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Revenue growth has stalled, with 2026Q2 down 12.6% year-over-year to $151.0M, while gross margin expanded to 74.5% but operating margin remained negative at -12.9%.
10x Genomics, Inc. (TXG) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 616.91M | 642.82M | 610.78M | 618.73M | 516.41M | 490.49M | 298.85M | 245.89M | 146.31M | 71.08M |
| Revenue Growth % | -4.28% | 5.25% | -1.28% | 19.81% | 5.28% | 64.13% | 21.53% | 68.06% | 105.83% | - |
| Cost of Goods Sold | 184.88M | 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 | 432.03M | 443.88M | 414.48M | 409.31M | 396.02M | 416.4M | 240.38M | 184.86M | 117.65M | 60.52M |
| Gross Margin % | 70.03% | 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 | 520.41M | 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 | 297.01M | 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 | 226.8M | 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 | -88.38M | -110.89M | -194.56M | -265.33M | -167.94M | -52.91M | -85.32M | -29.07M | -110.76M | -18.38M |
| Operating Margin % | -14.33% | -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 | -51.21M | -67.07M | -150.85M | -221.71M | -134.94M | -24.66M | -66.3M | -22M | -106.86M | -14.07M |
| EBITDA Margin % | -8.3% | -10.43% | -24.7% | -35.83% | -26.13% | -5.03% | -22.19% | -8.95% | -73.03% | -19.79% |
| EBITDA Growth % | 14.28% | 55.54% | 31.96% | -64.31% | -447.22% | 62.81% | -201.31% | 79.41% | -659.48% | - |
| D&A (Non-Cash Add-back) | 36.26M | 43.82M | 43.71M | 43.62M | 33.01M | 28.25M | 19.02M | 7.07M | 3.9M | 4.3M |
| EBIT | -8.26M | -39.91M | -177.7M | -248.73M | -161.5M | -52.85M | -532.79M | -27.95M | -109.99M | -17.93M |
| Net Interest Income | 20.5M | 20.05M | 18.44M | 16.87M | 6.17M | -660K | -150K | -274K | -1.39M | -503K |
| Interest Income | 20.5M | 20.05M | 18.45M | 16.91M | 6.65M | 206K | 1.53M | 2.81M | 1.02M | 308K |
| Interest Expense | 3K | 0 | 4K | 33K | 476K | 866K | 1.68M | 3.08M | 2.41M | 811K |
| Other Income/Expense | 13.49M | 70.98M | 16.86M | 16.57M | 5.97M | -802K | -449.15M | -1.96M | -1.63M | -366K |
| Pretax Income | -74.89M | -39.91M | -177.7M | -248.76M | -161.97M | -53.72M | -534.48M | -31.03M | -112.4M | -18.74M |
| Pretax Margin % | -12.14% | -6.21% | -29.09% | -40.21% | -31.36% | -10.95% | -178.85% | -12.62% | -76.82% | -26.36% |
| Income Tax | 235K | 3.64M | 4.93M | 6.34M | 4.03M | 4.51M | 8.26M | 218K | 87K | 21K |
| Effective Tax Rate % | -0.31% | -9.11% | -2.77% | -2.55% | -2.49% | -8.39% | -1.54% | -0.7% | -0.08% | -0.11% |
| Net Income | -75.13M | -43.54M | -182.63M | -255.1M | -166M | -58.22M | -542.73M | -31.25M | -112.48M | -18.76M |
| Net Margin % | -12.18% | -6.77% | -29.9% | -41.23% | -32.15% | -11.87% | -181.61% | -12.71% | -76.88% | -26.39% |
| Net Income Growth % | 11.2% | 76.16% | 28.41% | -53.67% | -185.11% | 89.27% | -1636.68% | 72.22% | -499.54% | - |
| Net Income (Continuing) | -75.13M | -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) | -0.58 | -0.35 | -1.52 | -2.18 | -1.46 | -0.53 | -5.37 | -0.80 | -8.40 | -1.62 |
| EPS Growth % | 15.71% | 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 | 129.98M | 124.75M | 120.45M | 117.17M | 113.86M | 110.35M | 101.15M | 39.09M | 13.39M | 11.59M |
| Basic Shares Outstanding | 129.98M | 124.75M | 120.45M | 117.17M | 113.86M | 110.35M | 101.15M | 39.06M | 13.39M | 11.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue decline and persistent losses
Metrics are mathematically derived from official filings.
