10x Genomics (NASDAQ:TXG) reported fourth-quarter revenue of $166 million, surpassing the high end of its guidance range, as continued consumables growth and a modest late-quarter “budget flush” helped offset ongoing pressure in capital equipment spending. For the full year 2025, the company said it generated $599 million in revenue excluding $44 million of upfront revenue tied to patent litigation settlements.
Management repeatedly characterized the operating environment as largely unchanged from recent quarters, citing subdued customer spending, constrained capital equipment purchases, and continued uncertainty tied to research funding dynamics. Even so, CEO and co-founder Serge Saxonov said the company remained encouraged by “solid underlying demand” and highlighted progress in single-cell and spatial consumables adoption, product launches, and balance sheet strength.
Quarterly performance: consumables up, instruments down
Instrument revenue declined 36% in the quarter, with Chromium instrument revenue down 44% and spatial instrument revenue down 30%. Taich said the pattern reflected ongoing funding challenges for capital equipment, although the company saw a sequential uplift tied to year-end spending.
By geography, Taich said Americas revenue declined 6%, while EMEA and APAC grew 7% and 9%, respectively. He attributed the Americas weakness to softness in U.S. academic and government funding, while noting EMEA benefited from late-quarter orders tied to year-end spending and APAC performed in line with expectations.
Key drivers in 2025: Flex volumes and Xenium momentum
Saxonov said 2025 performance was supported by improving fundamentals despite a “highly unpredictable” environment for customers. In single-cell, he said consumables volumes grew at a double-digit rate each quarter, driven primarily by adoption of newer, lower-cost products including Flex and on-chip multiplexing. He emphasized these products have expanded access and increased experimental volume.
In spatial, Saxonov said the company delivered double-digit consumables revenue growth for the year driven by Xenium, citing both new customer expansion and increasing utilization among existing customers. Taich added that in 2025, Visium did not grow and that spatial consumables growth was driven “entirely” by Xenium. On utilization, Taich pointed to customers running Xenium “around the clock” and expanding their instrument fleets.
Later in the Q&A, management disclosed that Xenium reactions were 14,500 for 2025, up about 34% year over year, with that disclosure expected to be included in the company’s 10-K.
Product launches: Flex Apex and spatial workflow upgrades
Saxonov highlighted multiple product launches across both single-cell and spatial in 2025. In single-cell, he said the next-generation Flex assay, now branded as Flex Apex, represented a “meaningful step change” for the Chromium platform, citing performance, flexible inputs (including compatibility with FFPE and fixed whole blood), and lower cost per experiment. He said Flex became the company’s most popular single-cell assay by volume in the fourth quarter.
Taich said full-year 2025 reaction growth was 22%, and fourth-quarter reaction growth was “30%+,” which he tied in part to the launch of Flex Apex.
In spatial, Saxonov said the company launched Visium HD 3’ for whole-transcriptome analysis and HD cell segmentation, and introduced Xenium RNA and protein to enable multimodal analysis on the same tissue section. He reiterated a “strong and growing preference” among customers for Xenium and said he expects that trend to continue.
Asked about Visium’s go-forward strategy, Saxonov said the platform remains useful for a number of applications and that 10x Genomics would continue supporting those customers, while also emphasizing that Xenium is increasingly viewed as the best choice for the “vast majority” of spatial use cases.
Financial profile: margin, expenses, and cash position
Taich reported fourth-quarter gross margin of 68%, up from 67% a year earlier. He attributed the increase primarily to lower inventory write-downs and lower royalty and warranty costs, partially offset by higher manufacturing costs.
Operating expenses declined 18% in the quarter, which Taich said was driven primarily by lower outside legal expenses and lower personnel costs. The company ended 2025 with $523 million in cash, cash equivalents, and marketable securities, up $130 million from the end of 2024. Saxonov said the cash increase reflected disciplined cost management and focused execution.
In response to questions about capital deployment, Saxonov said the stronger balance sheet provides flexibility to execute priorities in a volatile environment and to invest based on strategy, though he did not outline specific uses of cash.
2026 outlook: revenue guidance reinstated amid stabilizing conditions
Taich said that while funding remains muted, it has reached a measure of stability that supports reinstating full-year revenue guidance. The company expects 2026 revenue of $600 million to $625 million. Excluding the 2025 upfront patent settlement revenue, Taich said the outlook implies 0% to 4% growth year over year.
At the midpoint, Taich said the forecast assumes the continuation of trends seen in 2025, including:
- Double-digit growth in single-cell consumables reactions
- Double-digit growth in spatial consumables revenue
- Continued pressure on instrument revenue due to constrained CapEx funding
Taich said the company expects the overall environment to resemble the second half of 2025, with customers remaining cautious. He noted the recent NIH budget approval and decisions on indirect and multi-year funding, while also cautioning that “systemic turbulence” in research funding continues to influence sentiment and purchase timing.
Management also flagged an expected shift in quarterly cadence, with first-quarter revenue anticipated to be a larger percentage of the full-year total than in prior years. Taich attributed part of that to orders received late in the fourth quarter that shipped in January, including $2 million that “spilled into Q1.”
During the Q&A, management provided additional color on mix and pricing dynamics in Chromium consumables. Taich said that at the midpoint of the 2026 guide, Chromium consumables are expected to be flat, with multiple potential combinations of product mix and volumes contributing to that outcome. Saxonov acknowledged the company is monitoring potential pricing headwinds as customers adopt Flex Apex, but said the commercial focus is on driving incremental volume and new use cases.
On market conditions early in 2026, Saxonov said ordering patterns and sentiment were similar to recent quarters—improved versus the first half of 2025 but still marked by uncertainty, particularly in U.S. academic funding.
AI-driven biology, translational research, and early clinical efforts
Saxonov spent significant time outlining longer-term growth drivers, particularly the intersection of AI and large-scale biological measurement. He said the company is seeing growing interest in large, well-controlled studies, including perturbation-based experiments, and described partnerships supporting these trends, including work with the Chan Zuckerberg Initiative’s Billion Cells Project, the Arc Institute’s Virtual Cell Atlas, and the Cancer Research Institute.
Management said AI-driven projects were a meaningful but relatively small percentage of the business in 2025 and are expected to grow, with Saxonov arguing there is “no credible ceiling” to potential data generation demand for AI models.
Separately, Saxonov described translational research as a meaningful growth driver, citing increasing therapeutic options, rising evidence supporting single-cell and spatial methods for biomarkers, and improved platform compatibility with clinical sample types such as FFPE and whole blood. He said 10x Genomics aims to expand biopharma adoption over time, with a longer-term goal of biopharma representing roughly half of revenue, while emphasizing the company was not making a claim about reaching that level in 2026.
On clinical diagnostics, Saxonov said the company is pursuing a “hybrid strategy,” supporting customers’ evidence generation and future clinical deployment while also pursuing internal efforts to accelerate high-impact diagnostics. He highlighted collaborations with Dana-Farber Cancer Institute focused on tissue-based spatial profiling in oncology and Brigham and Women’s Hospital focused on blood-based monitoring for autoimmune disease. Saxonov said the company is building out a CLIA laboratory and is targeting early next year to stand it up, adding that the effort is intended to have a minor impact on the P&L due to the company’s existing assets and infrastructure.
About 10x Genomics (NASDAQ:TXG)
10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.
Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.
