ILMN Nasdaq Russell 1000 Earnings call
Illumina, Inc. (ILMN) · Q2 2026 results and valuation
Share price: $212.93 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 54.5% on the previous quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+54.5%
Net income vs Q1 2026
Guidance raised
Net income 207.0M vs 134.0M
Revenue +6.2%
Against the same quarter last year (Q2 2025) it is −11.9%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Upbeat
More upbeat than 89% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Illumina is raising its 2026 guidance for revenue growth and profitability while remaining committed to executing against its long-range targets.
Valuation
Is Illumina, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-28), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −1.8% growth a year (3-year revenue growth), the model's fair value is $62.64 a share — the stock trades 240% above it. Today's price assumes 15.1% growth a year.
Current price
$212.93
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.1% for 10 yrs
Fair value / share
$62.64
Buy below
$46.98
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
EPS outlook up thanks to strong Q2 results, better revenue forecasts, and tight cost controls.
Source quote
“There's a little bit of a compare that in the first part of last year, the installed base or the placements... We are seeing that right now. We started to see the momentum slowly starting in second half, and that's why you will see the compares in the instrument is a little bit different.”
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Guidance ↑
The company is raising its 2026 guidance for revenue growth and profitability while remaining committed to executing against its long-range targets.
Source quote
“We are raising our 2026 guidance for revenue growth and profitability while remaining committed to executing against our long-range targets.”
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Guidance ↑
The company raised its EPS outlook due to Q2 outperformance, higher revenue expectations, and continued expense discipline.
Source quote
“We are also raising our EPS outlook, reflecting Q2 outperformance, higher revenue expectations, and continued expense discipline.”
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Figure
Illumina's revenue reached $1.16 billion in the second quarter, representing a 9.5% increase year-over-year and a 6.5% increase on an organic basis.
Source quote
“During the second quarter, Illumina's revenue of $1.16 billion was up 9.5% year-over-year, and 6.5% on an organic basis, with currency...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“High throughput volume drove most of the revenue growth as the NovaSeq X install base continues to expand and pull through increased year-over-year.”
“Our solid half one performance and rapidly growing clinical install base provide a strong setup for continued consumable growth for years to come.”
“The expanding NovaSeq X installed base will also add further consumables growth beyond 2026 and support our path towards high single-digit revenue growth in 2027.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-28)
| Metric | Q2 2026period end 2026-06-28 | Q1 2026period end 2026-03-29 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.16B | 1.09B | +6.2% | 1.06B | +9.4% |
| Gross profit | 770.0M | 721.0M | +6.8% | 695.0M | +10.8% |
| Operating income | 245.0M | 209.0M | +17.2% | 214.0M | +14.5% |
| Net income | 207.0M | 134.0M | +54.5% | 235.0M | −11.9% |
| EPS | 1.35 | 0.87 | +55.2% | 1.49 | −9.4% |
| P/E today 54.8 | 32.9 | 21.4 | +11.5 | 12.0 | +20.9 |
Topics
Most discussed now
- Clinical customers and large installed base reinforce the durability of Illumina's position in these markets.
- Rest of world organic revenue grew 8.1%, above the high end of Illumina's guidance, and demand for NovaSeq X remained...
- High throughput volume drove most of the revenue growth as the NovaSeq X install base continues to expand and pull...
- Of course, the biggest opportunity is to move Illumina's customers and convert its customers over to the X platform and...
- Illumina feels really good about the mid throughput.
Faded since Q1 2026
- Dropped A reminder, starting in January 2026, Illumina changed the geographical reporting segments to better align with the respective commercial…
- Dropped Those are probably these are the clinical customers that have a regulated assay sitting on those and FDA-approved assay that...
- Fading Illumina's solid performance reflects disciplined execution across the organization, along with strength in its clinical markets and growth…
- Fading During the first quarter, Illumina's revenue of $1.09 billion was up 4.8% year-over-year and 1.2% on an organic basis, with...
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Other events · SEC 8-K