RECURSION PHARMACEUTICALS, INC.RXRX

RECURSION PHARMACEUTICALS, INC. Segments Disclosure

10-KFiled Feb 25, 20262 min read
Segment Information
Segment loss

Recursion operates as a single operating segment that is managed on a consolidated basis. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s chief operating decision maker uses segment net loss to evaluate the performance of its segment, analyze financial trends, compare the budget to the actual operating results, and make resource allocation decisions. Segment net loss represents the Company’s consolidated net loss. All corporate costs, global function support costs, overhead costs and other shared costs are included within this segment. Other segment items primarily include general and administrative expenses including facilities, information technology, professional fees (including auditing, tax and legal) and insurance.
The following table presents Recursion’s segment net loss:

Years ended December 31,
(In thousands)202520242023
Revenue$74,681 $58,839 $44,575 
Significant segment expenses
Salaries303,478 242,795 183,643 
Consumables102,905 77,543 65,688 
Platform49,209 15,876 6,353 
Discovery68,193 30,480 19,231 
Clinical development46,383 43,713 39,881 
Depreciation and amortization83,701 36,494 24,402 
Other segment items68,944 90,942 55,437 
Loss from operations648,132 479,004 350,060 
Other non-operating income, net3,237 14,216 17,932 
Income tax benefit136 1,127 4,062 
Total segment loss$644,759 $463,661 $328,066 
Supplemental asset information
Total expenditures for additions to long-lived assets$6,469 $14,134 $14,393 


Additional Segment Disclosures

Recursion’s revenues are attributed to the following geographic areas based on the location the services are performed:
Years ended December 31,
(In thousands)202520242023
United States$39,344 $57,377 $43,806 
United Kingdom35,337 1,135 — 
Other
— 327 769 
Total$74,681 $58,839 $44,575 

Recursion’s long-lived assets are attributed to the following geographic areas based on their location:

Years ended December 31,
(In thousands)202520242023
United States$61,075 $78,471 $84,056 
United Kingdom40,488 56,332 — 
Canada2,368 2,631 2,454 
Other— 3,629 — 
Total
$103,931 $141,063 $86,510 

The above long-lived assets table excludes balances relating to ROU assets of $65.5 million and $92.1 million for 2025 and 2024, respectively. The balances for 2025 and 2024 primarily related to the United States and United Kingdom.
Recursion generates revenue primarily from a single service, research and development services, therefore, the Company does not report additional information on revenue from external customers.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 28, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesCommitmentsStock CompensationNew StandardsPay vs Performance