Gross margins have recovered to 66.1% as of 2026Q1, reflecting improved manufacturing efficiencies despite stagnant revenue growth that has fluctuated within a narrow band over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Jan'23 | Jan'22 | Jan'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 4.39B | 4.34B | 4.37B | 4.5B | 4.58B | 4.53B | 3.24B | 3.54B | 3.33B | 2.75B | 2.4B | 2.22B | 1.86B | 1.42B | 1.15B | 1.06B | 902.74M | 666.32M | 573.23M | 366.8M | 184.59M | 73.5M | 50.58M | 28.04M | 10.04M | 2.49M | 1.31M | 474.03K |
| Revenue Growth % | 1.25% | -0.78% | -2.93% | -1.75% | 1.28% | 39.73% | -8.58% | 6.3% | 21.11% | 14.74% | 8.05% | 19.25% | 30.97% | 23.74% | 8.81% | 16.93% | 35.48% | 16.24% | 56.28% | 98.71% | 151.13% | 45.31% | 80.43% | 179.23% | 303.86% | 89.9% | 176.17% | - |
| Cost of Goods Sold | 1.44B | 1.45B | 1.51B | 1.76B | 1.61B | 1.37B | 1.04B | 1.08B | 1.03B | 926M | 732M | 671M | 563.65M | 509.29M | 374.99M | 346.44M | 301.2M | 205.77M | 205.62M | 132.44M | 59.34M | 23.18M | 13.26M | 10.04M | 3.54M | 557K | -398K | -96.37K |
| COGS % of Revenue | - | 33.31% | 34.56% | 39.08% | 35.17% | 30.31% | 31.99% | 30.37% | 30.99% | 33.65% | 30.52% | 30.23% | 30.28% | 35.84% | 32.65% | 32.82% | 33.37% | 30.88% | 35.87% | 36.11% | 32.15% | 31.54% | 26.21% | 35.8% | 35.22% | 22.41% | -30.4% | -20.33% |
| Gross Profit | 2.95B | 2.89B | 2.86B | 2.74B | 2.97B | 3.15B | 2.2B | 2.47B | 2.3B | 1.83B | 1.67B | 1.55B | 1.3B | 911.89M | 773.53M | 709.1M | 601.54M | 460.56M | 367.6M | 234.36M | 125.24M | 50.32M | 37.32M | 18M | 6.5M | 1.93M | 1.71M | 570.39K |
| Gross Margin % | 67.14% | 66.69% | 65.44% | 60.92% | 64.83% | 69.69% | 68.01% | 69.63% | 69.01% | 66.35% | 69.46% | 69.78% | 69.72% | 64.16% | 67.35% | 67.18% | 66.63% | 69.12% | 64.13% | 63.89% | 67.85% | 68.46% | 73.79% | 64.2% | 64.78% | 77.59% | 130.39% | 120.33% |
| Gross Profit Growth % | - | 1.12% | 4.26% | -7.67% | -5.77% | 43.17% | -10.7% | 7.26% | 25.96% | 9.6% | 7.55% | 19.36% | 42.31% | 17.89% | 9.09% | 17.88% | 30.61% | 25.29% | 56.85% | 87.13% | 148.89% | 34.82% | 107.38% | 176.72% | 237.17% | 13.01% | 199.27% | - |
| Operating Expenses | 2.03B | 2.03B | 3.69B | 3.81B | 7.15B | 3.28B | 1.62B | 1.48B | 1.42B | 1.22B | 1.08B | 936M | 783M | 777.78M | 572.78M | 509.64M | 389.89M | 334.96M | 287.14M | 535.57M | 87.43M | 71.77M | 42.84M | 44.62M | 48.36M | 32.25M | 24.94M | 6.49M |
| OpEx % of Revenue | - | 46.77% | 84.49% | 84.66% | 156% | 72.4% | 50.11% | 41.83% | 42.51% | 44.33% | 44.99% | 42.17% | 42.07% | 54.73% | 49.87% | 48.28% | 43.19% | 50.27% | 50.09% | 146.01% | 47.37% | 97.64% | 84.69% | 159.16% | 481.66% | 1297.18% | 1905.26% | 1368.87% |
| Selling, General & Admin | 1.08B | 1.08B | 1.09B | 1.61B | 1.3B | 2.09B | 941M | 835M | 794M | 674M | 584M | 516M | 466.28M | 381.04M | 285.99M | 261.84M | 220.45M | 176.34M | 148.01M | 101.26M | 54.06M | 27.97M | 25.08M | 18.9M | 9.1M | 5.66M | 4.19M | 1.35M |
| SG&A % of Revenue | - | 24.85% | 24.98% | 35.79% | 28.29% | 46.22% | 29.05% | 23.57% | 23.82% | 24.49% | 24.35% | 23.25% | 25.05% | 26.81% | 24.9% | 24.81% | 24.42% | 26.46% | 25.82% | 27.61% | 29.29% | 38.06% | 49.58% | 67.41% | 90.63% | 227.8% | 320.29% | 284.56% |
| Research & Development | 949M | 951M | 1.17B | 1.35B | 1.32B | 1.19B | 682M | 647M | 623M | 546M | 504.42M | 401.53M | 388.06M | 276.74M | 231.03M | 196.91M | 177.95M | 140.62M | 99.96M | 73.94M | 33.37M | 27.73M | 21.11M | 22.51M | 26.85M | 20.73M | 13.55M | 4.09M |
