EXAS

MKT CAP:$20B

Exact Sciences Corporation

Market Cap

$20B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$104.91+$3.17 (+3.12%)

Mar 23, 2026

Company Details

Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. The company offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers ...

CEO

Kevin T. Conroy

IPO Date

Feb 1, 2001

Website

www.exactsciences.com

Key Metrics TTM

Revenue

$3.2B

+17.7% YoY

Net Income

-$208M

EPS (Diluted)

-$1.10

Free Cash Flow

$357M

Revenue / Share

$17.11

Gross Margin

69.7%

Operating Margin

-6.2%

Net Margin

-6.4%

FCF Margin

11.0%

P/S

6.2x

P/E

—

Earnings Reports

FY 2025

Feb 13, 2026

$3.2B+17.7%EPS -$1.10

Q4 2025

Feb 13, 2026

$878M+23.1%EPS -$0.45

Q3 2025

Nov 3, 2025

$851M+20.0%EPS -$0.10

Q2 2025

Aug 6, 2025

$811M+16.0%EPS -$0.01

Q1 2025

May 1, 2025

$707M+10.9%EPS -$0.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$487M	$352M	-$177M
Q2 22	$522M	$377M	-$160M
Q3 22	$523M	$375M	-$138M
Q4 22	$553M	$406M	-$119M
Q1 23	$602M	$446M	-$77M
Q2 23	$622M	$465M	-$77M
Q3 23	$628M	$460M	$7M
Q4 23	$647M	$475M	-$68M
Q1 24	$638M	$446M	-$107M
Q2 24	$699M	$488M	-$26M
Q3 24	$709M	$491M	-$39M
Q4 24	$713M	$429M	-$876M
Q1 25	$707M	$501M	-$96M
Q2 25	$811M	$562M	-$2M
Q3 25	$851M	$584M	-$26M
Q4 25	$878M	$616M	-$77M

Valuation

Quarter	P/S	P/E
Q1 22	10.8x	—
Q2 22	10.3x	—
Q3 22	10.0x	—
Q4 22	9.6x	—
Q1 23	9.1x	—
Q2 23	8.7x	—
Q3 23	8.3x	—
Q4 23	8.0x	—
Q1 24	7.9x	—
Q2 24	7.7x	—
Q3 24	7.4x	—
Q4 24	7.3x	—
Q1 25	7.1x	—
Q2 25	6.8x	—
Q3 25	6.5x	—
Q4 25	6.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$174M	-$207M
Q2 22	-$61M	-$124M
Q3 22	-$41M	-$86M
Q4 22	$52M	-$21M
Q1 23	-$38M	-$68M
Q2 23	$100M	$66M
Q3 23	$24M	-$826.0K
Q4 23	$70M	$35M
Q1 24	-$82M	-$120M
Q2 24	$107M	$71M
Q3 24	$139M	$113M
Q4 24	$47M	$11M
Q1 25	$31M	-$365.0K
Q2 25	$89M	$47M
Q3 25	$220M	$190M
Q4 25	$152M	$120M

