	-312.40%	-83.96%	-118.81%	59.13%
Return on Net Nonoperating Assets (RNNOA)	44.79%	-5.95%	5.09%	-12.30%	-13.63%	-4.63%	11.44%	-18.99%	-7.71%	-17.62%	13.05%
Return on Equity (ROE)	78.23%	20.40%	25.67%	22.75%	23.24%	14.10%	9.87%	-50.80%	-18.81%	-30.13%	33.36%
Cash Return on Invested Capital (CROIC)	13.27%	12.96%	9.97%	18.03%	39.03%	15.95%	-130.29%	9.50%	5.47%	52.67%	22.33%
Operating Return on Assets (OROA)	17.22%	14.66%	22.25%	14.85%	15.34%	11.60%	8.29%	-31.46%	-9.82%	-13.71%	17.72%
Return on Assets (ROA)	13.03%	10.74%	14.22%	12.80%	13.87%	8.80%	6.68%	-32.07%	-10.38%	-14.90%	13.13%
Return on Common Equity (ROCE)	76.05%	19.68%	24.03%	21.53%	22.84%	14.10%	9.87%	-50.80%	-18.81%	-30.13%	33.36%
Return on Equity Simple (ROE_SIMPLE)	24.78%	19.48%	24.66%	20.81%	21.46%	13.98%	7.10%	-66.74%	-20.21%	-51.54%	0.00%
Net Operating Profit after Tax (NOPAT)	482	448	394	772	872	444	-106	-2,925	-748	-583	632
NOPAT Margin	21.69%	18.68%	14.31%	23.17%	24.62%	13.72%	-2.34%	-63.82%	-16.61%	-13.34%	14.54%
Net Nonoperating Expense Percent (NNEP)	2.76%	-4.98%	39.07%	0.78%	6.22%	9.27%	89.86%	280.59%	72.85%	106.30%	-38.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-31.34%	-10.34%	-13.37%	13.40%
Cost of Revenue to Revenue	30.23%	30.53%	33.65%	30.99%	30.37%	31.99%	30.31%	35.17%	39.08%	34.56%	33.92%
SG&A Expenses to Revenue	23.24%	24.35%	24.49%	23.82%	23.57%	29.05%	46.22%	28.29%	35.79%	24.98%	25.01%
R&D to Revenue	18.06%	21.02%	19.84%	18.69%	18.26%	21.06%	26.18%	28.82%	30.06%	26.74%	22.27%
Operating Expenses to Revenue	42.16%	45.00%	44.33%	42.51%	41.83%	50.11%	72.40%	156.00%	84.66%	84.49%	47.50%
Earnings before Interest and Taxes (EBIT)	605	584	1,061	907	1,095	864	945	-4,321	-1,098	-1,125	1,147
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	771	755	1,247	1,127	1,329	1,091	1,228	-3,927	-666	-771	1,417
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.20	8.56	11.60	11.67	10.59	11.51	5.54	4.82	3.85	9.04	7.57
Price to Tangible Book Value (P/TBV)	34.17	15.97	17.69	15.99	13.40	14.78	157.73	424.08	106.82	22.23	14.73
Price to Revenue (P/Rev)	12.66	7.84	11.59	13.15	13.79	16.68	13.14	6.94	4.91	4.91	4.75
Price to Earnings (P/E)	60.82	40.62	43.94	53.07	48.75	82.35	78.04	0.00	0.00	0.00	24.26
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.64%	2.46%	2.28%	1.88%	2.05%	1.21%	1.28%	0.00%	0.00%	0.00%	4.12%
Enterprise Value to Invested Capital (EV/IC)	17.56	10.16	15.46	17.76	19.90	21.50	5.39	4.45	3.65	7.07	6.81
Enterprise Value to Revenue (EV/Rev)	12.54	7.68	11.33	12.74	13.15	15.97	13.22	7.09	5.01	5.08	4.83
Enterprise Value to EBITDA (EV/EBITDA)	36.11	24.40	24.99	37.69	35.04	47.42	48.71	0.00	0.00	0.00	14.80
Enterprise Value to EBIT (EV/EBIT)	46.01	31.55	29.37	46.83	42.53	59.88	63.30	0.00	0.00	0.00	18.29
Enterprise Value to NOPAT (EV/NOPAT)	57.81	41.14	79.12	54.99	53.40	116.39	0.00	0.00	0.00	0.00	33.21
Enterprise Value to Operating Cash Flow (EV/OCF)	35.42	23.65	35.62	37.19	44.31	47.90	109.76	82.92	47.17	26.55	19.44
Enterprise Value to Free Cash Flow (EV/FCFF)	145.67	83.64	163.24	106.88	50.45	136.68	0.00	37.20	61.15	9.05	30.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.46	0.40	0.51	0.25	0.25	0.16	0.41	0.26	0.84	0.73
Long-Term Debt to Equity	0.54	0.46	0.40	0.23	0.25	0.14	0.16	0.23	0.26	0.63	0.55
