This page shows Exact Sciences Corp (EXAS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Exact Sciences Corp has an operating margin of -6.3%, meaning the company retains $-6 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is up from -38.0% the prior year.
Exact Sciences Corp's revenue surged 17.7% year-over-year to $3.2B, reflecting rapid business expansion. This strong growth earns a score of 63/100.
Exact Sciences Corp carries a low D/E ratio of 1.44, meaning only $1.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.
Exact Sciences Corp's current ratio of 2.43 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.
Exact Sciences Corp has a free cash flow margin of 11.0%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.
Exact Sciences Corp generates a -8.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -42.8% the prior year.
Exact Sciences Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Exact Sciences Corp generates $-2.36 in operating cash flow ($491.4M OCF vs -$207.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Exact Sciences Corp earns $-6.3 in operating income for every $1 of interest expense (-$206.3M vs $32.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Exact Sciences Corp generated $3.2B in revenue in fiscal year 2025. This represents an increase of 17.7% from the prior year.
Exact Sciences Corp's EBITDA was $21.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 102.6% from the prior year.
Exact Sciences Corp reported -$207.9M in net income in fiscal year 2025. This represents an increase of 79.8% from the prior year.
Exact Sciences Corp earned $-1.10 per diluted share (EPS) in fiscal year 2025. This represents an increase of 80.3% from the prior year.
Cash & Balance Sheet
Exact Sciences Corp generated $356.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 378.6% from the prior year.
Exact Sciences Corp held $956.0M in cash against $0 in long-term debt as of fiscal year 2025.
Exact Sciences Corp had 191M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Margins & Returns
Exact Sciences Corp's gross margin was 69.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
Exact Sciences Corp's operating margin was -6.3% in fiscal year 2025, reflecting core business profitability. This is up 31.7 percentage points from the prior year.
Exact Sciences Corp's net profit margin was -6.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 30.9 percentage points from the prior year.
Exact Sciences Corp's ROE was -8.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 34.2 percentage points from the prior year.
Capital Allocation
Exact Sciences Corp invested $523.0M in research and development in fiscal year 2025. This represents an increase of 21.3% from the prior year.
Exact Sciences Corp invested $134.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.0% from the prior year.
EXAS Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $878.4M+3.2% | $850.7M+4.9% | $811.1M+14.8% | $706.8M-0.9% | $713.4M+0.7% | $708.7M+1.3% | $699.3M+9.7% | $637.5M |
| Cost of Revenue | $262.6M-1.6% | $266.8M+7.3% | $248.6M+20.6% | $206.2M-6.6% | $220.8M+1.7% | $217.2M+2.9% | $210.9M+10.3% | $191.2M |
| Gross Profit | $615.8M+5.5% | $583.9M+3.8% | $562.5M+12.4% | $500.5M+1.6% | $492.6M+0.2% | $491.5M+0.6% | $488.3M+9.4% | $446.3M |
| R&D Expenses | $191.5M+63.3% | $117.3M+7.7% | $108.9M+3.4% | $105.3M+7.8% | $97.7M-3.7% | $101.5M-16.2% | $121.1M+9.3% | $110.9M |
