Analyst Conference Summary

conference date: February 5, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $1.08 billion and % from $ billion in the year-earlier quarter.

Net income was $ million, down % sequentially from $150 million, and % down from $ million year-earlier.

Diluted EPS was $, down % sequentially from $0.98, and down % from $ year-earlier.

Guidance:

Conference Highlights:

Jacob Thaysen, CEO, said ""

In Q3 2025 Illumina launched the 5-base solution for simultaneous genomic and epigenomic insights. Introduced Constellation mapped read technology, uncovering hard-to-see genomic variants in GeneDx pilot. Illumina Protein Prep was introduced for driving deeper proteomic insights to enhance drug discovery. BioInsight launched to accelerate technology and data-driven discovery initiatives.

In Q3 2025 Illumina launched TruSight Oncology 500 version 2 (TSO 500 v2), an updated version of Illumina's comprehensive genomic profiling assay for cancer research. Illumina entered into a definitive agreement with Standard BioTools to acquire SomaLogic. PromoterAI, a new AI algorithm that accurately deciphers pathogenic regulatory genetic variants in the noncoding regions of the human genome was introduced and launched DRAGEN v. 4.4 software for clinical oncology research.

Continuing to expand in proteomics, including the SomaLogic acquisition. Will pay $350 million in cash and up to $75 million in near-term milestones. Should close in H1 2026. Expects profitability in 2027.

Product revenue was $ million, services $ million. $ million of the product revenue was for instruments, $ was for consumables.

Illumina shipped > NovaSeq X instruments in Q4 2025. [NovaSeq X is the most powerful and expensive of its sequencers.]

Non-GAAP numbers: net income $ million, up % sequentially from $206 million, and up % from $ million year-earlier. Diluted EPS was $, up % sequentially from $1.34, and up % from $ year-earlier.

Cash, equivalents and investment balance was $ billion, up sequentialy from $1.28 billion. $1.0 billion term debt. Cash flow from operations was $ million. Free cash flow was $ million. Capital expenditures were $ million. Cash used to repurchase stock was $ million.

GAAP cost of revenue was $ million, leaving gross profit of $ million. Operating expenses were $ million, consisting of: $ million for research and development; $ million for selling, general, and administration. Leaving income from operations of $ million. Other expense was $ million. Income tax $ million.

Illumina retains a 14.5% stake in Grail.

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