10x Genomics Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Outlook for 2026

Rhea-AI Summary

10x Genomics (Nasdaq: TXG) reported Q4 2025 revenue of $166.0M (+1% YoY) and full-year 2025 revenue of $642.8M. Excluding $44.1M of non-recurring litigation revenue, 2025 revenue was $598.7M (‑2% YoY). Cash and marketable securities totaled $523.4M. Gross margin was 69% for FY2025; operating loss narrowed to $61.0M and net loss to $43.5M. 2026 revenue guidance is $600M–$625M (0%–4% growth ex-litigation).

Positive

• Full-year revenue of $642.8M
• Ended year with $523.4M cash and marketable securities (+$130.0M)
• Operating loss improved to $61.0M from $194.6M in 2024
• FY2026 revenue guidance of $600M–$625M implying up to 4% growth ex-litigation

Negative

• Excluding $44.1M litigation revenue, FY2025 revenue fell to $598.7M (‑2% YoY)
• Full-year net loss of $43.5M remains material
• Operating expenses still high at $504.9M for FY2025

News Market Reaction

-8.56%

50 alerts

-8.56% News Effect

+13.4% Peak Tracked

-14.8% Trough Tracked

-$245M Valuation Impact

$2.62B Market Cap

0.7x Rel. Volume

On the day this news was published, TXG declined 8.56%, reflecting a notable negative market reaction. Argus tracked a peak move of +13.4% during that session. Argus tracked a trough of -14.8% from its starting point during tracking. Our momentum scanner triggered 50 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $245M from the company's valuation, bringing the market cap to $2.62B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $166.0M FY 2025 revenue: $642.8M FY 2025 core revenue: $598.7M +5 more

8 metrics

Q4 2025 revenue $166.0M Fourth quarter 2025, up 1% year-over-year

FY 2025 revenue $642.8M Full year 2025 total revenue

FY 2025 core revenue $598.7M Excludes $44.1M non-recurring patent litigation settlements; 2% decline vs 2024

Cash & securities $523.4M Cash, cash equivalents and marketable securities at Dec 31, 2025

FY 2025 operating loss $61.0M Full year 2025 operating loss, improved from $194.6M in 2024

FY 2025 net loss $43.5M Full year 2025 net loss, improved from $182.6M in 2024

2026 revenue guidance $600–$625M Full year 2026 revenue outlook; 0–4% growth vs 2025 core

Q4 2025 operating expenses $132.6M Fourth quarter 2025, down 18% year-over-year

Market Reality Check

Price: $18.12 Vol: Volume 1,715,862 is at 0....

low vol

$18.12 Last Close

Volume Volume 1,715,862 is at 0.67x the 20-day average (2,561,157) ahead of earnings. low

Technical Price $19.15 is trading above the 200-day MA at $13.94 and 18.72% below the 52-week high.

Peers on Argus

Key peers like CERT, OMCL, PHR, SDGR and GDRX show declines today (e.g., SDGR -1...

Key peers like CERT, OMCL, PHR, SDGR and GDRX show declines today (e.g., SDGR -11.72%, GDRX -3.46%), while TXG is flat pre-news, pointing to stock-specific focus once earnings are digested rather than a clear sector-driven move.

Previous Earnings Reports

5 past events · Latest: Nov 06 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Neutral	-3.6%	Revenue $149M, margins and losses improved with lower operating expenses.
Aug 07	Q2 2025 earnings	Positive	-4.0%	Litigation-driven revenue boost, higher gross margin and net income vs prior loss.
May 08	Q1 2025 earnings	Neutral	+1.6%	Mixed results with lower underlying revenue but narrowed net loss and cost cuts.
Feb 12	FY 2024 earnings	Negative	-0.5%	Revenue declined and losses persisted despite margin gains and higher cash balance.
Oct 29	Q3 2024 earnings	Negative	+4.4%	Slight revenue decline and guidance cut offset by strong margin and loss improvement.

Pattern Detected

Earnings releases have produced modest average moves of -0.41%, with mixed alignment between fundamentals (loss reduction, margin improvements) and short-term price reactions.

