ILLUMINA, INC.

Listed Company

ILMNCIK 0001110803NasdaqLarge AcceleratedLaboratory Analytical InstrumentsDelawareFY ends Jan 3

Period

FY 2025

Revenue

$4.34B

Net Income

$850.00M

Total Assets

$6.64B

Equity

$2.72B

Shares Out

152.90M

Op. Cash Flow

$1.08B

Business

ILLUMINA, INC. develops and sells sequencing- and array-based solutions for genetic and genomic analysis worldwide. It offers sequencing platforms, microarrays, consumables (reagents, flow cells, library preparation kits), informatics and bioinformatics software, and services including whole-genome sequencing, genotyping, noninvasive prenatal testing (NIPT) and laboratory support. Its operations are organized as a single Core Illumina reportable segment following the spin-off of GRAIL, with GRAIL’s Galleri multi-cancer test referenced separately. Illumina markets and distributes products directly and through life-science distributors across North America, Europe, Latin America, China, and the Asia‑Pacific region.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	4,343	4,372	4,504	4,584	4,526
Amortization of acquired intangible assets	66	127	191	173	71
Total cost of revenue	1,473	1,511	1,760	1,612	1,372
Gross profit	2,870	2,861	2,744	2,972	3,154
Research and development	967	1,169	1,354	1,321	1,185
Selling, general and administrative	1,086	1,092	1,612	1,297	2,092
Goodwill and intangible impairment	0	1,889	827	3,914	0
Legal contingency and settlement	10	−456	20	619	0
Total operating expense	2,063	3,694	3,813	7,151	3,277
Income (loss) from operations	807	−833	−1,069	−4,179	−123
Interest income	40	46	58	11	0
Interest expense	−101	−100	−77	−26	—
Other income (expense), net	340	−292	−29	−142	1,068
Total other income (expense), net	279	−346	−48	−157	1,007
Income (loss) before income taxes	1,086	−1,179	−1,117	−4,336	884
Provision for income taxes	236	44	44	68	122
Net income (loss)	850	−1,223	−1,161	−4,404	762
Basic (in dollars per share)	5.47	−7.69	−7.34	−28	5.07
Diluted (in dollars per share)	5.45	−7.69	−7.34	−28	5.04
Basic (in shares)	155	159	158	157	150
Diluted (in shares)	156	159	158	157	151

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,418	1,127	1,048	2,011	1,232
Short-term investments	215	93	6	26	107
Accounts receivable, net	854	735	734	671	648
Inventory, net	564	547	587	568	431
Prepaid expenses and other current assets	238	244	234	285	295
Total current assets	3,289	2,746	2,609	3,561	2,713
Property and equipment, net	759	815	1,007	1,091	1,024
Operating lease right-of-use assets	370	419	544	653	672
Goodwill	1,113	1,113	2,545	3,239	7,113
Intangible assets, net	210	295	2,993	3,285	3,250
Deferred tax assets, net	454	567	56	—	—
Other assets	449	348	357	423	445
Total assets	6,644	6,303	10,111	12,252	15,217
Accounts payable	240	221	245	293	332
Accrued liabilities	846	827	1,325	1,232	761
Term debt, current portion	499	499	0	500	0
Total current liabilities	1,585	1,547	1,570	2,773	1,093
Operating lease liabilities	486	554	687	744	774
Term debt	1,490	1,490	1,489	1,487	—
Other long-term liabilities	360	339	620	649	915
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, 10 million shares authorized; no shares issued and outstanding at December 28, 2025 and December 29, 2024	0	0	0	0	0
Common stock, $0.01 par value, 320 million shares authorized; 201 million shares issued and 153 million outstanding at December 28, 2025; 200 million shares issued and 159 million outstanding at December 29, 2024	2	2	2	2	2
Additional paid-in capital	7,822	7,525	9,555	9,207	8,938
Accumulated other comprehensive (loss) income	−10	22	−1	3	17
Accumulated deficit	−392	−1,242	−19	1,142	5,485
Treasury stock, at cost; 48 million shares and 41 million shares at December 28, 2025 and December 29, 2024, respectively	−4,699	−3,934	−3,792	−3,755	−3,702
Total stockholders equity	2,723	2,373	5,745	6,599	10,740
Total liabilities and stockholders equity	6,644	6,303	10,111	12,252	15,217

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	203	224	235	215	176
Amortization of intangible assets	67	130	197	179	75
Share-based compensation expense	275	370	380	366	754
Deferred income taxes	119	−112	−33	−23	−76
Net (gains) losses on strategic investments	−328	312	40	122	−18
Change in fair value of contingent consideration liabilities	−18	−315	−24	−205	4
Goodwill and intangible impairment	23	1,889	827	—	—
Property and equipment and right-of-use asset impairment	4	46	100	9	6
Non-cash charitable contribution	19	0	0	—	—
Gain on Helix contingent value right	0	−15	−10	7	−30
Other	18	14	17	8	23
Accounts receivable	−108	−25	−40	−12	−164
Inventory	−17	19	−20	−135	−58
Prepaid expenses and other current assets	−8	−14	11	16	−64
Operating lease right-of-use assets and liabilities, net	−34	−32	−16	−8	−13
Other assets	−21	−15	5	19	−27
Accounts payable	2	−4	−44	−38	60
Accrued liabilities	0	−440	15	381	101
Other long-term liabilities	33	28	−1	−19	13
Net cash provided by operating activities	1,079	837	478	392	545
Net purchases of property and equipment	−148	−128	−195	−286	−208
Net sales (purchases) of strategic investments	103	−52	−6	−40	246
Cash paid for acquisitions and intangible assets, net of cash acquired	−10	−81	−30	−265	−2,444
Cash received for Helix contingent value right	0	83	0	0	—
Net cash used in investing activities	−55	−178	−231	−591	−1,069
Common stock repurchases	−742	−116	0	0	0
Taxes paid related to net share settlement of equity awards	−40	−32	−40	−54	−511
Proceeds from issuance of common stock	44	56	67	63	60
Payments on contingent consideration liabilities	−1	−1	−1	0	—
Proceeds from debt, net of issuance costs	—	—	−1	—	—
Proceeds from debt, net of issuance costs	495	1,241	0	991	988
Payments on debt obligations	−500	−750	−1,235	0	−517
GRAIL cash deconsolidated as a result of spin-off	0	−968	0	0	—
Net cash used in financing activities	−744	−570	−1,210	1,000	−51
Effect of exchange rate changes on cash and cash equivalents	11	−10	0	−22	−3
Net increase (decrease) in cash and cash equivalents	291	79	−963	779	−578
Cash paid for interest	95	83	73	17	9
Cash paid for income taxes (see Note 10)	73	105	65	122	233
Cash paid for operating lease liabilities	114	132	123	112	96
Purchases of property and equipment included in accounts payable and accrued liabilities	22	4	12	16	—
GRAIL net assets, excluding cash and cash equivalents, deconsolidated as a result of spin-off	0	1,770	0	—	—

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