| R&D % of Revenue | - | 21.92% | 26.74% | 30.06% | 28.82% | 26.18% | 21.06% | 18.26% | 18.69% | 19.84% | 21.03% | 18.09% | 20.85% | 19.47% | 20.12% | 18.66% | 19.71% | 21.1% | 17.44% | 20.16% | 18.08% | 37.72% | 41.74% | 80.3% | 267.41% | 834.07% | 1035.39% | 861.92% |
| Other Operating Expenses | 0 | 0 | 1.43B | 847M | 4.53B | 0 | 0 | 0 | 0 | 0 | -9M | 19M | -71.34M | 120M | 55.76M | 50.88M | -8.52M | 18M | 39.17M | 360.37M | 0 | 16.07M | -3.36M | 3.21M | 12.41M | 5.85M | 7.2M | 1.05M |
| Operating Income | 919M | 864M | -833M | -1.07B | -4.18B | -123M | 580M | 985M | 883M | 606M | 587M | 613M | 514.71M | 134.11M | 200.75M | 199.46M | 211.65M | 125.6M | 80.46M | -301.21M | 37.81M | -21.45M | -5.51M | -26.62M | -41.85M | -30.32M | -23.23M | -5.92M |
| Operating Margin % | 20.93% | 19.92% | -19.05% | -23.73% | -91.16% | -2.72% | 17.91% | 27.8% | 26.49% | 22.02% | 24.47% | 27.62% | 27.65% | 9.44% | 17.48% | 18.9% | 23.45% | 18.85% | 14.04% | -82.12% | 20.48% | -29.18% | -10.9% | -94.96% | -416.88% | -1219.59% | -1774.87% | -1248.54% |
| Operating Income Growth % | - | 203.72% | 22.08% | 74.42% | -3297.56% | -121.21% | -41.12% | 11.55% | 45.71% | 3.24% | -4.24% | 19.1% | 283.81% | -33.2% | 0.65% | -5.76% | 68.52% | 56.1% | 126.71% | -896.6% | 276.3% | -289.03% | 79.29% | 36.39% | -38.05% | -30.49% | -292.59% | - |
| EBITDA | 1.12B | 1.13B | -479M | -637M | -3.79B | 128M | 767M | 1.17B | 1.06B | 762M | 728M | 740M | 627.28M | 232.03M | 266.07M | 268.65M | 253.66M | 156.78M | 108.18M | -285.39M | 43.52M | -17.45M | -515K | -19.19M | -32.35M | -22.56M | -16.04M | -4.86M |
| EBITDA Margin % | 25.53% | 26.14% | -10.96% | -14.14% | -82.57% | 2.83% | 23.68% | 33.11% | 31.86% | 27.69% | 30.35% | 33.34% | 33.7% | 16.33% | 23.17% | 25.45% | 28.1% | 23.53% | 18.87% | -77.8% | 23.58% | -23.74% | -1.02% | -68.45% | -322.26% | -907.32% | -1225.26% | -1026.15% |
| EBITDA Growth % | 674.87% | 336.74% | 24.8% | 83.17% | -3057.03% | -83.31% | -34.61% | 10.45% | 39.37% | 4.67% | -1.62% | 17.97% | 170.34% | -12.79% | -0.96% | 5.91% | 61.79% | 44.93% | 137.91% | -755.76% | 349.4% | -3288.35% | 97.32% | 40.69% | -43.44% | -40.62% | -229.75% | - |
| D&A (Non-Cash Add-back) | 202M | 270M | 354M | 432M | 394M | 251M | 187M | 188M | 179M | 156M | 141M | 127M | 112.57M | 97.92M | 65.32M | 69.19M | 42.01M | 31.18M | 27.72M | 15.82M | 5.71M | 4M | 5M | 7.43M | 9.5M | 7.76M | 7.2M | 1.05M |
| EBIT | 919M | 864M | -1.08B | -1.04B | -4.31B | 945M | 905M | 1.17B | 951M | 1.08B | 594M | 626M | 490.49M | 199M | 260.39M | 167.84M | 209.98M | 137.84M | 94.9M | 2.19M | 37.81M | -5.65M | -5.51M | -26.62M | -41.85M | -30.32M | -23.23M | -5.92M |
| Net Interest Income | -47M | -61M | -54M | -19M | -15M | -61M | -8M | 23M | -13M | -18M | -23M | -38M | -37.83M | -34.8M | -21.57M | -27.74M | -16.22M | -12.69M | -9.69M | -632.88M | 0 | -14.4M | 0 | 1.06M | -4.25M | 0 | 0 | 0 |
| Interest Income | 29M | 40M | 46M | 58M | 11M | 0 | 41M | 75M | 44M | 19M | 10M | 5M | 3.9M | 4.89M | 16.21M | 7.05M | 8.38M | 11.03M | 12.52M | 16.03M | 0 | 1.4M | 0 | 1.82M | 3.81M | 0 | 0 | 0 |
| Interest Expense | 76M | 101M | 100M | 77M | 26M | 61M | 49M | 52M | 57M | 37M | 33M | 43M | 41.73M | 39.69M | 37.78M | 34.79M | 24.6M | 23.72M | 22.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 142M | 222M | -346M | -48M | -157M | 1.01B | 276M | 133M | 11M | 437M | -26M | -30M | -65.95M | 25.21M | 21.86M | -66.42M | -26.27M | -11.47M | -7.77M | 12.43M | 4.81M | 21.45M | 5.51M | 26.62M | 41.85M | 30.32M | 23.23M | 5.92M |
