Revenue growth accelerated to 23.1% in 2025Q4, though the company continues to struggle with profitability as evidenced by a -9.4% operating margin.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 3.25B | 2.76B | 2.5B | 2.08B | 1.77B | 1.49B | 876.29M | 454.46M | 265.99M | 99.38M | 39.44M | 1.8M | 4.14M | 4.14M | 4.16M | 5.34M | 4.76M | -867K | 2.94M | 4.75M | 4.25M | 4.93M | 2.9M | 897K | 50.87K | 0 | 0 |
| Revenue Growth % | 17.69% | 10.37% | 19.93% | 17.95% | 18.49% | 70.19% | 92.82% | 70.86% | 167.66% | 151.99% | 2093.38% | -56.61% | 0% | -0.46% | -22.1% | 12.32% | 648.79% | -129.54% | -38.21% | 11.76% | -13.88% | 70.11% | 223.41% | 1663.32% | - | - | - |
| Cost of Goods Sold | 984.24M | 840.2M | 737.6M | 661.36M | 458.76M | 354.3M | 216.72M | 117.98M | 79.2M | 45.2M | 24.5M | 4.33M | 0 | 0 | 24K | 24K | 20K | 1K | 1.19M | 809K | 566K | 487K | 22K | 9K | 0 | -404.14K | 0 |
| COGS % of Revenue | 30.31% | 30.45% | 29.51% | 31.73% | 25.96% | 23.76% | 24.73% | 25.96% | 29.77% | 45.48% | 62.13% | 240.55% | - | - | 0.58% | 0.45% | 0.42% | -0.12% | 40.41% | 17.03% | 13.32% | 9.87% | 0.76% | 1% | - | - | - |
| Gross Profit | 2.26B | 1.92B | 1.76B | 1.42B | 1.31B | 1.14B | 659.58M | 336.48M | 186.79M | 54.18M | 14.94M | -2.53M | 4.14M | 4.14M | 4.14M | 5.32M | 4.74M | -868K | 1.75M | 3.94M | 3.68M | 4.45M | 2.88M | 888K | 50.87K | 404.14K | 0 |
| Gross Margin % | 69.69% | 69.55% | 70.49% | 68.27% | 74.04% | 76.24% | 75.27% | 74.04% | 70.23% | 54.52% | 37.87% | -140.55% | 100% | 100% | 99.42% | 99.55% | 99.58% | 100.12% | 59.59% | 82.97% | 86.68% | 90.13% | 99.24% | 99% | 100% | - | - |
| Gross Profit Growth % | 17.93% | 8.88% | 23.84% | 8.76% | 15.06% | 72.4% | 96.02% | 80.14% | 244.76% | 262.75% | 691.06% | -160.98% | 0% | 0.12% | -22.2% | 12.28% | 645.85% | -149.63% | -55.62% | 6.98% | -17.18% | 54.5% | 224.21% | 1645.63% | -87.41% | - | - |
| Operating Expenses | 2.46B | 2.97B | 1.98B | 2.02B | 2.16B | 1.9B | 893.36M | 495.95M | 305.1M | 223.2M | 174M | 98.01M | 50.91M | 56.79M | 32.96M | 17.15M | 13.95M | 8.5M | 13.42M | 17.44M | 18.69M | 23.64M | 31.72M | 31.73M | 26.2M | 10.55M | 5.26M |
| OpEx % of Revenue | 75.82% | 107.56% | 79.09% | 96.74% | 122.46% | 127.72% | 101.95% | 109.13% | 114.71% | 224.6% | 441.22% | 5451.17% | 1228.4% | 1370.32% | 791.78% | 320.85% | 293.17% | -980.74% | 457.21% | 367.09% | 439.81% | 479.09% | 1093.31% | 3537.68% | 51506.44% | - | - |
| Selling, General & Admin | 1.94B | 1.67B | 1.62B | 1.59B | 1.66B | 1.07B | 737.63M | 427.74M | 262.96M | 189.72M | 140.09M | 69.34M | 23.23M | 14.65M | 10.99M | 8.12M | 9.74M | 6.47M | 8.53M | 10.7M | 10.85M | 12.74M | 14.63M | 11.74M | 12.87M | 4.81M | 1.56M |
| SG&A % of Revenue | 59.71% | 60.46% | 64.82% | 76.43% | 94.12% | 71.83% | 84.18% | 94.12% | 98.86% | 190.92% | 355.22% | 3856.67% | 560.5% | 353.64% | 264.09% | 152% | 204.62% | -746.14% | 290.7% | 225.31% | 255.27% | 258.2% | 504.41% | 1309.25% | 25292.04% | - | - |
| Research & Development | 523M | 431.21M | 426.93M | 394.19M | 385.65M | 554.05M | 139.69M | 68.21M | 42.14M | 33.47M | 33.91M | 28.67M | 27.68M | 42.13M | 21.97M | 9.02M | 4.21M | 2.03M | 4.89M | 6.74M | 7.84M | 10.9M | 17.08M | 19.99M | 13.34M | 5.33M | 3.69M |
| R&D % of Revenue | 16.11% | 15.63% | 17.08% | 18.91% | 21.82% | 37.15% | 15.94% | 15.01% | 15.84% | 33.68% | 86% | 1594.49% | 667.91% | 1016.67% | 527.7% | 168.84% | 88.55% | -234.6% | 166.51% | 141.79% | 184.54% | 220.89% | 588.9% | 2228.43% | 26214.4% | - | - |
