Q3 FY26 · Ended Sep 27, 2026 · View SEC filing
Cost of revenue fell even as sales rose
Cost of revenue fell 14.8% while revenue rose 4.2%, and the filing ties part of the drop to expected tariff refunds.
For investorsHow much of the margin gain outlasts the tariff refunds?
For foundersThe razor-and-reagent playbook behind Illumina's gross margin
Operating expense rose 3.8% against gross profit up 13.2%, so most of the gross margin gain reached operating income.
Operating cash flow was 1.9 times net income, and capital spending absorbed less than a tenth of it.
Last fiscal year revenue trailed the earlier peak, yet operating income was $807M against a $4.2B loss in the peak year.
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Business Lens describes Illumina from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
