ILMN

Key takeaways

• Revenue rose 9.4% year over year to $1,159.0M and 6.2% sequentially from $1,091.0M in Q1 FY2026, ending the annual decline that began in Q2 FY2023 and marking the first year-over-year increase since Q3 FY2025's 0.4% rise.
• Operating income rose 14.5% to $245.0M, the seventh consecutive quarterly operating profit after five quarters of losses tied to non-operating and one-off items rather than the underlying business.
• Gross margin was 66.4%, up 0.8 point year over year and 0.4 point sequentially, moving closer to the ~70% pre-pandemic level as product mix shifted back toward historical norms.