Illumina reported non-GAAP diluted earnings of $1.35 per share for the fourth quarter, exceeding the Zacks Consensus Estimate of $1.26 and rising sharply from $0.86 in the year-ago quarter. GAAP diluted earnings of $2.16 per share also outpaced Wall Street’s projection of roughly $1.90. The improvement was driven by disciplined cost control and a more favorable product mix in clinical applications.

Total revenue reached $1.16 billion, up 5% from the prior year and 4% on a constant currency basis. Ex-China sales totaled $1.10 billion, an 8% increase (7% on a constant currency basis), reflecting continued strength in North America and EMEA. China revenue benefited from the lifting of certain export restrictions on sequencing systems, although the company remains on China’s Unreliable Entities List.

For fiscal 2025, Illumina generated $4.34 billion in revenue, flat year-over-year but up 2% ex-China. GAAP operating margin widened to 18.6% from 15.8%, while non-GAAP operating margin expanded to 23.1%. GAAP diluted EPS was $5.45, down modestly from $5.61 in 2024 due to higher R&D investments, while non-GAAP EPS rose to $4.84 from $4.16, driven by higher throughput in high-margin consumables and services.

Management forecasts 2026 total revenue of $4.50 billion to $4.60 billion, implying 4%–6% growth, with a 1.5%–2.0% lift from the recent SomaLogic acquisition. Ex-China organic revenue is expected to grow 2%–4%. Non-GAAP operating margin is guided to 23.3%–23.5%, with a 100 basis-point headwind from SomaLogic integration, and non-GAAP diluted EPS in the range of $5.05–$5.20, including approximately $0.18 of dilution from the acquisition.