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Illumina (ILMN) investor relations material
Illumina Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue was $1.08 billion, flat year-over-year globally, with growth outside China offsetting a 31% decline in Greater China; clinical segment drove acceleration and NovaSeq X transition exceeded targets, with over 75% of high-throughput gigabases and over 50% of revenue on the X platform.
Non-GAAP operating margin expanded to 24.5% (up 190 basis points), and non-GAAP diluted EPS rose 18% year-over-year to $1.34, both above guidance.
Strong clinical market momentum, with sequencing consumables revenue growing at a high single-digit to 12% rate year-over-year ex-China, while research and applied consumables declined high single digits.
Resilience in Greater China, with revenue ahead of guidance despite export restrictions, but still down 31% year-over-year.
GRAIL was spun off in June 2024; historical results include GRAIL up to that date.
Financial highlights
Sequencing consumables revenue was $747 million, flat year-over-year, but up 3% ex-China; clinical segment grew 12% while research & applied declined 8%.
Sequencing instruments revenue was $107 million, up 3% year-over-year and 6% ex-China.
Sequencing service and other revenue was $147 million, down 2–3% year-over-year due to timing of strategic partnership revenues.
Non-GAAP gross margin was 69.2%, impacted by tariffs by 220 basis points year-over-year; GAAP gross margin was 67.6%.
Free cash flow was $253 million; cash from operations was $284 million; $120 million spent on share repurchases.
Outlook and guidance
FY25 revenue guidance is $4.27–$4.31 billion, with total revenue growth of 0.5%–1.5% constant currency, and 2.5%–3% growth ex-China; Greater China revenue expected to decline 4%–6%.
Sequencing consumables growth ex-China guided to 2.5%–3% for 2025.
Non-GAAP operating margin guidance increased to 22.75%–23% for 2025.
Non-GAAP diluted EPS guidance raised to $4.65–$4.75, reflecting 13% growth year-over-year.
2026 outlook: clinical to remain primary growth driver, research to stay muted, multi-omics launches to contribute as markets recover.
Detail drivers of improved FY25 guidance
China export ban: revenue impact and strategy
Explain Q3 legal contingency reversal
China resolution path and 2026 outlook
X transition: research vs. clinical growth drivers
Multiomics and BioInsight: future growth contribution
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Frequently asked questions
Illumina, Inc., provides sequencing and array-based solutions for genetic and genomic analysis. The company offers products designed for genetic testing and research applications. It also offers gene expression analysis systems for DNA microarray, PCR and RT-PCR assays; genotyping, resequencing, methylation and methylation chip technologies; field portable system for next generation sequencing (NGS) developed by Oxford Nanopore Technologies, plc; semiconductor sequencing devices and bioinformatics software platforms, as well as single molecule real time (SMRTTM)-seq technology.
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