Illumina, Inc. · NASDAQ:ILMN
Illumina — Q3 2026 Earnings Presentation
23 slides from Illumina's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation October 29, 2026 © 2026 Illumina, Inc. All rights reserved.
Slide 2: Cautionary Notes
Cautionary Notes This release contains forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) changes in the rate of growt
Slide 3: Jacob Thaysen, Chief Executive Officer
Jacob Thaysen Chief Executive Officer © 2026 Illumina, Inc. All rights reserved. 3
Slide 4: Illumina Q3'26 Results Summary
Illumina Q3’26 Results Summary Revenue ROW Organic Growth Operating Margin Diluted EPS $1.17B +4.8% Organic | +7.6% Reported +4.7% 25.0% $1.44 Q3’26 NovaSeq X Placements Regional Revenue USCAN EMEALA >80 $665M +9% Organic | +12% Reported 57% $1.17B Illumina Revenue 31% $356M (2%) Organic | ~Flat Rep
Slide 5: Ankur Dhingra, Chief Financial Officer
Ankur Dhingra Chief Financial Officer © 2026 Illumina, Inc. All rights reserved. 5
Slide 6: Illumina Q3'26 Revenue
Illumina Q3’26 Revenue ($ in millions) Illumina Revenue Sequencing Consumables Revenue +5% Organic | +8% Reported Total ROW +5% ROW Organic +6% Organic | +6% Reported +5% Organic | +6% Reported $1,166 $1,084 $792 $747 $748 $707 Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 ROW = rest-of-world. All financial m
Slide 7: Illumina Sequencing Revenue Detail
Illumina Sequencing Revenue Detail Sequencing Revenue ROW ($ in millions) Q1'25 Q2'25 Q3'25 Q4'25 2025 Q1'26 Q2'26 Q3'26 Product Revenue Consumables $640 $690 $707 $713 $2,750 $687 $734 $748 Instruments $103 $92 $104 $150 $449 $114 $122 $103 Sequencing Consum ables Revenue Grow th Rates Total – ROW
Slide 8: Q3'26 High-Throughput Transition Updates
Q3’26 High-Throughput Transition Updates NovaSeq X Transition NovaSeq X % of NovaSeq X % of HT Gb Shipped HT Consumables Revenue 91% 90% 90% 92% 92% 60% 59% 84% 55% 55% 80% 82% 82% 80% 82% 83% 78% 51% 76% 78% 78% 70% 69% 71% 66% 68% 43% 44% 64% 40% 59% 55% 36% 51% 53% 49% 45% 43% 27% 35% Q2'24 Q3'24
Slide 9: Illumina Q3'26 Revenue (Cont'd)
Illumina Q3’26 Revenue (Cont’d) ($ in millions) Sequencing Instruments Revenue Sequencing Service & Other Revenue (1%) Organic | ~Flat Reported +8% Organic | +7% Reported (2%) ROW Organic +8% ROW Organic $147 $158 $107 $106 Q3'25 Q3'26 Q3'25 Q3'26 ROW = rest-of-world. All financial metrics are non-G
Slide 10: Illumina Q3'26 Non-GAAP Financials
Illumina Q3’26 Non-GAAP Financials Gross Margin Operating Margin Diluted EPS +20 bps +50 bps +7% 69.2% 69.4% $1.44 24.5% 25.0% $1.34 Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 See Appendix for reconciliations of GAAP and non-GAAP financial measures. All financial metrics are non-GAAP excluding tariff refun
Slide 11: Illumina Q3'26 Cash Flow & Balance Sheet Items
Illumina Q3’26 Cash Flow & Balance Sheet Items Cash Flow Updates $419M $41M $378M Cash Flow from Operations Capital Expenditures Free Cash Flow Share Repurchase Program Balance Sheet Updates ~0.05M $191.11 ~$9M ~$1.34B ~$1.79B ~1.4x Illumina Shares Avg. Price per Share Total Cost Cash, Cash Equivale
Slide 12: Illumina Guidance for FY26
Illumina Guidance for FY26 As of 10/29/2026. All growth rates reflect YoY trends. FY26 Guidance Q4'26 Guidance Non-GAAP Guidance Total Revenue, ex Tariff Refunds $4.64B - $4.66B $1.22B - $1.24B YoY Revenue Growth Organic Growth, ROW1 >5.0% ~4.5% 1 Organic Growth >4.0% ~4.5% Organic Sequencing Growth
Slide 13: Q&A
Q&A Jacob Thaysen Ankur Dhingra Chief Executive Officer Chief Financial Officer © 2026 Illumina, Inc. All rights reserved. 13