| SG&A Expenses | $218.0M-9.7% | $241.4M+15.7% | $208.6M-5.5% | $220.7M+15.5% | $191.1M-1.3% | $193.5M+9.0% | $177.5M-19.2% | $219.7M |
| Operating Income | -$82.6M-223.3% | -$25.5M-1089.2% | -$2.1M+97.8% | -$96.0M+89.0% | -$876.4M-2124.1% | -$39.4M-50.1% | -$26.3M+75.4% | -$106.7M |
| Interest Expense | $5.0M-49.3% | $9.8M-0.5% | $9.8M+18.8% | $8.3M | N/A | $9.6M+8755.0% | -$111K-101.8% | $6.2M |
| Income Tax | $872K-52.5% | $1.8M+62.9% | $1.1M+403.6% | $224K+102.0% | -$11.4M-1508.5% | $808K-44.8% | $1.5M-19.0% | $1.8M |
| Net Income | -$86.0M-338.7% | -$19.6M-1553.5% | -$1.2M+98.8% | -$101.2M+88.3% | -$864.6M-2161.2% | -$38.2M-141.9% | -$15.8M+85.7% | -$110.2M |
| EPS (Diluted) | N/A | $-0.10-900.0% | $-0.01+98.1% | $-0.54+88.4% | $-4.67-2123.8% | $-0.21-133.3% | $-0.09+85.0% | $-0.60 |
EXAS Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B-0.7% | $5.9B+1.8% | $5.8B+1.5% | $5.7B-3.7% | $5.9B-12.2% | $6.7B+1.1% | $6.7B+4.7% | $6.4B |
| Current Assets | $1.6B-2.2% | $1.6B+5.5% | $1.5B+10.0% | $1.4B-12.8% | $1.6B+2.5% | $1.5B+5.6% | $1.5B+29.7% | $1.1B |
| Cash & Equivalents | $956.0M+21.2% | $789.0M+20.1% | $657.1M+89.3% | $347.1M-42.2% | $600.9M+2.0% | $588.8M+11.1% | $530.2M+52.6% | $347.5M |
| Inventory | $166.2M+0.9% | $164.8M-3.9% | $171.5M-2.9% | $176.6M+8.7% | $162.4M+18.5% | $137.0M+7.5% | $127.4M-0.9% | $128.5M |
| Accounts Receivable | $298.7M-2.4% | $306.1M-13.4% | $353.3M+26.3% | $279.8M+12.4% | $249.0M-6.0% | $264.8M+0.4% | $263.9M+9.7% | $240.6M |
| Goodwill | $2.4B0.0% | $2.4B0.0% | $2.4B0.0% | $2.4B0.0% | $2.4B0.0% | $2.4B0.0% | $2.4B0.0% | $2.4B |
| Total Liabilities | $3.5B+1.8% | $3.4B+2.1% | $3.3B+0.4% | $3.3B-6.0% | $3.5B-0.3% | $3.5B+1.6% | $3.5B+7.3% | $3.2B |
| Current Liabilities | $641.2M+9.7% | $584.3M+11.9% | $521.9M+3.9% | $502.5M-31.4% | $732.2M+1.2% | $723.7M+8.2% | $668.6M-2.4% | $685.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.4B-4.0% | $2.5B+1.3% | $2.5B+3.0% | $2.4B-0.2% | $2.4B-25.2% | $3.2B+0.6% | $3.2B+1.9% | $3.1B |
| Retained Earnings | -$4.7B-1.9% | -$4.6B-0.4% | -$4.6B0.0% | -$4.6B-2.3% | -$4.5B-23.8% | -$3.6B-1.1% | -$3.6B-0.4% | -$3.6B |
EXAS Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $151.7M-31.0% | $219.9M+147.1% | $89.0M+188.9% | $30.8M-34.5% | $47.1M-66.1% | $138.7M+29.6% | $107.1M+230.1% | -$82.3M |
| Capital Expenditures | $31.2M+4.5% | $29.9M-29.4% | $42.3M+35.8% | $31.2M-14.2% | $36.3M+38.8% | $26.2M-27.1% | $35.9M-4.7% | $37.6M |
| Free Cash Flow | $120.4M-36.6% | $190.0M+307.1% | $46.7M+12887.7% | -$365K-103.4% | $10.7M-90.5% | $112.6M+58.1% | $71.2M+159.4% | -$120.0M |
| Investing Cash Flow | $91.1M+205.4% | -$86.5M-138.4% | $224.9M+753.1% | -$34.4M+17.8% | -$41.9M+48.8% | -$81.7M+44.5% | -$147.1M+14.2% | -$171.4M |
| Financing Cash Flow | -$75.9M-4852.5% | -$1.5M+66.1% | -$4.5M+98.2% | -$256.2M-2540.0% | $10.5M+4745.6% | -$226K-100.1% | $224.6M+7581.8% | -$3.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
EXAS Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.1%+1.5pp | 68.6%-0.7pp | 69.3%-1.5pp | 70.8%+1.8pp | 69.0%-0.3pp | 69.3%-0.5pp | 69.8%-0.2pp | 70.0% |
| Operating Margin | -9.4%-6.4pp | -3.0%-2.7pp | -0.3%+13.3pp | -13.6%+109.3pp | -122.8%-117.3pp | -5.6%-1.8pp | -3.8%+13.0pp | -16.7% |
| Net Margin | -9.8%-7.5pp | -2.3%-2.1pp | -0.1%+14.2pp | -14.3%+106.9pp | -121.2%-115.8pp | -5.4%-3.1pp | -2.3%+15.0pp | -17.3% |
| Return on Equity | -3.6%-2.8pp | -0.8%-0.7pp | -0.1%+4.2pp | -4.2%+31.8pp | -36.0%-34.8pp | -1.2%-0.7pp | -0.5%+3.0pp | -3.5% |
