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STOCKHOLDERS’ EQUITY - Restricted Stock Activity and Related Information (Details) shares in Thousands	6 Months Ended
	Jun. 28, 2026 $ / shares shares
Restricted Stock Units (RSU)
Stock Units
Outstanding at period start (in shares) \| shares	3,738
Awarded (in shares) \| shares	1,310
Vested (in shares) \| shares	(971)
Cancelled (in shares) \| shares	(232)
Outstanding at period end (in shares) \| shares	3,845
Weighted-Average Grant Date Fair Value per Share
Outstanding at period start (in dollars per share) \| $ / shares	$ 118.82
Awarded (in dollars per share) \| $ / shares	128.82
Vested (in dollars per share) \| $ / shares	116.58
Cancelled (in dollars per share) \| $ / shares	119.41
Outstanding at period end (in dollars per share) \| $ / shares	$ 122.76
Performance Stock Units (PSU)
Stock Units
Outstanding at period start (in shares) \| shares	856
Awarded (in shares) \| shares	876
Vested (in shares) \| shares	0
Cancelled (in shares) \| shares	(149)
Outstanding at period end (in shares) \| shares	1,583
Weighted-Average Grant Date Fair Value per Share
Outstanding at period start (in dollars per share) \| $ / shares	$ 123.77
Awarded (in dollars per share) \| $ / shares	161.80
Vested (in dollars per share) \| $ / shares	0
Cancelled (in dollars per share) \| $ / shares	124.92
Outstanding at period end (in dollars per share) \| $ / shares	$ 144.70

REVENUE

6 Months Ended

Jun. 28, 2026

Revenue from Contract with Customer [Abstract]

REVENUE


3. REVENUE

Our revenue is generated from the sale of products and services. Product revenue consists of sales of instruments and consumables used in genetic analysis. Service and other revenue consists of revenue generated from genotyping and sequencing services, instrument service contracts, and development and licensing agreements.

Revenue by Source


	Q2 2026						Q2 2025
In millions	Sequencing		Microarray		Total		Sequencing		Microarray		Total
Consumables	$	775	$	77	$	852	$	740	$	71	$	811
Instruments	125		5		130		96		5		101
Total product revenue	900		82		982		836		76		912
Service and other revenue	154		23		177		136		11		147
Total revenue	$	1,054	$	105	$	1,159	$	972	$	87	$	1,059

	YTD 2026						YTD 2025
In millions	Sequencing		Microarray		Total		Sequencing		Microarray		Total
Consumables	$	1,500	$	149	$	1,649	$	1,437	$	143	$	1,580
Instruments	243		7		250		204		9		213
Total product revenue	1,743		156		1,899		1,641		152		1,793
Service and other revenue	306		46		352		277		30		307
Total revenue	$	2,049	$	202	$	2,251	$	1,918	$	182	$	2,100

Revenue by Geographic Area


Based on region of destination (in millions)	Q2 2026		Q2 2025 (1)		YTD 2026		YTD 2025 (1)
United States and Canada	$	653	$	569	$	1,243	$	1,125
Europe, Middle East, Africa and Latin America	368		355		725		686
Greater China (2)	56		63		108		135
Asia-Pacific	82		72		175		154
Total revenue	$	1,159	$	1,059	$	2,251	$	2,100

_____________

(1)We implemented a new global commercial structure in Q1 2026 to improve operating efficiencies and better align with local markets. Beginning in Q1 2026, we began reporting regional results for: United States and Canada (USCAN), Europe, Middle East, Africa and Latin America (EMEALA), Greater China, and Asia-Pacific (APAC). Prior period amounts were reclassified to conform to this new presentation.

(2)Region includes revenue from China, Taiwan, and Hong Kong.

Contract Assets and Liabilities

Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing, as of June 28, 2026 and December 28, 2025 were $20 million and $21 million, respectively, all of which were short-term and recorded in prepaid expenses and other current assets.

Contract liabilities, consisting of deferred revenue and customer deposits, as of June 28, 2026 and December 28, 2025, were $333 million and $346 million, respectively, of which the short-term portions of $261 million and $270 million, respectively, were recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q2 2026 and YTD 2026 included $71 million and $169 million, respectively, of previously deferred revenue that was included in contract liabilities as of December 28, 2025.

Remaining Performance Obligations

We regularly enter into contracts with multiple performance obligations. These contracts are believed to be firm as of the balance sheet date; however, we may allow customers to make product substitutions as we launch new products. The timing of shipments depends on several factors, including agreed upon shipping schedules, which may span multiple quarters. Most performance obligations are generally satisfied within approximately six months after the contract execution date and primarily consist of instruments, consumables, and instrument service contracts. As of June 28, 2026, the aggregate amount of the transaction price allocated to these remaining performance obligations was $1.0 billion, of which approximately 83% is expected to be converted to revenue in the next twelve months, approximately 11% in the following twelve months, and the remainder thereafter.

We also enter into various development and licensing contracts. These contracts are believed to be firm as of the balance sheet date; however, these arrangements do allow for early termination with prorated fees. These contracts generally have delivery periods spanning several years. As of June 28, 2026, the aggregate amount of the transaction price allocated to these remaining performance obligations was approximately $43 million.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 28, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL


2. ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL

SomaLogic Acquisition

On January 30, 2026, we acquired SomaLogic, a proteomics company that provides high-throughput protein measurement technology and related data analysis services, and other specified assets from Standard BioTools. We expect the acquisition to enhance our presence in the proteomics market and advance our multiomics strategy.

The total purchase price consisted of the following:


In millions
Cash	$	382
Fair value of contingent consideration	81
Settlement of preexisting relationship	(3)
Total purchase price	$	460

Standard BioTools is eligible to receive up to $75 million in milestone payments, comprised of up to $25 million based on 2025 performance and up to $50 million based on 2026 performance, due upon the achievement of specified targets for net revenue generated from SOMAmer-based assay services and related products (the Milestone Contingent Consideration). In Q2 2026, we paid $25 million for the milestone payment earned for the 2025 performance period. In addition, Standard BioTools is entitled to receive a 2% royalty on net revenues generated from sales of SOMAmer-based next-generation sequencing (NGS) library preparation kits, paid quarterly for 10 years from the acquisition date and continuing through January 2036 (the Royalty Contingent Consideration). The aggregate acquisition date fair value of these contingent consideration arrangements was $81 million.

We used a Monte Carlo simulation to estimate the fair value of the Milestone Contingent Consideration and a discounted cash flow analysis to estimate the fair value of the Royalty Contingent Consideration. Estimates and assumptions used in the Monte Carlo simulation and discounted cash flow analysis included forecasted revenues, a revenue risk premium, an operational leverage ratio and a counterparty credit spread. An estimate for revenue volatility was also used in the Monte Carlo simulation. These unobservable inputs represent a Level 3 measurement because they are supported by little or no market activity and reflect our own assumptions in measuring fair value.

On July 27, 2026, we paid $30 million to buyout the remaining contingent consideration obligations that were outstanding as of June 28, 2026. See note 4. Investments and Fair Value Measurements for additional details.

The preliminary fair values of assets acquired and liabilities assumed were:


In millions	As Initially Reported		Measurement Period Adjustments		As Adjusted
Cash and cash equivalents	$	19	$	—	$	19
Accounts receivable	13		—		13
Inventory (1)	57		—		57
Property and equipment	19		—		19
Operating lease right-of-use assets	14		—		14
Other current and noncurrent assets	3		6		9
Intangible assets	186		—		186
Goodwill	171		—		171
Operating lease liabilities, noncurrent	(12)		—		(12)
Other current and noncurrent liabilities	(10)		(6)		(16)
Total net assets acquired	$	460	$	—	$	460

_____________

(1)Includes $22 million of inventory classified as noncurrent. See note 7. Supplemental Balance Sheet and Statement of Operations Details.

We recorded a measurement period adjustment in Q2 2026 for the settlement of an assumed contingency for which the Company is indemnified. We are still finalizing the allocation of the purchase price as additional information is received to complete our analysis and certain tax returns are finalized. The preliminary fair value estimates assigned to goodwill and the related tax impacts of the acquisition, among other items, are subject to change. We expect to finalize the allocation as soon as practicable, but no later than one year after the acquisition date.

Goodwill is primarily attributable to assembled workforce, expanded market opportunities, and expected synergies to be achieved. We expect that the entire amount of goodwill recognized will be deductible for tax purposes.

The preliminary fair values assigned to identifiable intangible assets acquired were as follows:


In millions, except years	Fair Value		Estimated Useful Life
Developed technology	$	158	9
Trade name	16		7
Customer relationships	12		8
Total intangible assets	$	186

The fair values of the developed technology, trade name and customer relationships were estimated using an income approach. Under the income approach, an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. The estimated fair values were developed by discounting future net cash flows to their present value at market-based rates of return. The useful lives of the intangible assets for amortization purposes were determined by considering the period of expected cash flows used to measure the fair values of the intangible assets adjusted as appropriate for entity-specific factors. The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives.

Transaction costs associated with the acquisition, consisting primarily of legal, regulatory and financial advisory fees, were approximately $9 million and $6 million in YTD 2026 and YTD 2025, respectively. These costs were expensed as incurred as selling, general and administrative expense.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information summarizes the combined results of operations of Illumina and SomaLogic as if the companies had been combined as of the beginning of our fiscal year 2025.


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Revenue	$	1,159	$	1,076	$	2,258	$	2,136
Net income	$	192	$	241	$	333	$	318

The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition been completed at the beginning of our fiscal year 2025. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition. The unaudited pro forma financial information includes adjustments to reflect the elimination of intercompany transactions, incremental amortization and depreciation expense of the intangible assets and property and equipment acquired, respectively, acquisition-related transaction costs, and purchase accounting adjustments to reflect fair value step-up adjustments for inventory and fixed assets, among other items.

Intangible Assets

The following is a summary of our identifiable intangible assets:


	June 28, 2026				December 28, 2025
In millions	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Developed technologies and patents	$	644	$	(354)	$	290	$	436	$	(335)	$	101
Licensed technologies	234		(157)		77		234		(143)		91
Customer relationships	28		(15)		13		16		(14)		2
License agreements	25		(15)		10		24		(14)		10
Trade names	18		(3)		15		2		(2)		—
Database	12		(7)		5		12		(6)		6


Total intangible assets, net	$	961	$	(551)	$	410	$	724	$	(514)	$	210

During Q1 2026, we acquired an intellectual property portfolio for total consideration of $50 million, which was assigned to an individual intangible asset that is amortized on a straight-line basis over an estimated useful life of 14 years. A cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values.

In Q2 2025, we recorded an impairment charge of $23 million when the planned use of a finite-lived intangible asset changed. We performed a recoverability test and concluded the carrying value of the intangible asset exceeded its estimated fair value, which was determined using a discounted cash flow model that included estimates and assumptions for projected future cash flows. The estimates and assumptions used in our assessment of fair value represent Level 3 measurements as they are supported by little or no market activity and reflect our own assumptions in measuring fair value. The impairment was recorded in cost of product revenue.

The estimated future annual amortization of intangible assets is shown in the following table. Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.


In millions	Estimated Annual Amortization
2026 (remainder of year)	$	39
2027	78
2028	76
2029	46
2030	40
Thereafter	131
Total	$	410

Goodwill

Changes to goodwill during YTD 2026 were as follows:


In millions
Balance as of December 28, 2025	$	1,113
Acquisition of SomaLogic	171
Balance as of June 28, 2026	$	1,284

Goodwill is reviewed for impairment annually, during the second quarter, or more frequently if an event occurs indicating the potential for impairment. We performed our annual assessment in Q2 2026, noting no impairment.

- Definition

The entire disclosure for business combination.

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+ Details

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 28, 2026 segment
Segment Reporting [Abstract]
Number of reportable segment	1

STOCKHOLDERS’ EQUITY - Narrative - Employee Stock Purchase Plan (Details) - Employee Stock - ESPP shares in Millions	6 Months Ended
	Jun. 28, 2026 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Specified percentage of the fair market value of the common stock on the first or last day of the offering period whichever is lower at which stock is purchased	85.00%
Total shares issued under the ESPP (in shares)	0.3
Shares available for issuance (in shares)	11.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEGAL PROCEEDINGS

6 Months Ended

Jun. 28, 2026

Commitments and Contingencies Disclosure [Abstract]

LEGAL PROCEEDINGS


8. LEGAL PROCEEDINGS

We are involved in various lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and contractual matters. In connection with these matters, we assess, on a regular basis, the probability and range of possible loss based on the developments in these matters. A liability is recorded in the condensed consolidated financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review outstanding legal matters to determine the adequacy of the liabilities accrued and related disclosures in consideration of many factors, which include, but are not limited to, past history, scientific and other evidence, and the specifics and status of each matter. We may change our estimates if our assessment of the various factors changes and the amount of ultimate loss may differ from our estimates, resulting in a material effect on our business, financial condition, results of operations, and/or cash flows.

