Exelixis, Inc. (EXEL) financials
NASDAQ · Healthcare · Biotechnology · 1,077 employees · CEO Michael Morrissey
- Price
- $69.39 +4.82%
- Market cap
- $17.4B
- Enterprise value
- $17.3B
- Last report
- Q3 '26 filed 2026-10-29
Revenue (TTM)$2.5B+9.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)40.2%+5.2 pp vs a year agoOperating income $1B
Net income (TTM)$885M+30.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.15B+54.8% vs a year agoCapex $21M
Diluted EPS (TTM)$3.34+40.9% vs a year agoSum of the last 4 quarters
Net cash$730M-10.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $17.4B EV $17.3B
- Revenue
- $2.5B Trailing 12 months
- Revenue growth
- +10% FY2027 consensus
- Profit margin
- 35.5% Net income / revenue, TTM
- P/E
- 20.1× Forward 18.7× (FY2027)
- P/S
- 7.0× Price / sales, TTM
- EV / EBITDA
- 16.1× TTM
- Free cash flow
- $1.15B Trailing 12 months
- Net income
- $885M Trailing 12 months
- Revenue estimate
- $2.56B FY2027 consensus
- Earnings
- –
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 1.9%, EPS beat by 6.0%Revenue $659M vs $647M expected (+1.9%); EPS $0.94 vs $0.89 (+6.0%).
- Revenue growth steady: 10.2% year on yearQ3 '26 revenue $659M, against an average of 9.3% over the four quarters before.
- Operating margin 40.2% (TTM), +5.2 pp on a year agoOperating income grew 25.4% while revenue grew 9.1%.
- Capex 0.8% of revenue (a year ago 2.0%)$21M invested in the last 4 quarters (-55.1% on a year earlier). Free cash flow $1.15B = 130.2% of net income.
- Returned $1.26B to shareholders = 109.4% of free cash flowBuybacks $1.26B (a year earlier $880M), dividends $0, stock-based pay $110M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 8.2% in a year256M diluted shares in Q3 '26, 279M a year earlier.
- Net cash $730MCash + short-term investments $892M, debt incl. leases $162M; a year ago net cash $812M.
Last quarter: Q3 '26
Quarter ended 2026-10-02. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $659M | $598M | +10.2% |
| Gross margin | 96.0% | 96.9% | -0.9 pp |
| Operating income | $268M | $237M | +13.5% |
| Operating margin | 40.8% | 39.6% | +1.2 pp |
| Net income | $218M | $194M | +12.7% |
| Diluted EPS | $0.85 | $0.70 | +21.4% |
| Operating cash flow | $280M | $290M | -3.6% |
| Capex | $2.49M | $6.73M | -63.0% |
| Free cash flow | $277M | $284M | -2.2% |
| R&D | $209M | $199M | +5.2% |
| Stock-based compensation | $28.7M | $30.9M | -7.0% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $659M | $647M | +1.9% |
| EPS (as estimated) | $0.94 | $0.89 | +6.0% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product, Gross | $854M | – | 64.8% | – | – | |
| Product | $605M | – | 45.9% | – | – | |
| Net product revenues | – | – | – | – | – | |
| Collaboration | $53.8M | – | 4.1% | – | – | |
| Product, Sales Discounts And Allowances | -$249M | – | -18.9% | – | – | |
| License | $58.4M | – | 4.4% | – | – | |
| License revenues | – | – | – | – | – | |
| Service | -$4.64M | – | -0.4% | – | – | |
| Collaboration services revenues | – | – | – | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $609M | – | 92.5% | $2.84B | – | |
| Europe | $44.3M | – | 6.7% | $214M | – | |
| JAPAN | $5.3M | – | 0.8% | $35.9M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.17B
- Capex
- -$21M
- Buybacks
- -$1.26B
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $0
- Stock-based compensation
- $110M
- Free cash flow
- $1.15B
- Returned to shareholders / FCF
- 109.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 20.1× | 24.8× | 15.1× – 36.9× |
| EV / EBITDA | 16.1× | 17.7× | 12.5× – 26.7× |
| EV / Sales | 6.9× | 4.0× | 3.0× – 5.0× |
| Price / FCF | 15.1× | 22.9× | 14.0× – 44.8× |
| Price / Book | 9.3× | 3.6× | 2.1× – 5.5× |
| FCF yield | 6.6% | 5.2% | 2.2% – 7.1% |
| Return on invested capital | 39.6% | 13.8% | 5.4% – 29.7% |
| Return on equity | 45.5% | 17.3% | 7.3% – 36.2% |
Analysts
Consensus target $53.00 (-23.6%)
range $49.00 – $60.00 · rating Hold
Strong buy0
Buy16
Hold17
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $2.56B | +10.2% | $3.71 | +33.5% | 18.7× | 7 |
| FY2028 | $2.88B | +12.7% | $4.15 | +11.9% | 16.7× | 9 |
| FY2029 | $3.31B | +15.1% | $5.18 | +24.7% | 13.4× | 7 |
| FY2030 | $3.67B | +10.8% | $6.64 | +28.1% | 10.5× | 2 |
| FY2031 | $3.36B | -8.4% | $5.39 | -18.8% | 12.9× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 204 figures Exelixis, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $30.8M | $25.3M | +21.6% | $29.6M | $38.2M | -22.4% |
| Accrued Employee Benefits, Current | $100M | $104M | -3.7% | $102M | $110M | -6.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $132M2026-01-02 | $101M | +31.3% | $132M | $101M | +31.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$6.59M | $3.57M | -284.8% | $3.48M | -$1.35M | +358.1% |
| Additional Paid in Capital | $2.1B | $2.26B | -7.2% | $2.23B | $2.34B | -4.7% |
| Advertising Expense | – | – | – | $51.7M | $43.5M | +18.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $28.8M | $31.1M | -7.4% | $114M | $94.7M | +20.2% |
