10X Genomics (TXG) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $166 million, exceeding guidance; full-year revenue was $599 million, excluding $44 million from patent litigation settlements.

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

• Multiple product launches in single-cell (Flex Apex) and spatial (Visium HD 3', HD cell segmentation, Xenium RNA/protein) expanded platform capabilities.

Financial highlights

• Q4 revenue was $166 million, up 1% year-over-year and above the high end of guidance.

• Total consumables revenue rose 6% (single-cell up 3%, spatial up 14%), while instrument revenue declined 36%.

• Gross margin for Q4 was 68%, up from 67% the prior year, driven by lower inventory write-downs and reduced royalty/warranty costs.

• Operating expenses decreased 18% in Q4, mainly due to lower legal and personnel costs.

• Year-end cash, cash equivalents, and marketable securities totaled $523 million, up $130 million from 2024.

Outlook and guidance

• 2026 revenue guidance is $600–$625 million, representing 0–4% growth over 2025 (excluding patent settlement revenue).

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

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

• Q1 2026 revenue anticipated 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 to sustain productivity gains.