Illumina Beats Q3, Raises Full-Year Revenue and EPS Guidance
ILMN has more than doubled off its 52-week low of $94.
Summary
Illumina beat Q3 guidance on healthy clinical demand and NovaSeq X placements and raised full-year revenue and EPS guidance, though part of the profit beat came from a one-time tariff refund.
Key Events · Earnings and Guidance · ILMN
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Q3 Revenue Beats at $1.13B
Reported revenue was $1.13 billion, up 4.2% from Q3 2025, with organic revenue growth of 4.8% and ROW organic growth of 4.7%.
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Full-Year Guidance Raised
FY2026 revenue guidance lifted to $4.64-$4.66 billion from $4.60-$4.64 billion, and non-GAAP diluted EPS to $5.40-$5.45 from $5.30-$5.40.
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Tariff Refund Inflates Profit
A $79 million IEEPA tariff refund benefit reduced cost of revenue, partly offset by a $37 million revenue reduction for refunds credited to customers; non-GAAP EPS excluding tariff refunds was $1.44 versus $1.62 as reported.
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Cash Generation Strengthened
Operating cash flow was $419 million and free cash flow $378 million versus $253 million a year ago; cash, equivalents and short-term investments totaled $1.34 billion.
Analysis · ILMN · Industrial Applications And Services
Illumina beat its own Q3 guidance and lifted the full-year outlook, with revenue now guided to $4.64-$4.66 billion (from $4.60-$4.64 billion) and non-GAAP EPS to $5.40-$5.45 (from $5.30-$5.40). The quarter itself was solid: revenue of $1.13 billion, up 4.2%, GAAP operating margin of 27.0%, and free cash flow of $378 million versus $253 million a year ago. The caveat is that a chunk of the profit strength is a one-time tariff refund — $79 million recognized as a reduction to cost of revenue, partly offset by $37 million credited back to customers — so non-GAAP EPS excluding tariff refunds was $1.44 versus the $1.62 headline non-GAAP figure. Guidance is explicitly stated excluding tariff refunds, which is the cleaner number to judge the business on.
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At the time of this filing, ILMN was trading at $250.00 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $43.8B. 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.