Exelixis
EXEL · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Jan 1
Exelixis reported revenue of $2.3B in the fiscal year ended Jan 2026, up 7.0% from the year before. Operating income was $872M, an operating margin of 37.6%, and net income was $783M. Operating cash flow of $884M less capital expenditure of $8M left free cash flow of $876M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.6B | $1.8B | $2.2B | $2.3B |
| Cost of revenue | $53M | $58M | $73M | $76M | $84M |
| Gross profit | $1.4B | $1.6B | $1.8B | $2.1B | $2.2B |
| Research & development | $694M | $892M | $1B | $910M | $825M |
| Selling, general & admin | $402M | $460M | $543M | $492M | $519M |
| Operating income | $287M | $201M | $171M | $605M | $872M |
| Income tax | $63M | $52M | $50M | $160M | $159M |
| Net income | $231M | $182M | $208M | $521M | $783M |
| Diluted EPS | 0.72 | 0.56 | 0.65 | 1.76 | 2.78 |
| Diluted shares | 322M | 325M | 321M | 296M | 282M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $647M | $501M | $263M | $217M | $482M |
| Receivables | $283M | $215M | $237M | $265M | $287M |
| Inventory | $27M | $33M | $17M | $22M | $22M |
| Current assets | $1.8B | $1.6B | $1.3B | $1.5B | $1.4B |
| Net PP&E | $104M | $111M | $129M | $119M | $99M |
| Goodwill | $64M | $64M | $64M | $64M | $64M |
| Total assets | $2.6B | $3.1B | $2.9B | $2.9B | $2.8B |
| Payables | $24M | $33M | $34M | $38M | $30M |
| Deferred revenue | $8M | $7M | $5M | $3M | $1M |
| Current liabilities | $338M | $324M | $394M | $404M | $406M |
| Total liabilities | $406M | $583M | $678M | $703M | $683M |
| Shareholders' equity | $2.2B | $2.5B | $2.3B | $2.2B | $2.2B |
| Backlog (remaining obligations) | $88M | $73M | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $401M | $363M | $333M | $700M | $884M |
| Capital expenditure | $54M | $28M | $40M | $28M | $8M |
| Free cash flow | $347M | $335M | $293M | $672M | $876M |
| Depreciation & amortisation | $14M | $21M | $26M | $29M | $29M |
| Stock-based compensation | $120M | $108M | $106M | $94M | $113M |
| Share buybacks | $0 | $0 | $550M | $652M | $948M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.3% | 13.6% | 18.5% | 7.0% |
| Operating income growth (YoY) | – | −29.7% | −15.2% | 253.8% | 44.3% |
| EPS growth (YoY) | – | −22.2% | 16.1% | 170.8% | 58.0% |
| Gross margin | 96.3% | 96.4% | 96.0% | 96.5% | 96.4% |
| Operating margin | 20.0% | 12.5% | 9.3% | 27.9% | 37.6% |
| Net margin | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% |
| Return on equityBlank when equity is negative | 10.5% | 7.3% | 9.2% | 23.2% | 36.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.6% | 7.3% | 6.7% | 23.8% | 35.8% |
| Free cash flow margin | 24.2% | 20.8% | 16.0% | 31.0% | 37.7% |
| Cash conversion (CFO ÷ net income) | 1.73x | 1.99x | 1.60x | 1.34x | 1.13x |
| Receivable days | 72 | 49 | 47 | 45 | 45 |
| Inventory days | 190 | 210 | 87 | 107 | 95 |
| Payable days | 167 | 206 | 170 | 183 | 129 |
| Current ratio | 5.43x | 4.99x | 3.34x | 3.63x | 3.56x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.