ILLUMINA, INC.
For the period ended Jun 29, 2025. Filed Aug 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 29, 2025 · Filed Aug 1, 2025
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9. Income Taxes
Our effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits, and the tax impact of non-deductible expenses and other permanent differences between income (loss) before income taxes and taxable income.
Our effective tax rate for Q2 2025 and YTD 2025 was 23.4% and 25.1%, respectively, compared to (0.6)% and (1.4)% in Q2 2024 and YTD 2024, respectively. The variance from the U.S. federal statutory tax rate of 21% in Q2 2025 and YTD 2025 was primarily due to the $10 million and $20 million income tax expense impact of capitalizing research and development expense for tax purposes, respectively. The tax rate in Q2 2025 and YTD 2025 was favorably impacted by the mix of earnings in jurisdictions with lower statutory tax rates than the U.S. federal statutory tax rate, such as Singapore.
As of June 29, 2025 and December 29, 2024, prepaid income taxes, included within prepaid expenses and other current assets on the condensed consolidated balance sheets, were $75 million and $74 million, respectively.
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