EXELIXIS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EXELIXIS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	191	452	854	968	988	1,435	1,611	1,830	2,169	2,320
Cost of revenue	6.55	15.1	26.3	33.1	36.3	52.9	57.9	72.5	76.2	83.7
Gross profit	185	437	827	935	951	1,382	1,553	1,758	2,092	2,236
Research and development	96	112	182	337	548	694	892	1,044	910	825
Selling, general and administrative	116	159	206	228	293	402	460	543	492	519
Operating expenses	220	287	415	598
Operating income	-28.1	166	439	369	110	287	201	171	605	872
Interest expense	33.1	8.68	0	0
Interest income		4.88	12.8	28	19.9	7.67	33.1	86.5	77.2	69.2
Other non-operating income	-42.1	-7.33	13.2	28.6	0.91	-0.18	-0.2	0.09	-0.13	-0.2
Pre-tax income	-70.2	159	452	398	131
Income tax	0	4.35	-238	77.1	19.1	63.1	52.1	49.8	160	159
Net income	-70.2	154	690	321	112	231	182	208	521	783
EBITDA	-27.1	167	444	378	119	300	222	197	633	901
EPS, basic	-0.28	0.52	2.32	1.06	0.36	0.73	0.57	0.65	1.80	2.88
EPS, diluted	-0.28	0.49	2.21	1.02	0.35	0.72	0.56	0.65	1.76	2.78
Shares, basic (weighted)	251	294	298	303	308	315	322	318	290	272
Shares, diluted (weighted)	251	312	313	315	318	322	325	321	296	282

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	152	183	315	267	319	647	501	263	217	482
Short-term investments	268	205	379	586	887	820	807	732	894	577
Receivables	40.4	77.3	163	119	161	283	215	237	265	287
Inventory	3.34	6.66	9.84	12.9	21	27.5	33.3	17.3	22.4	21.7
Other current assets	5.42	8.75	31.1	27	57	57.5	62.2	67.9	68.5	75.6
Total current assets	469	485	897	1,011	1,445	1,835	1,619	1,318	1,468	1,443
Property, plant and equipment	2.07	25.7	50.9	48.9	67.4	104	111	129	119	99
Lease right-of-use assets		0	5.87	41.8	43	45.1	235	233	173	159
Goodwill	63.7	63.7	63.7	63.7	63.7	63.7	63.7	63.7	63.7	63.7
Long-term investments	55.6	64.3	158	536	331	371	757	729	637	604
Other non-current assets	1.23	12.1	8.29	53.1	73.4	131
Total assets	596	655	1,422	1,886	2,137	2,616	3,071	2,942	2,948	2,844
Accounts payable	6.57	9.58	10.9	11.6	23.6	24.3	32.7	33.8	38.2	29.6
Deferred revenue	19.7	32	0	0	1.79	7.81	7.49	5.41	2.74	1.12
Short-term debt	189
Total current liabilities	269	115	105	143	205	338	324	394	404	406
Long-term debt	0
Lease liabilities			12.1	48	49.1	51.3	190	190	191	173
Other non-current liabilities	0.54	1.71	1.29	2.35	0.72	8.02	68.5	94.2	109	104
Total liabilities	506	370	135	200	258	406	583	678	703	683
Total debt	189	0
Paid-in capital	2,073	2,114	2,168	2,242	2,322	2,428	2,537	2,441	2,344	2,234
Retained earnings	-1,983	-1,829	-880	-559	-448	-217	-34.2	-173	-98.6	-76.8
Other comprehensive income	-0.42	-0.35	-0.7	3.07	4.48	-0.76	-14.5	-3.75	-1.35	3.48
Shareholders' equity		285	1,287	1,686	1,879	2,211	2,488	2,264	2,244	2,161
Total equity	89.3	285	1,287	1,686	1,879	2,211	2,488	2,264	2,244	2,161
Total liabilities and equity	596	655	1,422	1,886	2,137	2,616	3,071	2,942	2,948	2,844
Shares outstanding	290	296	300	305	312	319	324	303	282	262