Revenue Growth Stalls After 2025 Peak
Revenue peaked at $172.9M in 2025Q2 but has since declined, with 2026Q2 down 12.6% year-over-year, according to recent financial statements, suggesting a deceleration in demand.
The 12.6% year-over-year decline in 2026Q2 revenue, following a 12.9% growth in the prior year quarter, indicates a sharp reversal in momentum. The sequential decline from 2025Q4's $166.0M to 2026Q2's $151.0M suggests weakening demand or potential market share loss, which investors should monitor closely.
Gross Margin Expansion Masks Underlying Pressure
Gross margin improved to 74.5% in 2026Q2 from 68.1% in 2025Q2, as reported in SEC filings, but this may reflect product mix shifts rather than sustainable pricing power.
The 640 basis point year-over-year gross margin expansion is notable, yet it coincides with a revenue decline, implying that lower-margin products may be contributing less. This could indicate a favorable mix shift, but the sustainability is questionable if volume continues to fall. The gross margin remains above peers like Illumina's 66.7%, but the absolute revenue contraction raises concerns about the scalability of this margin profile.
Operating Leverage Remains Elusive
Operating income swung from a $30.1M profit in 2025Q2 to a $19.6M loss in 2026Q2, per company reports, indicating that fixed costs are not being covered by current revenue levels.
The dramatic swing from positive to negative operating income highlights the lack of operating leverage. Despite a 74.5% gross margin, the combined R&D and SG&A expenses of $135.5M in 2026Q2 exceed gross profit by $23.0M, underscoring the challenge of scaling the cost base. This suggests that the company's cost structure is too heavy for its current revenue trajectory, and any further revenue decline could exacerbate losses.
Stock Compensation Distorts Losses
Stock-based compensation averaged $27.6M per quarter over the last four quarters, as disclosed in financial statements, which is larger than the net losses in some periods, suggesting reported losses understate cash burn.
In 2026Q2, SBC of $25.6M exceeded the net loss of $17.9M, implying that cash operating losses are actually deeper than reported. This non-cash charge inflates expenses and may obscure the true cash flow situation. Investors should adjust for SBC to assess the company's cash runway and operational efficiency.
R&D and SG&A Remain Sticky
R&D and SG&A expenses have remained relatively flat around $56M and $75M respectively over the past year, based on reported figures, indicating limited cost flexibility despite revenue declines.
While revenue has contracted by 12.6% year-over-year, R&D spending has only decreased from $61.2M to $56.8M, and SG&A has actually increased from $74.4M to $78.7M. This suggests management is maintaining investment in innovation and sales infrastructure, but it also means that cost reductions are not keeping pace with revenue declines, putting pressure on margins. The lack of expense discipline may be a deliberate strategy to support future growth, but it heightens near-term losses.
The Bull Case Hinges on a Rebound
The 2025Q2 profitability spike appears anomalous, as every other quarter in the past two years posted operating losses, according to company data, suggesting the positive quarter may not be repeatable.
The only profitable quarter in the last ten was 2025Q2, with an operating margin of 17.4%, which stands in stark contrast to the surrounding quarters. This outlier may have been driven by one-time items or a temporary demand surge, and the subsequent return to losses indicates that the underlying business is not structurally profitable. Short-sellers could argue that the company's high gross margins are insufficient to cover its heavy operating expenses, and without a clear catalyst for revenue acceleration, the stock may face continued pressure.