At a glance
Illumina Inc is worth $43.67B, about 53 times its fiscal 2025 earnings. Revenue fell 0.7% to $4.34B in fiscal 2025, with 19.6% kept as profit; over 5 years it has grown 6.0% a year. It pays no dividend; it spent $858.0M buying back its shares over FY2021–FY2025. The stock returned +195.3% over the past year with dividends reinvested and −6.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.0% in the 2020 crash (S&P 500: 33.7%) and 58.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Illumina makes the machines, supplies and software labs use to read DNA. Its sequencers work out the order of the four chemical letters (A, C, G and T) in a DNA sample, and its microarrays scan for specific, known genetic variations. Its NovaSeq X Plus, launched in 2023, can sequence a human genome for as little as $200. Customers include genomic research centers, universities, government labs, hospitals, drug and biotech companies, diagnostic labs and consumer genetics firms. They use the tools for cancer research and testing, rare disease studies, prenatal screening, and crop and livestock breeding.
Most revenue comes after a machine is installed. In the fiscal year ended December 28, 2025, revenue was $4.34 billion. Consumables, such as reagents, flow cells and sample-preparation kits used up in each run, made up 74%, service 15% and instruments 11%. It works much like printers and ink: each sequencer in use drives ongoing purchases of supplies. Sequencing produced 92% of revenue and microarrays 8%.
By region, the Americas supplied 55% of revenue; Europe, 29%; Asia-Pacific, the Middle East and Africa, 10%; and China, 6%. On June 24, 2024, Illumina spun off GRAIL as a separate public company, handing about 85.5% of GRAIL's shares to Illumina stockholders and keeping about 14.5%.
Price history
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ILMN +195.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Consumables | $3.23B | 74.3% |
| Service | $634.0M | 14.6% |
| Instruments | $482.0M | 11.1% |
By business segment
| Sequencing | $3.98B | 91.8% |
| Microarray | $358.0M | 8.2% |
By geography
| Americas | $2.41B | 55.4% |
| Europe | $1.26B | 29.1% |
| Asia-Pacific, Middle East and Africa | $430.0M | 9.9% |
| China | $243.0M | 5.6% |
Latest results
- In Q3 FY2026 (ended Sep 27, 2026), revenue was $1.13B, up 4.2% from a year earlier, and net income was $220.0M (+46.7%).
- For fiscal 2025, revenue was $4.34B (-0.7% year over year; +6.0% a year from FY2020 to FY2025) with a 19.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.0% good |
|---|---|
| Operating margin | 18.6% good |
| Free cash flow margin | 21.4% good |
| Return on equity (FY2025) | 31.2% good |
| Return on assets (FY2025) | 12.8% good |
| Net cash (cash minus debt) | $-452.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.24B | $656.0M | $891.0M |
| FY2021 | $4.53B | $762.0M | $337.0M |
| FY2022 | $4.58B | $-4.40B | $106.0M |
| FY2023 | $4.50B | $-1.16B | $283.0M |
| FY2024 | $4.37B | $-1.22B | $709.0M |
| FY2025 | $4.34B | $850.0M | $931.0M |
Valuation snapshot
| Market value | $43.67B |
|---|---|
| P/E ratio | 53 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Illumina’s market value went from $18.81B at the end of 2016 to $43.67B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 118%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $43.67B | +117.9% |
| 2025 | $20.04B | -5.4% |
| 2024 | $21.19B | -4.1% |
| 2023 | $22.11B | -30.5% |
| 2022 | $31.81B | -46.5% |
| 2021 | $59.46B | +10.1% |
| 2020 | $54.02B | +10.8% |
| 2019 | $48.77B | +10.6% |
| 2018 | $44.09B | +38.2% |
| 2017 | $31.90B | +69.6% |
| 2016 | $18.81B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ILMN price data to Oct 28, 2026 | +120.2% | +195.3% | +38.3% | -6.9% | +7.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +120.2% |
| 2025 | -1.9% |
| 2024 | -4.0% |
| 2023 | -31.1% |
| 2022 | -46.9% |
| 2021 | +2.8% |
| 2020 | +11.5% |
| 2019 | +10.6% |
| 2018 | +37.3% |
| 2017 | +70.6% |
| 2016 | -33.3% |
| 2015 | +4.0% |
| 2014 | +66.9% |
| 2013 | +98.9% |
| 2012 | +82.4% |
| 2011 | -51.9% |
| 2010 | +106.5% |
| 2009 | +17.8% |
| 2008 | -12.1% |
| 2007 | +50.8% |
| 2006 | +178.8% |
| 2005 | +48.7% |
| 2004 | +34.5% |
| 2003 | +109.2% |
| 2002 | -71.3% |
| 2001 | -26.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 11.6% over that stretch · deepest drop along the way 57.8%, back to its old high 20.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21.6% over that stretch · deepest drop along the way 31%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 47.9% over that stretch · deepest drop along the way 58.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 98 sales ($544.3M), 14 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Keith A. Meister Director | sell | $33.0M |
| Aug 21, 2026 | Keith A. Meister Director | sell | $29.2M |
| Aug 5, 2026 | Keith A. Meister Director | sell | $23.7M |
| Sep 4, 2026 | Keith A. Meister Director | sell | $22.0M |
| Aug 25, 2026 | Keith A. Meister Director | sell | $20.9M |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 10.7% | Sep 30, 2026 |
| Capital World Investors | 10.3% | Mar 31, 2026 |
| BlackRock, Inc. | 8.9% | Sep 30, 2026 |
| Vanguard Capital Management | 7.58% | Sep 30, 2026 |
ETFs with the most weight in ILMN
| PBE Invesco Biotechnology & Genome ETF | 4.35% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 3.88% |
| GNOM Global X Genomics & Biotechnology ETF | 3.03% |
| BBH VanEck Biotech ETF | 2.76% |
| HTEC ROBO Global Healthcare Technology and Innovation ETF | 1.73% |
| THNQ ROBO Global Artificial Intelligence ETF | 1.61% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 1.59% |
| ROBO ROBO Global Robotics & Automation Index ETF | 1.57% |
What could go wrong
- China's Unreliable Entities List. Chinese regulators added Illumina to their List of Unreliable Entities, which could mean fines or limits on doing business there. China supplied 5.6% of revenue in the fiscal year ended December 28, 2025.
