10-Q · May 1, 2026
Illumina, Inc. reported Q1 2026 revenue of $1.09 billion, marking a slight increase from the previous quarter's revenue of $1.04 billion and surpassing estimates. The company also reported GAAP diluted EPS of $1.15,…
Earnings analysis · 10-Q
ILMN earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
Illumina delivered $1.129B of revenue and $1.44 of diluted EPS, with EPS and free cash flow improving materially versus both the prior quarter and prior year. Revenue nevertheless missed the $1.150B consensus estimate.…
Read full summary
Illumina delivered $1.129B of revenue and $1.44 of diluted EPS, with EPS and free cash flow improving materially versus both the prior quarter and prior year. Revenue nevertheless missed the $1.150B consensus estimate. The company raised FY2026 revenue guidance to $4.64B-$4.66B and lifted its non-GAAP operating-margin target to 23.6%, but the provided filing extract omits the financial statements, MD&A, segment disclosures, and substantive Item 1A risk-factor text.
Reported figures
- Earnings per share
- $1.44
What stood out
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Revenue grew year over year
Revenue was $1.129B, down from $1.16B in 2026 Q2 by approximately 2.7%, but up from $1.08B in 2025 Q3 by approximately 4.5%.
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EPS improved sequentially and year over year
Diluted EPS was $1.44 versus $1.35 in 2026 Q2 and $0.98 in 2025 Q3, increases of approximately 6.7% and 46.9%, respectively.
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Free cash flow accelerated
Free cash flow was $378M, up from $161M in 2026 Q2 and $253M in 2025 Q3, increases of approximately 135% and 49%, respectively.
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Full-year outlook was raised
FY2026 revenue guidance increased to $4.64B-$4.66B from $4.60B-$4.64B, while the non-GAAP operating-margin target increased to 23.6% from a prior range of 23.4%-23.6%.
What to watch
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Revenue missed consensus
Quarterly revenue of $1.129B was below the $1.150B consensus estimate, a shortfall of approximately $21M, or 1.8%.
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Risk-factor update unavailable
The supplied filing extract includes the Item 1A Risk Factors heading but no substantive risk-factor text; therefore, quantitative changes versus the prior 10-K or 10-Q cannot be verified from the provided filing content.
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China and tariff exposure
The prior analysis identifies China-related uncertainty and tariff-refund effects as headwinds, but the supplied 10-Q extract does not provide quantitative amounts for either item.
Management's outlook
FY2026 revenue guidance was raised to $4.64B-$4.66B from $4.60B-$4.64B, and non-GAAP operating-margin guidance increased to 23.6% from 23.4%-23.6%. Organic revenue growth above 4% and ROW organic revenue growth above 5% were unchanged.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.