Illumina, Inc. reported a revenue of $1.08 billion for the third quarter of fiscal year 2025, reflecting a stable performance compared to the same period in 2024. The results mark a flat revenue trend on both a reported basis and when adjusted for constant currency fluctuations. The announcement was made on October 30, 2025, with CEO Jacob Thaysen highlighting that the company exceeded its revenue and earnings guidance, particularly due to growth in its clinical market segment.
The third quarter results included a GAAP operating margin of 21.0% and a non-GAAP operating margin of 24.5%. Diluted earnings per share (EPS) stood at $0.98 on a GAAP basis and $1.34 on a non-GAAP basis. The company generated $284 million in cash from operations and reported a free cash flow of $253 million for the quarter. Illumina also repurchased 1.2 million shares of its common stock for $120 million at an average price of $97.10 per share.
Financial Outlook and Adjustments
Looking ahead, Illumina adjusted its financial outlook for the fiscal year 2025. The company now anticipates a constant currency revenue decline in the range of (1.5%) to (0.5%), an improvement from the previous forecast of (2.5%) to (1.5%). Revenue growth outside of China is projected to be between 0.5% and 1.5%, with non-GAAP operating margin expectations revised to 22.75% to 23%, up from 22% to 22.5%. Non-GAAP diluted EPS is also expected to rise to a range of $4.65 to $4.75, an increase from the prior estimate of $4.45 to $4.55.
During the quarter, Illumina introduced several key initiatives, including a 5-base solution for genomic and epigenomic insights, and the Constellation mapped read technology aimed at identifying complex genomic variants. The launch of BioInsight aims to accelerate technology and data-driven discovery initiatives, while the company expanded its personalized cancer care efforts through new partnerships in pharmaceutical development.
Cash Flow and Financial Position
Illumina reported a decline in cash flow from operations, which was $284 million for Q3 2025, compared to $316 million in the same quarter last year. The company held $1.28 billion in cash, cash equivalents, and short-term investments at the end of the quarter. Capital expenditures for free cash flow purposes were $31 million for Q3 2025.
Thaysen emphasized the company’s commitment to executing its strategic pillars, supporting long-term financial targets despite the challenging economic landscape. The company also indicated the significance of steady growth in markets outside of China, which could bolster its overall revenue performance moving forward.
The financial results and outlook reflect Illumina’s ongoing adjustments in response to market dynamics and its ongoing efforts to enhance genomic technology applications. The company is set to discuss these results in greater detail during a conference call scheduled for 1:30 PM Pacific Time on October 30, 2025. Interested parties can access the live webcast through the Investor Info section of Illumina’s website.