| Return on Assets | -1.5%-1.1pp | -0.3%-0.3pp | -0.0%+1.8pp | -1.8%+12.8pp | -14.6%-14.0pp | -0.6%-0.3pp | -0.2%+1.5pp | -1.7% |
| Current Ratio | 2.43-0.3 | 2.72-0.2 | 2.89+0.2 | 2.73+0.6 | 2.15+0.0 | 2.12-0.1 | 2.17+0.5 | 1.64 |
| Debt-to-Equity | 1.44+0.1 | 1.36+0.0 | 1.35-0.0 | 1.38-0.1 | 1.47+0.4 | 1.10+0.0 | 1.09+0.1 | 1.04 |
| FCF Margin | 13.7%-8.6pp | 22.3%+16.6pp | 5.8%+5.8pp | -0.1%-1.6pp | 1.5%-14.4pp | 15.9%+5.7pp | 10.2%+29.0pp | -18.8% |
Similar Companies
Frequently Asked Questions
What is Exact Sciences Corp's annual revenue?
Exact Sciences Corp (EXAS) reported $3.2B in total revenue for fiscal year 2025. This represents a 17.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Exact Sciences Corp's revenue growing?
Exact Sciences Corp (EXAS) revenue grew by 17.7% year-over-year, from $2.8B to $3.2B in fiscal year 2025.
Is Exact Sciences Corp profitable?
No, Exact Sciences Corp (EXAS) reported a net income of -$207.9M in fiscal year 2025, with a net profit margin of -6.4%.
What is Exact Sciences Corp's EBITDA?
Exact Sciences Corp (EXAS) had EBITDA of $21.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Exact Sciences Corp's gross margin?
Exact Sciences Corp (EXAS) had a gross margin of 69.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Exact Sciences Corp's operating margin?
Exact Sciences Corp (EXAS) had an operating margin of -6.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Exact Sciences Corp's net profit margin?
Exact Sciences Corp (EXAS) had a net profit margin of -6.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Exact Sciences Corp's return on equity (ROE)?
Exact Sciences Corp (EXAS) has a return on equity of -8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Exact Sciences Corp's free cash flow?
Exact Sciences Corp (EXAS) generated $356.8M in free cash flow during fiscal year 2025. This represents a 378.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Exact Sciences Corp's operating cash flow?
Exact Sciences Corp (EXAS) generated $491.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Exact Sciences Corp's total assets?
Exact Sciences Corp (EXAS) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Exact Sciences Corp's capital expenditures?
Exact Sciences Corp (EXAS) invested $134.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Exact Sciences Corp spend on research and development?
Exact Sciences Corp (EXAS) invested $523.0M in research and development during fiscal year 2025.
What is Exact Sciences Corp's current ratio?
Exact Sciences Corp (EXAS) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.
What is Exact Sciences Corp's debt-to-equity ratio?
Exact Sciences Corp (EXAS) had a debt-to-equity ratio of 1.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Exact Sciences Corp's return on assets (ROA)?
Exact Sciences Corp (EXAS) had a return on assets of -3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Exact Sciences Corp's Piotroski F-Score?
Exact Sciences Corp (EXAS) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Exact Sciences Corp's earnings high quality?
Exact Sciences Corp (EXAS) has an earnings quality ratio of -2.36x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Exact Sciences Corp cover its interest payments?
Exact Sciences Corp (EXAS) has an interest coverage ratio of -6.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Exact Sciences Corp?
Exact Sciences Corp (EXAS) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.