Illumina

Illumina Q3 2026: Revenue and margin momentum building on NovaSeq X pull-through, tariff refund tailwind, and SomaLogic integration

Illumina delivered YTD 2026 revenue of $3,380 million, a 6% increase versus the prior-year period, driven by high-throughput consumables pull-through from the growing NovaSeq X installed base and the addition of SomaLogic. Operating margin expanded to 22.5% from 19.0% in YTD 2025, though underlying gross margin — excluding a $42 million net IEEPA tariff refund benefit recognized in Q3 2026 — declined due to mix shift toward lower-margin products and higher Middle East-related freight costs. The strategic picture is one of genuine demand recovery layered over complex one-time accounting items, with NIH funding cuts and China headwinds remaining structural drags.

Illumina is a leading developer and manufacturer of sequencing and array-based genomic analysis solutions. The company serves research institutions, clinical laboratories, pharmaceutical companies, and academic centers globally. Its platforms enable applications spanning basic genomics research, clinical oncology, reproductive health, and agrigenomics.

Primary products

• DNA sequencing instruments (NovaSeq X, MiSeq i100)
• High-throughput consumables and reagents
• Array-based genotyping solutions
• Informatics software
• Proteomics measurement technology (SomaLogic)
• Extended maintenance service contracts