Illumina earnings: guidance and next results

Illumina's next results are expected on October 29, 2026. Watch whether instrument placements become repeat consumables purchases.

What has Illumina guided for FY2026?

The weighted forecast points to a lower share price unless Illumina turns clinical demand and instrument placements into durable earnings growth. Management guides FY2026 revenue to $4.60–$4.64 billion. It guides to a non-GAAP operating margin of 23.4%–23.6% and non-GAAP diluted EPS of $5.30–$5.40. Its high-single-digit revenue-growth ambition for 2027 depends on clinical demand, placements converting to consumables, and new products adding growth.

Clinical consumables growth must offset weak research demand, and NovaSeq X placements must become regular purchases. Management says clinical customers need six to nine months to reach normal consumables purchasing. Q3 results on October 29, 2026 will test 4.5% rest-of-world organic growth and 150 basis points of sequential operating-margin expansion. The October 30, 2026 securities-litigation hearing updates the GRAIL-related legal overhang. The November 2, 2026 Delaware hearing updates it again.

Did Illumina keep its past promises?

The 2025 operating result partly fulfilled management’s promises. In February 2025, management promised an adjusted operating margin of approximately 23% for the year. It forecast adjusted earnings per share of $4.50–$4.65 and delivered $4.84. It delivered a 23.1% adjusted margin, but annual revenue was essentially flat, with stronger growth outside China.

What have Illumina's revenue and profit done?

Illumina’s sales are recovering, but clinical laboratories are carrying the recovery.

Illumina’s ordinary operating profitability improved in 2025, although unusual gains made the reported comparison look worse.