10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the fourth quarter and full year ended December 31, 2025 and provided its outlook for 2026.
Recent Updates
— Revenue was $166.0 million for the fourth quarter of 2025, representing a 1% increase over the corresponding period of 2024. Revenue was $642.8 million for the full year of 2025. Excluding $44.1 million of non-recurring revenue related to patent litigation settlements, full-year revenue was $598.7 million, representing a 2% decrease from the full year of 2024.
— Announced partnerships with the Cancer Research Institute and PharosAI to build some of the world’s largest AI-ready datasets for cancer research, leveraging our Chromium and Xenium platforms to transform thousands of clinical samples into high-resolution multimodal insights for drug discovery and diagnostics.
— Entered into a collaboration with Dana-Farber Cancer Institute to analyze patient tumor samples, marking the beginning of a multi-year research initiative to incorporate single cell and spatial tumor analysis into potential diagnostic workflows to support cancer patient care.
— Launched a study with Brigham & Women’s Hospital aimed at identifying single cell blood-based signatures of autoimmune disease activity and treatment response to support clinical care.
— Ended the year with $523.4 million of cash and cash equivalents and marketable securities, an increase of $130.0 million over the prior year.
“In 2025, our team executed with discipline through a challenging environment while continuing to strengthen the fundamentals of the business,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “As we look to 2026, I am excited by the expanding impact of our platforms, driven by new product innovations and strategic partnerships. We are well positioned to execute across multiple growth vectors in the business, especially AI-driven demand, translational research and emerging clinical opportunities.”
Fourth
Quarter 2025 Financial Results
Revenue was $166.0 million for the three months ended December 31, 2025, a 1% increase from $165.0 million for the corresponding prior year period.
Gross margin was 68% for the fourth quarter of 2025, as compared to 67% for the corresponding prior year period. The increase in gross margin was primarily due to lower inventory write-downs, lower royalty costs and lower warranty costs, partially offset by higher manufacturing costs.
Operating expenses were $132.6 million for the fourth quarter of 2025, an 18% decrease from $160.8 million for the corresponding prior year period. The decrease was primarily driven by lower outside legal expenses and personnel expenses.
Operating loss was $19.5 million for the fourth quarter of 2025, as compared to an operating loss of $49.8 million for the corresponding prior year period. This includes $25.2 million of stock-based compensation for the fourth quarter of 2025, as compared to $32.5 million for the fourth quarter of 2024.
Net loss was $16.3 million for the fourth quarter of 2025, as compared to a net loss of $49.0 million for the corresponding prior year period.
Full Year 2025 Financial Results
Revenue was $642.8 million for the year ended December 31, 2025, a 5% increase from $610.8 million for 2024. Excluding $44.1 million related to patent litigation settlements, full-year revenue was $598.7 million, a 2% decrease from the prior year.
Gross margin was 69% for full year 2025, as compared to 68% for 2024. The increase in gross margin was primarily due to higher license and royalty revenue and lower royalties and warranty costs, partially offset by an increase in inventory write-downs and higher manufacturing costs.
Operating expenses were $504.9 million for full year 2025, as compared to $609.0 million for 2024, a decrease of 17%. The decrease was primarily driven by a $49.9 million gain on litigation settlements, lower outside legal expenses and personnel expenses.
Operating loss was $61.0 million for full year 2025, as compared to an operating loss of $194.6 million for 2024. This includes $108.8 million of stock-based compensation for full year 2025, as compared to $140.7 million for full year 2024.
Net loss was $43.5 million for full year 2025, as compared to a net loss of $182.6 million for 2024.
Cash and cash equivalents and marketable securities were $523.4 million as of December 31, 2025.
2026 Financial Guidance
10x Genomics expects full year 2026 revenue to be in the range of $600 million to $625 million. Excluding the non-recurring license and royalty revenue related to patent litigation settlements in 2025, this represents 0% to 4% growth over full year 2025.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the fourth quarter and full year 2025 financial results, business developments and outlook after market close on Thursday, February 12, 2026 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay for at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X, Facebook, Bluesky or YouTube.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.’s products and services, opportunities and 10x Genomics, Inc.’s financial performance and results of operations, including expectations regarding revenue and guidance. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.’s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics’ expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recently-filed 10-K and elsewhere in the documents 10x Genomics, Inc. files with the Securities and Exchange Commission from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, our website (www.10xgenomics.com), press releases, public conference calls, public webcasts and our social media accounts as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
10x Genomics, Inc.