Capital Expenditures

Quarter	CapEx
Q1 22	$34M
Q2 22	$63M
Q3 22	$45M
Q4 22	$73M
Q1 23	$29M
Q2 23	$35M
Q3 23	$25M
Q4 23	$35M
Q1 24	$38M
Q2 24	$36M
Q3 24	$26M
Q4 24	$36M
Q1 25	$31M
Q2 25	$42M
Q3 25	$30M
Q4 25	$31M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.0%	-5.6%
Q2 22	+20.0%	+12.3%
Q3 22	+14.6%	+6.9%
Q4 22	+16.7%	-3.4%
Q1 23	+23.8%	+2.4%
Q2 23	+19.3%	+2.6%
Q3 23	+20.1%	-6.0%
Q4 23	+17.0%	+6.4%
Q1 24	+5.8%	+9.5%
Q2 24	+12.4%	+3.8%
Q3 24	+12.8%	+20.4%
Q4 24	+10.3%	+122.4%
Q1 25	+10.9%	+7.9%
Q2 25	+16.0%	+12.1%
Q3 25	+20.0%	+17.1%
Q4 25	+23.1%	-39.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$52M	10.8%
Q2 22	$59M	11.3%
Q3 22	$50M	9.5%
Q4 22	$46M	8.3%
Q1 23	$49M	8.2%
Q2 23	$62M	9.9%
Q3 23	$62M	9.8%
Q4 23	$59M	9.1%
Q1 24	$60M	9.5%
Q2 24	$57M	8.1%
Q3 24	$49M	6.9%
Q4 24	$49M	6.9%
Q1 25	$55M	7.7%
Q2 25	$56M	6.9%
Q3 25	$52M	6.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$102M	$326M	$76M
Q2 22	$106M	$325M	$73M
Q3 22	$91M	$314M	$66M
Q4 22	$94M	$329M	$75M
Q1 23	$95M	$351M	$53M
Q2 23	$104M	$365M	$50M
Q3 23	$111M	$347M	$44M
Q4 23	$115M	$353M	$58M
Q1 24	$111M	$220M	$218M
Q2 24	$121M	$178M	$212M
Q3 24	$101M	$194M	$220M
Q4 24	$100M	$342M	$91M
Q1 25	$105M	$221M	$264M
Q2 25	$109M	$209M	$247M
Q3 25	$117M	$241M	$250M
Q4 25	$191M	$218M	$289M

Revenue Segments

Quarter	Precision Oncology	Screening
Q3 23	$156M	$472M
Q1 24	$163M	$475M
Q2 24	$168M	$532M
Q3 24	$164M	$545M
Q4 24	$161M	$553M
Q2 25	$183M	$628M
Q3 25	$184M	$666M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$29M	$457M
Q2 22	$28M	$493M
Q3 22	$32M	$492M
Q1 23	$37M	$565M
Q2 23	$36M	$587M
Q3 23	$39M	$590M
Q4 23	$42M	$605M
Q1 24	$45M	$593M
Q2 24	$47M	$653M
Q3 24	$49M	$659M
Q4 24	$48M	$665M
Q1 25	$52M	$655M
Q2 25	$55M	$756M
Q3 25	$59M	$792M
Q4 25	$58M	$820M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$190M	$627M	$817M
Q2 22	$213M	$515M	$728M
Q3 22	$235M	$434M	$669M
Q4 22	$242M	$390M	$632M
Q1 23	$421M	$277M	$699M
Q2 23	$604M	$171M	$776M
Q3 23	$595M	$140M	$734M
Q4 23	$605M	$172M	$778M
Q1 24	$347M	$305M	$652M
Q2 24	$530M	$417M	$947M
Q3 24	$589M	$432M	$1.0B
Q4 24	$601M	$437M	$1.0B
Q1 25	$347M	$439M	$786M
Q2 25	$657M	$201M	$858M
Q3 25	$789M	$214M	$1.0B
Q4 25	$956M	$9M	$965M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	174M	+1.1%	+2.9%
Q2 22	176M	+1.1%	+2.8%
Q3 22	177M	+0.4%	+2.9%
Q4 22	178M	+0.3%	+3.0%
Q1 23	179M	+0.6%	+2.4%
Q2 23	180M	+0.9%	+2.2%
Q3 23	184M	+2.1%	+4.0%
Q4 23	181M	-1.5%	+2.1%
Q1 24	182M	+0.6%	+2.1%
Q2 24	184M	+1.1%	+2.3%
Q3 24	185M	+0.3%	+0.4%
Q4 24	185M	+0.3%	+2.2%
Q1 25	187M	+0.8%	+2.4%
Q2 25	189M	+1.1%	+2.5%
Q3 25	189M	+0.2%	+2.4%
Q4 25	190M	+0.3%	+2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$74.9K	7K
Q2 22	$80.3K	7K
Q3 22	$80.5K	7K
Q4 22	$86.4K	6K
Q1 23	$94.1K	6K
Q2 23	$97.2K	6K
Q3 23	$98.2K	6K
Q4 23	$98.0K	7K
Q1 24	$96.6K	7K
Q2 24	$105.9K	7K
Q3 24	$107.4K	7K
Q4 24	$101.9K	7K
Q1 25	$101.0K	7K
Q2 25	$115.9K	7K
Q3 25	$121.5K	7K
Q4 25	$122.0K	7K

Revenue / Employee