| Other Operating Expenses | 0 | 868.06M | -70.05M | 29.21M | 115.21M | 279.42M | 16.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.22M | 0 |
| Operating Income | -206.3M | -1.05B | -215.01M | -593.51M | -855.68M | -767.7M | -233.78M | -159.47M | -118.31M | -169.02M | -159.07M | -100.54M | -46.76M | -52.64M | -28.82M | -11.83M | -9.21M | -9.97M | -12.85M | -14.17M | -15.63M | -19.2M | -28.84M | -30.84M | -26.15M | -10.15M | -5.26M |
| Operating Margin % | -6.35% | -38.01% | -8.6% | -28.48% | -48.42% | -51.48% | -26.68% | -35.09% | -44.48% | -170.08% | -403.35% | -5591.71% | -1128.4% | -1270.32% | -692.36% | -221.29% | -193.53% | 1150.29% | -437.72% | -298.25% | -367.86% | -388.96% | -994.07% | -3438.68% | -51406.44% | - | - |
| Operating Income Growth % | 80.33% | -387.74% | 63.77% | 30.64% | -11.46% | -228.38% | -46.6% | -34.79% | 30% | -6.25% | -58.22% | -115.01% | 11.17% | -82.64% | -143.73% | -28.43% | 7.67% | 22.37% | 9.32% | 9.38% | 18.55% | 33.44% | 6.51% | -17.95% | -157.75% | -92.78% | - |
| EBITDA | -206.3M | -833.84M | -8.4M | -395.95M | -675.33M | -604.33M | -183.53M | -136.39M | -102.75M | -157.51M | -151.32M | -96.83M | -45.34M | -51.66M | -28.41M | -11.6M | -9.03M | -9.35M | -15.09M | -17.18M | -18.56M | -21.98M | -28.9M | -28.69M | -25.08M | -9.74M | -4.84M |
| EBITDA Margin % | -6.35% | -30.22% | -0.34% | -19% | -38.22% | -40.52% | -20.94% | -30.01% | -38.63% | -158.5% | -383.7% | -5385.37% | -1094.18% | -1246.55% | -682.49% | -216.99% | -189.85% | 1078.09% | -514.17% | -361.58% | -436.71% | -445.41% | -996.21% | -3198.1% | -49306.37% | - | - |
| EBITDA Growth % | 75.26% | -9821.99% | 97.88% | 41.37% | -11.75% | -229.27% | -34.57% | -32.73% | 34.76% | -4.09% | -56.27% | -113.55% | 12.22% | -81.81% | -145.02% | -28.37% | 3.36% | 38.06% | 12.13% | 7.46% | 15.56% | 23.94% | -0.74% | -14.37% | -157.47% | -101.33% | - |
| D&A (Non-Cash Add-back) | 0 | 214.86M | 206.61M | 197.56M | 180.35M | 163.36M | 50.25M | 23.08M | 15.55M | 11.51M | 7.75M | 3.71M | 1.42M | 985K | 411K | 230K | 175K | 626K | -2.24M | -3.01M | -2.93M | -2.79M | -62K | 2.16M | 1.07M | 404.14K | 424.29K |
| EBIT | 0 | -1B | -177.32M | -618.66M | -829.63M | -817.24M | -397.71M | -140.54M | -114.38M | -167M | -157.8M | -99.94M | -46.4M | -52.38M | -28.62M | -11.51M | -9.25M | -9.37M | -11.67M | -13.5M | -15.01M | -19.2M | -28.84M | -30.84M | -26.2M | -10.15M | -5.26M |
| Net Interest Income | 0 | -31.97M | -24.42M | -13.91M | -12.88M | -10.55M | -27.27M | -36.79M | -206K | -213K | -6K | -51K | -69K | -41K | -21K | -20K | 119K | 232K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 6.57M | 23.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 119K | 232K | 888K | 1.25M | 1.11M | 672K | 498K | 962K | 2.67B | 0 | 0 |
| Interest Expense | -39.36M | 31.97M | 24.42M | 13.91M | 12.88M | 17.12M | 51.04M | 36.79M | 206K | 213K | 6K | 51K | 69K | 41K | 21K | 20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.71M | 12.54M | 13.27M | -39.06M | 13.17M | -61.37M | -172.66M | -15.59M | 3.73M | 1.8M | 1.26M | 491K | 247K | 221K | 148K | 270K | 119K | 232K | 888K | 1.25M | 1.11M | 672K | 498K | 962K | 2.72M | -1.74M | 0 |
| Pretax Income | -212.01M | -1.04B | -201.75M | -632.57M | -842.51M | -829.06M | -406.44M | -175.06M | -114.58M | -167.21M | -157.8M | -100.05M | -46.51M | -52.42M | -28.68M | -11.56M | -9.13M | -9.74M | -11.96M | -12.91M | -14.52M | -18.52M | -28.34M | -29.88M | -23.49B | -13.33M | 0 |
