ILLUMINA, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ILLUMINA, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,398	2,752	3,333	3,543	3,239	4,526	4,584	4,504	4,372	4,343
Cost of revenue	732	926	1,033	1,076	1,036	1,372	1,612	1,760	1,511	1,473
Gross profit	1,666	1,826	2,300	2,467	2,203	3,154	2,972	2,744	2,861	2,870
Research and development	504	546	623	647	682	1,185	1,321	1,354	1,169	967
Selling, general and administrative	584	674	794	835	941	2,092	1,297	1,612	1,092	1,086
Operating expenses	1,079	1,220	1,417	1,482	1,623	3,277	7,151	3,813	3,694	2,063
Operating income	587	606	883	985	580	-123	-4,179	-1,069	-833	807
Interest expense	33	37	57	52	49	61	26	77	100	101
Interest income	10	19	44	75	41	0	11	58	46	40
Other non-operating income	-26	437	11	133	276	1,007	-157	-48	-346	279
Pre-tax income	561	1,043	894	1,118	856	884	-4,336	-1,117	-1,179	1,086
Income tax	133	365	112	128	200	122	68	44	44	236
Net income to minority interests	-35	-48	-44	-12	0	0
Net income	463	726	826	1,002	656	762	-4,404	-1,161	-1,223	850
EBITDA	728	762	1,062	1,173	767	128	-3,785	-637	-479	1,077
EPS, basic	3.09	4.96	5.63	6.81	4.48	5.07	-28.00	-7.34	-7.69	5.47
EPS, diluted	3.07	4.92	5.56	6.74	4.45	5.04	-28.00	-7.34	-7.69	5.45
Shares, basic (weighted)	147	146	147	147	147	150	157	158	159	155
Shares, diluted (weighted)	148	148	149	149	148	151	157	158	159	156

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	735	1,225	1,144	2,042	1,810	1,232	2,011	1,048	1,127	1,418
Short-term investments	824	920	2,368	1,372	1,662	107	26	6	93	215
Receivables	381	411	514	573	487	648	671	734	735	854
Inventory	300	333	386	359	372	431	568	587	547	564
Other current assets	78	91	78	105	152	295	285	234	244	238
Total current assets	2,318	2,980	4,490	4,451	4,483	2,713	3,561	2,609	2,746	3,289
Property, plant and equipment	713	931	1,075	889	922	1,024	1,091	1,007	815	759
Lease right-of-use assets				555	532	672	653	544	419	370
Goodwill	776	771	831	897	897	7,113	3,239	2,545	1,113	1,113
Intangible assets	243	175	185	145	142	3,250	3,285	2,993	295	210
Other non-current assets	108	312	308	388	609	445	423	357	348	449
Total assets	4,281	5,257	6,959	7,316	7,585	15,217	12,252	10,111	6,303	6,644
Accounts payable	138	160	184	149	192	332	293	245	221	240
Accrued liabilities	342	432	513	516	541	761	1,232	1,325	827	846
Deferred revenue	121	150	175	167	186	234	245	252	260	270
Short-term debt	2	10	1,107	0	511	0
Total current liabilities	705	746	1,804	665	1,244	1,093	2,773	1,570	1,547	1,585
Long-term debt	1,056	1,182	890	1,141	673	993	1,487	1,489	1,490	1,490
Lease liabilities				695	671	774	744	687	554	486
Other non-current liabilities	206	360	359	202	303	915	649	620	339	360
Total liabilities	2,011	2,508	3,114	2,703	2,891	4,477	5,653	4,366	3,930	3,921
Total debt	1,058	1,192	1,997	1,141	1,184	0
Paid-in capital	2,733	2,833	3,290	3,560	3,815	8,938	9,207	9,555	7,525	7,822
Retained earnings	1,485	2,256	3,083	4,067	4,723	5,485	1,142	-19	-1,242	-392
Treasury stock	-2,022	-2,341	-2,616	-3,021	-3,848	-3,702	-3,755	-3,792	-3,934	-4,699
Other comprehensive income	-1	-1	-1	5	2	17	3	-1	22	-10
Shareholders' equity	2,197	2,749	3,758	4,613	4,694	10,740	6,599	5,745	2,373	2,723
Minority interests	73		87	0
Total equity	2,270	2,749	3,845	4,613	4,694	10,740	6,599	5,745	2,373	2,723
Total liabilities and equity	4,281	5,257	6,959	7,316	7,585	15,217	12,252	10,111	6,303	6,644
Shares outstanding	146	147	147	147	146	157	158	159	159	153

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	428	678	782	990	656	762	-4,404	-1,161	-1,223	850
Depreciation and amortization	141	156	179	188	187	251	394	432	354	270
Stock-based compensation	129	164	193	194	194	754	366	380	370	275
Deferred income tax	7	34	-18	5	117	-76	-23	-34	-117	119
Change in receivables	3	-26	-105	-58	89	-164	-12	-40	-25	-108
Change in inventory	-30	-33	-53	25	-12	-58	-135	-20	19	-17
Change in payables	-2	10	45	-35	40	60	-38	-44	-4	2
Cash from operations	779	875	1,142	1,051	1,080	545	392	478	837	1,079
Capital expenditures	-260	-310	-296	-209	-189	-208	-286	-195	-128	-148
Acquisitions	-18	0	-100	0	-98	-2,444	-265	-30	-81	-10
Purchases of investments	-895	-742	-2,859	-1,010	-1,802	-77	0	0
Sales and maturities of investments	140	321	860	1,387	493	331	0	0
Cash from investing	-515	-214	-1,813	745	-554	-1,069	-591	-231	-178	-55
Debt issued	5	5	735	0	0	988	991	0	1,241	495
Stock issued	47	71	46	59	61	60	63	67	56	44
Share buybacks	-249	-251	-201	-324	-736	0	0	0	-116	-742
Cash from financing	-296	-176	594	-897	-766	-51	1,000	-1,210	-570	-744
Exchange rate effect	-2	5	-4	-1	8	-3	-22	0	-10	11
Net change in cash	-34	490	-81	898	-232	-578	779	-963	79	291
Free cash flow	519	565	846	842	891	337	106	283	709	931
Interest paid						9	17	73	83	95
Income taxes paid	60	149	99	164	119	233	122	65	105	73

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $270.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.4%	Gross profit / revenue.
Operating margin	19.6%	Operating income / revenue.
EBITDA margin	24.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.6%	Pre-tax income / revenue.
Net margin	18.4%	Net income / revenue.
FCF margin	20.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	18.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.4%	Net income / average total assets.
Return on invested capital (ROIC)	39.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	21.4%	Research and development expense / revenue.
SG&A / revenue	25.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	5.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	4.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	28.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	40.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	31.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	106.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-25.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-10.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-18.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.80x	Current assets / current liabilities.
Quick ratio	1.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.74x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	57.3%	Total liabilities / total assets.
Interest coverage	8.91x	Operating income / interest expense.
Working capital	$1.26B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.14B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	6.03x	Revenue / average property, plant and equipment.
Inventory turnover	2.40x	Cost of revenue / average inventory.
Days inventory	152 days	365 x average inventory / cost of revenue.
Receivables turnover	5.88x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	56 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	159 days	Days inventory + days sales outstanding - days payables.
FCF conversion	112.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.37	Revenue / diluted weighted shares.
FCF per share	$6.08	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.16	Cash from operations / diluted weighted shares.
Book value per share	$18.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.48	Tangible book value / shares outstanding.
Cash per share	$7.63	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	58.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$40.77B	Share price x shares outstanding.
Enterprise value	$39.60B	Market cap + total debt - cash - short-term investments.
P/E	49.4x	Market cap / net income. Only when net income is positive.
P/S	9.07x	Market cap / revenue.
P/B	14.4x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	35.6x	Market cap / tangible book value, when positive.
P/FCF	43.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	37.2x	Market cap / cash from operations, when positive.
EV/Sales	8.81x	Enterprise value / revenue.
EV/EBIT	44.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	35.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	42.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.

What was ILLUMINA, INC.'s revenue in fiscal 2025?

ILLUMINA, INC. reported revenue of $4.34B for fiscal 2025, 0.7% lower than the year before.

Was ILLUMINA, INC. profitable in fiscal 2025?

Yes. Net income was $850.0M, a net margin of 19.6%.

How much free cash flow did ILLUMINA, INC. generate in fiscal 2025?

Cash from operations of $1.08B minus capital expenditures of $148.0M left free cash flow of $931.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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