Analyst Consensus ?
ConsensusHold50 ratings
Bullish2754.0%
Neutral1734.0%
Bearish612.0%
Illumina, Inc. · ILMN · FY2025 Q4 · Calendar Q1 2026
Illumina Q4: Clinical Consumables Lead, While China and Margin Risks Persist
The quarter's clinical consumables growth and NovaSeq X placements support Illumina's growth narrative, while China restrictions, tariffs, research-funding uncertainty and Somalogic integration remain material counterweights. The supplied evidence supports a company-specific operating thesis, not a broad conclusion about the other names in the requested scope.
Reported After market closeNASDAQHealthcare
$35.63B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.35
Consensus $1.24
EPS surprise
+8.9%
Reported versus consensus
Reported revenue
$1.16B
Consensus $1.12B
Revenue surprise
+3.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-10.4%
Event window
SPY move
+1.9%
Same window
Abnormal move
-12.3%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+3.8%
Up to 20 sessions
ILMNSPY benchmark
Ask FN2 about ILMN FY2025 Q4
Transcript, numbers and history already loaded
Why did ILMN fall 10.4% after beating EPS estimates in FY2025 Q4?What changed in ILMN's guidance and outlook in FY2025 Q4?Give me the bull and bear case for ILMN after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current call emphasizes execution on clinical demand and NovaSeq X placements, alongside Somalogic integration and BioInsight's early pharma collaborations. Management's FY2026 outlook was maintained. The supplied event-window data show the stock declined 10.4% from event close to the next-session close while SPY rose 1.9%; this price reaction does not establish a cause.
Guidance delta
Management maintained FY2026 guidance: revenue of $4.5–$4.6 billion, non-GAAP operating margin of 23.3%–23.5%, and EPS of $5.00–$5.20.
Key takeaways
- Clinical consumables revenue grew 20% quarter over quarter excluding China, according to the supplied call analysis.
- Illumina placed more than 100 NovaSeq X systems in Q4; 60% went to clinical customers.
- The Somalogic acquisition was completed, and BioInsight's Billion Cell Atlas was launched with early pharma collaborations.
- Reported EPS and revenue exceeded the supplied consensus estimates; management maintained FY2026 guidance.
Management priorities
- Expand clinical sequencing demand, including oncology and rare-disease applications.
- Integrate Somalogic proteomics into the multi-omics portfolio and scale BioInsight data products.
- Continue NovaSeq X placements and develop spatial transcriptomics and Constellation MAP Read technology in 2026.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$227.12Current
$100Low
$216.54Average
$562High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Oct 30, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 30, 2026 |
| Canaccord Genuity | Hold | Hold | Maintain | Oct 19, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 13, 2026 |
| Barclays | Underweight | Underweight | Maintain | Oct 7, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 5, 2026 |
| Guggenheim | Buy | Buy | Maintain | Oct 1, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Sep 29, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 28, 2026 |
| UBS | Buy | Neutral | Upgrade | Sep 9, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 3, 2026 |
| Citigroup | Sell | Sell | Maintain | Aug 3, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 31, 2026 |
