Free cash flow remains highly volatile, swinging from a negative $18.6 million in 2024Q1 to a positive $39.0 million in 2025Q4, while stock-based compensation of $22.6 million in 2026Q1 continues to mask underlying cash burn.
| Cash from Operations | 127.82M | 136.05M | 6.66M | -15.2M | -33.61M | -21.37M | -217.9M | 34.63M | -76.41M | -10.7M |
| Operating CF Margin % | - | 21.16% | 1.09% | -2.46% | -6.51% | -4.36% | -72.91% | 14.08% | -52.22% | -15.05% |
| Operating CF Growth % | 916.24% | 1941.57% | 143.85% | 54.78% | -57.24% | 90.19% | -729.27% | 145.32% | -614.17% | - |
| Net Income | -22.66M | -43.54M | -182.63M | -255.1M | -166M | -58.22M | -542.73M | -31.25M | -112.48M | -18.76M |
| Depreciation & Amortization | 45.91M | 43.82M | 43.71M | 43.62M | 33.01M | 28.25M | 19.02M | 7.07M | 3.9M | 4.3M |
| Stock-Based Compensation | 100.68M | 109.12M | 140.75M | 166.95M | 136.85M | 95.96M | 48.63M | 13.33M | 2.66M | 1.66M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.55M | 614K | 251K | 0 |
| Other Non-Cash Items | 1.93M | 1.72M | 3.58M | 11.99M | 1.96M | 79K | 306.02M | 101K | 1.25M | 149K |
| Working Capital Changes | 1.95M | 24.94M | 1.25M | 17.34M | -39.42M | -87.44M | -50.38M | 44.76M | 28.02M | 1.95M |
| Change in Receivables | -2.78M | 6.44M | 26.95M | -10.61M | -18.95M | -34.04M | -17.85M | -5.28M | -14.75M | -5.13M |
| Change in Inventory | 22.6M | 27.95M | -9.78M | 7.87M | -21.19M | -30.13M | -14.6M | -6.7M | -3.73M | -2M |
| Change in Payables | 5.2M | -2.13M | -3.35M | -6.02M | 5.86M | 11.08M | -7.77M | 4.9M | 2.59M | 3.03M |
| Cash from Investing | -12.86M | -13.44M | -32.63M | 133.49M | -350.89M | -106.73M | -38.39M | -42.77M | -6.71M | -3.76M |
| Capital Expenditures | -5.64M | -5.93M | -12.39M | -48.6M | -131.66M | -101.28M | -38.39M | -42.77M | -6.71M | -3.76M |
| CapEx % of Revenue | 0.88% | 0.92% | 2.03% | 7.85% | 25.5% | 20.65% | 12.85% | 17.39% | 4.59% | 5.28% |
| Acquisitions | -8.62M | -9.27M | 0 | 0 | -4M | -5.45M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -50.01M | 0 | -1M | -923K | 0 | 0 | 0 | 0 | -425K | 0 |
| Cash from Financing | -2.04M | 6.8M | 10.91M | 13.67M | 15.82M | 35.3M | 468.91M | 414.59M | 105.37M | 20.58M |
| Debt Issued (Net) | 0 | 0 | 0 | -5.81M | -5.41M | -5.03M | -37.1M | 0 | 18.74M | -393K |
| Equity Issued (Net) | 3.13M | 6.8M | 10.91M | 19.48M | 21.23M | 40.33M | 482.27M | 410.82M | 84.83M | 19.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -80K |
| Other Financing | -5.17M | 0 | 0 | 0 | 0 | 0 | 23.74M | 3.77M | 1.8M | 1.09M |
| Net Change in Cash | 113.22M | 129.9M | -15.22M | 131.93M | -368.72M | -92.57M | 212.15M | 406.4M | 22.23M | 6.11M |
| Free Cash Flow | 122.18M | 130.12M | -5.73M | -64.72M | -165.27M | -122.65M | -256.29M | -8.14M | -83.12M | -14.46M |
| FCF Margin % | 19.13% | 20.24% | -0.94% | -10.46% | -32% | -25.01% | -85.76% | -3.31% | -56.81% | -20.33% |
| FCF Growth % | 175.4% | 2371.16% | 91.15% | 60.84% | -34.75% | 52.14% | -3048.55% | 90.21% | -475.01% | - |
| FCF per Share | 0.95 | 1.04 | -0.05 | -0.55 | -1.45 | -1.11 | -2.53 | -0.21 | -6.21 | -1.25 |
| FCF Conversion (FCF/Net Income) | -5.39x | -3.12x | -0.04x | 0.06x | 0.20x | 0.37x | 0.40x | -1.11x | 0.68x | 0.57x |
| Interest Paid | 0 | 0 | 0 | 436K | 841K | 1.22M | 1.67M | 2.25M | 1.82M | 0 |
| Taxes Paid | 1.93M | 2.39M | 5.64M | 4.93M | 3.92M | 8.66M | 280K | 22K | 6K | 0 |
Persistent Operating Cash Volatility
According to the provided quarterly data, 10x Genomics exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently reaching negative values, such as the -1.94 observed in 2026Q1, indicating that reported GAAP losses significantly understate the underlying cash-generative challenges of the business.
The consistent divergence between net income and operating cash flow suggests that the company's earnings quality is heavily influenced by non-cash charges and working capital fluctuations. Investors should monitor whether this gap narrows as the company attempts to scale its newer platforms, as current figures imply that operational cash generation remains decoupled from accounting profitability.
As reported in financial statements, 10x Genomics' free cash flow trajectory remains highly erratic, swinging from a negative $18.6 million in 2024Q1 to a positive $39.0 million by 2025Q4, reflecting the inherent instability in the company's ability to convert revenue into sustainable, recurring cash surpluses.
The lack of a consistent positive FCF trend suggests that the company's capital-intensive nature and high operating expenses continue to pressure liquidity. This volatility warrants further investigation into whether the recent positive FCF quarters are sustainable or merely the result of temporary working capital timing benefits.
Based on the company's reported figures, working capital changes have been a primary driver of cash flow variability, evidenced by a significant $53.7 million outflow in 2025Q2 followed by a $31.8 million inflow in 2025Q3, highlighting the sensitivity of cash balances to inventory and receivables management.
These sharp fluctuations in working capital suggest that the company's cash position is highly susceptible to the timing of large-scale instrument placements and consumable shipments. Such instability may indicate challenges in managing the supply chain or collecting payments efficiently during periods of rapid product transition.
Analysis of the cash flow statement reveals that stock-based compensation, which averaged over $30 million per quarter throughout 2024, consistently acts as a non-cash add-back that masks the true economic cost of talent acquisition and retention, thereby inflating the reported operating cash flow figures for investors.
By stripping out these non-cash adjustments, it appears that the company's core operational cash burn is more severe than the headline OCF numbers suggest. This reliance on equity-based incentives to preserve cash warrants further investigation into the long-term dilution impact on shareholders and the sustainability of this compensation strategy.
Quick answers to the most common questions about buying TXG stock.
10x Genomics, Inc. (TXG) generated $136.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
10x Genomics, Inc. (TXG) generated $130.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
10x Genomics, Inc. (TXG) spent $5.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.