$ILMN

ILLUMINA INC

CIK:0001110803|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Revenue:
Total revenue	$ 1,159	$ 1,059	$ 2,251	$ 2,100
Cost of revenue:
Amortization of acquired intangible assets	18	17	35	33
Total cost of revenue	389	364	760	722
Gross profit	770	695	1,491	1,378
Operating expense:
Research and development	252	247	492	499
Selling, general and administrative	273	234	545	501
Total operating expense	525	481	1,037	1,000
Income from operations	245	214	454	378
Other income (expense):
Interest income	8	10	19	21
Interest expense	(24)	(25)	(47)	(50)
Other income (expense), net	31	107	(9)	139
Total other income (expense), net	15	92	(37)	110
Income before income taxes	260	306	417	488
Provision for income taxes	53	71	77	122
Net income	$ 207	$ 235	$ 340	$ 366
Earnings per share:
Basic (in dollars per share)	$ 1.37	$ 1.49	$ 2.24	$ 2.32
Diluted (in dollars per share)	$ 1.35	$ 1.49	$ 2.22	$ 2.31
Shares used in computing earnings per share:
Basic (in shares)	151	157	152	158
Diluted (in shares)	153	157	154	158
Product
Revenue:
Total revenue	$ 982	$ 912	$ 1,899	$ 1,793
Cost of revenue:
Cost of revenue	291	276	565	529
Service
Revenue:
Total revenue	177	147	352	307
Cost of revenue:
Cost of revenue	$ 80	$ 71	$ 160	$ 160

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Cash flows from operating activities:
Net income	$ 340	$ 366
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	102	103
Amortization of intangible assets	37	34
Share-based compensation expense	133	142
Deferred income taxes	18	41
Net losses (gains) on investments	16	(133)
Change in fair value of contingent consideration liabilities	(32)	(32)
Intangible impairment	0	23
Other	4	9
Changes in operating assets and liabilities:
Accounts receivable	92	49
Inventory	(31)	(28)
Prepaid expenses and other current assets	(9)	11
Operating lease right-of-use assets and liabilities, net	(18)	(17)
Other assets	(72)	(3)
Accounts payable	(2)	(26)
Accrued liabilities	(24)	(91)
Other long-term liabilities	(64)	26
Net cash provided by operating activities	490	474
Cash flows from investing activities:
Net purchases of property and equipment	(78)	(62)
Net sales (purchases) of investments	32	(43)
Cash paid for acquisitions and intangible assets, net of cash acquired	(417)	(7)
Payment for contingent consideration	(25)	0
Net cash used in investing activities	(488)	(112)
Cash flows from financing activities:
Common stock repurchases, inclusive of excise tax	(370)	(570)
Taxes paid related to net share settlement of equity awards	(33)	(23)
Proceeds from issuance of common stock	24	28
Payments on contingent consideration liabilities	(1)	(1)
Net cash used in financing activities	(380)	(566)
Effect of exchange rate changes on cash and cash equivalents	0	11
Net decrease in cash and cash equivalents	(378)	(193)
Cash and cash equivalents at beginning of period	1,418	1,127
Cash and cash equivalents at end of period	$ 1,040	$ 934

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 1,040	$ 1,418
Short-term investments	128	215
Accounts receivable, net	764	854
Inventory, net	629	564
Prepaid expenses and other current assets	273	238
Total current assets	2,834	3,289
Property and equipment, net	745	759
Operating lease right-of-use assets	362	370
Goodwill	1,284	1,113
Intangible assets, net	410	210
Deferred tax assets, net	439	454
Other assets	576	449
Total assets	6,650	6,644
Current liabilities:
Accounts payable	230	240
Accrued liabilities	848	846
Term debt, current portion	500	499
Total current liabilities	1,578	1,585
Operating lease liabilities	454	486
Term debt	1,491	1,490
Other long-term liabilities	289	360
Stockholders’ equity:
Common stock	2	2
Additional paid-in capital	7,933	7,822
Accumulated other comprehensive income (loss)	8	(10)
Accumulated deficit	(51)	(392)
Treasury stock, at cost	(5,054)	(4,699)
Total stockholders’ equity	2,838	2,723
Total liabilities and stockholders’ equity	$ 6,650	$ 6,644