| Pretax Margin % | -6.53% | -37.56% | -8.07% | -30.35% | -47.68% | -55.59% | -46.38% | -38.52% | -43.08% | -168.26% | -400.14% | -5564.4% | -1122.44% | -1264.99% | -688.81% | -216.24% | -191.85% | 1123.53% | -407.46% | -271.89% | -341.65% | -375.34% | -976.9% | -3331.44% | -46167534.89% | - | - |
| Income Tax | -4.06M | -7.3M | 2.4M | -9.06M | -246.88M | -5.46M | -193.35M | 92K | -187K | 0 | 0 | -3.66M | 0 | 0 | 0 | -270K | 0 | 0 | 0 | 0 | 0 | 0 | 62K | 0 | 2.66B | 1.74M | -299.02K |
| Effective Tax Rate % | 1.92% | 0.7% | -1.19% | 1.43% | 29.3% | 0.66% | 47.57% | -0.05% | 0.16% | 0% | 0% | 3.66% | 0% | 0% | 0% | 2.34% | 0% | 0% | 0% | 0% | 0% | 0% | -0.22% | 0% | -11.34% | -13.03% | - |
| Net Income | -207.95M | -1.03B | -204.15M | -623.51M | -595.63M | -823.61M | -213.09M | -175.15M | -114.4M | -167.21M | -157.8M | -100.05M | -46.51M | -52.42M | -28.68M | -11.56M | -9.09M | -9.74M | -11.96M | -12.91M | -14.52M | -18.52M | -28.34M | -29.88M | -23.49M | -11.88M | -4.96M |
| Net Margin % | -6.4% | -37.29% | -8.17% | -29.91% | -33.71% | -55.22% | -24.32% | -38.54% | -43.01% | -168.26% | -400.14% | -5564.4% | -1122.44% | -1264.99% | -688.81% | -216.24% | -191.03% | 1123.53% | -407.46% | -271.89% | -341.65% | -375.34% | -976.9% | -3331.44% | -46167.53% | - | - |
| Net Income Growth % | 79.79% | -403.97% | 67.26% | -4.68% | 27.68% | -286.51% | -21.66% | -53.11% | 31.59% | -5.96% | -57.73% | -115.09% | 11.27% | -82.81% | -148.14% | -27.14% | 6.69% | 18.55% | 7.4% | 11.05% | 21.61% | 34.64% | 5.16% | -27.24% | -97.64% | -139.39% | - |
| Net Income (Continuing) | 0 | -1.03B | -204.15M | -623.51M | -595.63M | -823.61M | -213.09M | -175.15M | -114.4M | -167.21M | -157.8M | -99.99M | -46.51M | -52.42M | -28.64M | -11.53M | -9.13M | -9.74M | -11.96M | -12.91M | -14.52M | -18.52M | -28.34M | -29.88M | -23.48M | -11.88M | -4.96M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.10 | -5.59 | -1.13 | -3.54 | -3.48 | -5.45 | -1.62 | -1.43 | -0.99 | -1.63 | -1.71 | -1.25 | -0.69 | -0.88 | -0.55 | -0.28 | -0.28 | -0.36 | -0.44 | -0.49 | -0.55 | -0.73 | -1.50 | -1.62 | -1.42 | -8.13 | -3.40 |
| EPS Growth % | 80.32% | -394.69% | 68.08% | -1.72% | 36.15% | -236.42% | -13.29% | -44.44% | 39.26% | 4.68% | -36.8% | -81.16% | 21.59% | -60% | -96.43% | 0% | 22.22% | 18.18% | 10.2% | 10.91% | 24.66% | 51.33% | 7.41% | -14.08% | 82.53% | -139.12% | - |
| EPS (Basic) | -1.10 | -5.59 | -1.13 | -3.54 | -3.48 | -5.45 | -1.62 | -1.43 | -0.99 | -1.63 | -1.71 | -1.25 | -0.69 | -0.88 | -0.55 | -0.28 | -0.28 | -0.36 | -0.44 | -0.49 | -0.55 | -0.73 | -1.50 | -1.62 | -1.42 | -8.13 | -3.40 |
| Diluted Shares Outstanding | 188.69M | 184.2M | 180.14M | 176.35M | 171.35M | 151.14M | 131.26M | 122.21M | 115.68M | 102.33M | 92.14M | 80.23M | 67.49M | 59.48M | 52.51M | 40.45M | 32.79M | 27.21M | 26.95M | 26.51M | 26.27M | 25.33M | 18.91M | 18.43M | 16.49M | 1.46M | 1.46M |
| Basic Shares Outstanding | 188.69M | 184.2M | 180.14M | 176.35M | 171.35M | 151.14M | 131.26M | 122.21M | 115.68M | 102.33M | 92.14M | 80.23M | 67.49M | 59.48M | 52.51M | 40.45M | 32.79M | 27.21M | 26.95M | 26.51M | 26.27M | 25.33M | 18.91M | 18.43M | 16.49M | 1.46M | 1.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory reimbursement and competition
According to recent quarterly filings, Exact Sciences achieved a 23.1% year-over-year revenue growth rate in 2025Q4, marking a notable acceleration from the 10.3% growth observed in 2024Q4, which suggests that the company's core screening and oncology testing volumes are successfully penetrating the broader primary care market.