Financial Leverage	1.46	-0.19	-0.28	-0.36	-0.44	-0.49	-0.13	0.06	0.09	0.15	0.22
Leverage Ratio	6.00	1.90	1.81	1.78	1.68	1.60	1.48	1.58	1.81	2.02	2.54
Compound Leverage Factor	5.78	1.82	1.77	1.75	1.71	1.59	1.38	1.59	1.84	2.12	2.41
Debt to Total Capital	36.70%	31.38%	28.65%	33.83%	19.83%	20.14%	13.63%	29.30%	20.58%	45.60%	42.21%
Short-Term Debt to Total Capital	2.52%	0.06%	0.24%	18.75%	0.00%	8.69%	0.00%	13.37%	0.00%	11.44%	10.59%
Long-Term Debt to Total Capital	34.18%	31.32%	28.41%	15.08%	19.83%	11.45%	13.63%	15.93%	20.58%	34.16%	31.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.10%	3.47%	5.29%	2.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	62.21%	65.15%	66.07%	63.66%	80.17%	79.86%	86.37%	70.70%	79.42%	54.40%	57.79%
Debt to EBITDA	1.41	1.40	0.96	1.77	0.86	1.09	1.38	-0.70	-2.24	-2.58	1.40
Net Debt to EBITDA	-0.38	-0.66	-0.76	-1.34	-1.71	-2.10	0.29	-0.18	-0.65	-1.00	0.25
Long-Term Debt to EBITDA	1.32	1.40	0.95	0.79	0.86	0.62	1.38	-0.38	-2.24	-1.93	1.05
Debt to NOPAT	2.26	2.36	3.03	2.59	1.31	2.66	-15.99	-0.93	-1.99	-3.41	3.15
Net Debt to NOPAT	-0.61	-1.12	-2.42	-1.96	-2.61	-5.15	-3.36	-0.24	-0.58	-1.32	0.56
Long-Term Debt to NOPAT	2.11	2.36	3.00	1.15	1.31	1.51	-15.99	-0.51	-1.99	-2.56	2.36
Altman Z-Score	11.35	7.69	10.67	10.61	13.22	13.40	9.10	2.79	3.25	3.33	4.60
Noncontrolling Interest Sharing Ratio	2.78%	3.56%	6.38%	5.35%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.43	3.29	3.99	2.49	6.69	3.60	2.48	1.28	1.66	1.78	2.08
Quick Ratio	2.90	2.75	3.43	2.23	6.00	3.18	1.82	0.98	1.14	1.26	1.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	191	220	191	397	923	378	-8,796	874	369	2,455	695
Operating Cash Flow to CapEx	549.65%	299.62%	282.26%	385.81%	502.87%	571.43%	262.02%	137.06%	245.13%	653.91%	729.05%
Free Cash Flow to Firm to Interest Expense	4.44	6.68	5.16	6.97	17.75	7.72	-144.20	33.60	4.79	24.55	6.88
Operating Cash Flow to Interest Expense	18.28	23.61	23.65	20.04	20.21	22.04	8.93	15.08	6.21	8.37	10.68
Operating Cash Flow Less CapEx to Interest Expense	14.95	15.73	15.27	14.84	16.19	18.18	5.52	4.08	3.68	7.09	9.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.60	0.58	0.55	0.50	0.43	0.40	0.33	0.40	0.53	0.67
Accounts Receivable Turnover	6.58	6.26	6.95	7.21	6.52	6.11	7.98	6.95	6.41	5.95	5.47
Inventory Turnover	2.91	2.56	2.93	2.87	2.89	2.83	3.42	3.23	3.05	2.66	2.65
Fixed Asset Turnover	7.30	4.54	3.35	3.32	3.61	3.58	4.65	4.33	4.29	4.80	5.52
Accounts Payable Turnover	6.05	5.28	6.21	6.01	6.46	6.08	5.24	5.16	6.54	6.49	6.39
Days Sales Outstanding (DSO)	55.49	58.34	52.52	50.65	55.99	59.73	45.77	52.51	56.93	61.32	66.77
Days Inventory Outstanding (DIO)	125.63	142.30	124.75	127.03	126.36	128.77	106.81	113.10	119.77	136.97	137.65
Days Payable Outstanding (DPO)	60.34	69.12	58.73	60.77	56.48	60.07	69.70	70.76	55.79	56.28	57.12
Cash Conversion Cycle (CCC)	120.78	131.52	118.55	116.90	125.87	128.43	82.88	94.85	120.91	142.00	147.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,585	1,813	2,016	2,391	2,340	2,406	11,096	7,297	6,180	3,142	3,079
Invested Capital Turnover	1.54	1.41	1.44	1.51	1.50	1.36	0.67	0.50	0.67	0.94	1.40
Increase / (Decrease) in Invested Capital	290	228	203	375	-51	66	8,690	-3,799	-1,117	-3,038	-63
Enterprise Value (EV)	27,838	18,425	31,167	42,473	46,574	51,732	59,819	32,504	22,546	22,223	20,976
