Illumina revenue up 4.8% to USD 1.09B in Q1 2026

Illumina, Inc. announced its financial results for the first quarter of fiscal year 2026.

First quarter 2026 results:

• Revenue of $1.09 billion for Q1 2026, up 4.8% from Q1 2025 (ROW¹ organic revenue growth of 3.5%)
• GAAP operating margin of 19.2% and non-GAAP operating margin of 21.9%
• GAAP diluted EPS of $0.87 and non-GAAP diluted EPS of $1.15
• On April 28, 2026, our Board of Directors authorized an additional $1.5 billion in share repurchases

“Illumina delivered a strong start to 2026, reflecting strength of the Illumina ecosystem and progress against our strategy,” said Jacob Thaysen, Chief Executive Officer of Illumina. “Demand for NovaSeq X is increasing as we help our clinical customers expand into new application areas. With our strong first quarter performance, we are raising our full-year revenue and EPS guidance.”

Fiscal year 2026 guidance:
For fiscal year 2026, we now expect:

• Total revenue of $4.52-$4.62 billion, a $20 million increase at the mid-point versus our prior guidance
• Reported revenue growth of 4%-6% and ROW organic revenue growth of 2%-4%, both unchanged from prior guidance
• Non-GAAP operating margin of 23.4%-23.6% versus our prior guidance of 23.3%-23.5%
• Non-GAAP diluted EPS of $5.15-$5.30 versus our prior guidance of $5.05-$5.20

First quarter results
Capital expenditures for free cash flow purposes were $38 million for Q1 2026. Cash flow provided by operations was $289 million, compared to $240 million in the prior year period. Free cash flow (cash flow provided by operations less capital expenditures) was $251 million for the quarter, compared to $208 million in the prior year period. Depreciation and amortization expense was $69 million for Q1 2026. At the close of the quarter, the company held $1.16 billion in cash, cash equivalents and short-term investments.

Financial outlook and guidance
The company provides forward-looking guidance on a non-GAAP basis. The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures because it is unable to predict with reasonable certainty the impact of items such as acquisition-related costs, fair value adjustments to contingent consideration, gains and losses from strategic investments, asset impairments, restructuring activities, and the ultimate outcome of pending litigation, among others, without unreasonable effort. These items are uncertain, inherently difficult to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the company is unable to address the significance of the unavailable information, which could be material to future results.
MB Bureau