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10x Genomics Inc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue compounds ~7.0%/yr (FY21→FY25), net margin −6.8%. Worth your attention in FY25: Share count (+13.1%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲5.2%
642.8
FY21→FY25CAGR +7.0%/yr
Net income ($M)▲76.2%
−43.5
FY21→FY25CAGR —
Free cash flow ($M)—
130.1
FY21→FY25CAGR —
Diluted EPS▲77.0%
−0.35
FY21→FY25CAGR —
What the receipts whisper · what a headline number hides
Share count
+13.1%
110.3mn → 124.7mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$5.9M
−52.1% YoY in FY25 · 0.9% of revenue.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
-7¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 84.9% → 69.1%. Net margin -6.8% is below the sector median.
The receipt · income statement · FY21–FY25 USD thousands except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 616,911.0 | 642,823.0 | 610,785.0 | 618,727.0 | 516,409.0 | 490,490.0 | ▲5.2% | +7.0% |
Cost of revenue | 184,884.0 | 198,942.0 | 196,303.0 | 209,414.0 | 120,386.0 | 74,091.0 | ▲1.3% | +28.0% |
Gross profit | 432,027.0 | 443,881.0 | 414,482.0 | 409,313.0 | 396,023.0 | 416,399.0 | ▲7.1% | +1.6% |
Research & development | 226,801.0 | 238,632.0 | 264,698.0 | 331,312.0 | 265,667.0 | 211,752.0 | ▼9.8% | +3.0% |
Selling, general & admin | 297,010.0 | 316,134.0 | 344,343.0 | 343,330.0 | 298,300.0 | 257,560.0 | ▼8.2% | +5.3% |
Total operating expenses | 520,411.0 | 504,866.0 | 609,041.0 | 674,642.0 | 563,967.0 | 468,652.0 | ▼17.1% | +1.9% |
Operating incomefeeds ROC rank | −88,384.0 | −60,985.0 | −194,559.0 | −265,329.0 | −167,944.0 | −52,253.0 | ▲68.7% | — |
Other income, net | 13,494.0 | 21,078.0 | 16,859.0 | 16,566.0 | 5,973.0 | −1,462.0 | — | — |
Pretax income | −74,890.0 | −39,907.0 | −177,700.0 | −248,763.0 | −161,971.0 | −53,715.0 | ▲77.5% | — |
Income tax | 235.0 | 3,637.0 | 4,927.0 | 6,336.0 | 4,029.0 | 4,508.0 | ▼26.2% | −5.2% |
Net incomePiotroski ROA ✕feeds Buffett Quality owner earnings | −75,125.0 | −43,544.0 | −182,627.0 | −255,099.0 | −166,000.0 | −58,223.0 | ▲76.2% | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | −0.59 | −0.35 | −1.52 | −2.18 | −1.46 | −0.53 | ▲77.0% | — |
Diluted shares (mn) | 129.98 | 124.75 | 120.45 | 117.17 | 113.86 | 110.35 | ▲3.6% | +3.1% |
| Margins | ||||||||
Gross margin68th pct in Technology | 70.0% | 69.1% | 67.9% | 66.2% | 76.7% | 84.9% | ▲1.2pp | −15.8pp |
Operating margin | −14.3% | −9.5% | −31.9% | −42.9% | −32.5% | −10.7% | ▲22.4pp | +1.2pp |
Net margin23rd pct in Technology | −12.2% | −6.8% | −29.9% | −41.2% | −32.1% | −11.9% | ▲23.1pp | +5.1pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-12 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.