Market Capitalization	28,101	18,809	31,900	43,840	48,847	54,020	59,463	31,806	22,111	21,454	20,620
Book Value per Share	$12.63	$14.96	$18.83	$25.56	$31.38	$32.15	$68.71	$41.95	$36.18	$14.96	$17.82
Tangible Book Value per Share	$5.62	$8.02	$12.35	$18.65	$24.79	$25.03	$2.41	$0.48	$1.30	$6.08	$9.16
Total Capital	2,972	3,372	4,161	5,903	5,754	5,878	12,435	9,334	7,234	4,362	4,712
Total Debt	1,091	1,058	1,192	1,997	1,141	1,184	1,695	2,735	1,489	1,989	1,989
Total Long-Term Debt	1,016	1,056	1,182	890	1,141	673	1,695	1,487	1,489	1,490	1,490
Net Debt	-296	-501	-953	-1,515	-2,273	-2,288	356	698	435	769	356
Capital Expenditures (CapEx)	143	260	310	296	209	189	208	286	195	128	148
Debt-free, Cash-free Net Working Capital (DFCFNWC)	175	56	99	281	372	278	281	-1.00	-15	478	570
Debt-free Net Working Capital (DFNWC)	1,561	1,615	2,244	3,793	3,786	3,750	1,620	2,036	1,039	1,698	2,203
Net Working Capital (NWC)	1,486	1,613	2,234	2,686	3,786	3,239	1,620	788	1,039	1,199	1,704
Net Nonoperating Expense (NNE)	24	20	-284	-9.62	-118	-212	-868	1,479	413	640	-218
Net Nonoperating Obligations (NNO)	-296	-501	-953	-1,515	-2,273	-2,288	356	698	435	769	356
Total Depreciation and Amortization (D&A)	166	171	186	220	234	227	283	394	432	354	270
Debt-free, Cash-free Net Working Capital to Revenue	7.88%	2.34%	3.60%	8.43%	10.50%	8.58%	6.21%	-0.02%	-0.33%	10.93%	13.12%
Debt-free Net Working Capital to Revenue	70.33%	67.35%	81.54%	113.80%	106.86%	115.78%	35.79%	44.42%	23.07%	38.84%	50.73%
Net Working Capital to Revenue	66.95%	67.26%	81.18%	80.59%	106.86%	100.00%	35.79%	17.19%	23.07%	27.42%	39.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.10	$3.00	$4.82	$5.47	$6.62	$4.35	$4.93	($27.21)	($7.13)	($7.69)	$5.47
Adjusted Weighted Average Basic Shares Outstanding	149.02M	151.04M	150.23M	151.26M	151.26M	151.26M	154.35M	161.55M	162.58M	159M	155M
Adjusted Diluted Earnings per Share	$3.01	$2.98	$4.78	$5.40	$6.55	$4.32	$4.90	($27.21)	($7.13)	($7.69)	$5.45
Adjusted Weighted Average Diluted Shares Outstanding	153.39M	152.33M	152.29M	153.32M	153.32M	152.29M	155.38M	161.55M	162.58M	159M	156M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$6.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	151.26M	150.54M	151.26M	151.26M	151.26M	150.13M	161.55M	162.58M	163.51M	158.40M	152.90M
Normalized Net Operating Profit after Tax (NOPAT)	496	441	394	772	872	444	-106	248	-155	420	639
Normalized NOPAT Margin	22.36%	18.39%	14.31%	23.17%	24.62%	13.72%	-2.34%	5.41%	-3.45%	9.61%	14.72%
Pre Tax Income Margin	26.26%	23.39%	37.90%	26.82%	31.56%	26.43%	19.53%	-94.59%	-24.80%	-26.97%	25.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.07	17.70	28.68	15.91	21.06	17.63	15.49	-166.19	-14.26	-11.25	11.36
NOPAT to Interest Expense	11.20	13.57	10.65	13.55	16.77	9.07	-1.74	-112.51	-9.72	-5.83	6.25
EBIT Less CapEx to Interest Expense	10.74	9.82	20.30	10.72	17.04	13.78	12.08	-177.19	-16.79	-12.53	9.89
NOPAT Less CapEx to Interest Expense	7.87	5.69	2.27	8.36	12.75	5.21	-5.15	-123.51	-12.25	-7.11	4.79
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.66%	6.78%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.09%	-0.08%	0.12%
Augmented Payout Ratio	60.48%	64.95%	37.46%	25.70%	32.73%	112.20%	0.00%	0.00%	-0.09%	-9.57%	87.41%

