Exelixis Inc Financials

EXEL

Source SEC Filings (10-K/10-Q) Updated Jan 2, 2026 Currency USD FYE January

This page shows Exelixis Inc (EXEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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

Earnings Quality Cash-Backed

1.13x

For every $1 of reported earnings, Exelixis Inc generates $1.13 in operating cash flow ($884.3M OCF vs $782.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$2.3B

YoY+7.0%

5Y CAGR+19.1%

10Y CAGR+57.2%

Exelixis Inc generated $2.3B in revenue in fiscal year 2026. This represents an increase of 7.0% from the prior year.

EBITDA

$901.2M

YoY+42.3%

5Y CAGR+19.0%

Exelixis Inc's EBITDA was $901.2M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.3% from the prior year.

Free Cash Flow

$875.8M

YoY+30.4%

5Y CAGR+11.2%

Exelixis Inc generated $875.8M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 30.4% from the prior year.

Net Income

$782.6M

YoY+50.1%

5Y CAGR+19.5%

Exelixis Inc reported $782.6M in net income in fiscal year 2026. This represents an increase of 50.1% from the prior year.

EPS (Diluted)

$2.78

YoY+58.0%

5Y CAGR+22.2%

Exelixis Inc earned $2.78 per diluted share (EPS) in fiscal year 2026. This represents an increase of 58.0% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

96.4%

YoY-0.1pp

5Y CAGR-0.2pp

10Y CAGR+4.5pp

Exelixis Inc's gross margin was 96.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.

Operating Margin

37.6%

YoY+9.7pp

5Y CAGR-0.6pp

10Y CAGR+931.4pp

Exelixis Inc's operating margin was 37.6% in fiscal year 2026, reflecting core business profitability. This is up 9.7 percentage points from the prior year.

Net Margin

33.7%

YoY+9.7pp

5Y CAGR+0.6pp

10Y CAGR+1074.3pp

Exelixis Inc's net profit margin was 33.7% in fiscal year 2026, showing the share of revenue converted to profit. This is up 9.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$825.0M

YoY-9.4%

5Y CAGR+19.6%

10Y CAGR+15.9%

Exelixis Inc invested $825.0M in research and development in fiscal year 2026. This represents a decrease of 9.4% from the prior year.

Share Buybacks

$947.5M

YoY+45.3%

Exelixis Inc spent $947.5M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 45.3% from the prior year.

Capital Expenditures

$8.4M

YoY-70.4%

5Y CAGR-8.1%

10Y CAGR+33.4%

Exelixis Inc invested $8.4M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 70.4% from the prior year.

EXEL Income Statement

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Revenue	$2.3B+7.0%	$2.2B+18.5%	$1.8B+13.6%	$1.6B+12.3%	$1.4B+48.3%	$967.8M
Cost of Revenue	$83.7M+9.8%	$76.2M+5.1%	$72.5M+25.3%	$57.9M+9.5%	$52.9M+59.8%	$33.1M
Gross Profit	$2.2B+6.9%	$2.1B+19.0%	$1.8B+13.2%	$1.6B+12.4%	$1.4B+47.9%	$934.7M
R&D Expenses	$825.0M-9.4%	$910.4M-12.8%	$1.0B+17.1%	$891.8M+28.6%	$693.7M+105.9%	$337.0M
SG&A Expenses	$518.7M+5.4%	$492.1M-9.3%	$542.7M+18.0%	$459.9M+14.5%	$401.7M+76.0%	$228.2M
Operating Income	$872.2M+44.3%	$604.6M+253.8%	$170.9M-15.2%	$201.5M-29.7%	$286.7M-22.4%	$369.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$0
Income Tax	$158.6M-1.1%	$160.4M+222.3%	$49.8M-4.4%	$52.1M-17.5%	$63.1M-18.2%	$77.1M
Net Income	$782.6M+50.1%	$521.3M+150.9%	$207.8M+14.0%	$182.3M-21.1%	$231.1M-28.0%	$321.0M
EPS (Diluted)	$2.78+58.0%	$1.76+170.8%	$0.65+16.1%	$0.56-22.2%	$0.72-29.4%	$1.02