| Baird | Neutral | Neutral | Maintain | Oct 31, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 4, 2025 |
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Jul 11, 2025 |
| Stephens & Co. | Overweight | Overweight | Maintain | May 20, 2025 |
| HSBC | Buy | Hold | Upgrade | Oct 17, 2024 |
| Daiwa Capital | Buy | Neutral | Upgrade | Aug 16, 2024 |
| OTR Global | Mixed | Positive | Downgrade | Mar 20, 2024 |
| B of A Securities | Underperform | Neutral | Downgrade | Dec 12, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Aug 10, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Feb 8, 2023 |
| Wells Fargo | Underweight | Underweight | Maintain | Apr 28, 2021 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Mar 31, 2021 |
| BTIG | Buy | Buy | Maintain | Feb 16, 2021 |
| Cowen & Co. | Outperform | Outperform | Maintain | Dec 18, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Oct 25, 2019 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 12, 2019 |
| Bank of America | Underperform | Buy | Downgrade | Jul 12, 2019 |
| Argus | Buy | Buy | Maintain | Aug 10, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | Jul 17, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Jan 31, 2018 |
| First Analysis | Overweight | Equal Weight | Upgrade | Jan 31, 2018 |
| William Blair | Market Perform | Outperform | Downgrade | Jan 5, 2018 |
| Janney Montgomery Scott | Neutral | Sell | Upgrade | Oct 23, 2017 |
| Janney Capital | Neutral | Sell | Upgrade | Oct 23, 2017 |
| CL King | Neutral | Buy | Downgrade | Aug 22, 2016 |
| Nomura | Buy | Buy | Maintain | May 3, 2016 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Apr 19, 2016 |
| Mizuho | Neutral | Buy | Downgrade | Oct 6, 2015 |
| Tigress Financial | Strong Buy | Buy | Upgrade | Apr 23, 2015 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 27, 2014 |
| Wedbush | Outperform | Neutral | Upgrade | Aug 20, 2014 |
| Macquarie | Outperform | Outperform | Maintain | Jul 24, 2014 |
| Maxim Group | Buy | Hold | Upgrade | Apr 23, 2014 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Mar 5, 2014 |
| ISI Group | Neutral | Neutral | Maintain | Jan 29, 2013 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 24, 2012 |
| CLSA | Underperform | Outperform | Downgrade | Oct 24, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $227.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stephens | Analyst unavailable | $275 | $268 | +21.1% | Oct 23, 2026 |
| Canaccord Genuity | Analyst unavailable | $300 | $262.54 | +32.1% | Oct 19, 2026 |
| Barclays | Analyst unavailable | $200 | $273.54 | -11.9% | Oct 7, 2026 |
| Guggenheim | Subbu Nambi | $305 | $270.81 | +34.3% | Oct 1, 2026 |
| Leerink Partners | Analyst unavailable | $300 | $273.63 | +32.1% | Sep 29, 2026 |
| Piper Sandler | David Westenberg | $305 | $270 | +34.3% | Sep 28, 2026 |
| UBS | Analyst unavailable | $260 | $211.06 | +14.5% | Sep 9, 2026 |
| Argus Research | Analyst unavailable | $235 | $213.25 | +3.5% | Sep 3, 2026 |
| Canaccord Genuity | Analyst unavailable | $205 | $205.1 | -9.7% | Aug 3, 2026 |
| RBC Capital | Analyst unavailable | $230 | $199.13 | +1.3% | Jul 31, 2026 |
| Bernstein | Analyst unavailable | $215 | $205.09 | -5.3% | Jul 31, 2026 |
| Guggenheim | Analyst unavailable | $226 | $205.09 | -0.5% | Jul 31, 2026 |
| Barclays | Analyst unavailable | $160 | $205.09 | -29.6% | Jul 31, 2026 |
| Leerink Partners | Puneet Souda | $210 | $186.89 | -7.5% | Jul 17, 2026 |
| Canaccord Genuity | Kyle Mikson | $190 | $190.05 | -16.3% | Jul 14, 2026 |