This table displays calculated financial ratios and metrics derived from Illumina's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.20%	0.36%	3.51%	-1.01%	-5.44%	-3.49%	-1.60%	-3.25%	-4.77%	0.37%	4.98%
EBITDA Growth	103.90%	81.27%	15.00%	-84.38%	-8,976.19%	222.01%	635.29%	5,200.00%	120.87%	-62.82%	68.50%
EBIT Growth	86.23%	78.85%	3.61%	-37.33%	-2,163.22%	196.01%	226.25%	290.29%	116.30%	-68.32%	95.05%
NOPAT Growth	84.80%	79.38%	-28.35%	-73.44%	-1,760.23%	237.47%	252.50%	251.92%	114.34%	-78.67%	2.58%
Net Income Growth	56.26%	80.24%	-26.62%	-4,300.00%	-749.57%	193.50%	205.68%	203.97%	111.82%	-78.72%	79.57%
EPS Growth	56.26%	80.24%	-26.62%	-4,050.00%	-743.24%	192.66%	205.41%	203.80%	111.94%	-77.83%	83.76%
Operating Cash Flow Growth	-16.00%	367.31%	52.38%	670.00%	-23.81%	127.34%	62.50%	211.69%	192.50%	-10.13%	-11.81%
Free Cash Flow Firm Growth	140.99%	-56.14%	-72.97%	-67.65%	-4.19%	791.71%	220.27%	155.73%	-107.43%	-94.16%	-92.48%
Invested Capital Growth	-33.37%	-13.15%	-15.31%	-17.47%	-63.01%	-50.82%	-49.16%	-48.97%	15.62%	-2.49%	-2.01%
Revenue Q/Q Growth	8.19%	-4.85%	0.27%	-4.10%	3.35%	-2.88%	2.22%	-5.71%	1.73%	2.36%	6.92%
EBITDA Q/Q Growth	-34.38%	-3,280.95%	92.37%	109.80%	-37,380.00%	143.72%	-66.50%	-2.93%	46.79%	-22.11%	51.82%
EBIT Q/Q Growth	-16.00%	-791.95%	79.38%	35.63%	-1,811.65%	137.84%	-72.89%	-2.97%	63.78%	-26.48%	66.95%
NOPAT Q/Q Growth	-37.50%	-756.82%	78.38%	31.90%	-1,374.77%	163.32%	-76.02%	-32.16%	39.22%	-5.83%	15.32%
Net Income Q/Q Growth	-7,900.00%	-222.22%	76.66%	28.41%	-1,477.78%	135.46%	-73.62%	-29.57%	79.39%	-36.17%	122.67%
EPS Q/Q Growth	-7,900.00%	-222.22%	76.66%	28.83%	-1,479.75%	135.42%	-73.53%	-29.91%	81.71%	-34.23%	119.39%
Operating Cash Flow Q/Q Growth	950.00%	32.38%	61.15%	-65.63%	3.90%	295.00%	15.19%	-34.07%	-2.50%	21.37%	13.03%
Free Cash Flow Firm Q/Q Growth	-5.36%	-87.39%	123.26%	21.38%	180.30%	17.39%	-19.81%	-3.08%	-108.15%	192.16%	3.30%
Invested Capital Q/Q Growth	-2.39%	-10.78%	-4.25%	-1.04%	-56.25%	18.61%	-1.01%	-0.67%	-0.87%	0.03%	-0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.24%	61.13%	59.98%	61.99%	64.84%	68.98%	65.94%	65.61%	65.63%	67.62%	65.49%
EBITDA Margin	1.79%	-59.70%	-4.55%	0.46%	-167.63%	75.46%	24.73%	25.46%	36.73%	27.95%	39.69%
Operating Margin	-7.48%	-67.38%	-14.53%	-10.32%	-147.21%	68.61%	15.76%	15.75%	20.21%	20.94%	17.43%
EBIT Margin	-7.40%	-69.35%	-14.26%	-9.57%	-177.07%	68.98%	18.30%	18.83%	30.31%	21.77%	33.99%
Profit (Net Income) Margin	-19.90%	-67.38%	-15.69%	-11.71%	-178.78%	65.28%	16.85%	12.58%	22.19%	13.84%	28.82%
Tax Burden Percent	262.92%	96.42%	104.76%	115.60%	100.61%	97.92%	100.00%	71.98%	76.80%	68.18%	88.36%
Interest Burden Percent	102.30%	100.77%	105.00%	105.83%	100.36%	96.64%	92.08%	92.86%	95.33%	93.22%	95.94%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	2.08%	0.00%	28.02%	23.20%	31.82%	11.64%
Return on Invested Capital (ROIC)	-2.58%	-30.34%	-6.80%	-4.80%	-92.11%	61.26%	14.78%	10.65%	23.04%	19.53%	21.50%
ROIC Less NNEP Spread (ROIC-NNEP)	-34.16%	-66.36%	-17.72%	-13.58%	-179.87%	58.70%	16.78%	12.93%	29.85%	18.99%	49.15%