| Pretax Income | 1.06B | 1.09B | -1.18B | -1.12B | -4.34B | 884M | 856M | 1.12B | 894M | 1.04B | 561M | 583M | 448.76M | 159.31M | 222.61M | 133.04M | 185.38M | 114.13M | 72.69M | -288.79M | 42.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 24.16% | 25.03% | -26.97% | -24.8% | -94.59% | 19.53% | 26.43% | 31.56% | 26.82% | 37.9% | 23.39% | 26.26% | 24.11% | 11.21% | 19.38% | 12.6% | 20.54% | 17.13% | 12.68% | -78.73% | 23.09% | - | - | - | - | - | - | - |
| Income Tax | 208M | 236M | 44M | 44M | 68M | 122M | 200M | 128M | 112M | 365M | 133M | 125M | 95.41M | 34.01M | 71.35M | 46.42M | 60.49M | 41.84M | 33.27M | -10.43M | 2.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 19.6% | 21.73% | -3.73% | -3.94% | -1.57% | 13.8% | 23.36% | 11.45% | 12.53% | 35% | 23.71% | 21.44% | 21.26% | 21.35% | 32.05% | 34.89% | 32.63% | 36.67% | 45.77% | 3.61% | 6.22% | - | - | - | - | - | - | - |
| Net Income | 853M | 850M | -1.22B | -1.16B | -4.4B | 762M | 656M | 1B | 826M | 726M | 462.65M | 461.56M | 353.35M | 125.31M | 151.25M | 86.63M | 124.89M | 72.28M | 50.48M | -278.36M | 39.97M | -20.87M | -6.22M | -27.06M | -40.33M | -24.82M | -18.61M | -5.52M |
| Net Margin % | 19.43% | 19.59% | -27.97% | -25.78% | -96.07% | 16.84% | 20.25% | 28.28% | 24.78% | 26.38% | 19.29% | 20.79% | 18.98% | 8.82% | 13.17% | 8.21% | 13.83% | 10.85% | 8.81% | -75.89% | 21.65% | -28.4% | -12.31% | -96.53% | -401.7% | -998.51% | -1421.31% | -1164% |
| Net Income Growth % | 188.39% | 169.5% | -5.34% | 73.64% | -677.95% | 16.16% | -34.53% | 21.31% | 13.77% | 56.92% | 0.24% | 30.62% | 181.99% | -17.15% | 74.6% | -30.64% | 72.79% | 43.2% | 118.13% | -796.45% | 291.47% | -235.33% | 77% | 32.9% | -62.47% | -33.41% | -237.22% | - |
| Net Income (Continuing) | 853M | 850M | -1.22B | -1.16B | -4.4B | 762M | 656M | 990M | 782M | 678M | 428M | 458M | 353.35M | 125.31M | 151.25M | 86.63M | 124.89M | 72.28M | 39.42M | -278.36M | 39.97M | -20.87M | -6.22M | -27.06M | -40.33M | -24.82M | -18.61M | -5.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87M | 220M | 73.01M | 32.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.54 | 5.45 | -7.69 | -7.35 | -28.05 | 5.05 | 4.43 | 6.72 | 5.54 | 4.91 | 3.13 | 3.10 | 2.37 | 0.90 | 1.13 | 0.62 | 0.87 | 0.53 | 0.38 | -2.57 | 0.41 | -0.26 | -0.09 | -0.42 | -0.65 | -0.42 | -0.33 | -1.96 |
| EPS Growth % | 190.33% | 170.87% | -4.63% | 73.8% | -655.45% | 14% | -34.08% | 21.3% | 12.83% | 56.87% | 0.97% | 30.8% | 163.33% | -20.35% | 82.26% | -28.74% | 64.15% | 39.47% | 114.79% | -726.83% | 257.69% | -199.54% | 79.33% | 35.38% | -54.76% | -27.27% | 83.16% | - |
| EPS (Basic) | - | 5.48 | -7.69 | -7.35 | -28.05 | 5.08 | 4.46 | 6.82 | 5.62 | 4.97 | 3.15 | 3.18 | 2.61 | 1.00 | 1.23 | 0.70 | 1.01 | 0.59 | 0.43 | -2.57 | 0.45 | -0.26 | -0.09 | -0.42 | -0.65 | -0.42 | -0.33 | -1.96 |
| Diluted Shares Outstanding | 154M | 156M | 159M | 158M | 157M | 151M | 148M | 149M | 149M | 148M | 148M | 149M | 148.98M | 139.94M | 133.69M | 138.94M | 143.43M | 137.1M | 133.61M | 108.31M | 97.51M | 80.29M | 71.69M | 63.85M | 61.78M | 59.5M | 55.63M | 2.82M |
| Basic Shares Outstanding | 153M | 155M | 159M | 158M | 157M | 150M | 147M | 147M | 147M | 146M | 147M | 145M | 135.55M | 125.08M | 123M | 123.4M | 123.58M | 123.15M | 116.86M | 108.31M | 89M | 80.29M | 71.69M | 63.85M | 61.78M | 59.5M | 55.63M | 2.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Divestiture execution and competition
