10X Genomics (TXG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $151M, with $1.6M from a Takara settlement; excluding non-recurring items, revenue was $149M, up 3% YoY.

• Strong customer response and high order volume for the new Atera platform, with significant early adoption across academia and biopharma.

• Robust growth in Chromium consumables and continued strength in spatial analysis, especially Xenium.

• Acquisition of Proteintech Genomics to enhance proteomics and multiomics capabilities.

• Strategic partnerships with Cleveland Clinic and Lausanne University Hospital to advance oncology diagnostics.

Financial highlights

• Consumables revenue grew 7% YoY, with single-cell up 3% and spatial up 16%.

• Instrument revenue declined 47% YoY, with Chromium down 46% and spatial instruments down 48%.

• Gross margin increased to 74% from 72% YoY, aided by lower manufacturing costs and tariff refunds.

• Operating expenses were $132.1M, nearly flat YoY when excluding litigation settlement gains.

• Cash, equivalents, and marketable securities totaled $552M as of June 30, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $610M–$630M, representing 2–5% growth over 2025, excluding non-recurring items.

• Expect to ship ~40 Atera instruments in 2026, with most shipments in Q4; booked orders already exceed this number.

• Q3 revenue expected to see a modest sequential step down due to spatial product transition, with a significant Q4 step up as Atera ramps.

• Guidance assumes no improvement in the macro environment or academic funding flows.

• Operating expenses (excluding settlements) are expected to modestly decrease in 2026 due to ongoing cost management.