Return on Net Nonoperating Assets (RNNOA)	-2.19%	-6.60%	-1.63%	-1.20%	-43.20%	11.74%	2.49%	1.81%	16.78%	7.43%	10.85%
Return on Equity (ROE)	-4.78%	-36.94%	-8.42%	-6.00%	-135.31%	73.01%	17.27%	12.46%	39.82%	26.96%	32.35%
Cash Return on Invested Capital (CROIC)	9.59%	3.66%	5.47%	7.60%	54.34%	51.12%	52.67%	56.39%	25.92%	22.04%	22.33%
Operating Return on Assets (OROA)	-2.43%	-28.97%	-5.74%	-3.94%	-87.84%	37.53%	9.75%	10.07%	21.34%	15.32%	22.81%
Return on Assets (ROA)	-6.52%	-28.15%	-6.32%	-4.82%	-88.69%	35.52%	8.98%	6.73%	15.63%	9.73%	19.33%
Return on Common Equity (ROCE)	-4.78%	-36.94%	-8.42%	-6.00%	-135.31%	73.01%	17.27%	12.46%	39.82%	26.96%	32.35%
Return on Equity Simple (ROE_SIMPLE)	-63.86%	-19.06%	0.00%	-22.50%	-211.98%	-74.59%	0.00%	-40.79%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-62	-528	-114	-78	-1,146	726	174	118	164	155	178
NOPAT Margin	-5.24%	-47.17%	-10.17%	-7.22%	-103.05%	67.18%	15.76%	11.34%	15.52%	14.28%	15.40%
Net Nonoperating Expense Percent (NNEP)	31.58%	36.02%	10.93%	8.78%	87.76%	2.56%	-1.99%	-2.28%	-6.81%	0.54%	-27.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-1.58%	-	-	-	3.99%	2.71%	3.87%	3.54%	3.79%
Cost of Revenue to Revenue	37.76%	38.87%	40.02%	38.01%	35.16%	31.02%	34.06%	34.39%	34.37%	32.38%	34.51%
SG&A Expenses to Revenue	39.29%	27.08%	41.80%	40.80%	13.22%	22.13%	24.18%	25.65%	22.10%	25.55%	26.57%
R&D to Revenue	30.44%	28.15%	30.30%	31.51%	29.23%	23.43%	22.83%	24.21%	23.32%	21.13%	20.62%
Operating Expenses to Revenue	69.73%	128.51%	74.51%	72.30%	212.05%	0.37%	50.18%	49.86%	45.42%	46.68%	48.06%
Earnings before Interest and Taxes (EBIT)	-87	-776	-160	-103	-1,969	745	202	196	321	236	394
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	-668	-51	5.00	-1,864	815	273	265	389	303	460
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.52	3.68	3.85	3.80	11.91	9.75	9.04	5.35	6.65	5.92	7.57
Price to Tangible Book Value (P/TBV)	231.58	63.54	106.82	87.58	216.58	29.32	22.23	12.97	16.54	13.51	14.73
Price to Revenue (P/Rev)	6.64	4.87	4.91	4.85	3.86	4.72	4.91	2.92	3.50	3.29	4.75
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.94	20.08	24.26
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.38%	4.98%	4.12%
Enterprise Value to Invested Capital (EV/IC)	4.19	3.45	3.65	3.63	6.86	6.86	7.07	4.30	5.12	4.78	6.81
Enterprise Value to Revenue (EV/Rev)	6.80	4.99	5.01	4.94	4.14	4.96	5.08	3.10	3.70	3.45	4.83
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.09	12.04	14.80
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.82	15.50	18.29
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.59	24.21	33.21
Enterprise Value to Operating Cash Flow (EV/OCF)	144.39	55.58	47.17	40.71	35.29	31.24	26.55	13.43	13.73	13.20	19.44
Enterprise Value to Free Cash Flow (EV/FCFF)	34.94	87.78	61.15	43.18	6.82	8.85	9.05	5.15	21.18	21.44	30.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.25	0.26	0.26	1.56	0.94	0.84	0.84	0.88	0.84	0.73
Long-Term Debt to Equity	0.23	0.25	0.26	0.26	1.04	0.94	0.63	0.63	0.66	0.42	0.55
Financial Leverage	0.06	0.10	0.09	0.09	0.24	0.20	0.15	0.14	0.56	0.39	0.22
Leverage Ratio	1.60	1.69	1.81	1.76	2.23	2.01	2.02	2.00	3.29	2.71	2.54