| Guggenheim | Analyst unavailable | $200 | $176.55 | -11.9% | Jun 29, 2026 |
| Bernstein | Analyst unavailable | $185 | $177.65 | -18.5% | Jun 26, 2026 |
| Guggenheim | Analyst unavailable | $180 | $162.96 | -20.7% | Jun 1, 2026 |
| RBC Capital | Analyst unavailable | $170 | $143.24 | -25.1% | May 14, 2026 |
| Daiwa | Illumina to Outperform | $155 | $145 | -31.8% | May 14, 2026 |
| Canaccord Genuity | Analyst unavailable | $140 | $126.74 | -38.4% | May 1, 2026 |
| Barclays | Analyst unavailable | $122 | $126.74 | -46.3% | May 1, 2026 |
| Piper Sandler | Analyst unavailable | $170 | $119.72 | -25.1% | Feb 9, 2026 |
| Robert W. Baird | Catherine Ramsey Schulte | $137 | $120.22 | -39.7% | Feb 6, 2026 |
| UBS | Analyst unavailable | $135 | $121.26 | -40.6% | Feb 6, 2026 |
| Evercore ISI | Analyst unavailable | $150 | $121.13 | -34.0% | Feb 6, 2026 |
| Guggenheim | Subbu Nambi | $170 | $150.38 | -25.1% | Jan 26, 2026 |
| Canaccord Genuity | Analyst unavailable | $150 | $150.28 | -34.0% | Jan 26, 2026 |
| Stifel Nicolaus | Daniel Arias | $155 | $141.65 | -31.8% | Jan 20, 2026 |
| Evercore ISI | Vijay Kumar | $155 | $138.5 | -31.8% | Jan 5, 2026 |
| Guggenheim | Analyst unavailable | $144 | $138.11 | -36.6% | Jan 5, 2026 |
| Barclays | Analyst unavailable | $110 | $134.85 | -51.6% | Dec 15, 2025 |
| Evercore ISI | Vijay Kumar | $142 | $121.59 | -37.5% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $109 | $115.78 | -52.0% | Oct 31, 2025 |
| UBS | Analyst unavailable | $120 | $115.78 | -47.2% | Oct 31, 2025 |
| Canaccord Genuity | Analyst unavailable | $112 | $99.01 | -50.7% | Oct 31, 2025 |
| Barclays | Luke Sergott | $100 | $99.01 | -56.0% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $105 | $99.97 | -53.8% | Oct 24, 2025 |
| Barclays | Analyst unavailable | $95 | $102.26 | -58.2% | Oct 2, 2025 |
| RBC Capital | Analyst unavailable | $124 | $97.82 | -45.4% | Sep 2, 2025 |
| Morgan Stanley | Analyst unavailable | $105 | $98.44 | -53.8% | Aug 4, 2025 |
| Stephens | Analyst unavailable | $110 | $98.44 | -51.6% | Aug 4, 2025 |
| Barclays | Luke Sergott | $85 | $91.52 | -62.6% | Jun 24, 2025 |
| Piper Sandler | David Westenberg | $185 | $80.9 | -18.5% | May 15, 2025 |
| Canaccord Genuity | Analyst unavailable | $115 | $84.52 | -49.4% | Mar 11, 2025 |
| Robert W. Baird | Analyst unavailable | $90 | $85.69 | -60.4% | Mar 5, 2025 |
| National Bank | Analyst unavailable | $100 | $88.74 | -56.0% | Feb 28, 2025 |
| HSBC | Analyst unavailable | $100 | $88.74 | -56.0% | Feb 28, 2025 |
| Barclays | Luke Sergott | $130 | $131.1 | -42.8% | Feb 3, 2025 |
| Bernstein | Eve Burstein | $140 | $136.69 | -38.4% | Jan 10, 2025 |
| Evercore ISI | Vijay Kumar | $180 | $130.93 | -20.7% | Jan 2, 2025 |
| Robert W. Baird | Catherine Ramsey Schulte | $139 | $156.21 | -38.8% | Nov 6, 2024 |
| Canaccord Genuity | Kyle Mikson | $145 | $156.21 | -36.2% | Nov 5, 2024 |
| Barclays | Luke Sergott | $145 | $156.21 | -36.2% | Nov 5, 2024 |
| HSBC | Shubhangi Gupta | $180 | $143.89 | -20.7% | Oct 17, 2024 |
| Argus Research | Jasper Hellweg | $150 | $131.46 | -34.0% | Aug 28, 2024 |
| Daiwa | Narumi Nakagiri | $154 | $130.04 | -32.2% | Aug 16, 2024 |
| Scotiabank | Sung Ji Nam | $164 | $127.32 | -27.8% | Aug 15, 2024 |
| Barclays | Luke Sergott | $125 | $123.58 | -45.0% | Aug 14, 2024 |
| Piper Sandler | David Westenberg | $195 | $124.54 | -14.1% | Aug 13, 2024 |
| Robert W. Baird | Catherine Ramsey Schulte | $124 | $125.39 | -45.4% | Aug 7, 2024 |
