Illumina Q2 FY2026: revenue up 9.5%, EPS beats, guidance raised
Illumina's fiscal Q2 2026 revenue rose 9.5% to $1.159 billion and non-GAAP EPS of $1.31 beat the $1.2507 consensus, prompting management to raise full-year revenue and EPS guidance. The catch is that GAAP net income fell to $207 million from $235 million, because last year's quarter carried a large investment gain. Read the revenue and EPS notes for the quality of the beat, then the guidance section for what management now promises.
1 · Expected vs. Actual
Free preview belowNon-GAAP diluted EPS of $1.31 beat the $1.2507 analyst consensus and rose from $1.19 a year ago, a roughly $0.06 beat. GAAP EPS of $1.35 only looks higher because $0.15 per share of strategic investment gains are added back in the non-GAAP view. GAAP net income of $207 million was below last year's $235 million, when $92 million of other income, including a $0.65 per share investment gain, did the heavy lifting.
Revenue of $1.159 billion rose 9.5% from $1.059 billion a year earlier, split into $982 million of product revenue and $177 million of service revenue. Strip out currency, acquisitions and China and growth is still 6.5% organic, or 8.1% for the rest of the world. That is a clear step up from Q1's $1.091 billion and the strongest growth rate in the quarters shown here.
Management raised full-year revenue guidance to $4.60-$4.64 billion from $4.52-$4.62 billion and non-GAAP EPS to $5.30-$5.40 from $5.15-$5.30, while leaving non-GAAP operating margin at 23.4%-23.6%. With first-half revenue of $2.251 billion, the $4.62 billion midpoint implies roughly $2.37 billion in the second half, more than either half reported so far. The revenue range is only about 0.43% wide, so this is a tight commitment rather than a loose one.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
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
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.