10x Genomics, Inc. (TXG) · Nov 5, 2026 · Earnings
Beat — EPS -$0.15 vs ~-$0.27 consensus; revenue $150.7M vs ~$148.0M
10x Genomics earnings beat Q3 revenue and EPS expectations, while higher margins and a raised 2026 guide offset weak instrument sales.
10x Genomics is shifting from a maturing single-cell and spatial biology base toward the Atera platform and AI-enabled software, while still relying on recurring consumables revenue for the core business. Atera had already begun global commercial shipments before this report, so the launch itself is partly known; the new information is whether the legacy business can fund that transition.
The quarter cleared a modest earnings bar. Revenue reached $150.7 million versus published expectations of roughly $148.0 million, while GAAP loss per share was $0.15 versus roughly $0.27 expected. The beat was real, but not a breakout: total revenue was only 1.1% above last year, and products-and-services revenue grew 1.5%.
| Figure | Q3 2026 | Q3 2025 | Consensus / prior guide |
|---|---|---|---|
| Revenue (Financial results) | $150.7M | $149.0M | ~$148.0M |
| Net loss per share (Income Statement) | $(0.15) | $(0.22) | ~$(0.27) |
| Gross margin (Financial highlights) | 75% | 67% | |
| FY2026 revenue guidance (Outlook) | $625–635M | $610–630M |
Consumables, not instruments, supplied the strength. Consumables revenue rose 5.0% to $134.3 million, with spatial consumables up about 16%, while instrument revenue fell roughly 43% to $6.9 million. That mix says the installed-base economics remain healthy, but it does not yet show broad customer conversion to the new Atera platform. 〔0〕
Margins improved materially, giving the beat more substance than revenue alone. Gross margin expanded to 75% from 67%, helped by lower inventory write-downs and product mix, while operating expenses fell 3% to $129.0 million. 〔1〕
The raised forecast is the clearest forward signal. 10x lifted full-year revenue guidance to $625–635 million from $610–630 million, moving the midpoint up by $10 million and implying 4%–6% underlying growth excluding unusual litigation-related license revenue. This is a modest upgrade, not a reset of the growth story: nine-month products-and-services revenue is up about 4%, but total revenue remains below last year because the prior period included much larger license and royalty revenue.
Bottom line: The report modestly strengthens 10x Genomics’ story: recurring consumables, cost control and margins are better than expected, and management raised the year’s revenue range. The unresolved question is whether Atera can revive instrument growth rather than merely extend the existing consumables base.
Q4 results and Atera adoption update
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