0001628280-26-007822
SEC filingRevenue grew 5% to $643M with gross margin expansion to 69%, driven by Spatial consumables growth and patent settlement income.
10x Genomics describes itself as a life sciences technology company whose mission is to accelerate the mastery of biology to advance human health. The company builds integrated research solutions—instruments, consumables, and software—for analyzing biological systems at high resolution and scale. Since its first product launch in mid-2015, 10x Genomics has sold 8,046 instruments and generated $642.8 million in revenue in 2025, a 5% increase from 2024. The company estimates that more than 10,000 peer-reviewed articles have been published using data from its products.
The company does not report formal operating segments. Instead, it organizes its portfolio into two categories: the single cell portfolio, powered by the Chromium platform, and the spatial portfolio, powered by the Visium and Xenium platforms. No revenue breakdown by portfolio is provided in the Business section.
The single cell portfolio includes the Chromium X Series and legacy Chromium instruments, microfluidic chips, consumables, and the newly acquired QuantumScale Single Cell RNA and Single Cell Methylation kits (from Scale Biosciences). The Chromium platform enables multiomic readouts including gene expression, protein, chromatin, V(D)J, and CRISPR gRNAs. The spatial portfolio features the Visium platform (with Visium CytAssist and HD assays) for sequencing-based spatial analysis, and the Xenium platform (with Xenium Analyzer) for in situ analysis. Software products include Cell Ranger, Loupe Browser, and Xenium Explorer, designed to support data processing and visualization across platforms.
10x Genomics sells its products in over 50 countries through a direct sales force in North America and parts of Europe, and through third-party distributors in Asia, Europe, Oceania, North America, South America, the Middle East, and Africa. Key customers are academic and government institutions (largest portion of direct sales revenue) and biopharmaceutical companies (expected to grow). No single customer accounted for more than 10% of revenue in 2025 or 2024.
The life sciences industry is highly competitive. Competitors include both established and early-stage companies offering products for genomics, single cell analysis, spatial analysis, and in situ analysis. The company notes that some competitors may have substantially greater financial and other resources, larger R&D staff, or more established marketing and sales organizations. 10x Genomics believes it is differentiated by its product capabilities, proprietary technologies, intellectual property, product development processes, and customer experience.
The company’s strategic priorities, as stated in the Business section, include: improving the performance of existing technologies; developing new solutions and new versions of existing solutions; improving and developing new capabilities for instruments; developing combined software and workflows across multiple solutions; and investigating and developing new technologies. These efforts are supported by both organic development and targeted acquisitions.
As of December 31, 2025, 10x Genomics employed 1,178 individuals: 332 in research and development, 473 in sales, marketing, and support, 185 in general and administrative, and 188 in manufacturing. Many employees hold PhDs. The company emphasizes a multi-disciplinary team with expertise in chemistry, molecular biology, microfluidics, hardware, computational biology, and software engineering.
For the fiscal year 2025, total revenue increased 5% to $642.8 million, compared to $610.8 million in 2024. The growth was primarily driven by $45.8 million in license and royalty revenue from patent litigation settlements with Vizgen and Bruker, which included an upfront payment and quarterly installments. Excluding these non-recurring items, products and services revenue declined 2% to $596.7 million, reflecting a 39% drop in instrument sales ($56.8 million) due to price decreases and lower volume of Spatial instruments. Consumables revenue grew 3% to $507.2 million, with Spatial consumables increasing 19% to $144.0 million, partially offset by a 2% decline in Single Cell consumables. Service revenue rose 35% to $32.7 million as more instruments came off warranty.
Gross profit increased 7% to $443.9 million, with gross margin expanding to 69% from 68%. The margin improvement was driven by higher-margin license and royalty revenue (contributing 2.3 percentage points) and lower royalties and warranty costs, partially offset by higher inventory write-downs ($26.5 million vs $11.3 million in 2024) and increased manufacturing costs.
Net loss narrowed significantly to $43.5 million from $182.6 million, reflecting improved gross profit and lower operating expenses. Research and development expenses decreased 10% to $238.6 million, and selling, general and administrative expenses fell 8% to $316.1 million, primarily due to lower stock-based compensation and outside legal costs. The company also recorded a $49.9 million gain on settlement from patent litigation.
Instrument revenue declined sharply across both Single Cell (-36%) and Spatial (-41%) platforms, as management reduced prices and customers delayed purchases. Cumulative instruments sold reached 8,046 units, up from 7,039 in 2024, indicating continued adoption but at a slower pace. Consumables revenue showed divergent trends: Spatial consumables grew 19% driven by Xenium and Visium reagents, while Single Cell consumables declined 2% due to lower Chromium consumable sales, partly impacted by the inclusion of Scale Bio reactions. Total consumable reactions sold increased 19% to 424,000, led by Xenium (34% growth) and Chromium (22% growth). Service revenue grew 35% as the installed base expanded.
Management expects revenues to moderately increase in 2026 compared to 2025, excluding the $44.1 million non-recurring patent settlement revenue recognized in 2025. Operating expenses are expected to modestly decrease in 2026 as the company continues to manage spend. Gross margin is expected to fluctuate throughout 2026 due to changes in product mix and the absence of the prior year's non-recurring license and royalty benefit. The company plans to invest in R&D and sales selectively, with capital expenditures between $15 million and $20 million over the next 12 months. The Scale Bio acquisition will contribute to Single Cell consumables, and the company may pay up to $30 million in contingent consideration if milestones are met.
As of December 31, 2025, 10x Genomics held $474.0M in cash and cash equivalents and $49.4M in marketable securities, totaling $523.4M in liquid assets. The company has no short- or long-term debt, with total shareholders' equity of $796.3M. Inventory decreased to $56.3M from $83.1M, driven by reductions in work in progress and purchased materials. The company maintains a strong liquidity position with no borrowings.
Total purchase commitments amount to $55.7M, comprising $12.2M in supply purchase commitments over the next two years, $18.6M in non-cancelable software subscription services over four years, and $24.9M in minimum intellectual property license payments over 16 years. Additionally, operating lease obligations have a present value of $84.4M, with total undiscounted lease payments of $103.0M, primarily due over the next 6-10 years. The company also has contingent consideration of $24.6M related to the Scale Bio acquisition, measured at fair value.
The company's capital allocation is conservative: no share buybacks or dividends were executed in fiscal 2025. Capital expenditures were $5.9M (0.9% of revenue), down from $12.4M in 2024, reflecting reduced investment in property and equipment. Debt remained zero, and the company generated $136.1M in operating cash flow, improving from $6.7M in 2024, driven by working capital improvements and reduced net loss.
The company operates as a single operating segment. Revenue for 2025 was $642.8M (+5.2% YoY), with product and service revenue of $596.7M and license/royalty revenue of $46.1M (including settlement-related income). Revenue breakdown by geography: United States $346.5M (54%), EMEA $161.7M (25%), Asia-Pacific $122.3M (19%), and rest of Americas $12.3M (2%). Geographic mix remained stable, with modest growth in China and EMEA.
Overall, the notes reveal a solid balance sheet with no leverage, manageable commitments, and improving cash generation, though the company continues to operate at a loss.
No cash flow statement data was included in the provided document excerpt. The content only contains the audit report, balance sheet, and index references. Without the actual cash flow figures (CFO, capex, FCF, etc.), no analysis can be performed on cash generation quality, working capital changes, or capital allocation. Please provide the full cash flow statement for a comprehensive assessment.