10X Genomics Inc (TXG)
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10x Genomics ranks no. 7 in our in-house Big Earnings Surprise scanner (U.S. selection, as of July 18, 2026): four straight quarters, the genomics specialist beat analyst estimates handily. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026 — and found a fault line: the net loss shrank from $255 million to $44 million, but the core business of instruments and consumables is shrinking with it. The reported 5 percent revenue gain comes almost entirely from one-off patent settlements with Vizgen and Bruker. Not investment advice — just the question of what a surprise is worth when, by definition, it does not repeat.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AI10x Genomics verkauft keine KI-Produkte — der Umsatz stammt aus Single-Cell- und Spatial-Instrumenten (Chromium, Visium, Xenium), Verbrauchsmaterialien, Software und 2025 zu einem erheblichen Teil aus einmaligen Patent-Vergleichen (Vizgen, Bruker); KI ist in den geprüften Filings keine Umsatzquelle. Die Risk Factors (Item 1A) nennen KI überwiegend als Risiko des EIGENEN KI-Einsatzes (Entwicklung, Einsatz, Regulierung) sowie als möglichen Ablenker der Investoren-Aufmerksamkeit — kein konkretes, dem Geschäftsmodell zugeordnetes Bedrohungsszenario im Sinne des Katalogs, sondern Boilerplate. Belegt ist dagegen der eigene operative KI-Einsatz: Der Geschäftsbericht (10-K) 2025 sagt ausdrücklich, das Unternehmen setze KI, maschinelles Lernen und automatisierte Entscheidungstechnologien im Geschäft ein und investiere gezielt darin — daher „Nutzt KI“.
View the full file — quotes, sources, reviewed filings
„We use artificial intelligence (“AI”), machine learning and automated decision-making technologies (collectively, “AI Technologies”) in our business and are making targeted investments in this area."
Wir setzen in unserem Geschäft Künstliche Intelligenz („KI“), maschinelles Lernen und automatisierte Entscheidungstechnologien (zusammen „KI-Technologien“) ein und tätigen gezielte Investitionen in diesem Bereich.
„Increased investment may be required in the future to continuously improve our use of AI Technologies."
Künftig können weitere Investitionen erforderlich sein, um unseren Einsatz von KI-Technologien fortlaufend zu verbessern.
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2026-02-13 · 10-K 2025-02-13
Rated on July 19, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.40 | – | 165 | -10.30 | -29.70 | -7 | -10 |
| 2025: Q1 | -0.28 | – | 155 | 9.80 | -22.20 | 34 | 33 |
| 2025: Q2 | 0.28 | – | 173 | 12.90 | 20.00 | 18 | 16 |
| 2025: Q3 | -0.22 | – | 149 | -1.70 | -18.40 | 43 | 43 |
| 2025: Q4 | -0.13 | – | 166 | 0.60 | -9.80 | 41 | 39 |
| 2026: Q1 | -0.10 | – | 151 | -2.60 | -8.90 | 26 | 25 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Technology leader in single-cell and spatial analysis (Chromium, Visium, Xenium); 8,046 instruments sold and more than 10,000 scientific publications form a broad installed base for high-margin consumables ($507.2 million in 2025).
$539.8 million of cash and securities (March 31, 2026), virtually no financial debt, a 69 percent gross margin; operating cash flow turned to plus $136.1 million in 2025 (2024: plus $6.7 million). The balance sheet funds years of shrinking losses.
The four straight beats are largely a one-off: roughly $120 million of 2025 earnings contribution from the patent settlements ($44.1 million non-recurring revenue, $49.9 million gains on settlement, $25.6 million less in legal costs). The company guides to only a "moderate" revenue increase for 2026 without this tailwind (10-K 2025).
The products-and-services business is shrinking for the third year running (to $596.7 million in 2025), and instruments collapsed 39 percent to $56.8 million (price decreases, lower spatial volumes). The reported 5 percent revenue gain is a mirror effect of the one-off revenue.
Still lossmaking (net loss $43.5 million in 2025, accumulated deficit $1.5 billion); the valuation of 5 to 6 times book value (data as of July 18, 2026) prices in growth the product business is currently missing — cushioned by the large cash pile.
Dual-class voting (Class B, ten votes per share) secures the founders a majority — inventors at the wheel, but no external check. Add the China concentration (about ten percent of 2025 revenue) and a manufacturing risk from the AI-driven chip shortage (10-K 2025).
The Big Earnings Surprise scanner reports four quarters of beats for 10x Genomics — but the surprise comes largely from two courtrooms: roughly $120 million of 2025 earnings contribution from the patent settlements with Vizgen and Bruker, which the company itself labels "non-recurring." Behind it, the actual product business is shrinking for the third year running (instruments down 39 percent), while the accumulated deficit stands at $1.5 billion and the founders keep control through dual-class voting. Against that stand a fortress balance sheet ($539.8 million in cash, barely any debt), genuine cost discipline and a turned operating cash flow. Whoever invests here is betting that the one-off litigation windfall becomes a recovery of the core business. Not investment advice.
- TXG made the research list as rank 7 in our in-house Big Earnings Surprise scanner (U.S. selection, as of July 18, 2026) — part of our series on the top 20 of that selection.
- The scanner evaluates the reported earnings surprises of the last four quarters; for a lossmaking company, a positive surprise means a smaller loss than expected, not a profit.
- Price and valuation figures (price-to-book around 5.7, a share price that more than doubled within twelve months) are from the feed of July 18, 2026; analyses are evergreen, and daily prices are no reason to buy. The one-off patent-settlement revenue ($44.1 million) is expressly disclosed as "non-recurring" in the 10-K 2025.
About the Company
10x Genomics, Inc. entwickelt und verkauft Instrumente, Verbrauchsmaterialien und Software zur Analyse biologischer Systeme in den USA, dem übrigen Amerika, Europa, dem Nahen Osten, Afrika, China und dem übrigen asiatisch-pazifischen Raum.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 1,178 |
| Headquarters | Pleasanton, CA |
| Website | 10xgenomics.com |
| IPO Date | 12. Sep 2019 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Serge Saxonov Ph.D. | Co-Founder, CEO & Director | 1977 |
| Benjamin J. Hindson Ph.D. | Co-Founder, President, Chief Scientific Officer & Director | 1975 |
| Adam S. Taich | CFO, Treasurer, Principal Financial Officer & Principal Accounting Officer | 1975 |
| Jim Goodrich | Chief of Global Operations | – |
| Michael Schnall-Levin Ph.D. | Founding Scientist & CTO | – |
| Cassie Corneau | Manager of Investor Relations & Strategic Finance | – |
| Randy Wu | General Counsel and Secretary | – |
| Mennah Moustafa | Chief Commercial Officer | – |
| Jens Durruthy | Associate Director of Product Management | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.