Illumina FY2025 revenue flat at $4.34 billion as 2026 guidance targets growth
Full-year 2025 revenue was $4.34 billion, essentially flat, but the fourth quarter grew 5% and management guides 2026 to $4.5–$4.6 billion. Profitability is the better story: non-GAAP EPS rose to $4.84 from $4.16. Our read is Neutral — the recovery is real but slow, and part of the 2026 growth comes from buying SomaLogic rather than selling more sequencers.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS fell to $5.45 from $5.61, but that comparison misleads: 2025 GAAP includes $333 million of strategic investment gains, and 2024 GAAP carried a large legal reversal. The cleaner line is non-GAAP EPS, which improved to $4.84 from $4.16. The only consensus EPS figure in our data, $1.0754, does not line up cleanly with either the quarter or the year, so we do not score a beat or a miss.
Full-year revenue of $4.34 billion was flat against $4.33 billion in 2024, so the top line stopped shrinking but has not meaningfully grown. The fourth quarter was better at $1.16 billion, up 5% year over year, and ex-China revenue of $4.10 billion rose 2%. The gap between the $4.34 billion total and the $4.10 billion ex-China figure is roughly $0.24 billion, which is what now hangs on Greater China.
Management guides 2026 revenue of $4.5–$4.6 billion, which is 4%–6% reported growth and includes 1.5–2.0 percentage points of help from SomaLogic, leaving ex-China organic growth of just 2%–4%. Non-GAAP operating margin is guided to 23.3%–23.5%, including a 100 basis point hit from that acquisition. Non-GAAP EPS is guided to $5.05–$5.20, a step up from $4.84, but that range includes $0.18 of dilution from SomaLogic.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-24
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