10x Genomics, Inc. Q4 2025 earnings summary — revenue, EPS & margin

At this time, I would like to welcome everyone to the 10x Genomics fourth quarter and full year 2025 earnings call. Earlier today, 10x Genomics released financial results for the fourth quarter and full year ended December 31, 2025. I will then talk about some of the key trends driving our business and how they position us well for future growth. Despite this challenging backdrop, we saw a modest budget flush toward the end of the quarter, and we continue to be encouraged by the solid underlying demand for our solutions.

Single-cell consumables volumes grew at a double-digit rate each quarter, driven primarily by adoption of our newer, lower-cost products, including FLEX and on-chip multiplexing. In spatial, we delivered double-digit consumables revenue growth for the year, driven by Xenium momentum. Strong demand for Xenium translated into meaningful customer expansion throughout the year. We grew our cash balance by more than $100 million year-over-year, reflecting disciplined cost management and focused execution across the business.

We intend to continue to effectively manage costs and strategically invest in innovation and long-term growth. As we look ahead to 2026 and beyond, we believe we are well positioned to build on the progress we have made with several trends propelling growth going forward. Another area that has become increasingly important for us, and one we see as a meaningful growth driver going forward, is translational research. Despite a highly volatile external environment that drove some variability in quarterly revenue, we exited the year in a strong financial position.

Guidance Changes

Metric	Period	Current guidance
Full-year 2026 revenue	FY2026	$600M-$625M, implying 0%-4% growth excluding 2025 patent settlement revenue
Single-cell consumables reactions growth	FY2026	double-digit
Spatial consumables revenue growth	FY2026	double-digit
Chromium consumables revenue	FY2026	roughly flat (0% growth) at the midpoint
Q1 2026 share of full-year revenue	Q1 2026	about a point higher, closer to 24%, partly from late-Q4 orders shipping in January
Instrument revenue	FY2026	continued downward pressure as CapEx funding remains constrained

Performance Breakdown

Metric	YoY	Note
Total revenue	+1% ($166M, above high end of guidance)	Challenging operating environment balanced by continued business momentum and some unanticipated late-quarter budget flush.
Total consumables revenue	+6%	Growth in both single-cell and spatial consumables.
Single-cell consumables revenue	+3%	Double-digit reaction volume growth, in part due to the lower-priced FLEX assay.
Spatial consumables revenue	+14%	Driven by Xenium consumables.
Total instrument revenue	-36%	Chromium instruments down 44% and spatial down 30% on ongoing CapEx funding challenges, partly offset by a sequential year-end uptick.
Gross margin	68% vs 67% prior year	Lower inventory write-downs and lower royalty and warranty costs, partially offset by higher manufacturing costs.
Total operating expenses	-18%	Lower outside legal expenses and lower personnel costs.
Americas revenue	-6%	Continued softness in U.S. academic and government funding.
EMEA revenue	+7%	Better than expected, driven by late-quarter year-end spending orders.
APAC revenue	+9%	Solid quarter consistent with expectations.
Xenium reactions (full year)	+34% (14,500 reactions)	Strong Xenium utilization and customer expansion.

Earnings Call Themes & Trends

Topic	Previous mention	Current period	Trend
AI / virtual cell as growth driver	Emerging trend with partnerships announced over the year	Highlighted as rapid parallel progress in AI and measurement technology; AI increasingly a driver of data generation; CZI Billion Cell, Arc Institute Virtual Cell Atlas and Cancer Research Institute collaborations cited, still a relatively small percentage of business	—
FLEX APEX	Next-generation Flex launched in 2025	Now branded FLEX APEX; most popular single-cell assay by volume in Q4; drove 30%+ reaction volume growth in Q4; pricing headwind watched but offset by volume	—
Xenium vs Visium	Strong and growing preference for Xenium	Increasingly clear Xenium is the best choice for the vast majority of spatial customers; Visium did not grow in 2025 but retains its place	—
Translational research and clinical	Growing focus area	Meaningful growth driver; hybrid clinical strategy with plan to stand up a CLIA lab early next year; goal of biopharma reaching half of revenue over time	—
Funding / macro environment	Highly uncertain, guidance withdrawn	Reached a measure of stability supporting reinstated guidance; recent NIH budget approval encouraging, but systemic turbulence persists	—

Q&A Summary

What ordering patterns are you seeing into the year, and what is baked in for academic, pharma and clinical?

The environment is similar to the past couple of quarters and the second half of 2025, gradually improving versus the first half of 2025 but with persistent uncertainty in U.S. academic funding (staffing, disbursement timing, grant criteria, budgets). A big wave of AI-driven and Perturb-seq applications is exciting, well-suited to Flex, still a relatively small percentage of business but with enormous upside.

