10x Genomics (NASDAQ: TXG) narrows 2025 losses and guides to modest 2026 growth

Rhea-AI Filing Summary

10x Genomics reported modest revenue growth but sharply improved profitability for 2025. Revenue was $166.0 million in Q4 2025, up 1% year over year, with full-year revenue of $642.8 million, a 5% increase from 2024. Excluding $44.1 million of non-recurring patent litigation settlement revenue, full-year revenue was $598.7 million, a 2% decline.

Q4 gross margin improved to 68% and full-year gross margin to 69%. Operating expenses fell 18% in Q4 and 17% for the year, helped by lower legal and personnel costs and a $49.9 million litigation settlement gain. Net loss narrowed to $16.3 million in Q4 2025 from $49.0 million a year earlier, and to $43.5 million for 2025 from $182.6 million in 2024.

The company ended 2025 with $523.4 million in cash, cash equivalents and marketable securities. For 2026, 10x Genomics guides to revenue of $600–$625 million, which represents 0% to 4% growth versus 2025 after excluding non-recurring patent-related revenue.

Insights

Life sciences equity analyst

Profitability improved sharply in 2025, but 2026 growth guidance is subdued.

10x Genomics delivered stronger profitability metrics despite only modest top-line expansion. Full-year revenue rose to $642.8 million, but underlying revenue excluding $44.1 million of litigation settlements declined 2%, indicating a mixed demand backdrop.

Cost controls and legal outcomes drove a major swing in earnings. Operating expenses dropped 17% to $504.9 million, aided by a $49.9 million settlement gain, and full-year net loss narrowed to $43.5 million from $182.6 million. Cash and marketable securities of $523.4 million at December 31, 2025 provide a sizeable financial cushion.

Management’s 2026 revenue outlook of $600–$625 million implies only 0–4% growth versus 2025 excluding non-recurring patent revenue, suggesting a cautious near-term growth trajectory. Subsequent company filings and updates may clarify how new partnerships and spatial biology adoption contribute to future revenue trends.

false000177078700017707872026-02-122026-02-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 8-K

______________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 12, 2026

10x Genomics, Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-39035			45-5614458
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

6230 Stoneridge Mall Road

Pleasanton, California 94588

(925) 401-7300

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A common stock, par value $0.00001 per share

TXG

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On February 12, 2026, 10x Genomics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K and the press release attached as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.						Description of Exhibits
99.1						Press Release dated February 12, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						10x Genomics, Inc.
						By:			/s/ Randy Wu
						Name:			Randy Wu
						Title:			General Counsel and Secretary
Date:			February 12, 2026

Exhibit 99.1

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

PLEASANTON, Calif. February 12, 2026 – 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.

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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

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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

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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

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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

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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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FAQ

How did 10x Genomics (TXG) perform financially in Q4 2025?

10x Genomics reported Q4 2025 revenue of $166.0 million, up 1% year over year. Gross margin improved to 68%, and net loss narrowed significantly to $16.3 million from $49.0 million in the prior-year quarter, reflecting lower expenses and better operating leverage.

What were 10x Genomics (TXG) full-year 2025 results?

For 2025, 10x Genomics generated revenue of $642.8 million, up 5% from 2024. Excluding $44.1 million in non-recurring patent litigation settlements, revenue was $598.7 million, a 2% decline. Net loss improved sharply to $43.5 million, compared with a $182.6 million loss in 2024.

How did litigation settlements affect 10x Genomics (TXG) 2025 results?

10x Genomics recorded $44.1 million of non-recurring license and royalty revenue and a $49.9 million gain on litigation settlements in 2025. Removing this revenue, full-year sales were $598.7 million, down 2% year over year, highlighting that part of 2025 growth came from legal outcomes.

What is 10x Genomics (TXG) revenue guidance for 2026?

10x Genomics expects full-year 2026 revenue between $600 million and $625 million. Compared with 2025 revenue excluding non-recurring patent settlement revenue, this range represents 0% to 4% growth, signaling a cautious outlook for near-term expansion.

How strong is 10x Genomics (TXG) balance sheet at year-end 2025?

As of December 31, 2025, 10x Genomics held $523.4 million in cash, cash equivalents and marketable securities. Total assets were $1.04 billion, with stockholders’ equity of $796.3 million, providing substantial financial resources to support operations and ongoing investments in research and commercialization.

What were 10x Genomics (TXG) gross margins and operating expenses in 2025?

Full-year 2025 gross margin was 69%, up from 68% in 2024, helped by higher license and royalty revenue and lower royalty and warranty costs. Operating expenses fell to $504.9 million, a 17% decrease, driven by lower legal and personnel costs and the litigation settlement gain.

Filing Exhibits & Attachments

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