Compound Leverage Factor	1.64	1.71	1.90	1.86	2.24	1.94	1.86	1.86	3.14	2.52	2.44
Debt to Total Capital	25.45%	20.16%	20.58%	20.63%	60.87%	48.33%	45.60%	45.66%	46.86%	45.55%	42.21%
Short-Term Debt to Total Capital	8.53%	0.00%	0.00%	0.00%	20.27%	0.00%	11.44%	11.45%	11.74%	22.82%	10.59%
Long-Term Debt to Total Capital	16.92%	20.16%	20.58%	20.63%	40.60%	48.33%	34.16%	34.21%	35.11%	22.73%	31.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.55%	79.84%	79.42%	79.37%	39.13%	51.67%	54.40%	54.34%	53.14%	54.45%	57.79%
Debt to EBITDA	-0.63	-2.21	-2.24	-2.15	-0.87	-1.82	-2.58	-3.89	1.14	1.62	1.40
Net Debt to EBITDA	-0.19	-0.82	-0.65	-0.55	-0.48	-0.96	-1.00	-1.47	0.48	0.58	0.25
Long-Term Debt to EBITDA	-0.42	-2.21	-2.24	-2.15	-0.58	-1.82	-1.93	-2.92	0.86	0.81	1.05
Debt to NOPAT	-0.81	-2.06	-1.99	-1.91	-1.20	-2.43	-3.41	-5.09	1.71	3.26	3.15
Net Debt to NOPAT	-0.25	-0.77	-0.58	-0.49	-0.66	-1.28	-1.32	-1.93	0.72	1.17	0.56
Long-Term Debt to NOPAT	-0.54	-2.06	-1.99	-1.91	-0.80	-2.43	-2.56	-3.82	1.28	1.63	2.36
Altman Z-Score	3.96	3.42	3.55	3.56	1.43	4.28	4.03	2.79	3.26	3.05	4.23
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.69	1.66	1.75	1.11	2.43	1.78	1.86	1.81	1.43	2.08
Quick Ratio	1.00	1.10	1.14	1.18	0.74	1.68	1.26	1.34	1.27	1.02	1.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,561	449	1,003	1,217	3,412	4,006	3,212	3,113	-254	234	241
Operating Cash Flow to CapEx	223.40%	308.89%	439.22%	213.89%	258.06%	987.50%	1,255.17%	750.00%	780.00%	916.13%	583.64%
Free Cash Flow to Firm to Interest Expense	187.44	23.64	52.78	67.63	170.61	111.27	123.54	124.52	-10.15	9.35	9.29
Operating Cash Flow to Interest Expense	5.53	7.32	11.79	4.28	4.00	8.78	14.00	9.60	9.36	11.36	12.35
Operating Cash Flow Less CapEx to Interest Expense	3.05	4.95	9.11	2.28	2.45	7.89	12.88	8.32	8.16	10.12	10.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.42	0.40	0.41	0.50	0.54	0.53	0.53	0.70	0.70	0.67
Accounts Receivable Turnover	6.45	6.78	6.41	6.91	6.41	6.32	5.95	6.50	6.38	6.01	5.47
Inventory Turnover	2.97	2.93	3.05	2.97	2.86	2.66	2.66	2.60	2.52	2.49	2.65
Fixed Asset Turnover	4.20	4.24	4.29	4.39	4.59	4.69	4.80	4.97	5.28	5.43	5.52
Accounts Payable Turnover	6.41	6.61	6.54	7.84	7.60	7.35	6.49	7.16	7.18	7.09	6.39
Days Sales Outstanding (DSO)	56.57	53.86	56.93	52.80	56.95	57.74	61.32	56.13	57.17	60.78	66.77
Days Inventory Outstanding (DIO)	122.93	124.42	119.77	122.93	127.66	136.99	136.97	140.13	144.68	146.60	137.65
Days Payable Outstanding (DPO)	56.97	55.22	55.79	46.54	48.01	49.66	56.28	51.00	50.81	51.51	57.12
Cash Conversion Cycle (CCC)	122.53	123.07	120.91	129.19	136.60	145.08	142.00	145.26	151.03	155.87	147.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,234	6,454	6,180	6,116	2,676	3,174	3,142	3,121	3,094	3,095	3,079
Invested Capital Turnover	0.49	0.64	0.67	0.66	0.89	0.91	0.94	0.94	1.48	1.37	1.40
Increase / (Decrease) in Invested Capital	-3,623	-977	-1,117	-1,295	-4,558	-3,280	-3,038	-2,995	418	-79	-63
Enterprise Value (EV)	30,321	22,287	22,546	22,188	18,350	21,777	22,223	13,425	15,841	14,807	20,976
Market Capitalization	29,642	21,731	22,111	21,806	17,110	20,728	21,454	12,672	15,005	14,093	20,620