- Tougher competition and pricing pressure. Illumina has faced growing price pressure from rival sequencing makers and longer sales cycles. New technologies could make its products obsolete, and it is becoming more dependent on key customers.
- Cheaper sequencing must keep driving more demand. Next-generation sequencing, including Illumina's, has cut costs by a factor of more than 10,000 over 20 years. If demand does not rise at least as fast as prices fall, revenue and profits suffer.
- Loose ends from the GRAIL deal. The GRAIL spin-off could result in a substantial tax bill. Illumina also remains responsible for contingent value rights (CVRs), promises of possible future payments that it issued when it acquired GRAIL.
- Dependence on government research funding. Many customers pay for equipment with government grants, including from the U.S. National Institutes of Health. Cuts or delays in that funding could shrink lab budgets and Illumina's sales.
- Tariffs and trade rules raise costs. Illumina says tariffs, trade restrictions and export rules have already raised its costs and disrupted cross-border shipments. It expects that to continue, and it can also weaken customer demand.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Illumina paid no dividends from fiscal 2020 through fiscal 2025, so it offers no income stream; an investor needing cash would have to cash in shares. The company returns money through buybacks instead: $858 million from fiscal 2021 through fiscal 2025, including $742 million in fiscal 2025, when free cash flow (cash left after running and investing in the business) was $931 million. Even so, the share count rose 2.9% between July 2021 and July 2026, to about 151 million.
The stock has fallen hard in downturns. It dropped 57.8% in 2008 and took about 20 months from its low to recover. In the 2020 COVID crash it fell 31% but recovered within about a month. From its January 2022 peak it fell 58.2% and, as of October 28, 2026, had not regained that level. Its deepest fall in 26 years of trading was 96.1%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Illumina make money?
Mostly from the supplies its DNA sequencers use up. In the fiscal year ended December 28, 2025, consumables such as reagents, flow cells and sample-preparation kits brought in about $3.2 billion, or 74% of Illumina's $4.34 billion in revenue. Service added 15% and the instruments themselves 11%. Sequencing made up 92% of revenue and microarrays 8%. Customers include research centers, universities, hospitals, drug makers, diagnostic labs and consumer genetics companies.
Does Illumina pay a dividend?
No. Illumina did not pay a dividend in any year from fiscal 2020 through fiscal 2025. It returns cash through share buybacks instead, spending $742 million in fiscal 2025 and $858 million in total from fiscal 2021 through fiscal 2025. Those buybacks have not shrunk the share count, which rose 2.9% between July 2021 and July 2026 to about 151 million. For an income investor, any cash from this stock would have to come from cashing in shares.
Is Illumina profitable?
Yes, based on its latest full year. In fiscal 2025, which ended December 28, 2025, Illumina earned $850 million, or $5.45 per diluted share, on $4.34 billion of revenue. That followed net losses in each of the three prior years, including $4.4 billion in fiscal 2022. Revenue slipped 0.7% in fiscal 2025. In the quarter ended June 28, 2026, revenue rose 9.4% from a year earlier to $1.16 billion, while net income fell 11.9% to $207 million.
What happened with Illumina and GRAIL?
Illumina spun GRAIL off as a separate public company on June 24, 2024. It distributed 26,547,021 GRAIL shares, about 85.5% of the total, to Illumina stockholders in proportion to their holdings and kept about 14.5%. Illumina's reported results for periods before the spin-off still include GRAIL, because it was not treated as a discontinued operation. The company warns that the spin-off could lead to a substantial tax bill, and it remains responsible for contingent value rights it issued when it acquired GRAIL.
How has Illumina stock performed?
It has swung widely. As of October 28, 2026, the share price was up 195% over one year and 120% year to date, yet down about 30% over five years, or 6.9% a year. Over ten years it gained 108%, or 7.6% a year. In the 2022 bear market it fell 58.2% and had not regained its January 2022 peak by that date. The stock traded at about 53 times fiscal 2025 earnings, for a market value near $43.6 billion.