The acceleration in top-line performance appears to be driven by the successful integration of the Cologuard platform within clinical workflows, effectively capturing a larger share of the addressable screening market. Investors should monitor whether this growth trajectory remains sustainable as the company faces increasing competition from emerging liquid biopsy providers.
As reported in financial statements, the company maintained a gross margin of 70.1% in 2025Q4, demonstrating resilience in its laboratory automation processes despite the competitive pressures inherent in the diagnostic sector, which historically fluctuate between 68% and 71% over the last ten quarters.
The ability to sustain these margins suggests that the company possesses significant pricing power and operational efficiency in its centralized testing facilities. However, any shift in the payer mix toward lower-reimbursement government plans may threaten this stability and warrants further investigation by market participants.
Based on the provided income statement data, SG&A expenses reached $506.5 million in 2025Q4, which continues to outpace gross profit growth and results in a persistent operating loss, indicating that the company has yet to achieve the necessary scale to leverage its massive commercial infrastructure effectively.
The high fixed-cost structure, primarily driven by a large specialized sales force, appears to be a significant drag on profitability. Until the company can demonstrate a decoupling of revenue growth from aggressive marketing spend, operating margins will likely remain under pressure.
Analysis of the reported figures reveals that stock-based compensation remains a substantial non-cash expense, frequently exceeding $50 million per quarter, which obscures the underlying cash-generating potential of the business and complicates the assessment of true operational profitability for the average institutional investor.
The reliance on equity-based incentives suggests that management is prioritizing talent retention and growth over immediate GAAP profitability. Investors should adjust for these non-cash items to better understand the company's path toward self-sustainability and long-term value creation.
While revenue growth is accelerating, the company's history of significant operating losses and reliance on external financing, as evidenced by the $82.6 million operating loss in 2025Q4, raises concerns regarding the long-term viability of its current high-burn business model in a higher interest rate environment.
Short-sellers may focus on the potential for margin compression if the company is forced to increase marketing spend to defend its market share against new liquid biopsy entrants. The lack of consistent positive net income suggests that the current valuation may be overly dependent on future growth assumptions.
Quick answers to the most common questions about buying EXAS stock.
For fiscal year 2025, Exact Sciences Corporation (EXAS) reported total revenue of $3.25B.
Exact Sciences Corporation (EXAS) reported a net loss of $207.9M for the fiscal year ending 2025.
Exact Sciences Corporation (EXAS) reported an operating income of $-206.3M, resulting in an operating profit margin of -6.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Exact Sciences Corporation (EXAS) generated $2.26B in gross profit for the year, representing a gross profit margin of 69.7%. This demonstrates the company's core pricing power and production efficiency.