Illumina, Inc. · NASDAQ:ILMN
Illumina — Q4 2025 Earnings Presentation
26 slides from Illumina's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 5, 2026 © 2026 Illumina, Inc. All rights reserved.
Slide 2: Cautionary Notes
Cautionary Notes This release may contain 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 gr
Slide 3: Illumina Q4'25 Results Summary
Illumina Q4’25 Results Summary Revenue Revenue Growth Ex-China Non-GAAP Operating Margin Non-GAAP Diluted EPS $1.16B +4% YoY CC | +5% Reported +7% YoY CC 23.7% $1.35 Q4’25 NovaSeq X Placements Regional Revenue Americas Europe >100 $638M +8% CC | +8% Reported 55% $1.16B Illumina Revenue 30% $353M +5%
Slide 4: Strength in Clinical Business
Strength in Clinical Business Clinical Sequencing Consumables Ex-China (YoY Growth) 20% 10% 12% 8% Q1'25 Q2'25 Q3'25 Q4'25 YoY = year-over-year. All growth rates shown are reported. © 2026 Illumina, Inc. All rights reserved. 4
Slide 5: Progressing our Strategic Pillars
Progressing our Strategic Pillars Key Growth Pillars 1 2 3 Core Sequencing & NovaSeq X Transition + Scalable Entry Into Multiomics + Expansion of Services, Data & Software © 2026 Illumina, Inc. All rights reserved. 5
Slide 6: Closed Acquisition of SomaLogic in January 2026
Closed Acquisition of SomaLogic in January 2026 Acquisition brings all existing SOMAmer related technology & Purchase Consideration products including SomaScan kits & services, SomaSignal Tests, ▪ $350M cash and relevant tech development capabilities ▪ Up to $75M in near-term revenue performance-bas
Slide 7: BioInsight: Driving Growth in AI-Enabled Applications
BioInsight: Driving Growth in AI-Enabled Applications Aggregate biology at scale to train proprietary foundation models enabling discovery and insights Perturb-Seq Sequencing at Compute Artificial Genome-Wide Scale Power Intelligence Causal maps of Large-scale Standardized pipelines delivering model
Slide 8: Illumina Q4'25 Revenue
Illumina Q4’25 Revenue ($ in millions) Illumina Revenue Sequencing Consumables Revenue +4% CC | +5% Reported Total Ex-China +7% CC Ex-China +8% CC & Reported +11% CC & Reported $1,104 $1,159 $755 $698 $713 $640 Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 CC = constant currency. See Appendix for reconciliati
Slide 9: Illumina Sequencing Revenue Detail
Illumina Sequencing Revenue Detail Sequencing Revenue Ex-China ($ in millions) Q1'25 Q2'25 Q3'25 Q4'25 2025 Product Revenue Consumables $640 $690 $707 $713 $2,750 Instruments $103 $92 $104 $150 $449 Consumables Revenue – Market Segment Total – YoY growth % (0%) 2% 3% 11% 4% Clinical – YoY growth % 8
Slide 10: Q4'25 High-Throughput Transition Updates
Q4’25 High-Throughput Transition Updates NovaSeq X Transition NovaSeq X % of NovaSeq X % of HT Gb Shipped HT Consumables Revenue 91% 90% 55% 82% 51% 82% 80% 80% 78% 71% 44% 70% 68% 69% 43% 66% 40% 64% 59% 36% 55% 51% 53% 49% 45% 43% 27% 35% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4’25 Q4'25 Q2'24 Q3'24
Slide 11: Illumina Q4'25 Revenue (Cont'd)
Illumina Q4’25 Revenue (Cont’d) ($ in millions) Sequencing Instruments Revenue Sequencing Service & Other Revenue ~Flat CC & Reported +3% CC | +4% Reported +3% CC | +4% Reported Ex-China +4% CC | +5% Reported Ex-China $155 $154 $151 $157 Q4'24 Q4'25 Q4'24 Q4'25 CC = constant currency. See Appendix f
Slide 12: Illumina Q4'25 Non-GAAP Financials
Illumina Q4’25 Non-GAAP Financials Gross Margin Operating Margin Diluted EPS (40) bps +400 bps +42% 67.4% 67.0% $1.35 $0.95 19.7% 23.7% Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 See Appendix for reconciliations of GAAP and non-GAAP financial measures. All values include pricing actions announced in Q1’25.
