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Illumina cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$379M in Q3 2026 · $1.1B over twelve months

Operating cash flow$419M
Capital spending−$40.0M
Free cash flow+$379M
Cash / net income1.9×
Cash conversion cycle186 days

Analysis

In Q3 2026, Illumina generated $419M of operating cash flow and spent $40.0M on capital projects, leaving free cash flow of $379M.

Over the twelve months to Sep 27, 2026, operating cash flow was $1.2B; the largest uses were other financing ($1.0B), buybacks ($421M), acquisitions ($420M); besides operations, cash came from net borrowing (+) / repaid (−) ($792M), other investing ($263M); the cash balance rose by $239M.

Operating cash flow was $419M against net income of $220M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$133M, stock-based pay +$74.0M, depreciation & amortization +$72.0M.

Its cash conversion cycle was 186 days (receivables 61 + inventory 197 − payables 72).

Free cash flow

Illumina: free cash flow by quarterIllumina: free cash flow by quarter$335MQ4 2024$208MQ1 2025$204MQ2 2025$253MQ3 2025$266MQ4 2025$251MQ1 2026$161MQ2 2026$379MQ3 2026
Operating cash flow less capital spending.
Illumina: operating cash flow against capital spendingIllumina: operating cash flow against capital spendingOperating cash flowCapital spending$364M$29.0MQ4 2024$240M$32.0MQ1 2025$234M$30.0MQ2 2025$284M$31.0MQ3 2025$321M$55.0MQ4 2025$289M$38.0MQ1 2026$201M$40.0MQ2 2026$419M$40.0MQ3 2026
Latest (Q3 2026): Operating cash flow $419M, Capital spending $40.0M.

Capital allocation, year by year

Illumina: where the cash came from (up) and went (down), by fiscal yearIllumina: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $545MFY2021: Net borrowing $471MFY2021: Shares issued $60.0MFY2021: Capital spending −$208MFY2021: Acquisitions −$2.4B$1.1BFY2021FY2022: Operating cash flow $392MFY2022: Net borrowing $991MFY2022: Shares issued $63.0MFY2022: Capital spending −$286MFY2022: Acquisitions −$265M$1.4BFY2022FY2023: Operating cash flow $478MFY2023: Net borrowing −$1.2BFY2023: Shares issued $67.0MFY2023: Capital spending −$195MFY2023: Acquisitions −$30.0M$545MFY2023FY2024: Operating cash flow $837MFY2024: Net borrowing $491MFY2024: Shares issued $56.0MFY2024: Capital spending −$128MFY2024: Acquisitions −$81.0MFY2024: Buybacks −$116M$1.4BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing −$5.0MFY2025: Shares issued $44.0MFY2025: Capital spending −$148MFY2025: Acquisitions −$10.0MFY2025: Buybacks −$742M$1.1BFY2025
Over these 5 years operating cash flow totalled $3.3B; the largest uses were acquisitions ($2.8B) and net borrowing ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debtnone
Net cash$1.3B

Illumina funds itself: free cash flow was $1.1B over the last twelve months, with $1.3B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Illumina: sources (+) and uses (−) of cash, Q3 2026Illumina: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$419MCash drawn (+) / kept (−)−$249MOther financing−$233MOther investing$90.0MCapital spending−$40.0MShares issued$22.0MBuybacks−$9.0MTaxes on employees’ shares−$2.0MExchange rates$2.0M
Illumina: sources (+) and uses (−) of cash, TTM to Q3 2026Illumina: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.2BOther financing−$1.0BNet borrowing (+) / repaid (−)$792MBuybacks−$421MAcquisitions−$420MOther investing$263MCash drawn (+) / kept (−)−$239MCapital spending−$173MTaxes on employees’ shares−$51.0MShares issued$46.0MExchange rates$4.0M

From profit to cash

Illumina: net income to operating cash flow, Q3 2026Illumina: net income to operating cash flow, Q3 2026Net income$220MDepreciation & amortization$72.0MStock-based pay$74.0MOther non-cash$1.0MReceivables$27.0MInventory−$38.0MPayables$13.0MAccrued liabilities$133MPrepaid and other assets−$51.0MOther liabilities$6.0MOperating cash flow$419M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266119772186
Q2 20265914552152
Q1 20266614456155
Q4 20256213152141
Q3 20256015154157
Q2 20256013951148
Q1 20256313854146
Q4 20245913650145

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$419M−$40.0M—−$9.0M—$22.0M−$249M$379M
Q2 2026$201M−$40.0M−$2.0M−$128M——$49.0M$161M
Q1 2026$289M−$38.0M−$415M−$242M—$24.0M$329M$251M
Q4 2025$321M−$55.0M−$3.0M−$42.0M−$5.0M—−$368M$266M
Q3 2025$284M−$31.0M—−$130M—$16.0M−$116M$253M
Q2 2025$234M−$30.0M—−$370M—$1.0M$179M$204M
Q1 2025$240M−$32.0M−$7.0M−$200M—$27.0M$14.0M$208M
Q4 2024$364M−$29.0M—−$17.0M——−$258M$335M

Illumina: income statement and cash flow

Illumina, Q3 2026: revenue $1.1B (+4% year over year), operating margin 27.0%. The chart follows the revenue to costs, profit and cash.

Illumina: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.