| Area of Real Estate Property | – | – | – | 215,000,000 sqft2025-01-03 | – | – |
| Asset Impairment Charges | – | – | – | $0 | $64.4M | -100.0% |
| Assets | $2.51B | $2.82B | -11.0% | $2.84B | $2.95B | -3.5% |
| Assets, Current | $1.32B | $1.4B | -5.8% | $1.44B | $1.47B | -1.7% |
| Assets, Fair Value Disclosure | $1.4B | – | – | $1.66B | $1.75B | -4.9% |
| Cash and Cash Equivalents, at Carrying Value | $305M | $376M | -19.0% | $482M | $217M | +122.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $305M | $376M | -19.0% | $482M | $217M | +122.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $23.3M | $212M | -89.0% | $265M | -$45.6M | +681.1% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 400M | 400M | 0.0% | 400M | 400M | 0.0% |
| Common Stock, Shares, Issued | 245M | 268M | -8.7% | 262M | 282M | -6.8% |
| Common Stock, Shares, Outstanding | 245M | 268M | -8.7% | 262M | 282M | -6.8% |
| Common Stock, Value, Issued | $245K | $268K | -8.6% | $262K | $282K | -7.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $214M | $196M | +9.1% | $787M | $524M | +50.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $1.57M2025-10-03 | $275K | +471.6% | – | – | – |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $0 | – | – | $0 | $369K | -100.0% |
| Contract with Customer, Liability | $5.12M | $3.83M | +33.7% | $7.23M | $6.13M | +17.9% |
| Contract with Customer, Liability, Current | $1.08M | $1.56M | -30.8% | $1.12M | $2.74M | -59.3% |
| Contract with Customer, Liability, Noncurrent | $4.04M | $2.27M | +78.0% | $6.11M | $3.39M | +80.2% |
| Cost of Goods and Services Sold | $26.2M | $18.6M | +41.2% | $83.7M | $76.2M | +9.8% |
| Cost, Depreciation and Amortization | – | – | – | $29.1M | $28.8M | +1.0% |
| Costs and Expenses | $390M | $361M | +8.0% | $1.45B | $1.56B | -7.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $16.2M | $202M | -92.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $32.4M | $220M | -85.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $16.2M | $17.9M | -9.9% |
| Customer Refund Liability, Current | $70.8M | $58.2M | +21.5% | $59.9M | $62.4M | -4.0% |
| Debt Securities, Available-for-sale | $1.21B | $1.26B | -3.6% | $1.29B | $1.53B | -15.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $87K | $5.04M | -98.3% | $4.89M | $1.74M | +181.7% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $8.28M | $77K | +10,655.8% | $38K | $3.13M | -98.8% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $1.22B | $1.25B | -2.6% | $1.29B | $1.53B | -15.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $4.95M | $34.9M | -85.8% | $10.1M | $218M | -95.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $50K | $55K | -9.1% | $8K | $741K | -98.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $861M | $39.8M | +2,065.5% | $58.2M | $495M | -88.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $8.23M | $22K | +37,318.2% | $30K | $2.39M | -98.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $508M | $578M | -12.2% | $600M | $637M | -5.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $706M | $681M | +3.7% | $691M | $888M | -22.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $866M | $74.7M | +1,059.9% | $68.3M | $713M | -90.4% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $8.28M | $77K | +10,655.8% | $38K | $3.13M | -98.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 356 investment | 26 investment | +1,269.2% | 35 investment | 255 investment | -86.3% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $128M | -$52.4M | +345.0% |
| Deferred Income Tax Assets, Net | $296M | $419M | -29.4% | $293M | $420M | -30.3% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $126M | -$59.5M | +312.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$2.23M | -$7.03M | +68.3% |
| Deferred Tax Assets, Gross | $418M2026-01-02 | $545M | -23.4% | $418M | $545M | -23.4% |
| Deferred Tax Assets, Net | $293M2026-01-02 | $420M | -30.3% | $293M | $420M | -30.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $330M2026-01-02 | $459M | -28.1% | $330M | $459M | -28.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $39.9M2026-01-02 | $39.9M | +0.1% | $39.9M | $39.9M | +0.1% |
| Deferred Tax Assets, Other | $7.14M2026-01-02 | $9.05M | -21.1% | $7.14M | $9.05M | -21.1% |
| Deferred Tax Assets, Property, Plant and Equipment | $229M2026-01-02 | $349M | -34.4% | $229M | $349M | -34.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $39.7M2026-01-02 | $39.6M | +0.3% | $39.7M | $39.6M | +0.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $20.2M2026-01-02 | $17.8M | +13.8% | $20.2M | $17.8M | +13.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $35.9M2026-01-02 | $40.9M | -12.1% | $35.9M | $40.9M | -12.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-10-02, 10-Q 2026-07-03, 10-Q 2026-04-03, 10-K 2026-01-02, 10-Q 2025-10-03, 10-Q 2025-07-04, 10-Q 2025-04-04, 10-K 2025-01-03, 10-Q 2024-09-27
Data as of 2026-11-02