Recent Company History

Over the past five earnings cycles, 10x Genomics has reported relatively flat to declining revenue growth while steadily improving gross margins and narrowing operating and net losses. Events on Nov 06, 2025 and Aug 07, 2025 highlighted higher margins and better profitability but saw negative next-day reactions. Earlier results, including Feb 12, 2025 and Oct 29, 2024, combined revenue pressure with cost controls and guidance resets. Today’s Q4/FY 2025 report and 2026 outlook continue that theme of disciplined expense management amid constrained organic growth.

Historical Comparison

-0.4% avg move · In the last five earnings releases, TXG’s average next-day move was -0.41%, even as margins and loss...

earnings

-0.4%

Average Historical Move earnings

In the last five earnings releases, TXG’s average next-day move was -0.41%, even as margins and losses steadily improved. Today’s Q4/FY 2025 results and 2026 outlook fit this pattern of operational progress against a backdrop of constrained organic revenue growth.

Earnings over 2024–2025 show a progression toward higher gross margins and smaller operating and net losses, while revenue growth remains pressured and increasingly influenced by patent litigation settlements and cost controls.

Market Pulse Summary

The stock moved -8.6% in the session following this news. A negative reaction despite loss improveme...

Analysis

The stock moved -8.6% in the session following this news. A negative reaction despite loss improvement would fit prior earnings patterns where TXG’s shares often struggled after results. While full-year operating loss narrowed to $61.0M and net loss to $43.5M, underlying 2025 revenue excluding settlements was $598.7M, a 2% decline versus 2024, and 2026 guidance of $600–$625M signals limited growth. These dynamics, alongside reliance on non-recurring litigation revenue, could amplify concerns and pressure the stock.

Key Terms

patent litigation settlements, stock-based compensation, marketable securities

3 terms

patent litigation settlements regulatory

"Excluding $44.1 million of non-recurring revenue related to patent litigation settlements..."

Patent litigation settlements are agreements that end legal disputes over who owns or may use a patented invention; they typically resolve claims with payments, licensing deals, or limits on how a product is sold. For investors this matters because those settlements can change a company’s costs, future sales, and legal risk—like settling a fight over a recipe that either forces payment, opens a new revenue stream, or lets a product keep being sold.

stock-based compensation financial

"This includes $25.2 million of stock-based compensation for the fourth quarter of 2025..."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

marketable securities financial

"Cash and cash equivalents and marketable securities were $523.4 million as of December 31, 2025."

Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.

AI-generated analysis. Not financial advice.

PLEASANTON, Calif., Feb. 12, 2026 /PRNewswire/ -- 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 December 31,				Year Ended 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 December 31,				Year Ended 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 December 31,				Year Ended 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 December 31,				Year Ended 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 and 122,291,837 shares issued and outstanding as of December 31, 2025 and 2024	2		2
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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SOURCE 10x Genomics, Inc.

FAQ

What were 10x Genomics (TXG) Q4 2025 revenue and net loss figures?

Q4 2025 revenue was $166.0M and net loss was $16.3M. According to the company, revenue rose 1% year-over-year while net loss narrowed significantly versus Q4 2024, driven by lower operating expenses and reduced legal costs.

How did 10x Genomics report full-year 2025 revenue excluding litigation settlements?

Excluding non-recurring litigation revenue, full-year 2025 revenue was $598.7M. According to the company, the adjusted figure represents a 2% decrease from 2024 after removing the $44.1M one-time patent settlement.

What guidance did 10x Genomics (TXG) give for full-year 2026 revenue?

10x Genomics guided full-year 2026 revenue of $600M–$625M, implying 0%–4% growth ex-litigation. According to the company, this outlook excludes the 2025 non-recurring license and royalty items and reflects expected demand trends.

How much cash did 10x Genomics have at year-end 2025 and why does it matter?

Year-end cash and marketable securities were $523.4M. According to the company, the $130.0M increase from prior year supports R&D, partnerships, and near-term operations while providing liquidity for strategic initiatives.

What drove the improvement in 10x Genomics' operating results in 2025?

Improved operating results were driven by lower operating expenses and a litigation settlement gain. According to the company, a $49.9M gain on litigation settlements and reduced legal and personnel costs materially narrowed operating losses.

How should investors interpret TXG's FY2025 margins and expense trends?

Gross margin was 69% for FY2025 while operating expenses declined 17% to $504.9M. According to the company, higher license revenue and lower royalties helped margins, while expense cuts reduced losses but expenses remain significant.