10X Genomics (TXG) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $166 million, up 1% year-over-year and above guidance; full-year revenue was $599 million excluding $44 million from patent litigation settlements, or $642.8 million including them, a 5% increase, but down 2% excluding non-recurring items.

• Operating environment remained challenging with subdued customer spending and constrained capital equipment purchases, but underlying demand for solutions stayed solid.

• Single-cell consumables volumes grew at a double-digit rate each quarter, driven by adoption of lower-cost products like FLEX and on-chip multiplexing.

• Spatial consumables revenue grew double digits, led by strong Xenium demand and customer expansion.

• Strategic partnerships and collaborations were established with Cancer Research Institute, PharosAI, Dana-Farber Cancer Institute, Brigham & Women's Hospital, and the Chan Zuckerberg Initiative to advance AI-driven research and clinical evidence generation.

Financial highlights

• Q4 revenue grew 1% year-over-year, exceeding the high end of guidance.

• Total consumables revenue up 6% in Q4; single-cell consumables up 3% with >30% reaction volume growth, spatial consumables up 14%.

• Total instrument revenue declined 36% in Q4; Chromium instrument revenue down 44%, spatial instrument revenue down 30%.

• Q4 2025 gross margin was 68%, up from 67% prior year; full-year 2025 gross margin was 69%, up from 68% in 2024.

• Q4 2025 operating expenses decreased 18% year-over-year to $132.6 million, mainly due to lower legal and personnel costs and a $49.9 million litigation settlement gain.

• Q4 2025 operating loss was $19.5 million, a significant improvement from $49.8 million in Q4 2024; full-year operating loss narrowed to $61.0 million from $194.6 million in 2024.

• Q4 2025 net loss was $16.3 million, compared to $49.0 million in Q4 2024; full-year net loss was $43.5 million, down from $182.6 million in 2024.

• Year-end cash, cash equivalents, and marketable securities totaled $523.4 million, up $130 million from 2024.

Outlook and guidance

• 2026 revenue expected in the range of $600–$625 million, representing 0–4% growth over 2025, excluding non-recurring 2025 license and royalty revenue.

• Double-digit growth anticipated for both single-cell consumables reactions and spatial consumables revenue.

• CapEx funding expected to remain constrained, continuing to pressure instrument revenue.

• Q1 2026 revenue projected to be a higher percentage of full-year revenue due to late Q4 orders shipped in January.

• Continued focus on cost discipline and operating efficiency expected to strengthen financial profile in 2026.