What is Illumina's operating margin?

Illumina (ILMN) reported operating margin of 19.4% in Q1 2026.

What does operating margin mean?

The profit left from core operations for every dollar of sales, before interest and taxes.

How do you interpret operating margin?

Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.

How does operating margin compare across companies?

Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.

Illumina ILMN Operating margin

Operating margin at other companies

Thermo Fisher ScientificTMO

17.2%+0.8pp

Guardant HealthGH

-41.4%-9.4pp

Natera, Inc.NTRA

-13%+0.6pp

Agilent TechnologiesA

21.5%+0.1pp

DanaherDHR

19.2%-1.0pp

AbbottABT

17.1%+0.2pp

Other financials

Income statement

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Revenue$1.1B+4.8%

Gross profit$721.0M+5.6%

Operating income$209.0M+27.4%

Net income$134.0M+2.3%

EPS (diluted)$0.87+6.1%

Balance sheet

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Cash & equivalents$1.1B-2.2%

Total debt$2.0B-3.0%

Total equity$2.7B+13.0%

Total assets$6.6B+6.1%

Cash flow

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Operating cash flow$289.0M+20.4%

CapEx$38.0M+18.8%

Free cash flow$251.0M+20.7%

Valuation

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Market cap$24.07B+50.0%

Enterprise value$25.03B+46.0%

P/E28.2×—

P/S5.5×+1.8×

Profitability

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Gross margin66.2%-0.1pp

Net margin19.4%+12.7pp

Returns & leverage

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Return on equity33.8%+23.9pp

Debt / equity0.8×-0.1×

Current ratio1.7×-0.1×

Where this comes from

Calculated from Illumina’s reported figures.

operating income/total revenue=19.4%

Based on trailing twelve months.

The official record: Illumina’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Illumina's operating margin?: Illumina (ILMN) reported operating margin of 19.4% in Q1 2026.
What does operating margin mean?: The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?: Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?: Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.