Illumina Reports 4.8% Revenue Growth to $1.091 Billion in Q1 2026

Illumina, Inc. reported its financial results for the first quarter of 2026, revealing total revenue of $1.091 billion, a 4.8% increase from $1.041 billion in the same period last year. The growth was primarily driven by a rise in product revenue, which reached $917 million, up from $880 million in Q1 2025. Service and other revenue also saw an increase, totaling $174 million compared to $161 million in the prior year. The company achieved a net income of $134 million, slightly higher than the $131 million reported in Q1 2025, resulting in earnings per share of $0.87 on a diluted basis, compared to $0.82 in the previous year.

In terms of operational changes, Illumina completed the acquisition of SomaLogic on January 30, 2026, for a total purchase price of $460 million. This acquisition is expected to enhance Illumina's capabilities in the proteomics market and support its multiomics strategy. The financial results of SomaLogic have been included in Illumina's consolidated financial statements from the acquisition date. The company also reported a significant increase in goodwill, which rose to $1.284 billion from $1.113 billion, reflecting the acquisition's impact.

Geographically, revenue from the United States and Canada increased to $590 million from $555 million, while revenue from Europe, the Middle East, Africa, and Latin America rose to $356 million from $332 million. However, revenue from Greater China decreased to $52 million from $72 million, and revenue from the Asia-Pacific region increased to $93 million from $82 million. The company has implemented a new global commercial structure to improve operational efficiencies and align better with local markets.

Illumina's total assets decreased to $6.559 billion from $6.644 billion at the end of the previous fiscal year, primarily due to a reduction in cash and cash equivalents, which fell to $1.089 billion from $1.418 billion. The company reported a total of 201 million shares outstanding as of March 29, 2026, with approximately 9.8 million shares available for future grants under its stock incentive plan. Looking ahead, Illumina anticipates continued growth driven by its strategic initiatives, including the integration of SomaLogic and ongoing product development efforts, despite potential challenges from market conditions and regulatory environments.