Slide 14: Statement regarding use of non-GAAP financial measures
Statement regarding use of non-GAAP financial measures The company reports non-GAAP results for diluted earnings per share, gross margin, operating margin, and free cash flow, among others, in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with
Slide 15: Condensed Statements of Cash Flows
Illumina, Inc. Condensed Statements of Cash Flows (In millions) (unaudited) Three Months Ended Nine Months Ended September 27, September 28, September 27, September 28, 2026 2025 2026 2025 Net cash provided by operating activities $ 419 $ 284 $ 909 $ 758 Net cash provided by (used in) investing acti
Slide 16: Results of Operations - Non-GAAP
Illumina, Inc. Results of Operations - Non-GAAP (unaudited) TABLE 1: RECONCILIATION OF REVENUE GROWTH: Three Months Nine Months Ended Ended September 27, September 27, 2026 2026 Revenue growth 4.2 % 6.2 % Impact of tariff refunds 3.4 % 1.1 % Revenue growth, excluding tariff refunds (non-GAAP) (a) 7.
Slide 17: Results of Operations - Non-GAAP (continued)
Illumina, Inc. Results of Operations - Non-GAAP (continued) (unaudited) TABLE 3: RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF OPERATIONS AS A PERCENT OF REVENUE: Three Months Ended Nine Months Ended (Dollars in millions) September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 G
Slide 18: Results of Operations - Non-GAAP (continued), Table 4
Illumina, Inc. Results of Operations - Non-GAAP (continued) (unaudited) TABLE 4: RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF OPERATIONS AS A PERCENT OF REVENUE: Three Months Ended Nine Months Ended (Dollars in millions) September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 G
Slide 19: Non-GAAP footnotes and definitions
(a) Revenue growth, excluding tariff refunds adjusts for the tariff refund to customers. Organic revenue growth adjusts for the impact from the tariff refund to customers, acquisitions and currency movements, which is calculated using comparative prior period foreign exchange rates to translate curr
Slide 20: Reconciliation of GAAP and Non-GAAP Tax Provision
Illumina, Inc. Results of Operations - Non-GAAP (continued) (unaudited) TABLE 5: RECONCILIATION OF GAAP AND NON-GAAP TAX PROVISION: Three Months Ended Nine Months Ended (Dollars in millions) September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 GAAP tax provision $ 44 16.4 % $
Slide 21: Results of Operations - Tariff Refund Revenue Impact
Illumina, Inc. Results of Operations - Tariff Refund Revenue Impact (In millions) (unaudited) TABLE 1: TARIFF REFUND REVENUE IMPACT BY SOURCE: Revenue was negatively impacted in the quarter due to customer refunds accrued as a result of the benefit from IEEPA tariff refunds we recognized in the quar
Slide 22: Results of Operations - Revenue by Source
Illumina, Inc. Results of Operations - Revenue by Source (unaudited) TABLE 1: RECONCILIATION OF REVENUE GROWTH - REVENUE BY SOURCE: Three Months Ended Nine Months Ended September 27, September 27, 2026 2026 Sequencing consumables revenue growth 2% 4% Impact of tariff refunds 4% 1% Revenue growth, ex
Slide 23: Results of Operations - Revenue by Region
Illumina, Inc. Results of Operations - Revenue by Region (unaudited) TABLE 1: RECONCILIATION OF REVENUE GROWTH - REVENUE BY REGION: Three Months Ended Nine Months Ended September 27, September 27, 2026 2026 USCAN revenue growth 7% 9% Impact of tariff refunds 5% 2% Revenue growth, excluding tariff re