Book Value per Share	$41.46	$37.26	$36.18	$36.06	$9.01	$13.34	$14.96	$14.95	$14.26	$15.49	$17.82
Tangible Book Value per Share	$0.81	$2.16	$1.30	$1.57	$0.50	$4.44	$6.08	$6.17	$5.73	$6.79	$9.16
Total Capital	8,793	7,387	7,234	7,224	3,670	4,113	4,362	4,358	4,249	4,373	4,712
Total Debt	2,238	1,489	1,489	1,490	2,234	1,988	1,989	1,990	1,991	1,992	1,989
Total Long-Term Debt	1,488	1,489	1,489	1,490	1,490	1,988	1,490	1,491	1,492	994	1,490
Net Debt	679	556	435	382	1,240	1,049	769	753	836	714	356
Capital Expenditures (CapEx)	47	45	51	36	31	32	29	32	30	31	55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	111	91	-15	1.00	1.00	459	478	495	524	554	570
Debt-free Net Working Capital (DFNWC)	1,670	1,024	1,039	1,109	995	1,398	1,698	1,732	1,679	1,832	2,203
Net Working Capital (NWC)	920	1,024	1,039	1,109	251	1,398	1,199	1,233	1,180	834	1,704
Net Nonoperating Expense (NNE)	172	226	62	48	842	21	-12	-13	-71	4.77	-156
Net Nonoperating Obligations (NNO)	679	556	435	382	1,240	1,049	769	753	836	714	356
Total Depreciation and Amortization (D&A)	108	108	109	108	105	70	71	69	68	67	66
Debt-free, Cash-free Net Working Capital to Revenue	2.49%	2.04%	-0.33%	0.02%	0.02%	10.46%	10.93%	11.41%	12.23%	12.92%	13.12%
Debt-free Net Working Capital to Revenue	37.43%	22.93%	23.07%	24.68%	22.47%	31.85%	38.84%	39.94%	39.19%	42.72%	50.73%
Net Working Capital to Revenue	20.62%	22.93%	23.07%	24.68%	5.67%	31.85%	27.42%	28.43%	27.54%	19.45%	39.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.44)	($4.64)	($1.08)	($0.77)	($12.48)	$4.43	$1.17	$0.83	$1.49	$0.98	$2.15
Adjusted Weighted Average Basic Shares Outstanding	162.58M	162.58M	162.58M	163.61M	159M	159M	159M	159M	157M	153M	155M
Adjusted Diluted Earnings per Share	($1.44)	($4.64)	($1.08)	($0.77)	($12.48)	$4.42	$1.17	$0.82	$1.49	$0.98	$2.15
Adjusted Weighted Average Diluted Shares Outstanding	162.58M	162.58M	162.58M	163.61M	159M	160M	159M	159M	157M	154M	156M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.08)	$0.00	$0.00	$0.00	$1.17	$0.00	$0.00	$0.00	$2.15
Adjusted Weighted Average Basic & Diluted Shares Outstanding	162.89M	163.40M	163.51M	163.92M	159.30M	158.60M	158.40M	158.30M	153.70M	152.80M	152.90M
Normalized Net Operating Profit after Tax (NOPAT)	-62	46	-114	-78	174	248	122	118	164	155	178
Normalized NOPAT Margin	-5.24%	4.13%	-10.17%	-7.22%	15.67%	22.94%	11.03%	11.34%	15.52%	14.28%	15.40%
Pre Tax Income Margin	-7.57%	-69.88%	-14.97%	-10.13%	-177.70%	66.67%	16.85%	17.48%	28.90%	20.30%	32.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.58	-40.84	-8.42	-5.72	-98.45	20.69	7.77	7.84	12.84	9.44	15.15
NOPAT to Interest Expense	-3.24	-27.78	-6.01	-4.32	-57.30	20.15	6.69	4.72	6.57	6.19	6.86
EBIT Less CapEx to Interest Expense	-7.05	-43.21	-11.11	-7.72	-100.00	19.81	6.65	6.56	11.64	8.20	13.04
NOPAT Less CapEx to Interest Expense	-5.72	-30.15	-8.69	-6.32	-58.85	19.27	5.58	3.44	5.37	4.95	4.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-0.09%	0.00%	0.00%	0.00%	-0.08%	0.00%	0.08%	0.14%	0.12%
Augmented Payout Ratio	0.00%	0.00%	-0.09%	0.00%	0.00%	0.00%	-9.57%	-32.71%	54.65%	102.28%	87.41%

