Revenue growth has stalled, fluctuating between -10.3% and 12.9% over the last ten quarters, while operating expenses continue to exceed the 70.4% gross margin achieved in 2026Q1.
| Sales/Revenue | 638.78M | 642.82M | 610.78M | 618.73M | 516.41M | 490.49M | 298.85M | 245.89M | 146.31M | 71.08M |
| Revenue Growth % | 2.26% | 5.25% | -1.28% | 19.81% | 5.28% | 64.13% | 21.53% | 68.06% | 105.83% | - |
| Cost of Goods Sold | 194.17M | 198.94M | 196.3M | 209.41M | 120.39M | 74.09M | 58.47M | 61.03M | 28.66M | 10.56M |
| COGS % of Revenue | - | 30.95% | 32.14% | 33.85% | 23.31% | 15.11% | 19.56% | 24.82% | 19.59% | 14.86% |
| Gross Profit | 444.61M | 443.88M | 414.48M | 409.31M | 396.02M | 416.4M | 240.38M | 184.86M | 117.65M | 60.52M |
| Gross Margin % | 69.6% | 69.05% | 67.86% | 66.15% | 76.69% | 84.89% | 80.44% | 75.18% | 80.41% | 85.14% |
| Gross Profit Growth % | - | 7.09% | 1.26% | 3.36% | -4.89% | 73.23% | 30.03% | 57.12% | 94.39% | - |
| Operating Expenses | 483.32M | 554.77M | 609.04M | 674.64M | 563.97M | 469.31M | 325.7M | 213.93M | 135.47M | 78.9M |
| OpEx % of Revenue | - | 86.3% | 99.71% | 109.04% | 109.21% | 95.68% | 108.99% | 87% | 92.59% | 110.99% |
| Selling, General & Admin | 292.78M | 316.13M | 344.34M | 343.33M | 298.3M | 257.56M | 202.33M | 130.83M | 87.94M | 46.74M |
| SG&A % of Revenue | - | 49.18% | 56.38% | 55.49% | 57.76% | 52.51% | 67.7% | 53.21% | 60.1% | 65.75% |
| Research & Development | 231.23M | 238.63M | 264.7M | 270.33M | 265.67M | 211.75M | 123.38M | 83.1M | 47.54M | 32.16M |
| R&D % of Revenue | - | 37.12% | 43.34% | 43.69% | 51.45% | 43.17% | 41.28% | 33.79% | 32.49% | 45.25% |
| Other Operating Expenses | -1000K | 0 | 0 | 60.98M | 0 | 0 | 0 | 0 | -249K | 137K |
| Operating Income | -38.7M | -110.89M | -194.56M | -265.33M | -167.94M | -52.91M | -85.32M | -29.07M | -110.76M | -18.38M |
| Operating Margin % | -6.06% | -17.25% | -31.85% | -42.88% | -32.52% | -10.79% | -28.55% | -11.82% | -75.7% | -25.85% |
| Operating Income Growth % | - | 43.01% | 26.67% | -57.99% | -217.4% | 37.99% | -193.5% | 73.75% | -502.8% | - |
| EBITDA | -16.8M | -110.89M | -150.85M | -221.71M | -134.94M | -24.66M | -66.3M | -22M | -106.86M | -14.07M |
| EBITDA Margin % | -2.63% | -17.25% | -24.7% | -35.83% | -26.13% | -5.03% | -22.19% | -8.95% | -73.03% | -19.79% |
| EBITDA Growth % | 87.11% | 26.49% | 31.96% | -64.31% | -447.22% | 62.81% | -201.31% | 79.41% | -659.48% | - |
| D&A (Non-Cash Add-back) | 21.9M | 0 | 43.71M | 43.62M | 33.01M | 28.25M | 19.02M | 7.07M | 3.9M | 4.3M |
| EBIT | -27.79M | -110.89M | -177.7M | -248.73M | -161.5M | -52.85M | -532.79M | -27.95M | -109.99M | -17.93M |
| Net Interest Income | 19.97M | 20.05M | 18.44M | 16.87M | 6.17M | -660K | -150K | -274K | -1.39M | -503K |
| Interest Income | 19.98M | 20.05M | 18.45M | 16.91M | 6.65M | 206K | 1.53M | 2.81M | 1.02M | 308K |
| Interest Expense | 6K | 0 | 4K | 33K | 476K | 866K | 1.68M | 3.08M | 2.41M | 811K |
| Other Income/Expense | 19.45M | 70.98M | 16.86M | 16.57M | 5.97M | -802K | -449.15M | -1.96M | -1.63M | -366K |
| Pretax Income | -19.25M | -39.91M | -177.7M | -248.76M | -161.97M | -53.72M | -534.48M | -31.03M | -112.4M | -18.74M |
| Pretax Margin % | -3.01% | -6.21% | -29.09% | -40.21% | -31.36% | -10.95% | -178.85% | -12.62% | -76.82% | -26.36% |
| Income Tax | 3.41M | 3.64M | 4.93M | 6.34M | 4.03M | 4.51M | 8.26M | 218K | 87K | 21K |
| Effective Tax Rate % | -17.71% | -9.11% | -2.77% | -2.55% | -2.49% | -8.39% | -1.54% | -0.7% | -0.08% | -0.11% |
| Net Income | -22.66M | -43.54M | -182.63M | -255.1M | -166M | -58.22M | -542.73M | -31.25M | -112.48M | -18.76M |
| Net Margin % | -3.55% | -6.77% | -29.9% | -41.23% | -32.15% | -11.87% | -181.61% | -12.71% | -76.88% | -26.39% |
| Net Income Growth % | 85.57% | 76.16% | 28.41% | -53.67% | -185.11% | 89.27% | -1636.68% | 72.22% | -499.54% | - |
| Net Income (Continuing) | -22.66M | -43.54M | -182.63M | -255.1M | -166M | -58.22M | -542.73M | -31.25M | -112.48M | -18.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.18 | -0.35 | -1.52 | -2.18 | -1.46 | -0.53 | -5.37 | -0.80 | -8.40 | -1.62 |
| EPS Growth % | 86.92% | 76.97% | 30.28% | -49.32% | -175.47% | 90.13% | -571.25% | 90.48% | -418.52% | - |
| EPS (Basic) | - | -0.35 | -1.52 | -2.18 | -1.46 | -0.53 | -5.37 | -0.80 | -8.40 | -1.62 |
