EXEL

MKT CAP:$12B

Exelixis, Inc.

Market Cap

$12B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$46.05+$2.47 (+5.67%)

Apr 23, 2026

Company Details

Exelixis, Inc., an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. The company's products include CABOMETYX tablets for the treatme...

CEO

Michael Morrissey

IPO Date

Apr 17, 2000

Website

www.exelixis.com

Key Metrics TTM

Revenue

$2.3B

+7.0% YoY

Net Income

$783M

EPS (Diluted)

$2.78

Free Cash Flow

$859M

Revenue / Share

$8.23

Gross Margin

96.4%

Operating Margin

37.6%

Net Margin

33.7%

FCF Margin

37.0%

P/S

5.0x

P/E

14.9x

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Feb 10, 2026

$2.3B+7.0%EPS $2.78

Q4 2025

Feb 10, 2026

$599M+5.6%EPS $0.88

Q3 2025

Nov 4, 2025

$598M+10.8%EPS $0.70

Q2 2025

Jul 28, 2025

$568M-10.8%EPS $0.65

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$356M	$343M	$83M
Q2 22	$419M	$406M	$84M
Q3 22	$412M	$396M	$83M
Q4 22	$424M	$408M	-$48M
Q1 23	$409M	$394M	$29M
Q2 23	$470M	$452M	$78M
Q3 23	$472M	$453M	-$18M
Q4 23	$480M	$458M	$82M
Q1 24	$425M	$404M	$29M
Q2 24	$637M	$620M	$276M
Q3 24	$540M	$522M	$136M
Q4 24	$567M	$547M	$163M
Q1 25	$555M	$536M	$187M
Q2 25	$568M	$549M	$214M
Q3 25	$598M	$579M	$237M
Q4 25	$599M	$572M	$235M

Valuation

Quarter	P/S	P/E
Q1 22	7.7x	39.2x
Q2 22	7.5x	42.9x
Q3 22	7.1x	38.0x
Q4 22	7.3x	64.1x
Q1 23	7.0x	76.0x
Q2 23	6.8x	71.2x
Q3 23	6.6x	126.9x
Q4 23	6.4x	56.3x
Q1 24	6.3x	57.0x
Q2 24	5.8x	33.4x
Q3 24	5.6x	25.0x
Q4 24	5.4x	22.4x
Q1 25	5.1x	18.2x
Q2 25	5.2x	19.4x
Q3 25	5.1x	17.2x
Q4 25	5.0x	14.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$148M	$142M
Q2 22	$31M	$19M
Q3 22	$110M	$102M
Q4 22	$74M	-$39M
Q1 23	$84M	$36M
Q2 23	$121M	$114M
Q3 23	$117M	$23M
Q4 23	$11M	-$3M
Q1 24	$69M	$51M
Q2 24	$120M	$95M
Q3 24	$271M	$262M
Q4 24	$240M	$226M
Q1 25	$211M	$189M
Q2 25	$49M	$49M
Q3 25	$290M	$289M
Q4 25	$334M	$332M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$12M
Q3 22	$8M
Q4 22	$112M
Q1 23	$49M
Q2 23	$7M
Q3 23	$94M
Q4 23	$13M
Q1 24	$18M
Q2 24	$25M
Q3 24	$9M
Q4 24	$14M
Q1 25	$22M
Q2 25	$0
Q3 25	$1M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+31.7%	-0.8%
Q2 22	+8.9%	+28.1%
Q3 22	+25.4%	+18.9%
Q4 22	-6.0%	+41.1%
Q1 23	+14.8%	+39.3%
Q2 23	+12.0%	+16.8%
Q3 23	+14.6%	+48.7%
Q4 23	+13.1%	-15.7%
Q1 24	+4.0%	+4.2%
Q2 24	+35.6%	-7.8%
Q3 24	+14.3%	-17.6%
Q4 24	+18.2%	+1.4%
Q1 25	+30.6%	-6.9%
Q2 25	-10.8%	-1.8%
Q3 25	+10.8%	-10.5%
Q4 25	+5.6%	-9.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$20M	5.6%
Q2 22	$25M	5.9%
Q3 22	$37M	9.1%
Q4 22	$26M	6.1%
Q1 23	$17M	4.1%
Q2 23	$25M	5.3%
Q3 23	$40M	8.6%
Q4 23	$24M	5.1%
Q1 24	$19M	4.5%
Q2 24	$25M	4.0%
Q3 24	$23M	4.3%
Q4 24	$26M	4.6%
Q1 25	$26M	4.7%
Q2 25	$36M	6.3%
Q3 25	$31M	5.2%
Q4 25	$20M	3.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$157M	—	—	$103M
Q2 22	$199M	—	—	$123M
Q3 22	$199M	$115M	—	—
Q4 22	$337M	$78M	$42M	—
Q1 23	$234M	$131M	—	—
Q2 23	$233M	—	—	$142M
Q3 23	$333M	$138M	—	—
Q4 23	$245M	$91M	$40M	—
Q1 24	$228M	$114M	—	—
Q2 24	$211M	—	—	$132M
Q3 24	$223M	—	—	$112M
Q4 24	$249M	$91M	$44M	—
Q1 25	$212M	—	—	$137M
Q2 25	$200M	$135M	—	—
Q3 25	$199M	$124M	—	—
Q4 25	—	$71M	$52M	—

