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ILLUMINA, INC.

For the period ended Dec 28, 2025. Filed Feb 12, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 12, 2026

ILMN$220.78+3.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

12. Segment and Geographic Information

Reportable Segment Information

As of December 28, 2025, we haveone reportable segment, Core Illumina. Prior to the Spin-Off of GRAIL, on June 24, 2024, our reportable segments included both Core Illumina and GRAIL. See note 8. GRAIL Spin-Off for details. We continue to disclose certain historical information for GRAIL prior to the Spin-Off. Segment information is consistent with how our Chief Operating Decision Maker (CODM), who is our Chief Executive Officer, reviews financial information, makes operating decisions, allocates resources, and assesses performance. We also consider the way budgets and forecasts are prepared and reviewed and the basis on which executive compensation is determined.

Core Illumina: Core Illumina’s products and services serve customers in the research, clinical and applied markets, and enable the adoption of a variety of genomic solutions. Core Illumina sells products and provides services to GRAIL, and vice versa, in accordance with contractual agreements between the entities.

GRAIL: GRAIL is a healthcare company focused on early detection of multiple cancers. Prior to the Spin-Off of GRAIL into a separate, independent public company, GRAIL was required to be held and operated separately and independently from Illumina pursuant to the transitional measures ordered by the European Commission.

Our CODM allocates resources and evaluates business performance based on revenues and net income (loss). Net income (loss) is used in the annual budgeting and monthly forecasting processes and to monitor and assess budgeted/forecasted versus actual results. Our CODM does not evaluate segments using asset information. The accounting policies for segments are the same as those described in the summary of significant accounting policies.

The following tables present selected financial information with respect to segments for the periods presented:

In millions202520242023
Core Illumina:
Revenue (1)$4,343$4,332$4,438
Less:
Cost of revenue1,4731,4241,582
Research and development9679881,030
Selling and marketing618638648
General and administrative468262600
Goodwill and intangible impairment—36
Legal contingency and settlement10(456)20
Core Illumina income from operations8071,473552
GRAIL:
Revenue—5593
Total operating expenses (2)—2,3601,714
Consolidated other income (expense), net279(346)(48)
Consolidated provision for income taxes2364444
Intersegment eliminations—(1)—
Consolidated net income (loss)$850$(1,223)$(1,161)

(1)Core Illumina revenue for 2024 and 2023 included intercompany revenue of $15 million and $26 million, respectively.

(2)GRAIL operating expenses are inclusive of cost of revenue, research and development, selling and marketing, general and administrative, and goodwill and intangible impairment for the comparative periods prior to the Spin-Off on June 24, 2024.

In millions202520242023
Depreciation and amortization:
Core Illumina$270$280$273
GRAIL—74159
Consolidated depreciation and amortization$270$354$432
Capital expenditures:
Core Illumina$148$137$183
GRAIL—513
Eliminations——(1)
Consolidated capital expenditures$148$142$195

Geographic Data

Long-lived assets, consisting of property and equipment and operating lease right-of-use assets, were as follows:

In millionsDecember 28,2025December 29,2024
United States$660$750
Singapore281279
United Kingdom119124
Other countries6981
Total long-lived assets, net$1,129$1,234

Refer to note 2. Revenue for revenue by geographic area.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.