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what it is
It sells lab machines and the tiny parts that let researchers read cells one by one.
how it gets paid
FY 2025 revenue was $642.8M (+5% YoY as reported). Consumables (single cell + spatial) were ~$507M— roughly 79% of product & services revenue per the 10x FY 2025 earnings release.
why it's growing
Reported revenue grew 5% YoY; excluding ~$44M of non-recurring patent-litigation-related revenue, underlying product demand was flatter. Q4 2025 revenue was ~$166M (+1% YoY)— not a “hockey stick” quarter.
what just happened
Q4 2025 GAAP net loss was $(0.13)/share on ~$166M revenue— a smaller loss than the year-ago quarter, but still not profitable.
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
-$0.35 fy2025 eps est
$2B fy2026 rev est
~-9.5% FY operating margin (still loss-making at the operating line)
xvary composite: 65/100 — average
What they do
It sells lab machines and the tiny parts that let researchers read cells one by one.
Chromium instruments are the door. Your lab buys the machine once, then keeps buying chips, slides, and reagents. FY 2025 gross margin was ~69% as reported— consumables economics still carry the model even as instrument dollars swing.
How they make money
$642.8M
FY 2025 revenue · +5% YoY as reported (underlying product revenue is flatter ex. litigation settlements)
Consumables (single cell + spatial)
~$507M
~+3%
Instruments
~$57M
~-39%
Services + license & royalty
~$79M
mixed
The products that matter
single-cell analysis platform
Chromium Single Cell
~79% of total (consumables)
the FY 2025 filing shows ~$507M in consumables revenue— the recurring piece investors underwrite. Utilization and pull-through matter more than headline instrument unit swings.
recurring demand
tissue mapping platform
Visium Spatial
inside a ~$643M FY revenue base
10x has not broken out standalone revenue for Visium here. What you know is that in a business guiding to $600M–$625M next year, spatial adoption needs to help offset weaker instrument spending somewhere else.
growth lever
in-situ analysis platform
Xenium
next act, not main act
this is the platform investors watch for re-acceleration. The snapshot does not provide standalone revenue, so the honest read is simple: in a stock trading around an $18.12 price and flat guide, new platform adoption matters more than the current disclosure shows.
adoption watch
Key numbers
$643M
annual revenue
That is the whole business in one number. You are looking at a real company, not a science fair project.
~69%
FY gross margin
FY 2025 gross margin was ~69% as reported— Q4 was ~68%. Refill economics still dominate, but the operating line is not fixed yet.
-9.5%
FY operating margin
FY 2025 operating loss ~$61M on ~$642.8M revenue ≈ -9.5%— sales are real; GAAP operating profit is still missing.
1.8
beta
Beta, or how wild the stock moves versus the market, is 1.8. You are buying a lab name with extra turbulence.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TXG right now.
source: institutional data · return history unavailable
What just happened
smaller loss vs. prior year
Q4 2025 revenue was ~$166M (+1% YoY); GAAP EPS was $(0.13) vs. $(0.40) in Q4 2024.
FY 2025 revenue was $642.8M (+5% YoY as reported). Excluding ~$44M of non-recurring patent-litigation-related revenue, underlying revenue was ~$598.7M (~-2% YoY). FY GAAP net loss was $(0.35)/share— improved vs. $(1.52) in 2024.
~$166M
Q4 2025 revenue
$(0.13)
GAAP EPS (Q4)
~68%
Q4 gross margin
the number that mattered
The ~$166M Q4 print is nowhere near a phantom $477M “quarter”— read the period before you annualize or hype growth rates.
source: 10x Genomics Q4/FY 2025 results (SEC ex-99.1, Feb 12, 2026)
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What could go wrong
the #1 risk is double-digit pricing pressure on a consumables-heavy model. For TXG, that is not a generic warning. ~79% of revenue is consumables (single cell + spatial) in the FY 2025 filing mix, so pricing pressure hits the recurring engine first.
med
pricing pressure in consumables
Consumables are ~$507M of FY 2025 revenue. If price cuts keep running while volumes stay flat, the most resilient part of the model stops looking resilient.
this pressure hits the recurring revenue base directly, not just one-off instrument sales
med
weak lab budgets crush instrument demand
Instrument revenue is about $193M, and management already flagged weak demand tied to tighter research spending. When labs delay capex, future consumables growth also gets delayed.
a slowdown here hurts both current sales and next year's installed-base expansion
med
the growth stock label keeps slipping
2026 guidance of $600M–$625M sits below 2025 revenue of $642.8M. If growth does not come back, the market stops valuing TXG like a premium tools platform and starts valuing it like a niche equipment company.
that would pressure both sentiment and the multiple, even if gross margin stays high
the combined risk picture is simple: a company with 69.4% gross margin and $520M in cash still needs demand to recover. Without that, the balance sheet buys time, not upside.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings
scheduled for may 5, 2026. You want the first read on whether management is tracking toward the $600M–$625M annual guide or already leaning defensive.
metric
consumables pricing versus volume
~79% of revenue is consumables in the reported FY 2025 mix. If pricing stays under pressure and volumes do not improve, the recurring engine stops carrying the story.
trend
instrument demand
the roughly $193M instrument piece is the clearest read on lab budget health. Recovery here would tell you new system placements are starting to move again.
risk
cash staying a strength, not a crutch
$520M in cash is the buffer. If the business stays flat and losses drag on, investors will start treating that balance as runway instead of optionality.
Analyst rankings
earnings predictability
35 / 100
low predictability means the next few quarters can swing more than you want. in human-speak, analysts do not view this as a clean, steady model yet.
balance sheet quality
B+
the finances are respectable. You are not buying a distressed company. You are buying a company that still has time to fix the growth problem.
market sensitivity
1.8 beta
beta measures how violently a stock tends to move against the market. At 1.8, TXG has historically moved with extra drama.
source: institutional data
Institutional activity
institutional ownership data for TXG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$18
current price
n/a
target midpoint · n/a from current
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