Revenue Segments

Quarter

Revenue by Geography

Quarter	Europe	Japan	United States
Q1 22	$35M	$7M	$314M
Q2 22	$62M	$8M	$350M
Q3 22	$35M	$7M	$369M
Q1 23	$34M	$8M	$367M
Q2 23	$37M	$17M	$416M
Q3 23	$36M	$6M	$430M
Q1 24	$36M	$8M	$382M
Q2 24	$191M	$6M	$440M
Q3 24	$51M	$7M	$481M
Q1 25	$33M	$6M	$517M
Q2 25	$37M	$6M	$525M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$723M	$847M	$1.6B
Q2 22	$627M	$908M	$1.5B
Q3 22	$675M	$872M	$1.5B
Q4 22	$501M	$807M	$1.3B
Q1 23	$541M	$773M	$1.3B
Q2 23	$464M	$802M	$1.3B
Q3 23	$397M	$707M	$1.1B
Q4 23	$263M	$732M	$995M
Q1 24	$260M	$704M	$963M
Q2 24	$198M	$804M	$1.0B
Q3 24	$258M	$931M	$1.2B
Q4 24	$217M	$894M	$1.1B
Q1 25	$184M	$848M	$1.0B
Q2 25	$164M	$627M	$791M
Q3 25	$376M	$612M	$989M
Q4 25	$482M	$577M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	323M	+0.0%	+0.6%
Q2 22	325M	+0.5%	+0.6%
Q3 22	325M	+0.0%	+0.9%
Q4 22	323M	-0.6%	+0.0%
Q1 23	326M	+0.9%	+0.9%
Q2 23	327M	+0.3%	+0.7%
Q3 23	319M	-2.5%	-1.8%
Q4 23	313M	-1.9%	-3.2%
Q1 24	306M	-2.4%	-6.4%
Q2 24	294M	-3.8%	-10.2%
Q3 24	291M	-0.8%	-8.7%
Q4 24	294M	+0.7%	-6.2%
Q1 25	288M	-1.8%	-5.7%
Q2 25	284M	-1.3%	-3.3%
Q3 25	279M	-2.1%	-4.4%
Q4 25	282M	+1.2%	-4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$373.1K	954
Q2 22	$439.7K	954
Q3 22	$431.6K	954
Q4 22	$346.6K	1K
Q1 23	$334.3K	1K
Q2 23	$384.2K	1K
Q3 23	$385.9K	1K
Q4 23	$366.1K	1K
Q1 24	$324.6K	1K
Q2 24	$486.4K	1K
Q3 24	$411.9K	1K
Q4 24	$432.6K	1K
Q1 25	$484.3K	1K
Q2 25	$495.4K	1K
Q3 25	$521.1K	1K
Q4 25	$555.9K	1K

Revenue / Employee