Consolidated Statement of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended Year Ended
December 31,
December 31,
2025 2024 2025 2024
Products and services revenue $165,689 $164,910 $596,688 $610,464
License and royalty revenue 341 111 46,135 321
Revenue (1) 166,030 165,021 $642,823 $610,785
Cost of products and services revenue (2) 52,985 54,066 198,942 196,303
Gross profit 113,045 110,955 443,881 414,482
Operating expenses:
Research and development (2) 55,969 66,968 238,632 264,698
Selling, general and administrative (2) 76,617 93,826 316,134 344,343
Gain on settlement - (49,900)
Total operating expenses 132,586 160,794 504,866 609,041
Loss from operations (19,541) (49,839) (60,985) (194,559)
Other income (expense):
Interest income 5,492 4,467 20,048 18,930
Interest expense - (4)
Other (expense) income, net (1,144) (3,008) 1,030 (2,067)
Total other income 4,348 1,459 21,078 16,859
Loss before provision for income taxes (15,193) (48,380) (39,907) (177,700)
Provision for income taxes 1,059 648 3,637 4,927
Net loss $(16,252) $(49,028) $(43,544) $(182,627)
Net loss per share, basic and diluted $(0.13) $(0.40) $(0.35) $(1.52)
Weighted-average shares used to compute net loss per share, basic and diluted 127,078,342 121,596,351 124,749,885 120,451,550
(1) The following table represents revenue by source for the periods indicated (in thousands). Spatial
products includes the Company's Visium and Xenium products:
Three Months Ended Year Ended
December 31,
December 31,
2025 2024 2025 2024
Instruments
Single Cell $6,105 $10,929 $22,671 $35,212
Spatial 9,364 13,425 34,108 57,503
Total instruments revenue 15,469 24,354 56,779 92,715
Consumables
Single Cell 100,790 97,737 363,206 372,308
Spatial 40,959 35,795 143,977 121,124
Total consumables revenue 141,749 133,532 507,183 493,432
Services 8,471 7,024 32,726 24,317
Products and services revenue 165,689 164,910 596,688 610,464
License and royalty revenue 341 111 46,135 321
Total revenue $166,030 $165,021 $642,823 $610,785
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended Year Ended
December 31,
December 31,
2025 2024 2025 2024
Americas
United States $78,957 $84,285 $346,512 $334,318
Americas (excluding United States) 3,217 2,936 12,261 13,447
Total Americas 82,174 87,221 358,773 347,765
Europe, Middle East and Africa 53,463 49,828 161,716 159,762
Asia-Pacific
China 15,022 14,609 70,264 57,300
Asia-Pacific (excluding China) 15,371 13,363 52,070 45,958
Total Asia-Pacific 30,393 27,972 122,334 103,258
Total Revenue $166,030 $165,021 $642,823 $610,785
(2) Includes stock-based compensation expense as
follows:
Three Months Ended Year Ended
December 31,
December 31,
(in thousands) 2025 2024 2025 2024
Cost of product and services revenue $2,011 $2,221 $8,497 $8,348
Research and development 11,531 15,587 49,568 66,315
Selling, general and administrative 11,672 14,731 50,739 66,086
Total stock-based compensation expense $25,214 $32,539 $108,804 $140,749
10x Genomics, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)
December 31,
2025 2024
Assets
Current assets:
Cash and cash equivalents $473,966 $344,067
Marketable securities 49,443 49,335
Accounts receivable, net 47,013 87,862
Inventory 56,341 83,107
Other receivables 35,480 606
Prepaid expenses and other current assets 22,208 19,410
Total current assets 684,451 584,387
Property and equipment, net 226,711 252,648
Operating lease right-of-use assets 60,450 57,290
Goodwill 4,511 4,511
Intangible assets, net 62,329 15,671
Other noncurrent assets 2,913 4,129
Total assets $1,041,365 $918,636
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $12,733 $12,909
Accrued compensation and related benefits 42,500 33,615
Accrued expenses and other current liabilities 39,971 41,165
Deferred revenue 23,902 20,658
Operating lease liabilities 10,985 9,286
Contingent consideration, current 23,363
Total current liabilities 153,454 117,633
Contingent consideration, noncurrent 1,237
Operating lease liabilities, noncurrent 73,376 73,327
Deferred revenue, noncurrent 10,501 12,513
Other noncurrent liabilities 6,471 5,029
Total liabilities 245,039 208,502
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued or -
outstanding as of December 31, 2025 and December 31, 2024
Common stock, $0.00001 par value; 1,100,000,000 shares authorized and 127,691,329 2 2
and 122,291,837 shares issued and outstanding as of December 31, 2025 and 2024
Additional paid-in capital 2,306,690 2,177,672
Accumulated deficit (1,510,591) (1,467,047)
Accumulated other comprehensive income (loss) 225 (493)
Total stockholders' equity 796,326 710,134
Total liabilities and stockholders' equity $1,041,365 $918,636
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