Illumina Q2: Clinical Sequencing, Strong Instrument Sales Drive 10 Percent Revenue Growth

The genomics technology firm reported total revenue of $1.16 billion in Q2 and again raised its full-year revenue guidance.

Illumina said on July 30 that its second quarter revenues rose 10 percent year over year.

The San Diego-based genomics technology firm reported Q2 revenue of $1.16 billion, up from $1.06 billion in Q2 2025, beating the consensus Wall Street estimate of $1.13 billion.

“Illumina delivered strong results during the second quarter. Momentum continued to build through the first half of 2026, as our technology is enabling clinical customers to expand sequencing-intensive applications,” CEO Jacob Thaysen said in a statement. “Demand for NovaSeq X remains high as we expand our workflow and multiomics capabilities, broadening the value of Illumina’s ecosystem.”

Product revenue for the quarter totaled $982 million, up from $912 million a year ago, and service and other revenue rose to $177 million from $147 million a year ago. Sequencing consumables revenue of $775 million grew 5 percent year over year, driven by expansion of the NovaSeq X installed base, partially offset by a 7 percent decrease in research and applied markets outside of China.

Sequencing instrument revenue of $125 million rose 31 percent year over year, as Illumina placed more than 95 NovaSeq X systems in the quarter. Illumina also saw increased sales of the MiSeq i100, CFO Ankur Dhingra said on a conference call with investors following the release of results.

Total service and other revenue of $177 million grew 20 percent year over year. Sequencing service revenue was $154 million. Illumina officials noted that they’re already making money from the Billion Cell Atlas data product, but did not say how much.

Microarray and other revenue of $105 million rose 21 percent on a reported basis, boosted by the inclusion of SomaLogic revenue.

Clinical markets, which represented approximately 65 percent of sequencing consumables revenue, remained the primary growth driver. The NovaSeq X instrument accounted for 59 percent of all high-throughput consumables revenue and accounted for 83 percent of all gigabases worth of high-throughput sequencing consumables shipped in the quarter.

By geography, US-Canada revenue grew 15 percent on a reported basis and 13 percent organically, with 20 percent growth in clinical sequencing consumables. Europe, Middle East, Africa, and Latin America revenue rose 4 percent reported but was flat organically. Asia-Pacific revenue grew 14 percent reported and 9 percent organically. China revenue fell 12 percent reported and 19 percent organically, reflecting Illumina’s continued inclusion on China’s Unreliable Entities List.

Net income for the quarter was $207 million, or $1.35 per share, compared to $235 million, or $1.49 per share, in Q2 2025. Adjusted EPS was $1.31, beating the consensus Wall Street estimate of $1.23 per share.

Illumina’s R&D expenses rose 2 percent to $252 million from $247 million in Q2 2025. SG&A expenses increased 17 percent to $273 million from $234 million a year ago, reflecting the addition of SomaLogic.

During the quarter, Illumina repurchased approximately 900,000 shares for approximately $122 million.The company had approximately $1.8 billion remaining under its share repurchase authorizations at quarter end.

As of June 28, Illumina had $1.04 billion in cash and cash equivalents and $128 million in short-term investments.

Illumina raised its full-year 2026 revenue guidance to $4.60 billion to $4.64 billion from a prior range of $4.52 billion to $4.62 billion, and lifted its full-year adjusted EPS outlook to $5.30 to $5.40 from a prior range of $5.15 to $5.30. For Q3 2026, Illumina expects reported revenue of $1.14 billion to $1.16 billion and adjusted EPS of $1.33 to $1.38.