Shareholder Derivative Complaints

On October 17, 2023, a stockholder derivative and class action complaint captioned Icahn Partners LP, et al. v. deSouza, et al., purportedly brought on behalf of Illumina and public holders of Illumina’s common stock, was filed in the Delaware Court of Chancery against certain current and former directors (including our former Chief Executive Officer). We are named as a nominal defendant in the complaint. The lawsuit alleges the named directors breached their fiduciary duties by knowingly causing Illumina to unlawfully close the GRAIL acquisition, concealing material facts related to the GRAIL acquisition and making inadequate disclosures. Before the filing of the complaint, the purported stockholders did not make a demand that our Board of Directors pursue the claims asserted therein. The complaint seeks damages, costs and expenses, including attorneys’ fees, the certification and consolidation of a putative class, the issuance of amended disclosures, the removal of conflicted directors and declaratory and other equitable relief. On November 1, 2023, the defendants filed a motion to dismiss the complaint.

On February 26, 2024, a stockholder derivative complaint captioned City of Omaha Police and Firefighters Retirement System v. deSouza, et al., purportedly brought on behalf of Illumina, was filed in the Delaware Court of Chancery against certain current and former directors. On April 16, 2024, a stockholder derivative complaint captioned City of Roseville General Employees Retirement System, et al. v. deSouza, et al., purportedly brought on behalf of Illumina, was filed in the Delaware Court of Chancery against certain current and former directors and officers. On March 26, 2024, the defendants filed a motion to dismiss the complaint in the lawsuit filed by City of Omaha Police and Firefighters Retirement System. On May 16, 2024, the defendants filed a motion to dismiss the complaint in the lawsuit filed by City of Roseville General Employees Retirement System, et al.

On December 23, 2024, a stockholder derivative complaint captioned The Pavers and Road Builders Benefit Funds v. deSouza, et al., purportedly brought on behalf of Illumina, was filed in the Delaware Court of Chancery against certain current and former directors and officers. Like the complaints described above, the lawsuits allege the named directors and officers breached their fiduciary duties by knowingly causing Illumina to unlawfully close the GRAIL acquisition. Before the filing of the complaint, the purported stockholder did not make a demand that our Board of Directors pursue the claim asserted therein. The complaint seeks damages against the individual defendants and other equitable relief. On January 21, 2025, the defendants filed a motion to dismiss the complaint in the lawsuit filed by The Pavers and Road Builders Benefit Funds.

On March 27, 2025, the parties in the Icahn Partners LP, et al. v. deSouza, et al., City of Omaha Police and Firefighters Retirement System v. deSouza, et al., City of Roseville General Employees Retirement System, et al. v. deSouza, et al. and The Pavers and Road Builders Benefit Funds v. deSouza, et al. Delaware shareholder derivative actions filed a stipulation to consolidate those actions. On April 11, 2025, the parties to the Icahn Partners LP, et al. v. deSouza, et al. action informed the court that they had agreed to a settlement in principle of that action involving a release of claims and no payment by any party. On April 17, 2025, the court held a teleconference on the consolidated action, during which it directed the parties to (i) refile the consolidation stipulation once the Icahn Partners LP, et al. v. deSouza, et al. settlement was finalized and (ii) proceed with the briefing on the motion to dismiss the operative complaint in the consolidated action, which is the complaint filed in The Pavers and Road Builders Benefit Funds v. deSouza, et al.

On June 2, 2025, (i) Alex Aravanis filed his opening brief in support of his motion to dismiss, (ii) Francis deSouza, John W. Thompson, Frances Arnold, Caroline Dorsa, Robert Epstein, Scott Gottlieb, Gary Guthart, Philip Schiller and Susan Siegel (Director Defendants) filed their opening brief in support of their motion to dismiss and (iii) Illumina filed a joinder to the Director Defendants’ motion. On July 17, 2025, the court granted a stipulation filed by the parties giving plaintiffs until August 8, 2025, to file an amended complaint. On August 8, 2025, plaintiffs filed an amended complaint and a stipulation to dismiss without prejudice all claims against Alex Aravanis, and the court granted the stipulation the same day. In a settlement agreement dated August 21, 2025, the parties in Icahn Partners LP, et al. v. deSouza, et al. agreed that the matter would be dismissed with a full release of claims and no payment by any party. On September 19, 2025, the parties in Icahn Partners LP, et al. v. deSouza, et al. filed a stipulation and proposed order of dismissal in that case. On November 3, 2025, the court held a teleconference with the parties in the Icahn Partners LP, et al. v. deSouza, et al., City of Omaha Police and Firefighters Retirement System v. deSouza, et al., City of Roseville General Employees Retirement System, et al. v. deSouza, et al. and The Pavers and Road Builders Benefit Funds v. deSouza, et al. actions and asked them to submit supplemental authority in support of dismissal of the Icahn Partners LP, et al. v. deSouza, et al. action. The parties filed a notice of supplemental authority in support of dismissal on December 2, 2025. On February 20, 2026, the court ordered that notice of the proposed settlement be given to stockholders before dismissal. On April 22, 2026, the parties filed a proposed scheduling order and notice for a hearing on the dismissal. On April 28, 2026, the court denied the proposed scheduling order on procedural grounds and directed the parties to submit a revised proposed order conforming to Court of Chancery Rules 23(f)(3)(D)(iv) and 23.1(d)(3)(D)(iii) by providing a summary of the claims, issues, defenses, and relief sought in the Icahn action. On June 18, 2026, the parties filed a revised proposed scheduling order, notice and stipulation and proposed order of dismissal.

On October 3, 2025, the Director Defendants filed their opening brief in support of defendants’ motion to dismiss the amended complaint filed in the consolidated Pavers action. Illumina filed a joinder to the opening brief. Plaintiffs filed their answering brief on November 20, 2025, and the Director Defendants filed their reply brief on December 19, 2025. Illumina filed a joinder to the reply brief. A hearing on the motion to dismiss was held on February 13, 2026.

In light of the fact that these lawsuits are in an early stage, we cannot predict the ultimate outcome of the suits. We deny the allegations in the complaints and intend to vigorously defend against the litigation matters.

On May 1, 2024, stockholder Michael Warner sent a litigation demand to our Board of Directors requesting that a civil action for monetary damages be brought by the Board of Directors on behalf of Illumina against officers and directors involved with the GRAIL acquisition. On July 30, 2024, the Board unanimously determined that it was in the best interest of the Company and its shareholders to defer a final decision on the demand given, among other things, the pending stockholder lawsuits described herein and the similarity of issues raised in the demand and those lawsuits. By letter dated October 13, 2025, Mr. Warner requested that the Board reconsider his demand in light of developments in the various shareholder cases related to the acquisition of GRAIL. On February 4, 2026, the Board unanimously determined that it was in the best interest of the Company and its shareholders to continue to defer a final decision on the demand. Our Board will monitor the stockholder lawsuits and revisit the demand as warranted as the lawsuits progress.

On August 21, 2024, an additional stockholder, Jane Davidson, sent a litigation demand to our Board of Directors requesting that a civil action for breaches of fiduciary duty, indemnification, contribution and other appropriate claims be brought by the Board of Directors on behalf of Illumina against officers and directors involved with the GRAIL acquisition. On October 29, 2024, the Board unanimously determined that it was in the best interest of the Company and its shareholders to defer a final decision on the demand given, among other things, the pending stockholder lawsuits described herein and the similarity of issues raised in the demand and those lawsuits. Our Board will monitor the stockholder lawsuits and revisit the demand as warranted as the lawsuits progress.

Securities Class Actions

Federal Securities Class Actions. On November 11, 2023, the first of three securities class action complaints was filed against Illumina and certain of its current and former executive officers in the United States District Court for the Southern District of California. The first-filed case is captioned Kangas v. Illumina, Inc. et al., the second-filed case is captioned Roy v. Illumina, Inc. et al., and the third-filed case is captioned Louisiana Sheriffs’ Pension & Relief Fund v. Illumina, Inc. et al. (collectively, the Actions). The complaints generally allege, among other things, that defendants made materially false and misleading statements and omitted material facts relating to Illumina’s acquisition of GRAIL. The complaints seek unspecified damages, interest, fees, and costs. On January 9, 2024, four movants filed motions to consolidate the Actions and to appoint a lead plaintiff (Lead Plaintiff Motions). On April 11, 2024, the Court issued an order consolidating the Actions into a single action (captioned in re Illumina, Inc. Securities Litigation No. 23-cv-2082-LL-MMP), and appointed Universal-Investment-Gesellschaft mbH, UI BVK Kapitalverwaltungsgesellschaft mbH, and ACATIS Investment Kapitalverwaltungsgesellschaft mbH as lead plaintiffs (the Lead Plaintiffs). On June 21, 2024, the Lead Plaintiffs filed their consolidated amended complaint. The complaint alleges that Illumina and GRAIL and certain of their current and former directors and officers violated Sections 10(b) and 20(a) of the Securities Exchange Act and SEC Rule 10b-5 in connection with Illumina’s acquisition of GRAIL. On September 13, 2024, the Lead Plaintiffs filed a second amended consolidated complaint. On November 12, 2024, the Company and other defendants filed a motion to dismiss the second amended consolidated complaint. On December 20, 2024, the Lead Plaintiffs filed their opposition to the motion to dismiss. The defendants’ final reply brief was filed on February 3, 2025. On September 26, 2025, the Court granted the defendants’ motion to dismiss for failure to state a claim, but granted plaintiffs leave to file an amended complaint by October 27, 2025. On October 27, 2025, the Plaintiffs filed a Third Amended Complaint. On December 11, 2025, the Company filed a motion to dismiss the Third Amended Complaint. On February 4, 2026, the Plaintiffs filed their opposition to the motion to dismiss. The Company filed its reply on March 6, 2026. No hearing date has been set.

State Securities Class Actions. On February 2, 2024, the first of two additional securities class actions was filed against Illumina, certain of its officers and directors, and several other individuals and entities in the Superior Court of the State of California, County of San Mateo, captioned Loren Scott Mar v. Illumina, et al. and Scott Zerzanek v. Illumina, Inc. et al. Both complaints generally allege, among other things, that defendants made materially false and misleading statements and omitted material facts in the November 2020 and February 2021 registration statements and prospectus relating to Illumina’s acquisition of GRAIL. The complaints seek unspecified damages, interest, fees, and costs. On March 29, 2024, the parties to the actions filed a Joint Stipulation to Consolidate the actions and to appoint co-lead counsel for plaintiffs, which the Court granted on April 5, 2024. On August 12, 2024, the Plaintiffs filed their consolidated complaint. On February 28, 2025, the defendants filed demurrers seeking dismissal of the litigation. On April 30, 2025, Plaintiffs filed their oppositions to the demurrers. On September 3, 2025, the Court overruled Illumina’s demurrer. On September 16, 2025, Illumina filed its answer to the consolidated complaint denying the allegations. On October 28, 2025, the Company filed a writ with the California Court of Appeals seeking interlocutory appellate review of the Court’s order overruling Illumina’s demurrer. On October 31, 2025, the Court of Appeals denied the writ. On January 26, 2026, the Plaintiffs filed a motion for class certification, and the Company opposed. On May 15, 2026, the Court granted the motion to certify the class. On July 28, 2026, the Company filed a writ with the California Court of Appeals seeking interlocutory appellate review of the court’s order granting class certification.

On March 27, 2026, the Company filed a motion for judgment on the pleadings. On June 26, 2026, the court denied the motion. On June 18, 2026, the Company filed a motion for leave to amend its answer to include additional affirmative defenses. A hearing on the motion is scheduled for October 30, 2026.

In light of the fact that the lawsuits are in an early stage, we cannot predict the ultimate outcome of the suits. We deny the allegations in the complaints and intend to vigorously defend the litigation.

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS (Tables)

6 Months Ended

Jun. 28, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

Accounts Receivable


In millions	June 28, 2026		December 28, 2025
Trade accounts receivable, gross	$	773	$	861
Allowance for credit losses	(9)		(7)
Total accounts receivable, net	$	764	$	854

Schedule of Inventory

Inventory


In millions	June 28, 2026		December 28, 2025
Raw materials	$	295	$	254
Work in process	426		398
Finished goods	57		45
Inventory, gross	778		697
Inventory reserve	(123)		(133)
Total inventory, net	$	655	$	564
Inventory, current	$	629	$	564
Inventory, non-current (included in other assets)	$	26	$	—

Schedule of Accrued Liabilities

Accrued Liabilities


In millions	June 28, 2026		December 28, 2025
Contract liabilities, current portion	$	261	$	270
Accrued compensation expenses	230		249
Accrued taxes payable	101		107
Operating lease liabilities, current portion	82		78
Contingent consideration liabilities, current portion	38		2
Other, including warranties (1)	136		140
Total accrued liabilities	$	848	$	846

_____________

(1)See table below for changes in the reserve for product warranties.