| Diluted Shares Outstanding | 128.29M | 124.75M | 120.45M | 117.17M | 113.86M | 110.35M | 101.15M | 39.09M | 13.39M | 11.59M |
| Basic Shares Outstanding | 128.29M | 124.75M | 120.45M | 117.17M | 113.86M | 110.35M | 101.15M | 39.06M | 13.39M | 11.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Losses
According to the provided quarterly income statements, 10x Genomics has experienced a deceleration in top-line performance, with revenue growth fluctuating between -10.3% and 12.9% over the last ten quarters, suggesting that the company is struggling to maintain consistent momentum in its core single-cell market segments.
The revenue trajectory appears increasingly sensitive to the timing of capital equipment cycles and academic funding, which creates lumpy performance. Investors should monitor whether the recent launch of the Xenium platform can offset the apparent maturation of the legacy Chromium business, as current figures indicate a lack of sustained organic expansion.
As reported in financial statements, 10x Genomics maintains a robust gross margin profile, consistently hovering near 69%, which suggests that the company retains significant pricing power for its proprietary consumables despite the broader competitive pressures within the life sciences tools industry and ongoing intellectual property litigation.
This high gross margin reflects the value-add of the company's integrated ecosystem, yet it remains vulnerable to potential shifts toward lower-cost, open-platform alternatives. The stability of these margins is a critical indicator of the company's ability to defend its market position against emerging spatial biology competitors.
Based on the income statement data, 10x Genomics has failed to demonstrate meaningful operating leverage, as SG&A and R&D expenses continue to consume the entirety of gross profit, resulting in persistent operating losses that suggest a high fixed-cost structure that has yet to reach necessary economies of scale.
The company's inability to scale operating income faster than gross profit indicates that the current business model requires significant ongoing investment in sales and research. This trend warrants further investigation into whether management can eventually decouple revenue growth from the current high levels of operating expenditure.
Analysis of the reported figures reveals that stock-based compensation, which reached $22.6 million in 2026Q1, represents a substantial non-cash expense that consistently masks the underlying operational cash burn, complicating the assessment of true economic profitability for shareholders evaluating the company's long-term viability and capital efficiency.
The divergence between GAAP net income and the company's operational reality is exacerbated by these recurring equity-based charges. Investors should be cautious, as the reliance on stock-based compensation as a primary tool for talent retention may continue to dilute shareholder value while the core business remains unprofitable.
While the company currently reports strong gross margins, short-term observers may focus on the risk of margin compression as the Xenium platform ramps up, potentially incurring higher manufacturing costs and forcing price concessions to capture market share from established competitors in the spatial biology sector.
The potential for internal cannibalization between the Chromium and Xenium platforms poses a significant threat to the current revenue mix. If the company is forced to lower reagent prices to maintain its installed base, the current high-margin narrative may prove unsustainable in the face of intensifying industry-wide price competition.
Quick answers to the most common questions about buying TXG stock.
For fiscal year 2025, 10x Genomics, Inc. (TXG) reported total revenue of $642.8M. This represents a 804.3% increase compared to $71.1M in 2017.
10x Genomics, Inc. (TXG) reported a net loss of $43.5M for the fiscal year ending 2025.
10x Genomics, Inc. (TXG) reported an operating income of $-110.9M, resulting in an operating profit margin of -17.2%. This margin reflects the operational efficiency of the business before interest and taxes.
10x Genomics, Inc. (TXG) generated $443.9M in gross profit for the year, representing a gross profit margin of 69.1%. This demonstrates the company's core pricing power and production efficiency.