SHARPE
Reported results
- Reported revenue was $1.13 billion for Q3 2026, up 4.2% from Q3 2025.
- GAAP operating margin was 27.0% for Q3 2026 compared to 21.0% in Q3 2025.
- Non-GAAP operating margin, excluding tariff refunds, was 25.0% for Q3 2026.
- GAAP diluted EPS was $1.43 for Q3 2026 compared to $0.98 for Q3 2025.
- Non-GAAP diluted EPS, excluding tariff refunds, was $1.44 for Q3 2026.
- Free cash flow was $378 million for Q3 2026, compared to $253 million in the prior year period.
Guidance
- For fiscal year 2026 and excluding tariff refunds, Illumina expects total revenue of $4.64-$4.66 billion.
- For fiscal year 2026 and excluding tariff refunds, Illumina expects organic revenue growth greater than 4% and ROW organic revenue growth greater than 5%.
- For fiscal year 2026 and excluding tariff refunds, Illumina expects non-GAAP operating margin of 23.6%.
- For fiscal year 2026 and excluding tariff refunds, Illumina expects non-GAAP diluted EPS of $5.40-$5.45.
Notes
Q3 2026 non-GAAP figures excluding tariff refunds omit the impacts of International Emergency Economic Powers Act (IEEPA) tariff refunds expected to be recovered, consisting primarily of a $79 million benefit recognized as a reduction to cost of revenue and a $37 million reduction to revenue for tariff refunds expected to be credited to customers.
Price and volatility reaction
The stock moved -18.6% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -6.0 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 290.06 | 2026-10-29 |
| Close after release | 235.99 | 2026-10-30 |
| Realised move | -18.6% | close to close |
| 30d ATM IV change | -6.0 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-29 (8-K, Item 2.02). Read the original filing on sec.gov.