Exelixis Inc Financials
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).
Exelixis turns very high-margin revenue into cash, while R&D intensity and buybacks decide how much profit reaches shareholders.
Gross margin stayed near96% through FY2026, so the business’s basic unit economics were already strong and did not drive the profit step-up. The real shift was above gross profit: operating margin rose from9.3% in FY2023 to37.6% in FY2026 as operating expenses became less demanding, especially with R&D lower in absolute dollars by FY2026.
Cash conversion is unusually clean: FY2026 operating cash flow of
Capital allocation is now actively reducing the share count rather than letting cash accumulate: buybacks exceeded
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Exelixis Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Exelixis Inc has an operating margin of 37.6%, meaning the company retains $38 of operating profit per $100 of revenue. This strong profitability earns a score of 87/100, reflecting efficient cost management and pricing power. This is up from 27.9% the prior year.
Exelixis Inc's revenue grew 7.0% year-over-year to $2.3B, a solid pace of expansion. This earns a growth score of 54/100.
Exelixis Inc carries a low D/E ratio of 0.34, meaning only $0.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
Exelixis Inc's current ratio of 3.26 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.
Exelixis Inc converts 37.8% of revenue into free cash flow ($875.8M). This strong cash generation earns a score of 100/100.
Exelixis Inc earns a strong 40.4% return on equity (ROE), meaning it generates $40 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is up from 24.5% the prior year.
Exelixis Inc scores 13.73, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($12.6B) relative to total liabilities ($657.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Exelixis Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
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
Earnings & Revenue
Exelixis Inc generated $2.3B in revenue in fiscal year 2026. This represents an increase of 7.0% from the prior year.
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.
Exelixis Inc reported $782.6M in net income in fiscal year 2026. This represents an increase of 50.1% from the prior year.
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 & Balance Sheet
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.
Exelixis Inc held $226.2M in cash against $0 in long-term debt as of fiscal year 2026.
Exelixis Inc had 251M shares outstanding in fiscal year 2026. This represents a decrease of 7.8% from the prior year.
Margins & Returns
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.
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.
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.
Exelixis Inc's ROE was 40.4% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 16.0 percentage points from the prior year.
Capital Allocation
Exelixis Inc invested $825.0M in research and development in fiscal year 2026. This represents a decrease of 9.4% from the prior year.
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.
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 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $610.8M+2.0% | $598.7M+0.2% | $597.8M+5.2% | $568.3M+2.3% | $555.4M-2.0% | $566.8M+5.0% | $539.5M-15.3% | $637.2M |
| Cost of Revenue | $20.0M-24.7% | $26.5M+42.6% | $18.6M-4.6% | $19.5M+1.6% | $19.2M-4.0% | $20.0M+15.2% | $17.3M-1.9% | $17.7M |
| Gross Profit | $590.9M+3.3% | $572.2M-1.2% | $579.2M+5.5% | $548.8M+2.3% | $536.3M-1.9% | $546.8M+4.7% | $522.2M-15.7% | $619.5M |
| R&D Expenses | $199.9M-6.3% | $213.2M+7.1% | $199.2M-0.6% | $200.4M-5.6% | $212.2M-14.8% | $249.0M+11.9% | $222.6M+5.4% | $211.1M |
| SG&A Expenses | $139.6M+13.5% | $123.0M-0.5% | $123.7M-8.3% | $134.9M-1.7% | $137.2M+2.1% | $134.3M+20.1% | $111.8M-15.3% | $132.0M |
| Operating Income | $251.3M+6.9% | $235.2M-0.6% | $236.5M+10.8% | $213.6M+14.3% | $186.9M+14.5% | $163.2M+19.9% | $136.1M-50.7% | $275.9M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $57.2M+601.2% | $8.2M-86.1% | $58.8M+29.1% | $45.6M-1.1% | $46.1M+2.6% | $44.9M+22.1% | $36.8M-44.9% | $66.7M |
| Net Income | $210.5M-13.9% | $244.6M+26.3% | $193.6M+4.7% | $184.8M+15.8% | $159.6M+14.1% | $139.9M+18.6% | $118.0M-47.8% | $226.1M |
| EPS (Diluted) | $0.79 | N/A | $0.69+6.2% | $0.65+18.2% | $0.55 | N/A | $0.40-48.1% | $0.77 |
EXEL Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B-8.8% | $2.8B+0.7% | $2.8B+5.4% | $2.7B-5.6% | $2.8B-3.7% | $2.9B-0.4% | $3.0B+6.7% | $2.8B |
| Current Assets | $1.2B-16.3% | $1.4B+2.9% | $1.4B+18.8% | $1.2B-15.4% | $1.4B-4.8% | $1.5B-5.3% | $1.5B+4.9% | $1.5B |
| Cash & Equivalents | $226.2M-53.1% | $482.5M+28.2% | $376.3M+128.8% | $164.4M-10.5% | $183.8M-15.5% | $217.4M-15.9% | $258.3M+30.2% | $198.5M |
| Inventory | $26.6M+22.7% | $21.7M-20.9% | $27.4M+16.7% | $23.5M-5.5% | $24.9M+11.0% | $22.4M+6.5% | $21.0M+1.9% | $20.6M |
| 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 | $657.8M-3.7% | $683.1M+3.1% | $662.8M+2.8% | $644.5M-8.7% | $706.2M+0.4% | $703.5M+2.7% | $684.9M+4.8% | $653.4M |
| Current Liabilities | $371.0M-8.5% | $405.6M+8.5% | $373.8M+11.2% | $336.1M-15.8% | $399.1M-1.2% | $403.8M+2.4% | $394.3M+14.1% | $345.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.9B-10.4% | $2.2B0.0% | $2.2B+6.3% | $2.0B-4.6% | $2.1B-5.0% | $2.2B-1.4% | $2.3B+7.3% | $2.1B |
| Retained Earnings | -$215.8M-180.9% | -$76.8M+27.6% | -$106.1M+51.7% | -$219.5M-34.4% | -$163.3M-65.5% | -$98.6M-9.3% | -$90.3M+54.8% | -$200.0M |
EXEL Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $251.8M-24.5% | $333.5M+14.9% | $290.3M+492.6% | $49.0M-76.8% | $211.4M-12.0% | $240.3M-11.5% | $271.3M+127.0% | $119.5M |
| Capital Expenditures | $1.5M+30.4% | $1.2M-21.9% | $1.5M-47.8% | $2.8M-3.9% | $3.0M-25.8% | $4.0M-51.5% | $8.2M+24.8% | $6.6M |
| Free Cash Flow | $250.3M-24.7% | $332.4M+15.1% | $288.8M+525.8% | $46.2M-77.9% | $208.5M-11.8% | $236.3M-10.2% | $263.1M+132.9% | $113.0M |
| Investing Cash Flow | -$51.1M-287.5% | $27.2M+7.2% | $25.4M-89.8% | $248.0M+398.4% | $49.8M+153.4% | -$93.2M+57.1% | -$217.1M-365.6% | $81.8M |
| Financing Cash Flow | -$457.1M-79.6% | -$254.6M-145.1% | -$103.9M+67.2% | -$316.3M-7.3% | -$294.8M-56.8% | -$188.0M-3401.2% | $5.7M+102.2% | -$262.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $430.4M+67.1% | $257.6M+147.6% | $104.0M-65.5% | $301.9M+6.3% | $283.9M+49.1% | $190.4M+1496.5% | $11.9M-95.5% | $264.3M |
EXEL Financial Ratios
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.7%+1.2pp | 95.6%-1.3pp | 96.9%+0.3pp | 96.6%+0.0pp | 96.5%+0.1pp | 96.5%-0.3pp | 96.8%-0.4pp | 97.2% |
| Operating Margin | 41.1%+1.9pp | 39.3%-0.3pp | 39.6%+2.0pp | 37.6%+3.9pp | 33.6%+4.8pp | 28.8%+3.6pp | 25.2%-18.1pp | 43.3% |
| Net Margin | 34.5%-6.4pp | 40.8%+8.5pp | 32.4%-0.2pp | 32.5%+3.8pp | 28.7%+4.1pp | 24.7%+2.8pp | 21.9%-13.6pp | 35.5% |
| Return on Equity | 10.9%-0.4pp | 11.3%+2.4pp | 9.0%-0.1pp | 9.1%+1.6pp | 7.5%+1.3pp | 6.2%+1.1pp | 5.2%-5.5pp | 10.7% |
| Return on Assets | 8.1%-0.5pp | 8.6%+1.7pp | 6.9%-0.0pp | 6.9%+1.3pp | 5.6%+0.9pp | 4.8%+0.8pp | 4.0%-4.2pp | 8.2% |
| Current Ratio | 3.26-0.3 | 3.56-0.2 | 3.75+0.2 | 3.51+0.0 | 3.50-0.1 | 3.63-0.3 | 3.93-0.3 | 4.27 |
| Debt-to-Equity | 0.34+0.0 | 0.320.0 | 0.31-0.0 | 0.32-0.0 | 0.33+0.0 | 0.31+0.0 | 0.300.0 | 0.31 |
| FCF Margin | 41.0%-14.5pp | 55.5%+7.2pp | 48.3%+40.2pp | 8.1%-29.4pp | 37.5%-4.2pp | 41.7%-7.1pp | 48.8%+31.0pp | 17.7% |
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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 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 return on equity (ROE)?
Exelixis Inc (EXEL) has a return on equity of 40.4% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
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 total assets?
Exelixis Inc (EXEL) had $2.6B in total assets as of fiscal year 2026, including both current and long-term assets.
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.
What is Exelixis Inc's current ratio?
Exelixis Inc (EXEL) had a current ratio of 3.26 as of fiscal year 2026, which is generally considered healthy.
What is Exelixis Inc's debt-to-equity ratio?
Exelixis Inc (EXEL) had a debt-to-equity ratio of 0.34 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Exelixis Inc's return on assets (ROA)?
Exelixis Inc (EXEL) had a return on assets of 30.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Exelixis Inc's Altman Z-Score?
Exelixis Inc (EXEL) has an Altman Z-Score of 13.73, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Exelixis Inc's Piotroski F-Score?
Exelixis Inc (EXEL) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
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.
How financially healthy is Exelixis Inc?
Exelixis Inc (EXEL) scores 79 out of 100 on our Financial Profile, indicating strong 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.