Schedule of Changes in Reserve for Product Warranties

Changes in the reserve for product warranties were as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Balance at beginning of period	$	16	$	17	$	17	$	18
Additions charged to cost of product revenue	6		6		11		14
Repairs and replacements	(5)		(7)		(11)		(16)
Balance at end of period	$	17	$	16	$	17	$	16

Government Assistance

We recognized benefits (reductions of expense) in our consolidated statements of operations as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Cost of revenue	$	—	$	—	$	1	$	—
Research and development	5		2		10		3
Selling, general and administrative	17		2		17		3
Total benefits recognized	$	22	$	4	$	28	$	6

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Preliminary Fair Value Assets and Liabilities Assumed (Details - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2026	Jan. 30, 2026	Dec. 28, 2025
Business Combination
Goodwill	$ 1,284		$ 1,113
SomaLogic
Business Combination
Cash and cash equivalents	19	$ 19
Accounts receivable	13	13
Inventory	57	57
Property and equipment	19	19
Operating lease right-of-use assets	14	14
Other current and noncurrent assets	9	3
Intangible assets	186	186
Goodwill	171	171
Operating lease liabilities, noncurrent	(12)	(12)
Other current and noncurrent liabilities	(16)	(10)
Total net assets acquired	460	460
Inventory, noncurrent		$ 22
Measurement Period Adjustments
Other current and noncurrent assets	6
Other current and noncurrent liabilities	$ (6)

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Contingent Consideration Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2026	Jan. 30, 2026	Dec. 28, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration liabilities	$ 77		$ 54
SomaLogic
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration liabilities		$ 81
Business Combination Contingent Consideration Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 28, 2025	54
Contingent consideration liabilities	81
Change in estimated fair value	(32)
Cash payments	(26)
Balance as of June 28, 2026	$ 77

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 28, 2026 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,113
Acquisition of SomaLogic	171
Balance at end of period	$ 1,284

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Marketable Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Fair Value Disclosures [Abstract]
Net gains (losses) recognized during the period	$ 22	$ 97	$ (23)	$ 128
Less: Net gains recognized during the period on securities sold during the period	0	0	12	0
Net unrealized gains (losses) recognized during the period on securities still held at the reporting date	$ 22	$ 97	$ (35)	$ 128

REVENUE - Narrative - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2026	Jun. 28, 2026	Dec. 28, 2025
Revenue from Contract with Customer [Abstract]
Contract asset	$ 20	$ 20	$ 21
Contract with customer, liability	333	333	346
Contract liabilities, current portion	261	261	$ 270
Revenue recognized	$ 71	$ 169

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,159	$ 1,059	$ 2,251	$ 2,100
United States and Canada
Disaggregation of Revenue [Line Items]
Total revenue	653	569	1,243	1,125
Europe, Middle East, Africa and Latin America
Disaggregation of Revenue [Line Items]
Total revenue	368	355	725	686
Greater China
Disaggregation of Revenue [Line Items]
Total revenue	56	63	108	135
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	82	72	175	154
Total product revenue
Disaggregation of Revenue [Line Items]
Total revenue	982	912	1,899	1,793
Consumables
Disaggregation of Revenue [Line Items]
Total revenue	852	811	1,649	1,580
Instruments
Disaggregation of Revenue [Line Items]
Total revenue	130	101	250	213
Service and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	177	147	352	307
Sequencing
Disaggregation of Revenue [Line Items]
Total revenue	1,054	972	2,049	1,918
Sequencing \| Total product revenue
Disaggregation of Revenue [Line Items]
Total revenue	900	836	1,743	1,641
Sequencing \| Consumables
Disaggregation of Revenue [Line Items]
Total revenue	775	740	1,500	1,437
Sequencing \| Instruments
Disaggregation of Revenue [Line Items]
Total revenue	125	96	243	204
Sequencing \| Service and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	154	136	306	277
Microarray
Disaggregation of Revenue [Line Items]
Total revenue	105	87	202	182
Microarray \| Total product revenue
Disaggregation of Revenue [Line Items]
Total revenue	82	76	156	152
Microarray \| Consumables
Disaggregation of Revenue [Line Items]
Total revenue	77	71	149	143
Microarray \| Instruments
Disaggregation of Revenue [Line Items]
Total revenue	5	5	7	9
Microarray \| Service and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 23	$ 11	$ 46	$ 30

INVESTMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 28, 2026

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS


4. INVESTMENTS AND FAIR VALUE MEASUREMENTS

Strategic Investments

Marketable Equity Securities

Our marketable equity securities consist primarily of our retained investment in GRAIL subsequent to our divestiture in 2024. As of June 28, 2026 and December 28, 2025, the fair value of our marketable equity securities, included in short-term investments, totaled $88 million and $215 million, respectively.

Gains (losses) recognized in other income (expense), net on marketable equity securities were as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Net gains (losses) recognized during the period	$	22	$	97	$	(23)	$	128
Less: Net gains recognized during the period on securities sold during the period	—		—		12		—
Net unrealized gains (losses) recognized during the period on securities still held at the reporting date	$	22	$	97	$	(35)	$	128

Non-Marketable Equity Securities

As of June 28, 2026 and December 28, 2025, non-marketable equity securities, without readily determinable fair values, included in other assets, were $59 million and $58 million, respectively.

Venture Funds

We invest in three venture capital investment funds (the Funds), which are accounted for as equity-method investments. The aggregate carrying amount of the Funds, included in other assets, was $273 million and $235 million as of June 28, 2026 and December 28, 2025, respectively, with associated gains and losses recognized in other income (expense), net. We recognized net gains of $7 million and $14 million in Q2 2026 and YTD 2026, respectively, and net gains of $6 million and $8 million in Q2 2025 and YTD 2025, respectively.

Our commitments to the Funds are as follows:


Dollars in millions	Capital commitments		Callable through date	Remaining callable as of June 28, 2026
Fund I	$	100	December 2027	$	3
Fund II	$	150	July 2029	$	20
Fund III	$	60	December 2034	$	12

Fair Value Measurements

The following table presents the hierarchy for assets and liabilities measured at fair value on a recurring basis:


	June 28, 2026								December 28, 2025
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds (cash equivalents)	$	747	$	—	$	—	$	747	$	1,173	$	—	$	—	$	1,173
Marketable equity securities	88		—		—		88		215		—		—		215
Other investments	—		40		34		74		—		—		32		32
Deferred compensation plan assets	—		84		—		84		—		79		—		79
Total assets measured at fair value	$	835	$	124	$	34	$	993	$	1,388	$	79	$	32	$	1,499
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	77	$	77	$	—	$	—	$	54	$	54
Deferred compensation plan liabilities	—		70		—		70		—		72		—		72
Total liabilities measured at fair value	$	—	$	70	$	77	$	147	$	—	$	72	$	54	$	126

Marketable equity securities are measured at fair value based on quoted trade prices in active markets. Other investments primarily consist of time deposits, which are included in short-term investments and classified as Level 2 measurements, and convertible notes, included in other assets and classified as Level 3 measurements. Due to their short-term contractual maturity, the carrying value of our time deposits, measured at amortized cost, approximates fair value. We elected the fair value option for our convertible notes. Fair value is derived using a probability-weighted scenario approach with changes in fair value recognized in other income (expense), net. Deferred compensation plan assets consist primarily of investments in life insurance contracts carried at cash surrender value, which reflects the net asset value of the underlying publicly traded mutual funds. We corroborate the fair value of our holdings, comparing valuations obtained from our investment service provider to valuations reported by our asset custodians, validating pricing sources and models, and reviewing key model inputs.

Contingent Consideration Liabilities

We reassess the fair value of acquisition-related contingent consideration on a quarterly basis, with changes in the fair value subsequent to the acquisition date, recognized in selling, general and administrative expense.

Changes in the estimated fair value of our contingent consideration liabilities during YTD 2026 were as follows:


In millions
Balance as of December 28, 2025	$	54
Acquisition of SomaLogic	81
Change in estimated fair value	(32)
Cash payments	(26)
Balance as of June 28, 2026	$	77

SomaLogic Acquisition

In Q2 2026, we paid $25 million for the milestone payment earned for the 2025 performance period. As of June 28, 2026, our remaining SomaLogic contingent consideration liabilities, included in accrued liabilities, had an aggregate fair value of $37 million. See note 2. Acquisitions, Intangible Assets and Goodwill for details of the arrangements. During Q2 2026, we engaged in discussions to early buyout the 2026 Milestone and Royalty Contingent Consideration obligations. Accordingly, we used a probability-weighted scenario approach to estimate the fair value of the liabilities as of June 28, 2026. Under this approach, we assigned separate probabilities to the estimated buyout outcome and to the value derived under the original contractual terms. To estimate the fair value under the original contractual terms, a Monte Carlo simulation was used for the 2026 Milestone Contingent Consideration and a discounted cash flow analysis was used for the Royalty Contingent Consideration. Estimates and assumptions used in the Monte Carlo simulation and the discounted cash flow analysis included forecasted revenues, a revenue risk premium, an operational leverage ratio and a counterparty credit spread. An estimate for revenue volatility was also used in the Monte Carlo simulation. These unobservable inputs represent a Level 3 measurement because they are supported by little or no market activity and reflect our own assumptions in measuring fair value. On July 27, 2026, we paid $30 million to buyout the remaining obligations that were outstanding as of June 28, 2026.

GRAIL Acquisition

The fair value of our GRAIL contingent consideration liability was $40 million and $54 million as of June 28, 2026 and December 28, 2025, respectively, of which $39 million and $52 million, respectively, was included in other long-term liabilities, with the remaining balance included in accrued liabilities. The CVRs entitle the holders to receive future quarterly cash payments (Covered Revenue Payments) representing a pro rata portion of certain GRAIL-related revenues (Covered Revenues) each year for a 12-year period through August 2033. As defined in the Contingent Value Rights Agreement, this reflects a 2.5% payment right to the first $1 billion of revenue each year for 12 years. Revenue above $1 billion each year will be subject to a 9% contingent payment right during this same period. Covered Revenues for the periods Q4 2025 through Q1 2026 and Q4 2024 through Q1 2025 were $84 million and $70 million, respectively, driven primarily by sales of GRAIL’s Galleri test. Covered Revenue Payments for the respective periods were $794,000 and $660,000, paid in YTD 2026 and YTD 2025, respectively.

We use a Monte Carlo simulation to estimate the fair value of our GRAIL contingent consideration. Estimates and assumptions used in the Monte Carlo simulation include forecasted revenues for GRAIL, a revenue risk premium, a revenue volatility estimate, an operational leverage ratio and a counterparty credit spread. These unobservable inputs represent a Level 3 measurement because they are supported by little or no market activity and reflect our own assumptions in measuring fair value. We rely on information made public by GRAIL and information published in analyst reports to estimate forecasted revenues through August 2033. To estimate the liability as of June 28, 2026, we selected a revenue risk premium of 3%. Given the volatility in GRAIL’s market capitalization, the revenue risk premium is derived from reconciling forecasted revenues for GRAIL to GRAIL’s market capitalization, primarily using a 60-day trailing average and consideration of a Capital Asset Pricing Model and comparable company betas.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Pro Forma Information (Details) - SomaLogic - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Business Combination
Revenue	$ 1,159	$ 1,076	$ 2,258	$ 2,136
Net income	$ 192	$ 241	$ 333	$ 318

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Other Commitments (Details) $ in Millions	Jun. 28, 2026 USD ($)
Fund I
Schedule of Investments [Line Items]
Capital commitments	$ 100
Remaining callable	3
Fund II
Schedule of Investments [Line Items]
Capital commitments	150
Remaining callable	20
Fund III
Schedule of Investments [Line Items]
Capital commitments	60
Remaining callable	$ 12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

STOCKHOLDERS’ EQUITY - Narrative (Details) shares in Millions	Jun. 28, 2026 shares
2015 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	9.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) $ in Millions			3 Months Ended			6 Months Ended
	Jul. 27, 2026	Jan. 30, 2026	Jun. 28, 2026	Mar. 29, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Business Combination
Impairment of finite lived intangible asset					$ 23	$ 0	$ 23
Payment for contingent consideration						25	0
Intellectual Property
Business Combination
Finite-lived intangible assets acquired				$ 50
Developed technologies and patents
Business Combination
Finite-lived intangible asset, useful life (in years)				14 years
SomaLogic
Business Combination
Milestone payments		$ 75
Royalty (as percent)		2.00%
Contingent value right, term		10 years
Legal, regulatory and financial advisory fees					$ 6	$ 9	$ 6
Payment for contingent consideration			$ 25
SomaLogic \| Subsequent Event
Business Combination
Payment for contingent consideration	$ 30
SomaLogic \| Period One
Business Combination
Milestone payments		$ 25
SomaLogic \| Period Two
Business Combination
Milestone payments		$ 50

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	20.50%	23.40%	18.40%	25.10%
Income tax receivable	$ 81		$ 81

STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Jun. 28, 2026

Equity [Abstract]

Schedule of Restricted Stock Activity and Related Information, Restricted Stock

Restricted stock activity was as follows:


	Restricted Stock Units (RSU)	Performance Stock Units (PSU) (1)	Weighted-Average Grant Date Fair Value per Share
Units in thousands			RSU		PSU
Outstanding at December 28, 2025	3,738	856	$	118.82	$	123.77
Awarded	1,310	876	$	128.82	$	161.80
Vested	(971)	—	$	116.58	$	—
Cancelled	(232)	(149)	$	119.41	$	124.92
Outstanding at June 28, 2026	3,845	1,583	$	122.76	$	144.70

_____________

(1)We issue PSU for which the number of shares issuable is based on our performance relative to specified operating margin targets (OM PSU) and PSU with a market condition that vest based on the Company’s relative total shareholder return as compared to a peer group of companies (rTSR PSU). In fiscal year 2026, we resumed issuing PSU for which the number of shares issuable is based on our performance relative to specified earnings per share targets (EPS PSU). For OM and EPS PSU, the number of units reflects the estimated number of shares to be issued at the end of the performance period. For rTSR PSU, the number of units reflects the estimated number of shares to be issued based on performance as of the current reporting period. Awarded units are presented net of performance adjustments.

Schedule of Restricted Stock Activity and Related Information, Performance Units

Restricted stock activity was as follows:


	Restricted Stock Units (RSU)	Performance Stock Units (PSU) (1)	Weighted-Average Grant Date Fair Value per Share
Units in thousands			RSU		PSU
Outstanding at December 28, 2025	3,738	856	$	118.82	$	123.77
Awarded	1,310	876	$	128.82	$	161.80
Vested	(971)	—	$	116.58	$	—
Cancelled	(232)	(149)	$	119.41	$	124.92
Outstanding at June 28, 2026	3,845	1,583	$	122.76	$	144.70

_____________

Schedule of Assumptions used to Estimate the Weighted-Average Fair Value Per Share for Stock Purchase under the Employee Stock Purchase Plan

The assumptions used and the resulting estimate of weighted-average fair value per share for stock purchased under the ESPP during YTD 2026 were as follows:


Risk-free interest rate	3.54% - 4.06%
Expected volatility	43% - 48%
Expected term	0.5 - 1.0 year
Expected dividends	0%
Weighted-average grant-date fair value per share	$	35.49

Schedule of Share-based Compensation Expense for all Stock Awards

Share-based compensation expense reported in our consolidated statements of operations was as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Cost of product revenue	$	5	$	6	$	9	$	11
Cost of service and other revenue	—		1		1		1
Research and development	26		28		51		58
Selling, general and administrative	41		34		72		72
Share-based compensation expense, before taxes	72		69		133		142
Related income tax benefits	(16)		(15)		(29)		(31)
Share-based compensation expense, net of taxes	$	56	$	54	$	104	$	111

Schedule of Share Repurchase Activity

Share repurchase activity was as follows:


In millions, except shares in thousands	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Number of shares repurchased	942		4,489		2,947		6,217
Total cost of shares repurchased (1)	$	123	$	384	$	366	$	585

___________

(1)Total cost of shares repurchased includes the 1% excise tax imposed as part of the Inflation Reduction Act of 2022, which is calculated based on share repurchases, net of certain share issuances, and was immaterial for all periods presented.

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands			3 Months Ended		4 Months Ended		6 Months Ended
	Jul. 27, 2026 USD ($)	Jan. 30, 2026 USD ($)	Jun. 28, 2026 USD ($) day	Jun. 29, 2025 USD ($)	Jan. 30, 2026 USD ($)	Jan. 30, 2025 USD ($)	Jun. 28, 2026 USD ($) day fund	Jun. 29, 2025 USD ($)	Dec. 28, 2025 USD ($)
Schedule of Investments [Line Items]
Marketable equity securities			$ 88,000				$ 88,000		$ 215,000
Strategic equity investments, without readily determinable fair values			59,000				59,000		58,000
Payment for contingent consideration							25,000	$ 0
Contingent consideration liabilities, current portion			38,000				38,000		2,000
Contingent consideration liabilities			77,000				77,000		54,000
Business Combination Contingent Consideration Liability
Schedule of Investments [Line Items]
Contingent consideration liabilities			$ 81,000				$ 81,000
GRAIL
Schedule of Investments [Line Items]
Contingent value right, term							12 years
Covered revenues of GRAIL, contingent consideration liability					$ 84,000	$ 70,000
Payment for contingent consideration							$ 794	660
GRAIL \| Payment Rights of One Billion, Each Twelve Years
Schedule of Investments [Line Items]
Contingent payment rights			2.50%				2.50%
Business acquisition, contingent value rights, revenue threshold							$ 1,000,000
GRAIL \| Payment Rights of Above One Billion, Each Twelve Years
Schedule of Investments [Line Items]
Business acquisition, contingent value rights, revenue threshold							$ 1,000,000
Contingent payment rights, second percentage			9.00%				9.00%
SomaLogic
Schedule of Investments [Line Items]
Payment for contingent consideration			$ 25,000
Contingent consideration liabilities		$ 81,000			$ 81,000
Contingent value right, term		10 years
SomaLogic \| Subsequent Event
Schedule of Investments [Line Items]
Payment for contingent consideration	$ 30,000
SomaLogic \| Business Combination Contingent Consideration Liability
Schedule of Investments [Line Items]
Consideration transferred, liabilities incurred							$ 37,000
GRAIL \| Revenue Risk Premium
Schedule of Investments [Line Items]
Revenue risk premium			0.03				0.03
GRAIL \| Calculation Trailing Period
Schedule of Investments [Line Items]
Revenue risk premium \| day			60				60
Spinoff \| GRAIL
Schedule of Investments [Line Items]
Contingent consideration liabilities			$ 40,000				$ 40,000		54,000
Contingent consideration, noncurrent			39,000				$ 39,000		52,000
Venture Capital Investment Fund (the Fund)
Schedule of Investments [Line Items]
Number of venture capital investment funds \| fund							3
Equity method investments			273,000				$ 273,000		$ 235,000
Unrealized gain (loss) on investments			$ 7,000	$ 6,000			$ 14,000	$ 8,000

SEGMENT INFORMATION - Operating Performance and Assets by Segment (Details) - USD ($) $ in Millions	3 Months Ended						6 Months Ended
	Jun. 28, 2026	Mar. 29, 2026	Dec. 28, 2025	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Jun. 28, 2026	Jun. 29, 2025
Segment Reporting [Line Items]
Revenue	$ 1,159				$ 1,059		$ 2,251	$ 2,100
Less:
Cost of revenue	389				364		760	722
Research and development	252				247		492	499
Operating Income (Loss)	245				214		454	378
Other income (expense), net	15				92		(37)	110
Provision for income taxes	53				71		77	122
Net income	207	$ 134	$ 334	$ 150	235	$ 131	340	366
Operating Segments \| Core Illumina
Segment Reporting [Line Items]
Revenue	1,159				1,059		2,251	2,100
Less:
Cost of revenue	389				364		760	722
Research and development	252				247		492	499
Selling and marketing	164				146		322	311
General and administrative	109				88		223	190
Operating Income (Loss)	245				214		454	378
Other income (expense), net	15				92		(37)	110
Provision for income taxes	53				71		77	122
Net income	$ 207				$ 235		$ 340	$ 366

STOCKHOLDERS’ EQUITY - Share-based Compensation Expense for all Stock Awards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before taxes	$ 72	$ 69	$ 133	$ 142
Related income tax benefits	(16)	(15)	(29)	(31)
Share-based compensation expense, net of taxes	56	54	104	111
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold \| Total product revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before taxes	5	6	9	11
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold \| Service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before taxes		1	1	1
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before taxes	26	28	51	58
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before taxes	$ 41	$ 34	$ 72	$ 72

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jakob Wedel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 19, 2026, Jakob Wedel, our Chief Strategy and Corporate Development Officer, entered into a new arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The arrangement terminates on May 31, 2028 and provides for the sale of up to 24,553 shares.
Name	Jakob Wedel
Title	Chief Strategy and Corporate Development Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 19, 2026
Expiration Date	May 31, 2028
Arrangement Duration	743 days
Aggregate Available	24,553

DEBT - Term Debt Obligations (Details) - Term Notes - USD ($)	Jun. 28, 2026	Dec. 28, 2025	Nov. 30, 2025	Sep. 30, 2024	Dec. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Unamortized discounts and debt issuance costs	$ (9,000,000)	$ (11,000,000)
Net carrying amount of term debt	1,991,000,000	1,989,000,000
Less: current portion	500,000,000	499,000,000
Term debt, non-current	1,491,000,000	1,490,000,000
Level 2
Debt Instrument [Line Items]
Fair value of term debt outstanding (Level 2)	1,959,000,000	1,977,000,000
Principal amount of 2026 Term Notes outstanding
Debt Instrument [Line Items]
Principal amount outstanding	500,000,000	500,000,000		$ 500,000,000
Principal amount of 2027 Term Notes outstanding
Debt Instrument [Line Items]
Principal amount outstanding	500,000,000	500,000,000			$ 500,000,000
Principal amount of 2030 Term Notes outstanding
Debt Instrument [Line Items]
Principal amount outstanding	500,000,000	500,000,000	$ 500,000,000
Principal amount of 2031 Term Notes outstanding
Debt Instrument [Line Items]
Principal amount outstanding	$ 500,000,000	$ 500,000,000				$ 500,000,000

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Government Incentives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025	Dec. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Grants receivable	$ 45		$ 45		$ 21
Grants receivable, current	18		18		$ 8
Government Assistance
Total benefits recognized	22	$ 4	$ 28	$ 6
Maximum
Government Assistance
Government incentive term			5 years
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Government Assistance
Total benefits recognized	0	0	$ 1	0
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Government Assistance
Total benefits recognized	5	2	10	3
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Government Assistance
Total benefits recognized	$ 17	$ 2	$ 17	$ 3

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade accounts receivable, gross	$ 773	$ 861
Allowance for credit losses	(9)	(7)
Total accounts receivable, net	$ 764	$ 854

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Warranties (Details)	6 Months Ended
	Jun. 28, 2026
Instruments
Product Warranty Liability [Line Items]
Warranty period	1 year
Consumables \| Minimum
Product Warranty Liability [Line Items]
Warranty period	6 months
Consumables \| Maximum
Product Warranty Liability [Line Items]
Warranty period	12 months

STOCKHOLDERS’ EQUITY - Narrative - Share Repurchases (Details) - Common Stock - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2026	Apr. 30, 2026	Aug. 31, 2024
2026 Repurchase Program
Class of Stock [Line Items]
Shares authorized to be repurchased		$ 1,500
Shares repurchased (shares)	0
Shares remaining for repurchase	$ 1,500
2024 Share Repurchase Program
Class of Stock [Line Items]
Shares authorized to be repurchased	279		$ 1,500
Shares remaining for repurchase	$ 279

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

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+ Details

SEGMENT INFORMATION

6 Months Ended

Jun. 28, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION


10. SEGMENT INFORMATION

As of June 28, 2026, we have one reportable segment. 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. Our CODM allocates resources and evaluates business performance based on consolidated revenue and net income. Net income 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 following table presents selected financial information with respect to segment profit for the periods presented:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025

Revenue	$	1,159	$	1,059	$	2,251	$	2,100
Less:
Cost of revenue	389		364		760		722
Research and development	252		247		492		499
Selling and marketing	164		146		322		311
General and administrative	109		88		223		190


Income from operations	245		214		454		378



Other income (expense), net	15		92		(37)		110
Provision for income taxes	53		71		77		122

Net income	$	207	$	235	$	340	$	366

- Definition

The entire disclosure for segment reporting.

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+ Details

Cover Page - shares shares in Millions	6 Months Ended
Cover Page - shares shares in Millions	Jun. 28, 2026	Jul. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2026
Document Transition Report	false
Entity File Number	001-35406
Entity Registrant Name	Illumina, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0804655
Entity Address, Address Line One	5200 Illumina Way
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92122
City Area Code	858
Local Phone Number	202-4500
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ILMN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		151.0
Entity Central Index Key	0001110803
Current Fiscal Year End Date	--01-03
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

STOCKHOLDERS’ EQUITY - Assumptions Used to Estimate the Weighted Average Fair Value Per Share (Details) - Employee Stock	3 Months Ended
	Jun. 28, 2026 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate minimum	3.54%
Risk free interest rate maximum	4.06%
Expected volatility, minimum	43.00%
Expected volatility, maximum	48.00%
Expected dividends	0.00%
Weighted-average fair value per share (in dollars per share)	$ 35.49
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	1 year

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 28, 2026

Accounting Policies [Abstract]

Schedule of Calculation of Weighted Average Shares Used to Calculate Basic and Diluted earnings (loss) Per Share

The weighted average shares used to calculate basic and diluted earnings per share were as follows:


In millions	Q2 2026	Q2 2025	YTD 2026	YTD 2025
Weighted average shares outstanding	151	157	152	158
Effect of potentially dilutive common shares from:
Equity awards	2	—	2	—
Weighted average shares used in calculating diluted earnings per share	153	157	154	158

Antidilutive shares:
Equity awards	—	5	—	3
Potentially dilutive shares excluded from calculation due to antidilutive effect	—	5	—	3

STOCKHOLDERS’ EQUITY - Narrative - Share-Based Compensation (Details) $ in Millions	6 Months Ended
	Jun. 28, 2026 USD ($)
Equity [Abstract]
Unrecognized compensation cost	$ 494
Weighted-average period of unrecognized compensation cost	2 years 3 months 18 days

DEBT (Tables)

6 Months Ended

Jun. 28, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Summary of Term Debt Obligations


In millions	June 28, 2026		December 28, 2025
Principal amount of 2026 Term Notes outstanding	$	500	$	500
Principal amount of 2027 Term Notes outstanding	500		500
Principal amount of 2030 Term Notes outstanding	500		500
Principal amount of 2031 Term Notes outstanding	500		500
Unamortized discounts and debt issuance costs	(9)		(11)
Net carrying amount of term debt	1,991		1,989
Less: current portion	500		499
Term debt, non-current	$	1,491	$	1,490
Fair value of term debt outstanding (Level 2)	$	1,959	$	1,977

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Hierarchy of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Assets:
Money market funds (cash equivalents)	$ 747	$ 1,173
Marketable equity securities	88	215
Other investments	74	32
Deferred compensation plan assets	84	79
Total assets measured at fair value	993	1,499
Liabilities:
Contingent consideration liabilities	77	54
Deferred compensation plan liabilities	70	72
Total liabilities measured at fair value	147	126
Level 1
Assets:
Money market funds (cash equivalents)	747	1,173
Marketable equity securities	88	215
Other investments	0	0
Deferred compensation plan assets	0	0
Total assets measured at fair value	835	1,388
Liabilities:
Contingent consideration liabilities	0	0
Deferred compensation plan liabilities	0	0
Total liabilities measured at fair value	0	0
Level 2
Assets:
Money market funds (cash equivalents)	0	0
Marketable equity securities	0	0
Other investments	40	0
Deferred compensation plan assets	84	79
Total assets measured at fair value	124	79
Liabilities:
Contingent consideration liabilities	0	0
Deferred compensation plan liabilities	70	72
Total liabilities measured at fair value	70	72
Level 3
Assets:
Money market funds (cash equivalents)	0	0
Marketable equity securities	0	0
Other investments	34	32
Deferred compensation plan assets	0	0
Total assets measured at fair value	34	32
Liabilities:
Contingent consideration liabilities	77	54
Deferred compensation plan liabilities	0	0
Total liabilities measured at fair value	$ 77	$ 54

DEBT - Narrative (Details)		3 Months Ended		6 Months Ended
DEBT - Narrative (Details)	Jan. 04, 2023 USD ($) one_year_extension consecutive_fiscal_quarter	Jun. 28, 2026 USD ($)	Jun. 29, 2025 USD ($)	Jun. 28, 2026 USD ($)	Jun. 29, 2025 USD ($)	Dec. 28, 2025 USD ($)	Nov. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Term Notes
Debt Instrument [Line Items]
Interest expense recognized		$ 23,000,000	$ 24,000,000	$ 46,000,000	$ 49,000,000
Redemption price				100.00%
Term Notes Due 2026 \| Term Notes
Debt Instrument [Line Items]
Stated rate								4.65%
Principal amount outstanding		500,000,000		$ 500,000,000		$ 500,000,000		$ 500,000,000
Term Notes Due 2027 \| Term Notes
Debt Instrument [Line Items]
Stated rate									5.75%
Principal amount outstanding		500,000,000		500,000,000		500,000,000			$ 500,000,000
Term Notes Due 2030 \| Term Notes
Debt Instrument [Line Items]
Stated rate							4.75%
Principal amount outstanding		500,000,000		500,000,000		500,000,000	$ 500,000,000
Term Notes Due 2031 \| Term Notes
Debt Instrument [Line Items]
Stated rate										2.55%
Principal amount outstanding		$ 500,000,000		$ 500,000,000		$ 500,000,000				$ 500,000,000
Revolving Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000
Revolving Credit Agreement \| Line of Credit \| Swingline Borrowings
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Debt instrument term	5 years
Number of one year extension, credit facility \| one_year_extension	2
One year extension, credit facility	1 year
Revolving Credit Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Revolving Credit Agreement \| Unsecured Debt
Debt Instrument [Line Items]
Credit spread adjustment rate	0.10%
Debt instrument, face amount, optional increase in additional borrowings	$ 250,000,000
Number of consecutive fiscal quarters, minimum debt to EBITDA ratio \| consecutive_fiscal_quarter	4
Debt instrument, covenant, minimum debt to EBITDA ratio	3.50
Debt instrument, covenant, minimum debt to EBITDA ratio upon consummation of acquisition	4.00
Number of consecutive fiscal quarters, minimum debt to EBITDA ratio upon consummation of acquisition \| consecutive_fiscal_quarter	3

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL (Tables)

6 Months Ended

Jun. 28, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The total purchase price consisted of the following:


In millions
Cash	$	382
Fair value of contingent consideration	81
Settlement of preexisting relationship	(3)
Total purchase price	$	460

The preliminary fair values of assets acquired and liabilities assumed were:


In millions	As Initially Reported		Measurement Period Adjustments		As Adjusted
Cash and cash equivalents	$	19	$	—	$	19
Accounts receivable	13		—		13
Inventory (1)	57		—		57
Property and equipment	19		—		19
Operating lease right-of-use assets	14		—		14
Other current and noncurrent assets	3		6		9
Intangible assets	186		—		186
Goodwill	171		—		171
Operating lease liabilities, noncurrent	(12)		—		(12)
Other current and noncurrent liabilities	(10)		(6)		(16)
Total net assets acquired	$	460	$	—	$	460

_____________

(1)Includes $22 million of inventory classified as noncurrent. See note 7. Supplemental Balance Sheet and Statement of Operations Details.

Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived

The preliminary fair values assigned to identifiable intangible assets acquired were as follows:


In millions, except years	Fair Value		Estimated Useful Life
Developed technology	$	158	9
Trade name	16		7
Customer relationships	12		8
Total intangible assets	$	186

Business Combination, Pro Forma Information


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Revenue	$	1,159	$	1,076	$	2,258	$	2,136
Net income	$	192	$	241	$	333	$	318

Intangible Asset, Finite-Lived

The following is a summary of our identifiable intangible assets:


	June 28, 2026				December 28, 2025
In millions	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Developed technologies and patents	$	644	$	(354)	$	290	$	436	$	(335)	$	101
Licensed technologies	234		(157)		77		234		(143)		91
Customer relationships	28		(15)		13		16		(14)		2
License agreements	25		(15)		10		24		(14)		10
Trade names	18		(3)		15		2		(2)		—
Database	12		(7)		5		12		(6)		6


Total intangible assets, net	$	961	$	(551)	$	410	$	724	$	(514)	$	210

Schedule of Estimated Annual Amortization of Finite-lived Intangible Assets


In millions	Estimated Annual Amortization
2026 (remainder of year)	$	39
2027	78
2028	76
2029	46
2030	40
Thereafter	131
Total	$	410

Goodwill

Changes to goodwill during YTD 2026 were as follows:


In millions
Balance as of December 28, 2025	$	1,113
Acquisition of SomaLogic	171
Balance as of June 28, 2026	$	1,284

- Definition

Tabular disclosure of goodwill.

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+ Details

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Amount Assigned to Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Jan. 30, 2026	Jun. 28, 2026
Developed technology
Business Combination
Estimated Useful Life (in years)	9 years
Trade names
Business Combination
Estimated Useful Life (in years)	7 years
Customer relationships
Business Combination
Estimated Useful Life (in years)	8 years
SomaLogic
Business Combination
Intangible assets	$ 186	$ 186
SomaLogic \| Developed technology
Business Combination
Intangible assets	158
SomaLogic \| Trade names
Business Combination
Intangible assets	16
SomaLogic \| Customer relationships
Business Combination
Intangible assets	$ 12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 28, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY


6. STOCKHOLDERS' EQUITY

As of June 28, 2026, approximately 9.9 million shares remained available for future grants under the Second Amended and Restated 2015 Stock and Incentive Compensation Plan.

Restricted Stock

Restricted stock activity was as follows:


	Restricted Stock Units (RSU)	Performance Stock Units (PSU) (1)	Weighted-Average Grant Date Fair Value per Share
Units in thousands			RSU		PSU
Outstanding at December 28, 2025	3,738	856	$	118.82	$	123.77
Awarded	1,310	876	$	128.82	$	161.80
Vested	(971)	—	$	116.58	$	—
Cancelled	(232)	(149)	$	119.41	$	124.92
Outstanding at June 28, 2026	3,845	1,583	$	122.76	$	144.70

_____________

Employee Stock Purchase Plan (ESPP)

The price at which common stock is purchased under the ESPP is equal to 85% of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower. During YTD 2026, approximately 0.3 million shares were issued under the plan. As of June 28, 2026, approximately 11.5 million shares remained available for issuance under the ESPP.

The assumptions used and the resulting estimate of weighted-average fair value per share for stock purchased under the ESPP during YTD 2026 were as follows:


Risk-free interest rate	3.54% - 4.06%
Expected volatility	43% - 48%
Expected term	0.5 - 1.0 year
Expected dividends	0%
Weighted-average grant-date fair value per share	$	35.49

Share-Based Compensation

Share-based compensation expense reported in our consolidated statements of operations was as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Cost of product revenue	$	5	$	6	$	9	$	11
Cost of service and other revenue	—		1		1		1
Research and development	26		28		51		58
Selling, general and administrative	41		34		72		72
Share-based compensation expense, before taxes	72		69		133		142
Related income tax benefits	(16)		(15)		(29)		(31)
Share-based compensation expense, net of taxes	$	56	$	54	$	104	$	111

As of June 28, 2026, unrecognized compensation cost, related to restricted stock and ESPP shares issued to date, of $494 million is expected to be recognized over a weighted-average period of approximately 2.3 years.

Share Repurchases

In August 2024, our Board of Directors authorized a share repurchase program (the 2024 Repurchase Program), which canceled and superseded all prior and available repurchase authorizations, to repurchase up to $1.5 billion of our outstanding common stock. In April 2026, our Board of Directors authorized a new share repurchase program (the 2026 Repurchase Program) to repurchase up to $1.5 billion of our outstanding common stock. The 2026 Repurchase Program is in addition to the $1.5 billion previously authorized under the 2024 Repurchase Program.

Repurchases under both programs may be completed through open market purchases, pursuant to Rule 10b5-1 or Rule 10b-18, or through an accelerated share repurchase program. No shares were repurchased under the 2026 Program in YTD 2026. As of June 28, 2026, authorizations to repurchase up to $279 million and $1.5 billion of our outstanding common stock remained available under the 2024 and 2026 Repurchase Programs, respectively.

