Illumina 10-Q Details Q3 Beat: Revenue $1.13B, EPS $1.43, Tariff Refund Boost
ILMN has more than doubled off its 52-week low of $94 on elevated volume (1.9× avg).
Summary
Illumina's Q3 10-Q confirms the October 29 beat — revenue of $1,129 million, diluted EPS of $1.43 — with a $42 million net tariff-refund benefit flattering margins and $909 million of year-to-date operating cash flow.
Key Events · Earnings and Guidance · ILMN
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Q3 Revenue Up 4% to $1.13B
Total revenue was $1,129 million versus $1,084 million a year ago, including a $37 million reduction for IEEPA tariff refunds to be credited to customers.
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EPS Nearly Doubles on Tariff Benefit
Diluted EPS was $1.43 versus $0.98; gross margin rose to 73.5% from 67.6%, helped by a net $42 million tariff-refund benefit ($79 million cost reduction less $37 million customer refund liability).
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Operating Cash Flow Jumps to $909M
Year-to-date operating cash flow was $909 million versus $758 million; cash and equivalents ended at $1,289 million after repaying $500 million of 2026 notes and issuing $300 million of 2029 notes.
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SomaLogic Contingent Consideration Bought Out
Illumina paid $30 million in Q3 2026 to extinguish the 2026 milestone and royalty obligations; no amounts remain outstanding under those arrangements.
Analysis · ILMN · Industrial Applications And Services
The 10-Q puts hard numbers behind the October 29 earnings release. Q3 revenue rose 4% to $1,129 million and GAAP diluted EPS nearly doubled to $1.43 from $0.98, but a chunk of the margin gain is one-time: a net $42 million IEEPA tariff refund benefit (a $79 million cost-of-revenue reduction less $37 million owed back to customers) lifted gross margin to 73.5% from 67.6%. Strip that out and gross margin was roughly flat. Cash generation is the stronger story — $909 million of operating cash flow year-to-date versus $758 million — and the balance sheet carries $1,289 million of cash with $1,789 million of term debt after the $500 million 2026 notes were repaid and $300 million of 2029 notes issued. The filing also updates the GRAIL-related litigation: the federal class action was dismissed again on September 30, 2026 with leave to amend, and plaintiffs refiled a Fourth Amended Complaint on October 21, 2026, with Illumina's response due December 4, 2026.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.5% of the 1545 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ILMN was trading at $235.81 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $35.6B. The 52-week trading range was $94.00 to $309.35. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.