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Revenue	$598.7M+0.2%	$597.8M+5.2%	$568.3M+2.3%	$555.4M-2.0%	$566.8M+18.2%	$479.7M+1.6%	$471.9M+0.4%	$469.8M
Cost of Revenue	$26.5M+42.6%	$18.6M-4.6%	$19.5M+1.6%	$19.2M-4.0%	$20.0M-8.2%	$21.8M+15.9%	$18.8M+6.0%	$17.7M
Gross Profit	$572.2M-1.2%	$579.2M+5.5%	$548.8M+2.3%	$536.3M-1.9%	$546.8M+19.4%	$457.9M+1.0%	$453.1M+0.2%	$452.1M
R&D Expenses	$213.2M+7.1%	$199.2M-0.6%	$200.4M-5.6%	$212.2M-14.8%	$249.0M+1.8%	$244.7M-26.4%	$332.6M+43.0%	$232.6M
SG&A Expenses	$123.0M-0.5%	$123.7M-8.3%	$134.9M-1.7%	$137.2M+2.1%	$134.3M+2.2%	$131.4M-4.9%	$138.1M-2.5%	$141.7M
Operating Income	$235.2M-0.6%	$236.5M+10.8%	$213.6M+14.3%	$186.9M+14.5%	$163.2M+99.5%	$81.8M+565.2%	-$17.6M-122.6%	$77.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$8.2M-86.1%	$58.8M+29.1%	$45.6M-1.1%	$46.1M+2.6%	$44.9M+156.3%	$17.5M+266.8%	$4.8M-75.1%	$19.2M
Net Income	$244.5M+26.3%	$193.6M+4.7%	$184.8M+15.8%	$159.6M+14.1%	$139.9M+63.5%	$85.5M+8115.0%	$1.0M-98.7%	$81.2M
EPS (Diluted)	$0.89+29.0%	$0.69+6.2%	$0.65+18.2%	$0.55+17.0%	$0.47+67.9%	$0.28	$0.00-100.0%	$0.25

EXEL Balance Sheet

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Total Assets	N/A	$2.8B-3.6%	$2.9B-4.2%	$3.1B+17.4%	$2.6B+33.8%	$2.0B
Current Assets	N/A	$1.4B+6.0%	$1.3B-18.6%	$1.6B-11.8%	$1.8B+61.4%	$1.1B
Cash & Equivalents	N/A	$183.8M-30.1%	$263.0M-47.5%	$501.2M-22.6%	$647.2M+81.1%	$357.3M
Inventory	N/A	$24.9M+43.5%	$17.3M-48.0%	$33.3M+21.1%	$27.5M+78.3%	$15.4M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	$63.7M0.0%	$63.7M0.0%	$63.7M0.0%	$63.7M0.0%	$63.7M
Total Liabilities	N/A	$706.2M+4.1%	$678.4M+16.4%	$583.1M+43.7%	$405.6M+95.1%	$208.0M
Current Liabilities	N/A	$399.1M+1.2%	$394.3M+21.6%	$324.4M-3.9%	$337.6M+140.3%	$140.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	N/A	$2.1B-5.9%	$2.3B-9.0%	$2.5B+12.6%	$2.2B+26.5%	$1.7B
Retained Earnings	N/A	-$163.3M+5.8%	-$173.4M-406.5%	-$34.2M+84.2%	-$216.5M+57.6%	-$510.7M

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Total Assets	$2.8B+0.7%	$2.8B+5.4%	$2.7B-5.6%	$2.8B-3.7%	$2.9B+0.2%	$2.9B-1.2%	$3.0B-5.3%	$3.1B
Current Assets	$1.4B+2.9%	$1.4B+18.8%	$1.2B-15.4%	$1.4B-4.8%	$1.5B+11.4%	$1.3B-8.7%	$1.4B-9.3%	$1.6B
Cash & Equivalents	$482.5M+28.2%	$376.3M+128.8%	$164.4M-10.5%	$183.8M-15.5%	$217.4M-17.3%	$263.0M-33.7%	$396.9M-14.6%	$464.5M
Inventory	$21.7M-20.9%	$27.4M+16.7%	$23.5M-5.5%	$24.9M+11.0%	$22.4M+29.2%	$17.3M-30.6%	$25.0M-12.8%	$28.6M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$63.7M0.0%	$63.7M0.0%	$63.7M0.0%	$63.7M0.0%	$63.7M0.0%	$63.7M0.0%	$63.7M0.0%	$63.7M
Total Liabilities	$683.1M+3.1%	$662.8M+2.8%	$644.5M-8.7%	$706.2M+0.4%	$703.5M+3.7%	$678.4M+7.8%	$629.3M+2.4%	$614.5M
Current Liabilities	$405.6M+8.5%	$373.8M+11.2%	$336.1M-15.8%	$399.1M-1.2%	$403.8M+2.4%	$394.3M+4.6%	$376.8M+11.0%	$339.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.2B0.0%	$2.2B+6.3%	$2.0B-4.6%	$2.1B-5.0%	$2.2B-0.9%	$2.3B-3.6%	$2.3B-7.1%	$2.5B
Retained Earnings	-$76.8M+27.6%	-$106.1M+51.7%	-$219.5M-34.4%	-$163.3M-65.5%	-$98.6M+43.1%	-$173.4M-37.5%	-$126.0M-1226.8%	$11.2M

EXEL Cash Flow Statement

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Operating Cash Flow	$884.3M+26.3%	$700.0M+110.0%	$333.3M-8.1%	$362.6M-9.5%	$400.8M-23.9%	$527.0M
Capital Expenditures	$8.4M-70.4%	$28.4M-29.7%	$40.5M+46.1%	$27.7M-48.9%	$54.2M+322.5%	$12.8M
Free Cash Flow	$875.8M+30.4%	$671.5M+129.3%	$292.9M-12.6%	$334.9M-3.4%	$346.6M-32.6%	$514.1M
Investing Cash Flow	$350.4M+400.1%	-$116.8M-333.3%	-$27.0M+94.9%	-$524.4M-1122.9%	-$42.9M+92.7%	-$587.2M
Financing Cash Flow	-$969.6M-54.2%	-$628.8M-15.2%	-$546.1M-93282.9%	$586K+104.0%	-$14.8M-217.9%	$12.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$947.5M+45.3%	$652.0M+18.5%	$550.4M	$0	$0	N/A

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Operating Cash Flow	$333.5M+14.9%	$290.3M+492.6%	$49.0M-76.8%	$211.4M-12.0%	$240.3M+2172.9%	$10.6M-91.0%	$117.4M-3.0%	$121.0M
Capital Expenditures	$1.2M-21.9%	$1.5M-47.8%	$2.8M-3.9%	$3.0M-25.8%	$4.0M-69.7%	$13.1M+40.1%	$9.4M+57.9%	$5.9M
Free Cash Flow	$332.4M+15.1%	$288.8M+525.8%	$46.2M-77.9%	$208.5M-11.8%	$236.3M+9315.5%	-$2.6M-102.4%	$108.0M-6.1%	$115.0M
Investing Cash Flow	$27.2M+7.2%	$25.4M-89.8%	$248.0M+398.4%	$49.8M+153.4%	-$93.2M-251.0%	$61.7M+78.0%	$34.7M+147.0%	-$73.8M
Financing Cash Flow	-$254.6M-145.1%	-$103.9M+67.2%	-$316.3M-7.3%	-$294.8M-56.8%	-$188.0M+8.8%	-$206.2M+6.1%	-$219.7M-76.0%	-$124.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$257.6M+147.6%	$104.0M-65.5%	$301.9M+6.3%	$283.9M+49.1%	$190.4M-9.0%	$209.3M-3.5%	$216.8M+74.5%	$124.2M

EXEL Financial Ratios

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Gross Margin	96.4%-0.1pp	96.5%+0.4pp	96.0%-0.4pp	96.4%+0.1pp	96.3%-0.3pp	96.6%
Operating Margin	37.6%+9.7pp	27.9%+18.5pp	9.3%-3.2pp	12.5%-7.5pp	20.0%-18.2pp	38.2%
Net Margin	33.7%+9.7pp	24.0%+12.7pp	11.3%+0.0pp	11.3%-4.8pp	16.1%-17.1pp	33.2%
Return on Equity	N/A	24.5%+15.3pp	9.2%+1.9pp	7.3%-3.1pp	10.4%-7.9pp	18.4%
Return on Assets	N/A	18.4%+11.3pp	7.1%+1.1pp	5.9%-2.9pp	8.8%-7.6pp	16.4%
Current Ratio	N/A	3.50+0.2	3.34-1.6	4.99-0.4	5.43-2.7	8.09
Debt-to-Equity	N/A	0.33+0.0	0.30+0.1	0.23+0.1	0.18+0.1	0.12
FCF Margin	37.8%+6.8pp	31.0%+15.0pp	16.0%-4.8pp	20.8%-3.4pp	24.1%-29.0pp	53.1%

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Gross Margin	95.6%-1.3pp	96.9%+0.3pp	96.6%+0.0pp	96.5%+0.1pp	96.5%+1.0pp	95.5%-0.6pp	96.0%-0.2pp	96.2%
Operating Margin	39.3%-0.3pp	39.6%+2.0pp	37.6%+3.9pp	33.6%+4.8pp	28.8%+11.7pp	17.1%+20.8pp	-3.7%-20.3pp	16.6%
Net Margin	40.8%+8.5pp	32.4%-0.2pp	32.5%+3.8pp	28.7%+4.1pp	24.7%+6.9pp	17.8%+17.6pp	0.2%-17.1pp	17.3%
Return on Equity	11.3%+2.4pp	9.0%-0.1pp	9.1%+1.6pp	7.5%+1.3pp	6.2%+2.5pp	3.8%+3.7pp	0.0%-3.2pp	3.2%
Return on Assets	8.6%+1.7pp	6.9%-0.0pp	6.9%+1.3pp	5.6%+0.9pp	4.7%+1.8pp	2.9%+2.9pp	0.0%-2.5pp	2.6%
Current Ratio	3.56-0.2	3.75+0.2	3.51+0.0	3.50-0.1	3.63+0.3	3.34-0.5	3.83-0.9	4.68
Debt-to-Equity	0.320.0	0.31-0.0	0.32-0.0	0.33+0.0	0.31+0.0	0.30+0.0	0.27+0.0	0.24
FCF Margin	55.5%+7.2pp	48.3%+40.2pp	8.1%-29.4pp	37.5%-4.2pp	41.7%+42.2pp	-0.5%-23.4pp	22.9%-1.6pp	24.5%

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Frequently Asked Questions

What is Exelixis Inc's annual revenue?

Exelixis Inc (EXEL) reported $2.3B in total revenue for fiscal year 2026. This represents a 7.0% 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 Exelixis Inc's revenue growing?

Exelixis Inc (EXEL) revenue grew by 7% year-over-year, from $2.2B to $2.3B in fiscal year 2026.

Is Exelixis Inc profitable?

Yes, Exelixis Inc (EXEL) reported a net income of $782.6M in fiscal year 2026, with a net profit margin of 33.7%.

What is Exelixis Inc's earnings per share (EPS)?

Exelixis Inc (EXEL) reported diluted earnings per share of $2.78 for fiscal year 2026. This represents a 58.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Exelixis Inc's EBITDA?

Exelixis Inc (EXEL) had EBITDA of $901.2M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Exelixis Inc's gross margin?

Exelixis Inc (EXEL) had a gross margin of 96.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Exelixis Inc's operating margin?

Exelixis Inc (EXEL) had an operating margin of 37.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Exelixis Inc's net profit margin?

Exelixis Inc (EXEL) had a net profit margin of 33.7% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Exelixis Inc's free cash flow?

Exelixis Inc (EXEL) generated $875.8M in free cash flow during fiscal year 2026. This represents a 30.4% 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 Exelixis Inc's operating cash flow?

Exelixis Inc (EXEL) generated $884.3M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Exelixis Inc's capital expenditures?

Exelixis Inc (EXEL) invested $8.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does Exelixis Inc spend on research and development?

Exelixis Inc (EXEL) invested $825.0M in research and development during fiscal year 2026.

Does Exelixis Inc buy back shares?

Yes, Exelixis Inc (EXEL) spent $947.5M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Are Exelixis Inc's earnings high quality?

Exelixis Inc (EXEL) has an earnings quality ratio of 1.13x, considered cash-backed (high 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.