Financials Breakdown Chart

Key Financial Trends

Illumina, Inc. (ILMN) delivered a solid close to 2025 with revenue growth, stable margins, and positive cash flow, alongside improving leverage. Below are the key trends observed in Illumina’s quarterly statements over the last four years, focused on potential implications for retail investors.

Q4 2025 revenue rose to 1.159 billion, up about 5% from Q4 2024's 1.104 billion, signaling ongoing top-line momentum.
Q4 2025 net income attributable to common shareholders was 334 million, with basic/diluted earnings per share of 2.15, higher than Q4 2024’s 186 million and 1.17 per share.
Gross profit in Q4 2025 reached 759 million on 1.159 billion in revenue, yielding a healthy gross margin around 65%, consistent with Illumina’s mid-60s margin in recent years.
Long-term debt declined to about 994 million by 2025 Q3 and remained near that level in Q4 2025, a meaningful reduction from roughly 1.49 billion in mid-2024, indicating improved leverage.
Illumina generated positive operating cash flow across 2025, with net cash from continuing operating activities of 321 million in Q4, 284 million in Q3, 234 million in Q2, and 240 million in Q1.
Capital expenditures were modest in 2025, with purchases of property, plant & equipment generally in the 30–55 million range per quarter, supporting ongoing operations without stressing liquidity.

Gross margins have remained in the mid-60s across 2024–2025, indicating a stable profitability base even as quarterly revenue fluctuates.
R&D spending stayed elevated in 2025 (roughly 229–252 million per quarter), signaling continued investment in product development and future growth potential.
Quarterly operating results show some variability, with pretax and after-tax results influenced by non-core items such as Other Income/Expense and changes in tax expense.

Earnings can be volatile due to swings in Other Income/Expense; for example, Q4 2025 included a sizable 176 million boost from Other Income/Expense, which may not recur each quarter.
Cash flow from financing activities showed negative net outflows in several 2025 quarters (e.g., about 63 million in Q4, 371 million in Q3/Q2 periods, and 195 million in Q1), reflecting ongoing external funding activity despite solid operating cash flow.

05/06/26 01:39 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Illumina's Financials

When does Illumina's fiscal year end?

According to the most recent income statement we have on file, Illumina's financial year ends in December. Their financial year 2025 ended on December 28, 2025.

How has Illumina's net income changed over the last 10 years?

Illumina's net income appears to be on an upward trend, with a most recent value of $850 million in 2025, rising from $458 million in 2015. The previous period was -$1.22 billion in 2024. View Illumina's forecast to see where analysts expect Illumina to go next.

What is Illumina's operating income?

Illumina's total operating income in 2025 was $807 million, based on the following breakdown:

Total Gross Profit: $2.87 billion
Total Operating Expenses: $2.06 billion

How has Illumina's revenue changed over the last 10 years?

Over the last 10 years, Illumina's total revenue changed from $2.22 billion in 2015 to $4.34 billion in 2025, a change of 95.6%.

How much debt does Illumina have?

Illumina's total liabilities were at $3.92 billion at the end of 2025, a 0.2% decrease from 2024, and a 117.0% increase since 2015.

How much cash does Illumina have?

In the past 10 years, Illumina's cash and equivalents has ranged from $735 million in 2016 to $2.04 billion in 2019, and is currently $1.42 billion as of their latest financial filing in 2025.

How has Illumina's book value per share changed over the last 10 years?

Over the last 10 years, Illumina's book value per share changed from 12.63 in 2015 to 17.82 in 2025, a change of 41.1%.

Related Companies

Financial statements for NASDAQ:ILMN last updated on 2/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Illumina (ILMN) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Illumina's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Illumina (ILMN) Financials

Annual Income Statements for Illumina

Quarterly Income Statements for Illumina

Annual Cash Flow Statements for Illumina

Quarterly Cash Flow Statements for Illumina

Annual Balance Sheets for Illumina

Quarterly Balance Sheets for Illumina

Annual Metrics And Ratios for Illumina

Quarterly Metrics And Ratios for Illumina

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Illumina's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools