AI-extracted from the 10-Q filed 2026-07-31 — Q2 FY2026 (quarter ended June 28, 2026) and YTD 2026 (six months ended June 28, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Illumina reported Q2 2026 revenue of $1,159M (+9% YoY) and YTD 2026 revenue of $2,251M (+7% YoY), with operating margin improving to 20.2% YTD 2026 vs. 18.0% YTD 2025, driven by NovaSeq X demand and the January 2026 SomaLogic acquisition.
Biggest Revenue Drivers
Product revenue$1,899M+6% YoY
Increased primarily by greater demand for high-throughput consumables from NovaSeq X installed base growth and higher NovaSeq X and MiSeq i100 instrument shipments.
Service and other revenue$352M+15% YoY
Increased primarily due to SomaLogic acquisition revenue in January 2026, and growth in development/licensing agreements and informatics solutions.
Biggest Revenue Drivers
Total revenue: $2,251M+7% YoY
Product revenue$1,899M+6% YoY
Increased primarily by greater demand for high-throughput consumables from NovaSeq X installed base growth and higher NovaSeq X and MiSeq i100 instrument shipments.
Within Product revenue
Consumables$1,649M+4% YoY
Growth in high-throughput consumables supported by continued NovaSeq X installed base expansion, partially offset by decreased mid-throughput consumables.
Instruments$250M+17% YoY
Higher NovaSeq X and MiSeq i100 shipments drove instrument revenue growth.
Service and other revenue$352M+15% YoY
Increased primarily due to SomaLogic acquisition revenue in January 2026, and growth in development/licensing agreements and informatics solutions.
Largest Expense Items
Cost of revenue$760MNot separately disclosed
Higher tariff costs, increased instrument sales mix, rising memory and freight costs, and lower-margin SomaLogic revenue, partially offset by decreases in field service and warranty costs.
Selling, general and administrative$545M+9% YoY
Increases in employee-related compensation, legal expenses for IP litigation, ERP system upgrade costs, partially offset by decreased restructuring charges and increased government incentive benefits.
Research and development$492M-1% YoY
Decrease primarily due to lower restructuring charges and increased government incentives, partially offset by lab supply and employee compensation increases.
Margins: Gross margin improved to 66.2% YTD 2026 from 65.6% YTD 2025, primarily due to a $23M intangible asset impairment in Q2 2025; excluding that, gross margin declined due to higher tariffs, shift toward lower-margin instruments, memory chip costs, and SomaLogic contribution. Operating margin expanded to 20.2% from 18.0% due to strong gross profit growth of $113M, offset by $37M increase in operating expenses.
Watch Items from the Filing
Greater China revenue declined $27M YTD 2026 due to inclusion on China's unreliable entities list; ongoing trade and regulatory uncertainty may further impact sales.
Tariff exposure remains significant; company incurred substantial IEEPA-related tariff costs since April 2025 and began recovery process, but timing and amount uncertain pending court developments and administrative actions.
SomaLogic contingent consideration of $37M as of Q2 2026 (reduced to $7M after $30M buyout on July 27, 2026); contingent on 2026 revenue targets and NGS kit royalties through January 2036.
Shareholder derivative litigation consolidated in Delaware regarding GRAIL acquisition; Icahn Partners case settled with no payment, but City of Omaha, City of Roseville, and Pavers cases remain with motions to dismiss briefing ongoing.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
22 transactions in ILMN reported by 7 members of Congress under the STOCK Act, most recent trade Feb 10, 2026. Reported transactions, not recommendations.
About ILLUMINA, INC. (ILMN): stock profile, AI score and financials
ILLUMINA, INC. (ILMN) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores ILMN at 62.3/100 on a composite quality score built from its SEC filings, placing it at rank #716 of 2,925 stocks — the top 25% of the AI-ranked universe. ILMN scores in the top quartile across balance sheet strength (90.4), revenue scale (76.5). Areas of concern include revenue growth (27.3), which score below median versus the broader universe. Shareholder dilution risk is elevated at 21.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), ILLUMINA, INC. reports quarterly revenue of $1.2B, net income of $207.0M, an operating margin of 21.1%. Top institutional holders of ILMN by reported 13-F value include BlackRock, Capital World Investors, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. ILMN trades on the Nasdaq exchange and files with the SEC under CIK 1110803. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ILMN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for ILLUMINA, INC. directly from SEC EDGAR.