Slide 13: Illumina Q4'25 Cash Flow & Balance Sheet Items
Illumina Q4’25 Cash Flow & Balance Sheet Items Cash Flow Updates $321M $54M $267M Cash Flow from Operations Capital Expenditures Free Cash Flow Share Repurchase Program Balance Sheet Updates ~337k $124.12 ~$42M ~$1.63B ~1.6x Illumina Shares Avg. Price per Share Total Cost Cash, Cash Equivalents Gros
Slide 14: Illumina Guidance for FY26
Illumina Guidance for FY26 As of 02/05/2026. All growth rates reflect YoY trends. FY26 Guidance Q1'26 Guidance Non-GAAP Guidance Total Illumina Revenue $4.50B - $4.60B $1.06B - $1.08B YoY Growth 4% - 6% 2% - 4% ROW Organic Growth 1 2% - 4% 1% - 3% ILMN Organic Growth1 1% - 3% (1%) - 1% China Impact
Slide 15: FY25 Active Installed Base
FY25 Active Installed Base As of 02/05/2026 High-Throughput1 Mid-Throughput Low-Throughput NovaSeq X Series NovaSeq 6000 NextSeq 1k/2k NextSeq 500/550 MiSeq i100 | MiSeq MiniSeq | iSeq 100 First Shipment Date Q1’23 Q1’17 Q4’20 | Q1’20 Q1’14 | Q1’15 Q4’24 | Q3’11 Q1’16 | Q1’18 FY25 Placements ~270 ~3
Slide 16: 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, net income, gross margin, operating expenses, including research and development expense, selling general and administrative expense, legal contingency and settlement, and good
Slide 17: Illumina, Inc. Condensed Statements of Cash Flows
Illumina, Inc. Condensed Statements of Cash Flows (In millions) (unaudited) TABLE 1: CONSOLIDATED STATEMENTS OF CASH FLOWS AND FREE CASH FLOWS: Three Months Ended Year Ended December 28, December 29, December 28, December 29, 2025 2024 2025 2024 Net cash provided by operating activities $ 321 $ 364
Slide 18: Results of Operations - Constant Currency Revenue
Illumina, Inc. Results of Operations - Constant Currency Revenue (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA - CONSTANT CURRENCY REVENUE: Three Months Ended Year Ended December 28, December 29, % Change December 28, December 29, % Change 2025 2024 2025 2024 Revenue $ 1,159 $ 1,104 5% $
Slide 19: Results of Operations - Revenue by Source
Illumina, Inc. Results of Operations - Revenue by Source (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA - REVENUE BY SOURCE: Three Months Ended Year Ended December 28, December 29, % December 28, December 29, % 2025 2024 Change 2025 2024 Change Sequencing consumables revenue $ 755 $ 698 8%
Slide 20: Revenue by Source - Excluding Greater China
Illumina, Inc. Results of Operations - Revenue by Source - Excluding Greater China (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA - REVENUE BY SOURCE - EXCLUDING GREATER CHINA(a): Three Months Ended Year Ended December 28, December 29, % December 28, December 29, % 2025 2024 Change 2025 20
Slide 21: Results of Operations - Revenue by Region
Illumina, Inc. Results of Operations - Revenue by Region (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA - REVENUE BY REGION: Three Months Ended Year Ended December 28, December 29, December 28, December 29, % Change % Change 2025 2024 2025 2024 AMR revenue $ 638 $ 589 8% $ 2,406 $ 2,401 —%
Slide 22: Results of Operations - Non-GAAP
Illumina, Inc. Results of Operations - Non-GAAP (In millions, except per share amounts) (unaudited) TABLE 1: RECONCILIATION OF GAAP AND NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE: Three Months Ended Year Ended December 28, December 29, December 28, December 29, 2025 2024 2025 2024 Core/ Core Core/ C
Slide 23: Results of Operations - Non-GAAP (continued)
Illumina, Inc. Results of Operations - Non-GAAP (continued) (Dollars in millions) (unaudited) TABLE 3: RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF OPERATIONS AS A PERCENT OF REVENUE: Three Months Ended December 28, 2025 December 29, 2024 GAAP gross profit (b) $ 759 65.5 % $ 728 65.9 % Acquisition
Slide 24: Results of Operations - Non-GAAP (continued)
Illumina, Inc. Results of Operations - Non-GAAP (continued) (Dollars in millions) (unaudited) TABLE 3: RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF OPERATIONS AS A PERCENT OF REVENUE: Year Ended December 28, 2025 December 29, 2024 Core/Consolidated Core Illumina GRAIL Elims Consolidated GAAP gross
Slide 25: Non-GAAP reconciliation footnotes
The consolidated results for YTD 2024 include the results for GRAIL which was spun off on June 24, 2024. (a) Non-GAAP gross profit, included within non-GAAP operating profit (loss), is a key measure of the effectiveness and efficiency of manufacturing processes, product mix and the average selling p
Slide 26: Results of Operations - Non-GAAP (continued)
Illumina, Inc. Results of Operations - Non-GAAP (continued) (Dollars in millions) (unaudited) TABLE 4: RECONCILIATION OF GAAP AND NON-GAAP TAX PROVISION: Three Months Ended December 28, 2025 December 29, 2024 Core/Consolidated Core Illumina Consolidated GAAP tax provision $ 44 11.6 % $ 70 37.9 % $ 1