Exelixis Inc. (EXEL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.87	$0.91	+4.6%	—	$628.7M	—
Q1 26	$0.76	$0.87	+14.5%	—	$610.8M	—
Q4 25	$0.81	$0.94	+16.0%	—	$598.7M	—
Q3 25	$0.67	$0.78	+16.4%	—	$597.8M	—
Q2 25	$0.65	$0.75	+15.4%	—	$568.3M	—
Q1 25	$0.44	$0.62	+40.9%	—	$555.4M	—
Q4 24	$0.49	$0.55	+12.2%	—	$566.8M	—
Q3 24	$0.42	$0.47	+11.9%	—	$539.5M	—
Q2 24	$0.37	$0.84	+127.0%	—	$637.2M	—
Q1 24	$0.29	$0.17	-41.4%	—	$425.2M	—
Q4 23	$0.31	$0.33	+6.5%	—	$479.7M	—
Q3 23	$0.19	$0.1	-47.4%	—	$471.9M	—
Q2 23	$0.16	$0.25	+56.3%	—	$469.8M	—
Q1 23	$0.15	$0.12	-20.0%	—	$408.8M	—
Q4 22	-$0.12	-$0.09	+25.0%	—	$423.9M	—
Q3 22	$0.19	$0.23	+21.1%	—	$411.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.88	—	—	$2.3B	—
FY24	—	$1.8	—	—	$2.2B	—
FY23	—	$0.65	—	—	$1.8B	—
FY22	—	$0.56	—	—	$1.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$191.5M	$452.5M	$853.8M	$967.8M	$987.5M	$1.4B	$1.6B	$1.8B	$2.2B	$2.3B
YoY change	+415%	+136.3%	+88.7%	+13.3%	+2.04%	+45.3%	+12.3%	+13.6%	+18.5%	+6.98%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	191.5M	452.5M	853.8M	967.8M	987.5M	1.4B	1.6B	1.8B	2.2B	2.3B
Cost of revenue	6.6M	15.1M	26.3M	33.1M	36.3M	52.9M	57.9M	72.5M	76.2M	83.7M
Gross profit	184.9M	437.4M	827.5M	934.7M	951.3M	1.4B	1.6B	1.8B	2.1B	2.2B
Gross margin	96.6%	96.7%	96.9%	96.6%	96.3%	96.3%	96.4%	96%	96.5%	96.4%
Research & development	96M	112.2M	182.3M	337M	547.9M	693.7M	891.8M	1B	910.4M	825M
Selling, general & administrative	116.1M	159.3M	206.4M	228.2M	293.4M	401.7M	459.9M	542.7M	492.1M	518.7M
Operating expenses	212.1M	271.5M	388.6M	565.2M	841.2M	1.1B	1.4B	1.6B	1.4B	1.3B
Operating income	-27.2M	165.9M	438.9M	369.5M	110.1M	286.7M	201.5M	170.9M	689.9M	892.7M
Operating margin	-14.2%	36.7%	51.4%	38.2%	11.1%	20%	12.5%	9.34%	31.8%	38.5%
Non-operating income, net	-12.5M	-3.5M	397K	680K	912K	-184K	-197K	93K	-85.5M	-20.7M
Pretax income	-70.2M	158.6M	452.1M	398.1M	130.8M	294.2M	234.4M	257.5M	681.6M	941.2M
Income tax	0	4.3M	-238M	77.1M	19.1M	63.1M	52.1M	49.8M	160.4M	158.6M
Net income	-70.2M	154.2M	690.1M	321M	111.8M	231.1M	182.3M	207.8M	521.3M	782.6M
Net margin	-36.7%	34.1%	80.8%	33.2%	11.3%	16.1%	11.3%	11.4%	24%	33.7%
EBITDA	-35.2M	168.4M	443.8M	377.8M	119.2M	300.3M	222.4M	196.6M	804.1M	942.3M
EPS	-0.28	0.52	2.32	1.06	0.36	0.73	0.56	0.65	1.8	2.88
Diluted EPS	-0.28	0.49	2.21	1.02	0.35	0.72	0.56	0.65	1.76	2.78

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	471.9M	479.7M	425.2M	637.2M	539.5M	566.8M	555.4M	568.3M	597.8M	598.7M	610.8M	628.7M
Cost of revenue	18.8M	21.8M	21.3M	17.7M	17.3M	20M	19.2M	19.5M	18.6M	26.5M	20M	20.7M
Gross profit	453.1M	457.9M	404M	619.5M	522.2M	546.8M	536.3M	548.8M	579.2M	572.2M	590.9M	608M
Gross margin	96%	95.5%	95%	97.2%	96.8%	96.5%	96.5%	96.6%	96.9%	95.6%	96.7%	96.7%
Research & development	332.6M	244.7M	227.7M	211.1M	222.6M	249M	212.2M	200.4M	199.2M	213.2M	199.9M	212M
Selling, general & administrative	138.1M	131.4M	114M	132M	111.8M	134.3M	137.2M	134.9M	123.7M	123M	139.6M	147.6M
Operating expenses	470.7M	376.1M	341.7M	343.2M	334.4M	383.3M	349.4M	335.2M	322.8M	336.3M	339.5M	359.6M
Operating income	-17.6M	81.8M	62.3M	276.3M	187.8M	163.5M	186.9M	213.6M	256.4M	235.9M	251.3M	248.4M
Operating margin	-3.73%	17.1%	14.7%	43.4%	34.8%	28.8%	33.6%	37.6%	42.9%	39.4%	41.1%	39.5%
Non-operating income, net	289K	-137K	-32.9M	-762K	-51.8M	18K	-245K	50K	-19.9M	-648K	219K	54K
Pretax income	5.8M	103M	49.3M	292.8M	154.8M	184.8M	205.7M	230.4M	252.4M	252.7M	267.7M	262.7M
Income tax	4.8M	17.5M	11.9M	66.7M	36.8M	44.9M	46.1M	45.6M	58.8M	8.2M	57.2M	50.6M
Net income	1M	85.5M	37.3M	226.1M	118M	139.9M	159.6M	184.8M	193.6M	244.5M	210.5M	212.1M
Net margin	0.22%	17.8%	8.78%	35.5%	21.9%	24.7%	28.7%	32.5%	32.4%	40.8%	34.5%	33.7%
EBITDA	-11.3M	88.3M	101.5M	284.2M	247.1M	171.4M	194.2M	220.9M	283.6M	243.6M	258.3M	255.4M
EPS	0	0.28	0.12	0.78	0.41	—	0.57	0.68	0.72	0.92	0.81	0.85
Diluted EPS	0	0.27	0.12	0.77	0.4	—	0.55	0.65	0.69	0.88	0.79	0.82

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	5.9B	5.3B	6.2B	5.8B	5.2B	7.6B	9.7B	11.9B	14.5B
Enterprise value	—	—	5.2B	4.5B	5B	4.3B	4.1B	6.8B	8.7B	11B	13.7B
Shares outstanding	250.5M	293.6M	297.9M	302.6M	308.3M	314.9M	324.6M	318.2M	290M	271.6M	271.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	8.49	16.6	55.3	24.9	28.6	36.7	18.5	15.2	18.4
P/S	—	—	6.86	5.51	6.27	4.01	3.23	4.17	4.45	5.13	5.95
P/B	—	—	4.55	3.16	3.29	2.6	2.09	3.37	4.3	5.51	7.89
EV/EBITDA	—	—	11.7	12	42.2	14.5	18.4	34.7	10.9	11.7	13.5
EV/Sales	—	—	6.07	4.68	5.09	3.02	2.54	3.73	4.03	4.75	5.64
Earnings yield	—	—	11.8%	6.02%	1.81%	4.01%	3.5%	2.72%	5.4%	6.57%	5.44%
FCF yield	—	—	6.53%	9.64%	2.89%	5.85%	4.31%	2.23%	6.56%	7.09%	5.11%
PEG	—	—	—	—	—	—	—	—	—	—	0.74

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	96.6%	96.7%	96.9%	96.6%	96.3%	96.3%	96.4%	96%	96.5%	96.4%	96.7%
Operating margin	-14.2%	36.7%	51.4%	38.2%	11.1%	20%	12.5%	9.34%	31.8%	38.5%	39.5%
Net margin	-36.7%	34.1%	80.8%	33.2%	11.3%	16.1%	11.3%	11.4%	24%	33.7%	35.3%
ROE	-78.6%	54.1%	53.6%	19%	5.95%	10.5%	7.33%	9.18%	23.2%	36.2%	44.4%
ROA	-11.8%	23.5%	48.5%	17%	5.23%	8.83%	5.93%	7.06%	17.7%	27.5%	24%
ROIC	19.2%	-183.6%	72.1%	33.7%	13%	28.3%	11.4%	9.45%	39.9%	58.2%	70.5%
Return on tangible assets	-15%	29.2%	53.3%	18.3%	5.56%	9.28%	6.19%	7.38%	18.5%	28.8%	36.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.74	4.21	8.5	7.08	7.06	5.43	4.99	3.34	3.63	—	3.46
Quick ratio	1.73	4.15	8.41	6.99	6.96	5.35	4.89	3.3	3.58	—	3.38
Debt / equity	2.12	0.05	0.01	0.03	0.03	0.02	0.08	0.08	0.09	0.08	0.09
Debt / assets	0.32	0.02	0.01	0.03	0.02	0.02	0.06	0.06	0.06	0.06	0.07
Net debt / EBITDA	6.54	-2.21	-1.53	-2.12	-9.71	-4.71	-5.03	-4.1	-1.14	-0.94	-0.65
Interest coverage	-1.12	19.3	—	—	—	—	—	—	—	—	—
Effective tax rate	0%	2.74%	0%	19.4%	14.6%	21.4%	22.2%	19.3%	23.5%	16.9%	16.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.76	1.54	2.87	3.2	3.2	4.56	4.96	5.75	7.48	8.54	9.33
EPS (basic)	-0.28	0.52	2.32	1.06	0.36	0.73	0.56	0.65	1.8	2.88	2.88
EPS (diluted)	-0.28	0.49	2.21	1.02	0.35	0.72	0.56	0.65	1.76	2.78	3.18
Book value per share	0.36	0.97	4.32	5.57	6.1	7.02	7.67	7.12	7.74	7.96	7.41
FCF per share	0.83	0.49	1.28	1.7	0.58	1.07	0.69	0.54	2.19	3.11	4.46
Cash per share	1.68	1.32	2.33	2.82	3.91	4.66	4.03	3.13	3.83	3.9	3.39
Capex per share	0.01	0.07	0.11	0.04	0.1	0.17	0.09	0.13	0.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.84%	4.64%	3.86%	1.33%	3.07%	3.78%	1.72%	2.21%	1.31%	—	—
Capex / operating cash flow	0.76%	11.6%	7.76%	2.43%	13%	14.6%	6.1%	11.2%	4.7%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$471.9M	$479.7M	$425.2M	$637.2M	$539.5M	$566.8M	$555.4M	$568.3M	$597.8M	$598.7M	$610.8M	$628.7M
YoY change	+14.6%	+13.1%	+4.02%	+35.6%	+14.3%	+18.2%	+30.6%	-10.8%	+10.8%	+5.63%	+9.97%	+10.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	419.8M	387.8M	693.3M	852.2M	1.2B	1.5B	1.3B	995.3M	1.1B	1.1B
Receivables	40.4M	77.3M	162.8M	119.1M	160.9M	282.6M	214.8M	237.4M	265.4M	286.9M
Inventory	3.3M	6.7M	9.8M	12.9M	21M	27.5M	33.3M	17.3M	22.4M	21.7M
Total current assets	469M	484.9M	897M	1B	1.4B	1.8B	1.6B	1.3B	1.5B	1.4B
Property, plant & equipment	2.1M	25.7M	56.8M	48.9M	67.4M	235M	401.2M	470.9M	359.1M	441.3M
Goodwill & intangibles	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M
Total assets	595.7M	655.3M	1.4B	1.9B	2.1B	2.6B	3.1B	2.9B	2.9B	2.8B
Accounts payable	6.6M	9.6M	10.9M	11.6M	23.6M	24.3M	32.7M	33.8M	38.2M	29.6M
Short-term debt	189.1M	—	2.7M	2.7M	—	—	—	—	—	—
Total current liabilities	268.8M	115.2M	105.5M	142.7M	204.7M	337.6M	324.4M	394.3M	403.8M	—
Long-term debt	—	14.9M	12.2M	48M	49.1M	51.3M	190.2M	189.9M	190.8M	173M
Total liabilities	506.4M	370.3M	134.8M	199.7M	258.2M	405.6M	583.1M	678.4M	703.5M	277.5M
Shareholders' equity	89.3M	285M	1.3B	1.7B	1.9B	2.2B	2.5B	2.3B	2.2B	2.2B
Total debt	189.1M	14.9M	14.9M	50.7M	49.1M	51.3M	190.2M	189.9M	190.8M	173M
Net debt	37.4M	-168.2M	-299.9M	-215.8M	-270.1M	-595.9M	-311M	-73M	-26.6M	-309.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	995.3M	963.3M	1B	1.2B	1.1B	1B	791.1M	988.5M	1.1B	777.2M	839.4M
Receivables	248.1M	237.4M	240.6M	396.6M	269.7M	265.4M	281.6M	292.4M	309.7M	286.9M	328.9M	322.2M
Inventory	25M	17.3M	21.1M	20.6M	21M	22.4M	24.9M	23.5M	27.4M	21.7M	26.6M	28.7M
Total current assets	1.4B	1.3B	1.3B	1.5B	1.5B	1.5B	1.4B	1.2B	1.4B	1.4B	1.2B	1.3B
Property, plant & equipment	427.2M	470.9M	456.5M	438.1M	464.6M	359.1M	338.6M	419.7M	360.7M	441.3M	378.4M	340.6M
Goodwill & intangibles	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M	127.4M
Total assets	3B	2.9B	2.8B	2.8B	3B	2.9B	2.8B	2.7B	2.8B	2.8B	2.6B	2.5B
Accounts payable	26.4M	33.8M	26.1M	28.7M	59.3M	38.2M	42.8M	25.8M	25.3M	29.6M	24.2M	39.1M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	376.8M	394.3M	373M	345.7M	394.3M	403.8M	399.1M	336.1M	373.8M	405.6M	371M	361.9M
Long-term debt	190.9M	189.9M	201.5M	198M	194.4M	190.8M	187.1M	179.8M	176.5M	173M	169.5M	165.9M
Total liabilities	629.3M	678.4M	675.7M	653.4M	684.9M	703.5M	706.2M	644.5M	662.8M	683.1M	657.8M	650.5M
Shareholders' equity	2.3B	2.3B	2.1B	2.1B	2.3B	2.2B	2.1B	2B	2.2B	2.2B	1.9B	1.8B
Total debt	190.9M	189.9M	201.5M	198M	194.4M	190.8M	187.1M	179.8M	176.5M	173M	169.5M	165.9M
Net debt	-206M	-73M	-58.1M	-442K	-63.9M	-26.6M	3.4M	15.4M	-199.8M	-309.4M	-56.6M	-115.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-70.2M	154.2M	690.1M	321M	111.8M	231.1M	182.3M	207.8M	521.3M	782.6M
Depreciation & amortization	1M	1.2M	4.9M	8.3M	9.1M	13.6M	20.9M	25.7M	28.8M	29.1M
Stock-based compensation	23.9M	23.9M	40.6M	56.6M	105.1M	119.8M	107.6M	106.3M	93.8M	113M
Change in working capital	239.8M	9.1M	-70.6M	68.4M	-14.9M	-69.4M	78.5M	14.5M	-44.4M	-59.3M
Operating cash flow	211.5M	181.6M	424.9M	528.2M	234.2M	370.4M	453.9M	361.8M	604.6M	884.3M
Capital expenditure	-1.6M	-21M	-33M	-12.8M	-30.3M	-54.2M	-27.7M	-40.5M	-28.4M	—
Investing cash flow	-213.6M	35.8M	-297.9M	-587.2M	-131.2M	-32.9M	-413.7M	95.5M	-79M	390.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	0	0	-550.4M	-652M	-947.5M
Financing cash flow	-11.8M	-192.4M	-7.6M	-9.9M	-50M	-39.1M	-23.3M	-579.5M	-690.7M	-1B
Net change in cash	-13.8M	25.1M	119.4M	-69M	53M	298.4M	17M	-122.2M	-165M	255.9M
Free cash flow	208.7M	144.5M	382.4M	514.1M	178.6M	336.6M	224.2M	170.4M	633.8M	844.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1M	85.5M	37.3M	226.1M	118M	139.9M	159.6M	184.8M	193.6M	244.5M	210.5M	212.1M
Depreciation & amortization	6.3M	6.5M	6.4M	7.3M	7.5M	7.6M	7.3M	7.3M	7.4M	6.9M	6.9M	7M
Stock-based compensation	40.5M	24.3M	19.1M	25.4M	23M	26.3M	25.9M	36.1M	30.9M	20.1M	29.1M	32.6M
Change in working capital	-16.4M	59.5M	-35.7M	-171M	153M	9.2M	-7.7M	-71.6M	-3.8M	23.7M	-63.3M	11.7M
Operating cash flow	125.7M	178.9M	62.6M	94.5M	302.5M	204.6M	186.5M	49M	290.3M	333.5M	251.8M	307.7M
Capital expenditure	-9.4M	-13.1M	-9.7M	-6.6M	-8.2M	-4M	-3M	—	—	—	—	—
Investing cash flow	119.2M	61.7M	120.3M	100M	-216.1M	-83.2M	69.3M	251.6M	32.1M	34.4M	-49M	100.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-216.8M	-209.3M	-185.4M	-264.3M	-11.9M	-190.4M	-283.9M	-301.9M	-104M	-257.6M	-430.4M	-323M
Financing cash flow	-226.6M	-215.3M	-192.4M	-277.3M	-14.1M	-206.9M	-306.4M	-342.4M	-107.4M	-262.4M	-464.6M	-359.3M
Net change in cash	18.3M	25.4M	-9.5M	-82.8M	72.2M	-85.5M	-50.7M	-41.8M	215M	105.5M	-261.8M	49.2M
Free cash flow	23.5M	-2.6M	50.6M	94.7M	262.1M	226.3M	189M	45.4M	283.6M	326.4M	249.8M	298.4M

Exelixis Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement