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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 offset by a 31% decline in Greater China; clinical segment drove revenue acceleration and NovaSeq X adoption exceeded 75% of high-throughput volume.
Non-GAAP diluted EPS rose 18% year-over-year to $1.34, and non-GAAP operating margin expanded to 24.5%, both above guidance.
Strong clinical consumables growth and successful NovaSeq X transition drove results, with over 55 instruments placed and more than 50% of high-throughput revenue attributed to NovaSeq X.
Research demand stabilized but remains muted due to funding uncertainty; Greater China revenue exceeded expectations despite export restrictions.
GAAP diluted EPS was $0.98; net income was $150 million GAAP and $206 million non-GAAP for Q3 2025.
Financial highlights
Sequencing consumables revenue was $747 million, flat year-over-year globally and up 3% ex-China; clinical segment grew 12% while research & applied declined 8%.
Sequencing instrument revenue grew 3% year-over-year to $107 million, with strong MiSeq i100 Plus adoption; sequencing service and other revenue declined 3% year-over-year to $147 million.
Americas revenue grew 1% year-over-year to $612 million; Europe rose 6% reported (3% constant currency) to $309 million; AMEA increased 6% reported (8% constant currency) to $111 million.
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; $120 million spent on share repurchases in Q3.
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%.
Non-GAAP operating margin guidance increased to 22.75%–23% for 2025; non-GAAP diluted EPS guidance raised to $4.65–$4.75, up 13% year-over-year.
Q4 2025 revenue growth ex-China expected to step up to 4%.
2026 expected to mirror late 2025 trends: strong clinical, muted research, multi-omics launches to contribute as markets recover.
Ongoing macroeconomic headwinds, tariffs, and regulatory restrictions in China are expected to continue impacting sales and operations.
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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