10X Genomics (TXG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $151M; excluding $1.6M from a Takara settlement, revenue was $149M, up 3% YoY, driven by strong consumables growth and robust demand for the Atera platform.

• Acquisition of Proteintech Genomics for $6.1M in cash to enhance proteomics and multi-omics capabilities.

• Strong customer response and high order volume for Atera, with demand exceeding expectations and broad application across disease areas.

• AI adoption is driving demand for single-cell and spatial technologies across academia and biopharma.

• Multi-year research collaborations announced with Cleveland Clinic and Lausanne University Hospital for oncology biomarker research.

Financial highlights

• Consumables revenue grew 7% YoY, while instrument revenue declined 47% YoY; services revenue rose 26%.

• Gross margin improved to 74% from 72% YoY, aided by lower manufacturing costs and tariff refunds.

• Operating expenses were $132.1M, nearly flat YoY when excluding litigation settlement gains.

• Net loss for Q2 2026 was $17.9M, compared to net income of $34.5M in Q2 2025.

• Cash, equivalents, and marketable securities totaled $552M as of June 30, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $610M–$630M, representing 2–5% growth over 2025, excluding non-recurring items.

• Expect to ship ~40 Atera instruments in 2026, with most shipments in Q4; booked orders already exceed this number.

• Q3 revenue expected to see a modest sequential step down due to spatial product transition, with a significant Q4 step up as Atera ramps.

• Guidance assumes no improvement in the macro environment or academic funding flows.

• Operating expenses (excluding settlements) are expected to modestly decrease in 2026 due to ongoing cost management.