10x Genomics Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Outlook for 2026
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
"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: [email protected]
Media: [email protected]
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
SOURCE 10x Genomics, Inc.