10x Genomics’ second quarter results came in above Wall Street’s expectations for both revenue and profitability, yet the market responded negatively. Management attributed the year-over-year revenue decline to lower instrument sales, particularly as customers moderated purchases of current spatial products in anticipation of the upcoming Atera platform. CEO Serge Saxonov emphasized the strong momentum in Chromium consumables and growing engagement across both academic and biopharma customers, while also noting that AI-driven demand is becoming a pervasive force across all customer segments.
Is now the time to buy TXG? Find out in our full research report (it’s free for active Edge members).
10x Genomics (TXG) Q2 CY2026 Highlights:
- Revenue: $151 million vs analyst estimates of $146.5 million (12.6% year-on-year decline, 3.1% beat)
- Adjusted EPS: $0.03 vs analyst estimates of -$0.02 (significant beat)
- The company lifted its revenue guidance for the full year to $620 million at the midpoint from $612.5 million, a 1.2% increase
- Operating Margin: -12.9%, down from 17.4% in the same quarter last year
- Market Capitalization: $7.52 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From 10x Genomics’s Q2 Earnings Call
-
Kyle Mikson (Canaccord): asked why Atera shipment projections remain conservative despite strong demand. CEO Serge Saxonov noted manufacturing capacity as the only constraint, not demand, and confirmed the shipment outlook holds steady for now.
-
Luke Sergott (Barclays): questioned the reasons for a Q3 revenue step-down and the drivers of Q4 growth. CFO Adam Taich explained Q3 will be impacted by the transition to Atera, while Q4 will see a significant uplift from Atera instrument shipments.
-
Tycho Peterson (Jefferies): pressed for details on Atera manufacturing scalability and initial customer pull-through. Saxonov stated that operational investments will support capacity expansion, but it is too early to estimate average consumables usage per instrument.
-
Jayden (J.P. Morgan): asked about academic funding trends and their impact on purchasing. Saxonov described the environment as still tenuous, with funding approvals not yet fully flowing through to purchases, and Taich confirmed no improvement is factored into guidance.
-
Puneet Souda (Leerink): inquired about incentives for broader Atera adoption and pricing strategy. Saxonov responded that no unusual discounts or programs are being offered and that demand is robust beyond early adopters, including in biopharma.
Catalysts in Upcoming Quarters
Looking forward, our analyst team will closely monitor (1) the pace of Atera instrument placements and how quickly customers transition from existing spatial platforms, (2) the rate at which AI-driven projects translate into increased consumables usage and broader customer adoption, and (3) the impact of the Proteintech Genomics acquisition on multi-omics product development. Execution on expanding manufacturing capacity and successfully onboarding new Atera users will also be key signposts for sustained growth.
10x Genomics currently trades at $57.67, up from $45.60 just before the earnings. Is there an opportunity in the stock? See for yourself in our full research report (it’s free).
The Best Stocks for High-Quality Investors
ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies.
Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.