On pricing, was single-cell volume growth enough to offset pricing, and how is it contemplated in guidance?

Full-year 2025 revenue growth was 22% and Q4 had 30%+ volume growth with the FLEX APEX launch. For 2026, Chromium consumables are modeled roughly flat at the midpoint, with various combinations of price and volume getting there, alongside continued CapEx pressure and double-digit spatial consumables strength.

Is FLEX V2 rebranded as APEX, what was the V1 vs V2 mix in Q4, and how will pricing be impacted?

Yes, FLEX APEX launched in Q4 and was strong out of the gate; it is too early to break down versions. There are additive new use cases, customers who won't switch, and customers converting from earlier Flex or 3-prime products (some spending the same and running more samples, some paying less per sample); a headwind watched carefully but the focus is driving incremental volume, with 30%+ reaction growth a reasonable anchor for 2026.

Talk about the push into clinical/translational space with the institutions mentioned.

Two efforts: future-looking clinical/diagnostics initiatives (a hybrid strategy enabling customers to build clinical evidence plus building a CLIA lab), which are synergistic and validating; and nearer-term translational research where products are already used on patient cohorts for biomarkers, with an opportunity at least as big as basic science and a major commercial focus this year.

Which franchise sees the largest CapEx headwind impact in 2026, and can biopharma reach 30%+ or half of revenue?

The eventual goal is for biopharma to reach about half of revenue over time, not a claim for this year, but steps in that direction are expected with single-cell and spatial use across the drug-development continuum. On CapEx, the environment remains constrained with more pressure at the higher end; Chromium instrument units grew year-over-year in 2025 by working with customers on capital barriers and consumables-commitment package deals.

On price/volume for Chromium, is it like volumes up 20, price down 20, and what is baked in by region?

Chromium consumables are modeled at flat at the midpoint, not specifically +30/-30; there are multiple ways to get there given portfolio complexity, and a lot of the price/volume mix will play out over the course of the year as FLEX APEX adoption ramps.

What gives confidence on the spatial guide and on the margin/cost profile?

Spatial consumables had a very strong 2025 driven entirely by Xenium (Visium did not grow); customer sentiment and utilization are strong, new customers keep buying in even in a constrained CapEx environment, supporting confidence in double-digit growth again in 2026, with continued cost discipline after growing cash by $130 million.

Can you give Xenium reagent growth in 2025 and the Flex adoption cadence?

It is too early to characterize the Flex adoption cadence after only a partial Q4, with encouraging early signs. Xenium reactions were 14,500 for the year, up about 34%, and will appear in the 10-K.

How are you thinking about competitive dynamics into AGBT and levers to hold share?

The company feels good about its position in spatial and single-cell; Xenium is growing much faster than other offerings from a much higher base, the performance gap has widened through continuous innovation, and the dynamic is not expected to change materially.

Given Visium did not grow in 2025, what is the go-forward strategy?

Visium remains a good platform for many applications and will continue to be supported, but Xenium is increasingly the best choice for the vast majority of spatial use cases, where most future growth will come, while Visium retains its place.

Can you expand on the Q1 timing shift and whether extra price was given to capture late Q4 orders?

Not a pricing dynamic; some late-December budget-flush orders (about $2 million) could not be fulfilled until January and spilled into Q1. Q1 is expected to be about a point higher than the historical ~23% of full-year revenue, closer to 24%.

What is the timing of the Scale technology integration and can it win AI customers?

For AI customers, FLEX APEX is predominantly the right solution given scalability, sensitivity and robustness, validated by papers and preprints. Scale's contribution is not material to revenue; the company is excited to incorporate the technology into future products it has not yet detailed.

Which indications will the CLIA lab target first, timing, CapEx and competitive impact?

Driven by customer and physician interest, with a hybrid strategy enabling customers' clinical tests while also accelerating select applications efficiently using existing assets. Two big applications: tissue-based tumor profiling to guide therapy selection, and single-cell blood analysis for autoimmune monitoring. A CLIA lab is targeted to stand up early next year with very minor P&L impact.

Can you quantify AI-related revenue and how the AI opportunity evolves over time?

AI demand is meaningful but still a relatively small percentage of business, much of it driven by Flex APEX; it is expected to grow as continuous demand for ever-larger, higher-quality datasets persists, with no credible ceiling. In silico experiments are unlikely to replace biological data generation given biology's enormous complexity, and service offerings for large dataset generation could play a larger future role.

10x Genomics, Inc. Q4 2025 results

What Management Said

Guidance Changes

Performance Breakdown

Earnings Call Themes & Trends

Q&A Summary

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10x Genomics, Inc. overview

Financials

Q4 2025 call

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