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-70.2	154	690	321	112	231	182	208	521	783
Depreciation and amortization	1	1.19	4.92	8.35	9.14	13.6	20.9	25.7	28.8	29.1
Stock-based compensation	22.9	23.9	40.6	56.6	105	120	108	106	93.8	113
Deferred income tax	0	0	-244	71	15.3	46.5	-60.4	-133	-59.5	126
Change in receivables		-43.3	-85.5	43.7	-42.5	-122	66.8	-22.6	-28	-21.4
Change in inventory	-0.72	-3.32	-3.18	-5.73	-21.9	-13.2	-11.7	-13	5.45	12.2
Change in payables	0.16	26.3	17.1	39.7	50.5	55.1	23.4	50.1	-21.9	-50.2
Cash from operations	206	166	416	527	209	401	363	333	700	884
Capital expenditures	-1.7	-21.1	-33.3	-12.8	-30.3	-54.2	-27.7	-40.5	-28.4	-8.43
Purchases of investments	-369	-319	-558	-1,183	-1,070	-1,357	-1,451	-902	-928	-632
Sales and maturities of investments	151	377	293	608	969	1,379	1,065	1,038	877	1,023
Cash from investing	-216	36.8	-298	-587	-131	-42.9	-524	-27	-117	350
Debt repaid		-186	0	0
Stock issued	0	0	12.1
Share buybacks						0	0	-550	-652	-948
Cash from financing	19.8	-170	9.69	12.6	-25.1	-14.8	0.59	-546	-629	-970
Net change in cash	10.1	32.5	128	-47.7	52.6	343	-161	-240	-45.6	265
Free cash flow	205	144	382	514	179	347	335	293	672	876
Interest paid	21	20.5	0	0
Income taxes paid	0.19	0.54	10.7	7.87	4.12	13	128	186	170	155

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $58.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	96.5%	Gross profit / revenue.
Operating margin	39.9%	Operating income / revenue.
EBITDA margin	41.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	35.3%	Net income / revenue.
FCF margin	48.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	48.6%	Cash from operations / revenue.
Return on equity (ROE)	46.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	34.5%	Net income / average total assets.
Return on invested capital (ROIC)	49.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	33.8%	Research and development expense / revenue.
SG&A / revenue	21.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	44.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	63.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	51.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	42.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	59.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	49.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	50.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	62.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	47.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	58.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	70.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	51.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	34.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	33.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	30.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	37.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	37.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.46x	Current assets / current liabilities.
Quick ratio	3.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.1%	Total liabilities / total assets.
Working capital	$888.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.78B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.98x	Revenue / average total assets.
Fixed asset turnover	26.3x	Revenue / average property, plant and equipment.
Inventory turnover	2.98x	Cost of revenue / average inventory.
Days inventory	122 days	365 x average inventory / cost of revenue.
Receivables turnover	7.56x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	166 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	4 days	Days inventory + days sales outstanding - days payables.
FCF conversion	136.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.38	Revenue / diluted weighted shares.
FCF per share	$4.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.56	Cash from operations / diluted weighted shares.
Book value per share	$7.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.15	Tangible book value / shares outstanding.
Cash per share	$3.37	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	95.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.41B	Share price x shares outstanding.
Enterprise value	$13.57B	Market cap + total debt - cash - short-term investments.
P/E	16.7x	Market cap / net income. Only when net income is positive.
P/S	5.92x	Market cap / revenue.
P/B	7.82x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.10x	Market cap / tangible book value, when positive.
P/FCF	12.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.2x	Market cap / cash from operations, when positive.
EV/Sales	5.57x	Enterprise value / revenue.
EV/EBIT	14.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.1%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.24x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was EXELIXIS, INC.'s revenue in fiscal 2025?

EXELIXIS, INC. reported revenue of $2.32B for fiscal 2025, 7% higher than the year before.

Was EXELIXIS, INC. profitable in fiscal 2025?

Yes. Net income was $782.6M, a net margin of 33.7%.

How much free cash flow did EXELIXIS, INC. generate in fiscal 2025?

Cash from operations of $884.3M minus capital expenditures of $8.4M left free cash flow of $875.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to EXELIXIS, INC.