Share repurchase activity was as follows:


In millions, except shares in thousands	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Number of shares repurchased	942		4,489		2,947		6,217
Total cost of shares repurchased (1)	$	123	$	384	$	366	$	585

___________

STOCKHOLDERS’ EQUITY - Share Repurchase Activity (Details) - 2024 Share Repurchase Program - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Share Repurchase Program
Repurchase of common stock additional shares (in shares)	942	4,489	2,947	6,217
Total cost of shares repurchased	$ 123	$ 384	$ 366	$ 585

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 295	$ 254
Work in process	426	398
Finished goods	57	45
Inventory, gross	778	697
Inventory reserve	(123)	(133)
Total inventory, net	655	564
Inventory, current	629	564
Inventory, non-current (included in other assets)	$ 26	$ 0

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract liabilities, current portion	$ 261	$ 270
Accrued compensation expenses	230	249
Accrued taxes payable	101	107
Operating lease liabilities, current portion	82	78
Contingent consideration liabilities, current portion	38	2
Other, including warranties	136	140
Total accrued liabilities	$ 848	$ 846

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 1,040	$ 1,418
Short-term investments	128	215
Accounts receivable, net	764	854
Inventory, net	629	564
Prepaid expenses and other current assets	273	238
Total current assets	2,834	3,289
Property and equipment, net	745	759
Operating lease right-of-use assets	362	370
Goodwill	1,284	1,113
Intangible assets, net	410	210
Deferred tax assets, net	439	454
Other assets	576	449
Total assets	6,650	6,644
Current liabilities:
Accounts payable	230	240
Accrued liabilities	848	846
Term debt, current portion	500	499
Total current liabilities	1,578	1,585
Operating lease liabilities	454	486
Term debt	1,491	1,490
Other long-term liabilities	289	360
Stockholders’ equity:
Common stock	2	2
Additional paid-in capital	7,933	7,822
Accumulated other comprehensive income (loss)	8	(10)
Accumulated deficit	(51)	(392)
Treasury stock, at cost	(5,054)	(4,699)
Total stockholders’ equity	2,838	2,723
Total liabilities and stockholders’ equity	$ 6,650	$ 6,644

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Restructuring (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2025	Jun. 29, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8	$ 39
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4	14
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3	$ 22

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 207	$ 235	$ 340	$ 366
Unrealized gain (loss) on cash flow hedges, net of deferred tax	7	(29)	18	(43)
Total comprehensive income	$ 214	$ 206	$ 358	$ 323

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

INCOME TAXES

6 Months Ended

Jun. 28, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES


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 rates for Q2 2026 and YTD 2026 were 20.5% and 18.4%, respectively, compared to 23.4% and 25.1% in Q2 2025 and YTD 2025, respectively. The variance from the U.S. federal statutory tax rate of 21% in YTD 2026 was primarily due to prior year tax return adjustments. The tax rate in Q2 2026 and YTD 2026 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 in Singapore.

As of both June 28, 2026 and December 28, 2025, prepaid income taxes, included within prepaid expenses and other current assets on the condensed consolidated balance sheets, were $81 million.

- Definition

The entire disclosure for income tax.

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+ Details

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS

6 Months Ended

Jun. 28, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS


7. SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS

Accounts Receivable


In millions	June 28, 2026		December 28, 2025
Trade accounts receivable, gross	$	773	$	861
Allowance for credit losses	(9)		(7)
Total accounts receivable, net	$	764	$	854

Inventory


In millions	June 28, 2026		December 28, 2025
Raw materials	$	295	$	254
Work in process	426		398
Finished goods	57		45
Inventory, gross	778		697
Inventory reserve	(123)		(133)
Total inventory, net	$	655	$	564
Inventory, current	$	629	$	564
Inventory, non-current (included in other assets)	$	26	$	—

Inventory with certain manufacturing processes that last more than one year is classified as long-term inventory. As of June 28, 2026, long-term inventory primarily consists of work in process that was acquired from SomaLogic.

Accrued Liabilities


In millions	June 28, 2026		December 28, 2025
Contract liabilities, current portion	$	261	$	270
Accrued compensation expenses	230		249
Accrued taxes payable	101		107
Operating lease liabilities, current portion	82		78
Contingent consideration liabilities, current portion	38		2
Other, including warranties (1)	136		140
Total accrued liabilities	$	848	$	846

_____________

(1)See table below for changes in the reserve for product warranties.

Changes in the reserve for product warranties were as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Balance at beginning of period	$	16	$	17	$	17	$	18
Additions charged to cost of product revenue	6		6		11		14
Repairs and replacements	(5)		(7)		(11)		(16)
Balance at end of period	$	17	$	16	$	17	$	16

We generally provide a one-year warranty on instruments. Additionally, we provide a warranty on consumables through the expiration date, which generally ranges from six to twelve months after the manufacture date. At the time revenue is recognized, an accrual is established for estimated warranty expenses based on historical experience as well as anticipated product performance. We periodically review the warranty reserve for adequacy and adjust the warranty accrual, if necessary, based on actual experience and estimated costs to be incurred. Warranty expense is recorded as a component of cost of product revenue.

Restructuring

In 2023, we implemented a cost reduction initiative that included workforce reductions, consolidation of certain facilities, and other actions to reduce expenses as part of a plan to realign operating expenses while maintaining focus on our innovation roadmap and sustainable long-term growth. In Q1 2025, we implemented an incremental cost reduction initiative that included optimizing stock-based compensation and non-labor spending, as well as workforce reductions, to help mitigate the expected impact of a reduction in revenue and operating income from our Greater China business and the uncertainty in the U.S. government’s funding of the National Institutes of Health.

No pre-tax restructuring charges were recognized in Q2 2026 or YTD 2026. In Q2 2025 and YTD 2025, total pre-tax restructuring charges were $8 million and $39 million, respectively, related to employee separation costs. In Q2 2025, $4 million was attributed to research and development and $3 million to selling, general and administrative expense, with remainder recorded in cost of revenue. In YTD 2025, $22 million was allocated to selling, general and administrative expense and $14 million to research and development, with remainder recorded in cost of revenue.

Government Incentives

From time to time, we may qualify for or receive government incentives, under defined programs, from various governments, primarily to support our manufacturing, research and development and workforce training activities. The incentives, which vary in size, have terms of up to five years and are subject to compliance with specified conditions. If conditions are not satisfied, the incentives are subject to reduction, recapture or termination. The government incentives are subject to confidentiality provisions, where applicable.

We recognized benefits (reductions of expense) in our consolidated statements of operations as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Cost of revenue	$	—	$	—	$	1	$	—
Research and development	5		2		10		3
Selling, general and administrative	17		2		17		3
Total benefits recognized	$	22	$	4	$	28	$	6

As of June 28, 2026 and December 28, 2025, grant receivables totaled $45 million and $21 million, respectively, of which $18 million and $8 million, respectively, was included in prepaid expenses and other current assets, with the remaining balance included in other assets.

Derivative Financial Instruments

We are exposed to foreign exchange rate risks in the normal course of business and use derivative financial instruments to partially offset this exposure. We do not use derivative financial instruments for speculative or trading purposes. Foreign exchange contracts are carried at fair value in other current assets, other assets, accrued liabilities, or other long-term liabilities, as appropriate, on the condensed consolidated balance sheets. The cash flows associated with such foreign exchange contracts are classified as cash flows from operating activities in the condensed consolidated statements of cash flows, which is the same category as the hedged transaction.

We use foreign exchange forward contracts to manage foreign currency risks related to monetary assets and liabilities denominated in currencies other than the U.S. dollar. These derivative financial instruments have terms of one month or less and are not designated as hedging instruments. Changes in fair value are recognized in other income (expense), net, along with the remeasurement gain or loss on the foreign currency denominated assets or liabilities. As of June 28, 2026, we had foreign exchange forward contracts in place to hedge exposures in the euro, Japanese yen, Australian dollar, Canadian dollar, Singapore dollar, Chinese Yuan Renminbi, and British pound. As of June 28, 2026 and December 28, 2025, the total notional amounts of outstanding forward contracts in place for these foreign currency purchases were $415 million and $510 million, respectively.

We use foreign currency forward contracts to hedge portions of our foreign currency exposure associated with forecasted revenue transactions. These derivative financial instruments have terms up to 24 months and are designated as cash flow hedges. Changes in fair value are recognized as a component of accumulated other comprehensive income (loss) and are reclassified to revenue in the same period the underlying hedged transactions are recorded. We regularly review the effectiveness of our hedges and consider them to be ineffective if it becomes probable that the forecasted transactions will not occur in the identified period. Changes in fair value of the ineffective portions, if any, are recognized in other income (expense), net. As of June 28, 2026, we had foreign currency forward contracts in place to hedge exposures associated with forecasted revenue transactions denominated in the euro, Japanese yen, Australian dollar, Canadian dollar, and Chinese Yuan Renminbi. As of June 28, 2026 and December 28, 2025, the total notional amounts of outstanding cash flow hedge contracts in place for these foreign currency purchases were $723 million and $707 million, respectively. We recognized losses of $2 million and $6 million in revenue in Q2 2026 and YTD 2026, respectively. We recognized a loss of $2 million and a gain of $5 million in revenue in Q2 2025 and YTD 2025, respectively. As of June 28, 2026, the fair value of foreign currency forward contracts recognized in total assets and total liabilities was $14 million and $5 million, respectively. As of December 28, 2025, the fair value of foreign currency forward contracts recognized in total assets and total liabilities was $2 million and $17 million, respectively. As of June 28, 2026, a net gain of $6 million is expected to be reclassified from accumulated other comprehensive income (loss) in the next 12 months.

Indemnification Liability

In connection with the GRAIL acquisition, we assumed a performance-based award for which vesting was based on GRAIL’s future revenues and had an aggregate potential value of up to $78 million. This award was assumed by GRAIL in connection with our divestiture in 2024. For a period of 2.5 years following the divestiture (through December 2026), we are obligated to indemnify GRAIL for cash payments that become earned and payable related to this award. The indemnification is accounted for in accordance with ASC 460. As of both June 28, 2026 and December 28, 2025, we recognized a non-contingent liability of $1 million related to this indemnification.

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 28, 2026

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities

Gains (losses) recognized in other income (expense), net on marketable equity securities were as follows:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025
Net gains (losses) recognized during the period	$	22	$	97	$	(23)	$	128
Less: Net gains recognized during the period on securities sold during the period	—		—		12		—
Net unrealized gains (losses) recognized during the period on securities still held at the reporting date	$	22	$	97	$	(35)	$	128

Schedule of Other Commitments

Our commitments to the Funds are as follows:


Dollars in millions	Capital commitments		Callable through date	Remaining callable as of June 28, 2026
Fund I	$	100	December 2027	$	3
Fund II	$	150	July 2029	$	20
Fund III	$	60	December 2034	$	12

Schedule of Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the hierarchy for assets and liabilities measured at fair value on a recurring basis:


	June 28, 2026								December 28, 2025
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds (cash equivalents)	$	747	$	—	$	—	$	747	$	1,173	$	—	$	—	$	1,173
Marketable equity securities	88		—		—		88		215		—		—		215
Other investments	—		40		34		74		—		—		32		32
Deferred compensation plan assets	—		84		—		84		—		79		—		79
Total assets measured at fair value	$	835	$	124	$	34	$	993	$	1,388	$	79	$	32	$	1,499
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	77	$	77	$	—	$	—	$	54	$	54
Deferred compensation plan liabilities	—		70		—		70		—		72		—		72
Total liabilities measured at fair value	$	—	$	70	$	77	$	147	$	—	$	72	$	54	$	126

Schedule of Changes in Estimated Fair Value of Acquisition Related Contingent Consideration Liabilities

Changes in the estimated fair value of our contingent consideration liabilities during YTD 2026 were as follows:


In millions
Balance as of December 28, 2025	$	54
Acquisition of SomaLogic	81
Change in estimated fair value	(32)
Cash payments	(26)
Balance as of June 28, 2026	$	77

LEGAL PROCEEDINGS (Details)	Nov. 11, 2023 lawsuit	Feb. 02, 2024 lawsuit	Jan. 09, 2024 movant
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, new claims filed, number	3
Commitments and contingencies, number of movants filed motions consolidate actions \| movant			4
Commitments and contingencies, number of additional securities class actions		2

REVENUE - Narrative - Remaining Performance Obligation (Details) $ in Millions	6 Months Ended
	Jun. 28, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,000
Specific performance obligation	$ 43
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Product or service delivery period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of remaining performance obligation	83.00%
Expected timing of remaining performance obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of remaining performance obligation	11.00%
Expected timing of remaining performance obligation	12 months

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Estimated Annual Amortization
2026 (remainder of year)	$ 39
2027	78
2028	76
2029	46
2030	40
Thereafter	131
Total	$ 410	$ 210

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025	Dec. 28, 2025
Derivative [Line Items]
Reclassification to revenue	$ (2)	$ (2)	$ (6)	$ 5
Expected gain loss from cashflow hedges expected to be recognized in the next 12 months			$ 6
Spinoff \| GRAIL
Derivative [Line Items]
Period of continuing involvement after disposal			2 years 6 months
Non-contingent indemnification liability	1		$ 1		$ 1
Liability-Based Awards
Derivative [Line Items]
Aggregated potential value	78		78
Foreign Exchange Forward
Derivative [Line Items]
Foreign currency forward contracts assets	14		14
Foreign currency forward contracts liabilities	5		$ 5
Derivative asset, current amount					2
Derivative liability, current amount					17
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, term of contract			1 month
Derivative, notional amount	415		$ 415		510
Foreign Exchange Forward \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, term of contract			24 months
Derivative, notional amount	$ 723		$ 723		$ 707

DEBT

6 Months Ended

Jun. 28, 2026

Debt Disclosure [Abstract]

DEBT


5. DEBT

Summary of Term Debt Obligations


In millions	June 28, 2026		December 28, 2025
Principal amount of 2026 Term Notes outstanding	$	500	$	500
Principal amount of 2027 Term Notes outstanding	500		500
Principal amount of 2030 Term Notes outstanding	500		500
Principal amount of 2031 Term Notes outstanding	500		500
Unamortized discounts and debt issuance costs	(9)		(11)
Net carrying amount of term debt	1,991		1,989
Less: current portion	500		499
Term debt, non-current	$	1,491	$	1,490
Fair value of term debt outstanding (Level 2)	$	1,959	$	1,977

Interest expense, which included amortization of debt discounts and issuance costs, was $23 million and $46 million in Q2 2026 and YTD 2026, respectively, and $24 million and $49 million in Q2 2025 and YTD 2025, respectively.

4.750% Term Notes due 2030 (2030 Term Notes)

In November 2025, we issued $500 million aggregate principal amount of 2030 Term Notes, which mature on December 12, 2030 and accrue interest at a rate of 4.750% per annum, payable semi-annually on June 12 and December 12 of each year, beginning on June 12, 2026. We may redeem for cash all or any portion of the notes, at our option, at any time prior to maturity at make-whole premium redemption prices defined in the form of the notes.

4.650% Term Notes due 2026 (2026 Term Notes)

In September 2024, we issued $500 million aggregate principal amount of 2026 Term Notes, which mature on September 9, 2026 and accrue interest at a rate of 4.650% per annum, payable semi-annually on March 9 and September 9 of each year, beginning on March 9, 2025. We may redeem for cash all or any portion of the notes, at our option, at any time prior to maturity at make-whole premium redemption prices defined in the form of the notes.

5.750% Term Notes due 2027 (2027 Term Notes)

In December 2022, we issued $500 million aggregate principal amount of 2027 Term Notes, which mature on December 13, 2027 and accrue interest at a rate of 5.750% per annum, payable semi-annually on June 13 and December 13 of each year. We may redeem for cash all or any portion of the notes, at our option, at any time prior to maturity. Prior to November 13, 2027, the notes are redeemable at make-whole premium redemption prices defined in the form of the notes. After November 13, 2027, the notes are redeemable at a redemption price equal to 100% of the principal to be redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date.

2.550% Term Notes due 2031 (2031 Term Notes)

In March 2021, we issued $500 million aggregate principal amount of 2031 Term Notes, which mature on March 23, 2031 and accrue interest at a rate of 2.550% per annum, payable semi-annually on March 23 and September 23 of each year. We may redeem for cash all or any portion of the notes, at our option, at any time prior to maturity. Prior to December 23, 2030, the notes are redeemable at make-whole premium redemption prices defined in the form of the notes. After December 23, 2030, the notes are redeemable at a redemption price equal to 100% of the principal to be redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date.

Revolving Credit Agreement

In January 2023, we entered into a credit agreement (the Revolving Credit Agreement), which provides us with a $750 million senior unsecured five-year revolving credit facility, including a $40 million sublimit for swingline borrowings and a $50 million sublimit for letters of credit (the Revolving Credit Facility). Proceeds of the loans under the Revolving Credit Facility may be used to finance working capital needs and for general corporate purposes.

The Revolving Credit Facility matures, and all amounts outstanding become due and payable in full, on January 4, 2028, subject to two one-year extensions at our option, the consent of the extending lenders and certain other conditions. We may prepay amounts borrowed and terminate commitments under the Revolving Credit Facility at any time without premium or penalty. As of June 28, 2026, there were no borrowings or letters of credit outstanding under the credit facility, and we were in compliance with all financial and operating covenants.

Loans under the Revolving Credit Facility will have a variable interest rate based on either the term secured overnight financing rate (SOFR) or the alternate base rate, plus an applicable rate that varies with our debt rating and, in the case of loans bearing interest based on term SOFR, a credit spread adjustment equal to 0.10% per annum. The Revolving Credit Agreement includes an option for us to elect to increase commitments under the credit facility or enter into one or more tranches of term loans in the aggregate principal amount of up to $250 million, subject to consent of the lenders providing the additional commitments or loans and certain other conditions.

The Revolving Credit Agreement contains financial and operating covenants. Pursuant to the Revolving Credit Agreement, we are required to maintain a ratio of total debt to adjusted annual earnings before interest, taxes, depreciation and amortization (EBITDA), calculated based on the four consecutive fiscal quarters ending with the most recent fiscal quarter, of not greater than 3.50 to 1.00 as of the end of each fiscal quarter. Upon consummation of any Qualified Acquisition, as defined in the Revolving Credit Agreement, and delivery of notice to the Administrative Agent, the ratio increases to 4.00 to 1.00 for the fiscal quarter in which the acquisition is consummated and the three consecutive fiscal quarters thereafter. The operating covenants include, among other things, limitations on (i) the incurrence of indebtedness by our subsidiaries, (ii) liens on our assets and those of our subsidiaries, and (iii) certain fundamental changes and the disposition of assets by us and our subsidiaries. The Credit Agreement contains other customary covenants, representations and warranties, and events of default.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 28, 2026

Accounting Policies [Abstract]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES


1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Business Overview

We are a provider of sequencing- and array-based solutions for genetic and genomic analysis, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. Our customers include leading genomic research centers, academic institutions, government laboratories, and hospitals, as well as pharmaceutical, biotechnology, commercial molecular diagnostic laboratories, and consumer genomics companies.

On January 30, 2026, we acquired SomaLogic and other specified assets from Standard BioTools. SomaLogic is a proteomics company that provides high-throughput protein measurement technology and related data analysis services. We have included the financial results of SomaLogic in our condensed consolidated financial statements from the date of acquisition. Refer to note 2. Acquisitions, Intangible Assets and Goodwill for additional details.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Interim financial results are not necessarily indicative of results anticipated for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the fiscal year ended December 28, 2025, from which the prior year balance sheet information herein was derived. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expense, and related disclosure of contingent assets and liabilities. Although tariffs, reductions in the U.S. government’s funding of the NIH, our inclusion on the unreliable entities list by regulatory authorities in China, armed conflicts, including recent conflict in the Middle East and Iran, and macroeconomic factors, such as inflation, exchange rate fluctuations, supply-chain disruptions, and concerns about an economic downturn continue to create additional uncertainty, we continue to use the best information available to form our critical accounting estimates. Actual results could differ from those estimates.

The unaudited condensed consolidated financial statements include our accounts, our wholly-owned subsidiaries, and majority-owned or controlled companies. All intercompany transactions and balances have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. In management’s opinion, all normal recurring adjustments necessary for a fair presentation of the interim results have been reflected.

Fiscal Year

Our fiscal year is the 52 or 53 weeks ending the Sunday closest to December 31, with quarters of 13 or 14 weeks ending the Sunday closest to March 31, June 30, September 30, and December 31. The three-month periods ended June 28, 2026 and June 29, 2025 are referred to as Q2 2026 and Q2 2025, respectively, which were 13 weeks. The corresponding six-month periods are referred to as YTD 2026 and YTD 2025, respectively, which were 26 weeks.

Significant Accounting Policies

During YTD 2026, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025, except for a new policy related to long-term inventory stemming from certain new manufacturing processes that last more than one year and were acquired as part of the SomaLogic acquisition. See note 7. Supplemental Balance Sheet and Statement of Operations Details.

Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The new standard requires a company to provide disaggregated disclosures, in the notes to the financial statements, of specified categories of expenses that are included in line items on the face of the income statement. The standard is effective for us beginning in fiscal year 2027 and interim periods within fiscal year 2028, with early adoption permitted. The new standard is expected to be applied prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2024-03 on the consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The new standard is intended to modernize the recognition and disclosure framework for capitalized internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. The standard is effective for us beginning in our first quarter of fiscal year 2028, with early adoption permitted, and can be applied using a prospective, retrospective, or modified transition approach. We are currently evaluating the impact of ASU 2025-06 on the consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging, Hedge Accounting Improvements. The new standard is intended to better align hedge accounting with risk management activities. The standard is effective for us beginning in our first quarter of fiscal year 2027, with early adoption permitted, and is applied on a prospective basis. We are currently evaluating the impact of ASU 2025-09 on the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities. The new standard provides guidance on the recognition, measurement, and presentation of government grants. The standard is effective for us beginning in our first quarter of fiscal year 2029, with early adoption permitted, and can be applied using a modified prospective, modified retrospective or full retrospective transition approach. We are currently evaluating the impact of ASU 2025-10 on the consolidated financial statements.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations. The new standard provides specific guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The standard is effective for us beginning in the first quarter of fiscal year 2028, with early adoption permitted, and is required to be applied retrospectively by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We are currently evaluating the impact of ASU 2026-02 on the consolidated financial statements.

Earnings per Share

Basic earnings per share is computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares from equity awards are determined using the average share price for each period under the treasury stock method. In addition, proceeds from exercise of equity awards and the average amount of unrecognized compensation expense for equity awards are assumed to be used to repurchase shares.

The weighted average shares used to calculate basic and diluted earnings per share were as follows:


In millions	Q2 2026	Q2 2025	YTD 2026	YTD 2025
Weighted average shares outstanding	151	157	152	158
Effect of potentially dilutive common shares from:
Equity awards	2	—	2	—
Weighted average shares used in calculating diluted earnings per share	153	157	154	158

Antidilutive shares:
Equity awards	—	5	—	3
Potentially dilutive shares excluded from calculation due to antidilutive effect	—	5	—	3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Cash flows from operating activities:
Net income	$ 340	$ 366
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	102	103
Amortization of intangible assets	37	34
Share-based compensation expense	133	142
Deferred income taxes	18	41
Net losses (gains) on investments	16	(133)
Change in fair value of contingent consideration liabilities	(32)	(32)
Intangible impairment	0	23
Other	4	9
Changes in operating assets and liabilities:
Accounts receivable	92	49
Inventory	(31)	(28)
Prepaid expenses and other current assets	(9)	11
Operating lease right-of-use assets and liabilities, net	(18)	(17)
Other assets	(72)	(3)
Accounts payable	(2)	(26)
Accrued liabilities	(24)	(91)
Other long-term liabilities	(64)	26
Net cash provided by operating activities	490	474
Cash flows from investing activities:
Net purchases of property and equipment	(78)	(62)
Net sales (purchases) of investments	32	(43)
Cash paid for acquisitions and intangible assets, net of cash acquired	(417)	(7)
Payment for contingent consideration	(25)	0
Net cash used in investing activities	(488)	(112)
Cash flows from financing activities:
Common stock repurchases, inclusive of excise tax	(370)	(570)
Taxes paid related to net share settlement of equity awards	(33)	(23)
Proceeds from issuance of common stock	24	28
Payments on contingent consideration liabilities	(1)	(1)
Net cash used in financing activities	(380)	(566)
Effect of exchange rate changes on cash and cash equivalents	0	11
Net decrease in cash and cash equivalents	(378)	(193)
Cash and cash equivalents at beginning of period	1,418	1,127
Cash and cash equivalents at end of period	$ 1,040	$ 934

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Revenue:
Total revenue	$ 1,159	$ 1,059	$ 2,251	$ 2,100
Cost of revenue:
Amortization of acquired intangible assets	18	17	35	33
Total cost of revenue	389	364	760	722
Gross profit	770	695	1,491	1,378
Operating expense:
Research and development	252	247	492	499
Selling, general and administrative	273	234	545	501
Total operating expense	525	481	1,037	1,000
Income from operations	245	214	454	378
Other income (expense):
Interest income	8	10	19	21
Interest expense	(24)	(25)	(47)	(50)
Other income (expense), net	31	107	(9)	139
Total other income (expense), net	15	92	(37)	110
Income before income taxes	260	306	417	488
Provision for income taxes	53	71	77	122
Net income	$ 207	$ 235	$ 340	$ 366
Earnings per share:
Basic (in dollars per share)	$ 1.37	$ 1.49	$ 2.24	$ 2.32
Diluted (in dollars per share)	$ 1.35	$ 1.49	$ 2.22	$ 2.31
Shares used in computing earnings per share:
Basic (in shares)	151	157	152	158
Diluted (in shares)	153	157	154	158
Product
Revenue:
Total revenue	$ 982	$ 912	$ 1,899	$ 1,793
Cost of revenue:
Cost of revenue	291	276	565	529
Service
Revenue:
Total revenue	177	147	352	307
Cost of revenue:
Cost of revenue	$ 80	$ 71	$ 160	$ 160

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Total Purchase Price (Details) - USD ($) $ in Millions	Jan. 30, 2026	Jun. 28, 2026	Dec. 28, 2025
Business Combination
Fair value of contingent consideration		$ 77	$ 54
SomaLogic
Business Combination
Cash	$ 382
Fair value of contingent consideration	81
Settlement of preexisting relationship	(3)
Total purchase price	$ 460

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 28, 2026

Segment Reporting [Abstract]

Schedule of Operating Performance and Assets by Segment

The following table presents selected financial information with respect to segment profit for the periods presented:


In millions	Q2 2026		Q2 2025		YTD 2026		YTD 2025

Revenue	$	1,159	$	1,059	$	2,251	$	2,100
Less:
Cost of revenue	389		364		760		722
Research and development	252		247		492		499
Selling and marketing	164		146		322		311
General and administrative	109		88		223		190


Income from operations	245		214		454		378



Other income (expense), net	15		92		(37)		110
Provision for income taxes	53		71		77		122

Net income	$	207	$	235	$	340	$	366

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 28, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Consolidation	The unaudited condensed consolidated financial statements include our accounts, our wholly-owned subsidiaries, and majority-owned or controlled companies. All intercompany transactions and balances have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. In management’s opinion, all normal recurring adjustments necessary for a fair presentation of the interim results have been reflected.
Fiscal Year	Fiscal Year Our fiscal year is the 52 or 53 weeks ending the Sunday closest to December 31, with quarters of 13 or 14 weeks ending the Sunday closest to March 31, June 30, September 30, and December 31. The three-month periods ended June 28, 2026 and June 29, 2025 are referred to as Q2 2026 and Q2 2025, respectively, which were 13 weeks. The corresponding six-month periods are referred to as YTD 2026 and YTD 2025, respectively, which were 26 weeks.
Accounting Pronouncements Pending Adoption	Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The new standard requires a company to provide disaggregated disclosures, in the notes to the financial statements, of specified categories of expenses that are included in line items on the face of the income statement. The standard is effective for us beginning in fiscal year 2027 and interim periods within fiscal year 2028, with early adoption permitted. The new standard is expected to be applied prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2024-03 on the consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The new standard is intended to modernize the recognition and disclosure framework for capitalized internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. The standard is effective for us beginning in our first quarter of fiscal year 2028, with early adoption permitted, and can be applied using a prospective, retrospective, or modified transition approach. We are currently evaluating the impact of ASU 2025-06 on the consolidated financial statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging, Hedge Accounting Improvements. The new standard is intended to better align hedge accounting with risk management activities. The standard is effective for us beginning in our first quarter of fiscal year 2027, with early adoption permitted, and is applied on a prospective basis. We are currently evaluating the impact of ASU 2025-09 on the consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities. The new standard provides guidance on the recognition, measurement, and presentation of government grants. The standard is effective for us beginning in our first quarter of fiscal year 2029, with early adoption permitted, and can be applied using a modified prospective, modified retrospective or full retrospective transition approach. We are currently evaluating the impact of ASU 2025-10 on the consolidated financial statements. In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations. The new standard provides specific guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The standard is effective for us beginning in the first quarter of fiscal year 2028, with early adoption permitted, and is required to be applied retrospectively by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We are currently evaluating the impact of ASU 2026-02 on the consolidated financial statements.
Earnings per Share	Earnings per Share Basic earnings per share is computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares from equity awards are determined using the average share price for each period under the treasury stock method. In addition, proceeds from exercise of equity awards and the average amount of unrecognized compensation expense for equity awards are assumed to be used to repurchase shares.
Warranties	We generally provide a one-year warranty on instruments. Additionally, we provide a warranty on consumables through the expiration date, which generally ranges from six to twelve months after the manufacture date. At the time revenue is recognized, an accrual is established for estimated warranty expenses based on historical experience as well as anticipated product performance. We periodically review the warranty reserve for adequacy and adjust the warranty accrual, if necessary, based on actual experience and estimated costs to be incurred. Warranty expense is recorded as a component of cost of product revenue.
Derivative Financial Instruments	Derivative Financial Instruments We are exposed to foreign exchange rate risks in the normal course of business and use derivative financial instruments to partially offset this exposure. We do not use derivative financial instruments for speculative or trading purposes. Foreign exchange contracts are carried at fair value in other current assets, other assets, accrued liabilities, or other long-term liabilities, as appropriate, on the condensed consolidated balance sheets. The cash flows associated with such foreign exchange contracts are classified as cash flows from operating activities in the condensed consolidated statements of cash flows, which is the same category as the hedged transaction.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
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-Name Accounting Standards Codification
-Section S50
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(n))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Calculation of Weighted Average Shares Used to Calculate Basic and Diluted Net Loss Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Accounting Policies [Abstract]
Weighted average shares outstanding (in shares)	151	157	152	158
Equity awards (in shares)	2	0	2	0
Weighted average shares used in calculating diluted earnings (loss) per share (in shares)	153	157	154	158
Antidilutive shares:
Potentially dilutive shares excluded due to antidilutive effect (in shares)	0	5	0	3
Equity awards
Antidilutive shares:
Potentially dilutive shares excluded due to antidilutive effect (in shares)	0	5	0	3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock
Beginning Balance (in shares) at Dec. 29, 2024		200
Beginning balance at Dec. 29, 2024	$ 2,373	$ 2	$ 7,525	$ 22	$ (1,242)	$ (3,934)
Beginning balance (in shares) at Dec. 29, 2024						(41)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	131				131
Unrealized gain (loss) on cash flow hedges, net of deferred tax	(14)			(14)
Issuance of common stock, net of repurchases (in shares)		1				(1)
Issuance of common stock, net of repurchases	(195)		10			$ (205)
Share-based compensation	73		73
Ending Balance (in shares) at Mar. 30, 2025		201
Ending balance at Mar. 30, 2025	2,368	$ 2	7,608	8	(1,111)	$ (4,139)
Ending balance (in shares) at Mar. 30, 2025						(42)
Beginning Balance (in shares) at Dec. 29, 2024		200
Beginning balance at Dec. 29, 2024	2,373	$ 2	7,525	22	(1,242)	$ (3,934)
Beginning balance (in shares) at Dec. 29, 2024						(41)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	366
Unrealized gain (loss) on cash flow hedges, net of deferred tax	(43)
Ending Balance (in shares) at Jun. 29, 2025		201
Ending balance at Jun. 29, 2025	2,258	$ 2	7,676	(21)	(876)	$ (4,523)
Ending balance (in shares) at Jun. 29, 2025						(47)
Beginning Balance (in shares) at Mar. 30, 2025		201
Beginning balance at Mar. 30, 2025	2,368	$ 2	7,608	8	(1,111)	$ (4,139)
Beginning balance (in shares) at Mar. 30, 2025						(42)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	235				235
Unrealized gain (loss) on cash flow hedges, net of deferred tax	(29)			(29)
Issuance of common stock, net of repurchases (in shares)						(5)
Issuance of common stock, net of repurchases	(385)		(1)			$ (384)
Share-based compensation	69		69
Ending Balance (in shares) at Jun. 29, 2025		201
Ending balance at Jun. 29, 2025	2,258	$ 2	7,676	(21)	(876)	$ (4,523)
Ending balance (in shares) at Jun. 29, 2025						(47)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	150				150
Unrealized gain (loss) on cash flow hedges, net of deferred tax	9			9
Issuance of common stock, net of repurchases (in shares)						(1)
Issuance of common stock, net of repurchases	(106)		16			$ (122)
Share-based compensation	70		70
Ending Balance (in shares) at Sep. 28, 2025		201
Ending balance at Sep. 28, 2025	2,381	$ 2	7,762	(12)	(726)	$ (4,645)
Ending balance (in shares) at Sep. 28, 2025						(48)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	334				334
Unrealized gain (loss) on cash flow hedges, net of deferred tax	2			2
Issuance of common stock, net of repurchases	(57)		(3)			$ (54)
Share-based compensation	63		63
Ending Balance (in shares) at Dec. 28, 2025		201
Ending balance at Dec. 28, 2025	2,723	$ 2	7,822	(10)	(392)	$ (4,699)
Ending balance (in shares) at Dec. 28, 2025						(48)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	134				134
Unrealized gain (loss) on cash flow hedges, net of deferred tax	11			11
Issuance of common stock, net of repurchases (in shares)						(1)
Issuance of common stock, net of repurchases	(252)		(20)			$ (232)
Share-based compensation	60		60
Ending Balance (in shares) at Mar. 29, 2026		201
Ending balance at Mar. 29, 2026	2,676	$ 2	7,862	1	(258)	$ (4,931)
Ending balance (in shares) at Mar. 29, 2026						(49)
Beginning Balance (in shares) at Dec. 28, 2025		201
Beginning balance at Dec. 28, 2025	2,723	$ 2	7,822	(10)	(392)	$ (4,699)
Beginning balance (in shares) at Dec. 28, 2025						(48)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	340
Unrealized gain (loss) on cash flow hedges, net of deferred tax	18
Ending Balance (in shares) at Jun. 28, 2026		201
Ending balance at Jun. 28, 2026	2,838	$ 2	7,933	8	(51)	$ (5,054)
Ending balance (in shares) at Jun. 28, 2026						(50)
Beginning Balance (in shares) at Mar. 29, 2026		201
Beginning balance at Mar. 29, 2026	2,676	$ 2	7,862	1	(258)	$ (4,931)
Beginning balance (in shares) at Mar. 29, 2026						(49)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	207				207
Unrealized gain (loss) on cash flow hedges, net of deferred tax	7			7
Issuance of common stock, net of repurchases (in shares)						(1)
Issuance of common stock, net of repurchases	(124)		(1)			$ (123)
Share-based compensation	72		72
Ending Balance (in shares) at Jun. 28, 2026		201
Ending balance at Jun. 28, 2026	$ 2,838	$ 2	$ 7,933	$ 8	$ (51)	$ (5,054)
Ending balance (in shares) at Jun. 28, 2026						(50)

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
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+ Details

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Intangible Assets, Net
Gross Carrying Amount	$ 961	$ 724
Accumulated Amortization	(551)	(514)
Total	410	210
Developed technologies and patents
Intangible Assets, Net
Gross Carrying Amount	644	436
Accumulated Amortization	(354)	(335)
Total	290	101
Licensed technologies
Intangible Assets, Net
Gross Carrying Amount	234	234
Accumulated Amortization	(157)	(143)
Total	77	91
Customer relationships
Intangible Assets, Net
Gross Carrying Amount	28	16
Accumulated Amortization	(15)	(14)
Total	13	2
License agreements
Intangible Assets, Net
Gross Carrying Amount	25	24
Accumulated Amortization	(15)	(14)
Total	10	10
Trade names
Intangible Assets, Net
Gross Carrying Amount	18	2
Accumulated Amortization	(3)	(2)
Total	15	0
Database
Intangible Assets, Net
Gross Carrying Amount	12	12
Accumulated Amortization	(7)	(6)
Total	$ 5	$ 6

SUPPLEMENTAL BALANCE SHEET AND STATEMENT OF OPERATIONS DETAILS - Schedule of Changes in Reserve for Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Reserve for product warranties [Roll Forward]
Balance at beginning of period	$ 16	$ 17	$ 17	$ 18
Additions charged to cost of product revenue	6	6	11	14
Repairs and replacements	(5)	(7)	(11)	(16)
Balance at end of period	$ 17	$ 16	$ 17	$ 16

REVENUE (Tables)

6 Months Ended

Jun. 28, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue by Source


	Q2 2026						Q2 2025
In millions	Sequencing		Microarray		Total		Sequencing		Microarray		Total
Consumables	$	775	$	77	$	852	$	740	$	71	$	811
Instruments	125		5		130		96		5		101
Total product revenue	900		82		982		836		76		912
Service and other revenue	154		23		177		136		11		147
Total revenue	$	1,054	$	105	$	1,159	$	972	$	87	$	1,059

	YTD 2026						YTD 2025
In millions	Sequencing		Microarray		Total		Sequencing		Microarray		Total
Consumables	$	1,500	$	149	$	1,649	$	1,437	$	143	$	1,580
Instruments	243		7		250		204		9		213
Total product revenue	1,743		156		1,899		1,641		152		1,793
Service and other revenue	306		46		352		277		30		307
Total revenue	$	2,049	$	202	$	2,251	$	1,918	$	182	$	2,100

Revenue by Geographic Area


Based on region of destination (in millions)	Q2 2026		Q2 2025 (1)		YTD 2026		YTD 2025 (1)
United States and Canada	$	653	$	569	$	1,243	$	1,125
Europe, Middle East, Africa and Latin America	368		355		725		686
Greater China (2)	56		63		108		135
Asia-Pacific	82		72		175		154
Total revenue	$	1,159	$	1,059	$	2,251	$	2,100

_____________

(2)Region includes revenue from China, Taiwan, and Hong Kong.