| Piper Sandler | Dave Westenberg | $200 | $122.5 | -11.9% | Jul 30, 2024 |
| Robert W. Baird | Catherine Ramsey Schulte | $119 | $110.24 | -47.6% | Jun 25, 2024 |
| Evercore ISI | Vijay Kumar | $175 | $110.96 | -22.9% | Jun 11, 2024 |
| Wolfe Research | Doug Schenkel | $175 | $111.71 | -22.9% | Jun 6, 2024 |
| Canaccord Genuity | Kyle Mikson | $130 | $102.06 | -42.8% | Jun 4, 2024 |
| Jefferies | Tycho Peterson | $115 | $104.28 | -49.4% | Jun 3, 2024 |
| Evercore ISI | Vijay Kumar | $200 | $130.48 | -11.9% | Apr 12, 2024 |
| Stifel Nicolaus | Daniel Arias | $225 | $185.2 | -0.9% | Aug 10, 2023 |
| Leerink Partners | Analyst unavailable | $250 | $215.74 | +10.1% | Feb 8, 2023 |
| Citigroup | Analyst unavailable | $180 | $205.62 | -20.7% | Dec 12, 2022 |
| RBC Capital | Analyst unavailable | $282 | $205.98 | +24.2% | Dec 7, 2022 |
| Evercore ISI | Vijay Kumar | $250 | $193.81 | +10.1% | Sep 29, 2022 |
| Piper Sandler | David Westenberg | $320 | $196.07 | +40.9% | Sep 5, 2022 |
| Piper Sandler | David Westenberg | $360 | $233.56 | +58.5% | May 15, 2022 |
| Morgan Stanley | Tejas Savant | $350 | $219.67 | +54.1% | May 10, 2022 |
| Canaccord Genuity | Kyle Mikson | $520 | $249.05 | +129.0% | May 8, 2022 |
| Piper Sandler | David Westenberg | $460 | $311.97 | +102.5% | Feb 21, 2022 |
| Cowen & Co. | Dan Brennan | $562 | $329.45 | +147.4% | Feb 14, 2022 |
| Stifel Nicolaus | Daniel Arias | $480 | $365.94 | +111.3% | Jan 23, 2022 |
| Barclays | Luke Sergott | $400 | $423.8 | +76.1% | Jan 11, 2022 |
| Morgan Stanley | Tejas Savant | $425 | $378.93 | +87.1% | Jan 6, 2022 |
| Citigroup | Patrick B Donnelly | $400 | $378.93 | +76.1% | Jan 6, 2022 |
| Canaccord Genuity | Kyle Mikson CFA | $555 | $457.16 | +144.4% | Aug 31, 2021 |
| Evercore ISI | Vijay Kumar | $400 | $407.45 | +76.1% | Jun 1, 2021 |
Track every rating change on ILMN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIllumina, Inc. specializes in delivering advanced genetic and genomic analysis tools, primarily through sequencing and array technologies. The company's offerings empower clients across various sectors to integrate genomic insights into both research and clinical environments, with applications spanning critical fields like life sciences, cancer diagnostics, reproductive health, agriculture, and innovative new domains. Illumina's portfolio encompasses specialized instrumentation and necessary consumables for genetic analysis, alongside comprehensive genotyping and sequencing services.…
Historical context
All ILMN earningsHealthcare peers this season
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| TEM Tempus AI, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +9.5% | Tempus pairs Q3 growth with new partnerships and execution risks |
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| AZN AstraZeneca PLC | FY2026 Q3 · Calendar Q4 2026 | +7.3% | +7.0% | AstraZeneca pairs solid growth with pipeline investment and restructuring |
| BTSG BrightSpring Health Services, Inc. Common Stock | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +11.1% | BrightSpring posts strong Q3 growth while maintaining guidance |
Latest beats and misses
Who reports nextBeat on EPS
- SNYFY2026 Q3 · October 30, 2026+30.8% EPS+2.8% move
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the ILMN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-02T14:40:52.860683+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T14:40:52.857955+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.