Illumina (ILMN) financial statements
Illumina reported revenue of $4.3B in fiscal 2025, up 6.8% a year over 9 years.
Net income was $850M and the operating margin 18.6%, against 24.5% in 2016.
Free cash flow was $931M, and the company returned $742M in net buybacks.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Illumina's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.8B | $3.3B | $3.5B | $3.2B | $4.5B | $4.6B | $4.5B | $4.4B | $4.3B |
| Cost of revenue | $732M | $926M | $1.0B | $1.1B | $1.0B | $1.4B | $1.6B | $1.8B | $1.5B | $1.5B |
| Gross profit | $1.7B | $1.8B | $2.3B | $2.5B | $2.2B | $3.2B | $3.0B | $2.7B | $2.9B | $2.9B |
| Research and development | $504M | $546M | $623M | $647M | $682M | $1.2B | $1.3B | $1.4B | $1.2B | $967M |
| Selling, general and admin | $584M | $674M | $794M | $835M | $941M | $2.1B | $1.3B | $1.6B | $1.1B | $1.1B |
| Operating income | $587M | $606M | $883M | $985M | $580M | -$123M | -$4.2B | -$1.1B | -$833M | $807M |
| Interest expense | $33M | $37M | $57M | $52M | $49M | $61M | $26M | $77M | $100M | $101M |
| Pre-tax income | $561M | $1.0B | $894M | $1.1B | $856M | $884M | -$4.3B | -$1.1B | -$1.2B | $1.1B |
| Income tax | $133M | $365M | $112M | $128M | $200M | $122M | $68M | $44M | $44M | $236M |
| Net income | $463M | $726M | $826M | $1.0B | $656M | $762M | -$4.4B | -$1.2B | -$1.2B | $850M |
| EPS (diluted) | $3.07 | $4.92 | $5.56 | $6.74 | $4.45 | $5.04 | -$28.00 | -$7.34 | -$7.69 | $5.45 |
| Diluted shares | 148M | 148M | 149M | 149M | 148M | 151M | 157M | 158M | 159M | 156M |
| Gross margin | 69.5% | 66.4% | 69.0% | 69.6% | 68.0% | 69.7% | 64.8% | 60.9% | 65.4% | 66.1% |
| Operating margin | 24.5% | 22.0% | 26.5% | 27.8% | 17.9% | -2.7% | -91.2% | -23.7% | -19.1% | 18.6% |
| Net margin | 19.3% | 26.4% | 24.8% | 28.3% | 20.3% | 16.8% | -96.1% | -25.8% | -28.0% | 19.6% |
Balance sheet
Fiscal years, from Illumina's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $2.1B | $3.5B | $3.4B | $3.5B | $1.3B | $2.0B | $1.1B | $1.2B | $1.6B |
| Receivables | $381M | $411M | $514M | $573M | $487M | $648M | $671M | $734M | $735M | $854M |
| Inventory | $300M | $333M | $386M | $359M | $372M | $431M | $568M | $587M | $547M | $564M |
| Total current assets | $2.3B | $3.0B | $4.5B | $4.5B | $4.5B | $2.7B | $3.6B | $2.6B | $2.7B | $3.3B |
| Property, plant and equipment | $713M | $931M | $1.1B | $889M | $922M | $1.0B | $1.1B | $1.0B | $815M | $759M |
| Goodwill | $776M | $771M | $831M | $897M | $897M | $7.1B | $3.2B | $2.5B | $1.1B | $1.1B |
| Total assets | $4.3B | $5.3B | $7.0B | $7.3B | $7.6B | $15.2B | $12.3B | $10.1B | $6.3B | $6.6B |
| Total current liabilities | $705M | $746M | $1.8B | $665M | $1.2B | $1.1B | $2.8B | $1.6B | $1.5B | $1.6B |
| Long-term debt | $1.1B | $1.2B | $890M | $1.1B | $673M | — | — | — | — | — |
| Total liabilities | $2.0B | $2.5B | $3.1B | $2.7B | $2.9B | $4.5B | $5.7B | $4.4B | $3.9B | $3.9B |
| Shareholders' equity | $2.2B | $2.7B | $3.8B | $4.6B | $4.7B | $10.7B | $6.6B | $5.7B | $2.4B | $2.7B |
| Net debt | $323M | -$33M | $853M | -$901M | -$626M | -$1.2B | -$2.0B | -$1.0B | -$1.1B | -$1.4B |
Cash flow
Fiscal years, from Illumina's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $779M | $875M | $1.1B | $1.1B | $1.1B | $545M | $392M | $478M | $837M | $1.1B |
| Capital spending | $260M | $310M | $296M | $209M | $189M | $208M | $286M | $195M | $128M | $148M |
| Free cash flow | $519M | $565M | $846M | $842M | $891M | $337M | $106M | $283M | $709M | $931M |
| Stock-based compensation | $129M | $164M | $193M | $194M | $194M | $754M | $366M | $380M | $370M | $275M |
| Share buybacks (net) | -$249M | -$251M | -$201M | -$324M | -$736M | $0 | $0 | $0 | -$116M | -$742M |
| Net borrowing | $5M | $5M | $735M | $0 | $0 | $988M | $991M | $0 | $1.2B | $495M |
| Free cash flow margin | 21.6% | 20.5% | 25.4% | 23.8% | 27.5% | 7.4% | 2.3% | 6.3% | 16.2% | 21.4% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ILMN.
Open ILMN in InvestinglyQuestions
What was Illumina's revenue in 2025?
$4.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Illumina generate?
$931M in fiscal 2025 (operating cash flow minus capital spending).
From Illumina's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.