As reported in recent financial statements, Illumina's revenue growth has fluctuated between a 4.9% contraction and a 5.1% expansion over the last ten quarters, suggesting that the company is struggling to find a consistent growth trajectory following the volatility associated with its recent strategic restructuring efforts.
The revenue profile appears to be heavily influenced by cyclical capital equipment cycles and the ongoing transition to the NovaSeq X platform. Investors should monitor whether the current low-single-digit growth represents a permanent shift toward a mature utility model or a temporary lull before a new cycle of clinical adoption.
Based on the provided income statement data, gross margins have demonstrated a notable recovery from a low of 60.1% in 2023Q4 to 66.1% in 2026Q1, indicating that the company is successfully navigating the manufacturing complexities associated with its latest generation of high-throughput sequencing technology.
This expansion suggests that the company is regaining pricing power on its consumable stream, which remains the primary engine of profitability. However, the sustainability of these margins warrants further investigation, particularly as competitive pressure from lower-cost sequencing alternatives continues to mount in the clinical diagnostic space.
According to the latest quarterly filings, Illumina has significantly reduced its SG&A expenses from a peak of $485 million in 2023Q4 to $272 million in 2026Q1, reflecting a concerted effort by management to streamline operations and improve operating leverage following the conclusion of the GRAIL divestiture process.
The reduction in overhead appears to be a critical component of the company's path back to consistent profitability. Analysts should evaluate whether this leaner cost structure is sustainable or if it may eventually constrain the R&D investment necessary to defend the company's technological moat against emerging long-read competitors.
While recent margins appear to be stabilizing, the historical volatility in net income, which swung from a $2 billion loss in 2024Q2 to a $705 million profit in 2024Q3, suggests that the company's bottom line remains highly susceptible to non-operating items and significant one-time restructuring charges.
Short-sellers may focus on the potential for further margin compression if the company is forced to lower prices to maintain its installed base against aggressive new entrants. The reliance on high-throughput consumables may also be vulnerable if clinical labs prioritize cost-per-report over the raw throughput capabilities that define Illumina's current competitive advantage.
Quick answers to the most common questions about buying ILMN stock.
For fiscal year 2025, Illumina, Inc. (ILMN) reported total revenue of $4.34B. This represents a 915039.7% increase compared to $0.5M in 1999.
Illumina, Inc. (ILMN) is profitable, generating $850.0M in net income for the fiscal year ending 2025 with a net profit margin of 19.6%.
Illumina, Inc. (ILMN) reported an operating income of $864.0M, resulting in an operating profit margin of 19.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Illumina, Inc. (ILMN) generated $2.89B in gross profit for the year, representing a gross profit margin of 66.7%. This demonstrates the company's core pricing power and production efficiency.