EarningsQ2 2026 Earnings Report
MX:ILMN Q2 2026 EPS Results
Actual EPS$22.15
Consensus EPS$20.73
Beat/MissBeat by +$1.42
One Year Ago EPS$20.13
MX:ILMN Q2 2026 Revenue Results
Actual Revenue$19.64B
Expected Revenue$19.12B
Beat/MissBeat by +$514.16M
YoY Revenue Growth+9.84%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
MX:ILMN Upcoming Earnings
Illumina's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ILMN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: Illumina delivered a quarter with strong top-line beats, materially higher instrument placements (especially NovaSeq X), margin outperformance, raised full-year guidance and strengthened multi-omics and BioInsight momentum (Billion Cell Atlas revenue and partners). Headwinds remain—memory and freight costs, inventory/tax timing impacts, and continued weakness in research consumables and some regions—but management has absorbed costs, secured supply, and raised guidance while reaffirming long-term targets. The positive operational and financial beats and the upgraded outlook outweigh the listed challenges.Company Guidance
Revenue Beat and Growth
Q2 revenue of $1.16B, up 9.5% year-over-year reported and ~6.5% organic; Rest-of-World organic revenue growth of 8.1%. Management called this the fastest revenue growth since the CEO joined.
Raised Full-Year Guidance
Raised full-year Rest-of-World organic revenue guidance to greater than 5% (up from prior 2%-4%); increased reported revenue midpoint by $50M to a $4.60B–$4.64B range.
EPS and Profitability Outperformance
Non-GAAP EPS of $1.31 in Q2, up ~10% year-over-year (≈13% ex-acquisitions); non-GAAP gross margin 68.2% and non-GAAP operating margin 22.5%—both above guidance. Full-year diluted EPS guidance raised to $5.30–$5.40 (≈11% y/y at midpoint, 14% ex-acquisitions).
Strong NovaSeq X Demand and Placements
Placed more than 95 NovaSeq X systems in Q2; management highlighted sustained elevated placements over recent quarters and expects continued elevated placements in H2 2026.
Sequencing Consumables Momentum (Clinical)
Sequencing consumables revenue $775M, up 5% year-over-year; clinical sequencing consumables grew ~15% ex-China with U.S./Canada region growing above 20%.
Instruments and Throughput Gains
Sequencing instruments revenue of $125M, up 31% year-over-year driven by NovaSeq X and MiSeq i100 placements; total sequencing gigabase output on connected mid/high-throughput instruments grew >30% year-over-year.
Service and New Programs Contribution
Sequencing service & other revenue $154M, up 14% YoY; Billion Cell Atlas has delivered >300M cells to date, added 3 pharma partners post-quarter (total six), and has begun booking revenue.
Successful M&A / Product Integration
SomaLogic integration contributing: Microarrays & other revenue $105M, up 21% reported (SomaLogic tracking toward high end of deal expectations). Launched StrataMap Spatial and whole genome MRD research workflow (early access).
Strong Cash Generation and Capital Allocation
Q2 operating cash flow $201M and free cash flow $162M; repurchased 0.9M shares for ~$122M; ~$1.17B cash & short-term investments, $1.99B total debt, ~1.6x gross debt/LTM EBITDA, ~$1.8B remaining buyback authorization.
Maintained Long-Term Financial Targets
Management reiterated progress toward 2027 targets, maintained operating margin guidance (23.4%–23.6%) and expects consumables-driven margin expansion (Q3 operating margin ~24%).
MX:ILMN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed