Exelixis (EXEL) financial statements
Exelixis reported revenue of $2.3B in fiscal 2025, up 31.9% a year over 9 years.
Net income was $783M and the operating margin 37.6%, against -14.7% in 2016.
Free cash flow was $876M, and the company returned $948M in net buybacks.
The diluted share count rose 13% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Exelixis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191M | $452M | $854M | $968M | $988M | $1.4B | $1.6B | $1.8B | $2.2B | $2.3B |
| Cost of revenue | $7M | $15M | $26M | $33M | $36M | $53M | $58M | $73M | $76M | $84M |
| Gross profit | $185M | $437M | $827M | $935M | $951M | $1.4B | $1.6B | $1.8B | $2.1B | $2.2B |
| Research and development | $96M | $112M | $182M | $337M | $548M | $694M | $892M | $1.0B | $910M | $825M |
| Selling, general and admin | $116M | $159M | $206M | $228M | $293M | $402M | $460M | $543M | $492M | $519M |
| Operating income | -$28M | $166M | $439M | $369M | $110M | $287M | $201M | $171M | $605M | $872M |
| Interest expense | $33M | $9M | $0 | $0 | — | — | — | — | — | — |
| Pre-tax income | -$70M | $159M | $452M | $398M | $131M | — | — | — | — | — |
| Income tax | $0 | $4M | -$238M | $77M | $19M | $63M | $52M | $50M | $160M | $159M |
| Net income | -$70M | $154M | $690M | $321M | $112M | $231M | $182M | $208M | $521M | $783M |
| EPS (diluted) | -$0.28 | $0.49 | $2.21 | $1.02 | $0.35 | $0.72 | $0.56 | $0.65 | $1.76 | $2.78 |
| Diluted shares | 251M | 312M | 313M | 315M | 318M | 322M | 325M | 321M | 296M | 282M |
| Gross margin | 96.6% | 96.7% | 96.9% | 96.6% | 96.3% | 96.3% | 96.4% | 96.0% | 96.5% | 96.4% |
| Operating margin | -14.7% | 36.7% | 51.4% | 38.2% | 11.1% | 20.0% | 12.5% | 9.3% | 27.9% | 37.6% |
| Net margin | -36.7% | 34.1% | 80.8% | 33.2% | 11.3% | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% |
Balance sheet
Fiscal years, from Exelixis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $420M | $388M | $693M | $852M | $1.2B | $1.5B | $1.3B | $995M | $1.1B | $1.1B |
| Receivables | $40M | $77M | $163M | $119M | $161M | $283M | $215M | $237M | $265M | $287M |
| Inventory | $3M | $7M | $10M | $13M | $21M | $27M | $33M | $17M | $22M | $22M |
| Total current assets | $469M | $485M | $897M | $1.0B | $1.4B | $1.8B | $1.6B | $1.3B | $1.5B | $1.4B |
| Property, plant and equipment | $2M | $26M | $51M | $49M | $67M | $104M | $111M | $129M | $119M | $99M |
| Goodwill | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M |
| Total assets | $596M | $655M | $1.4B | $1.9B | $2.1B | $2.6B | $3.1B | $2.9B | $2.9B | $2.8B |
| Total current liabilities | $269M | $115M | $105M | $143M | $205M | $338M | $324M | $394M | $404M | $406M |
| Long-term debt | $0 | — | — | — | — | — | — | — | — | — |
| Total liabilities | $506M | $370M | $135M | $200M | $258M | $406M | $583M | $678M | $703M | $683M |
| Shareholders' equity | $89M | $285M | $1.3B | $1.7B | $1.9B | $2.2B | $2.5B | $2.3B | $2.2B | $2.2B |
| Net debt | $37M | -$183M | -$315M | -$267M | -$319M | -$647M | -$501M | -$263M | -$217M | -$482M |
Cash flow
Fiscal years, from Exelixis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $206M | $166M | $416M | $527M | $209M | $401M | $363M | $333M | $700M | $884M |
| Capital spending | $2M | $21M | $33M | $13M | $30M | $54M | $28M | $40M | $28M | $8M |
| Free cash flow | $205M | $144M | $382M | $514M | $179M | $347M | $335M | $293M | $672M | $876M |
| Stock-based compensation | $23M | $24M | $41M | $57M | $105M | $120M | $108M | $106M | $94M | $113M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$550M | -$652M | -$948M |
| Net borrowing | -$575,000 | -$186M | $0 | $0 | — | — | — | — | — | — |
| Free cash flow margin | 106.9% | 31.9% | 44.8% | 53.1% | 18.1% | 24.2% | 20.8% | 16.0% | 31.0% | 37.7% |
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Open EXEL in InvestinglyQuestions
What was Exelixis's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Exelixis generate?
$876M in fiscal 2025 (operating cash flow minus capital spending).
From Exelixis's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.