Revenue growth accelerated to 10.6% year-over-year in 2026Q2 with gross margin at 96.7% and operating margin expanding to 39.5%, reflecting strong operating leverage and cost discipline.
Exelixis, Inc. (EXEL) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | 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 | 2.44B | 2.32B | 2.17B | 1.83B | 1.61B | 1.43B | 987.54M | 967.77M | 853.83M | 452.48M | 191.45M | 37.17M | 25.11M | 31.34M | 47.45M | 289.64M | 185.04M | 151.76M | 117.86M | 113.47M | 98.67M | 75.96M | 52.86M | 51.54M | 44.32M | 41.01M | 24.76M | 10.5M |
| Revenue Growth % | 9.23% | 6.98% | 18.49% | 13.6% | 12.27% | 45.31% | 2.04% | 13.35% | 88.7% | 136.34% | 415.05% | 48.03% | -19.87% | -33.96% | -83.62% | 56.52% | 21.93% | 28.76% | 3.87% | 15% | 29.9% | 43.71% | 2.56% | 16.29% | 8.09% | 65.62% | 135.8% | - |
| Cost of Goods Sold | 85.67M | 83.7M | 76.22M | 72.55M | 57.91M | 52.87M | 36.27M | 33.1M | 26.35M | 15.07M | 6.55M | 3.9M | 2.04M | 1.12M | 0 | 0 | 0 | 0 | 0 | 202K | 820K | 1.09M | 779K | 0 | 0 | 0 | -18.6M | -5.7M |
| COGS % of Revenue | - | 3.61% | 3.51% | 3.96% | 3.59% | 3.68% | 3.67% | 3.42% | 3.09% | 3.33% | 3.42% | 10.48% | 8.14% | 3.57% | - | - | - | - | - | 0.18% | 0.83% | 1.43% | 1.47% | - | - | - | -75.11% | -54.29% |
| Gross Profit | 2.35B | 2.24B | 2.09B | 1.76B | 1.55B | 1.38B | 951.27M | 934.68M | 827.48M | 437.41M | 184.9M | 33.28M | 23.07M | 30.22M | 47.45M | 289.64M | 185.04M | 151.76M | 117.86M | 113.27M | 97.85M | 74.88M | 52.08M | 51.54M | 44.32M | 41.01M | 43.36M | 16.2M |
| Gross Margin % | 96.48% | 96.39% | 96.49% | 96.04% | 96.41% | 96.32% | 96.33% | 96.58% | 96.91% | 96.67% | 96.58% | 89.52% | 91.86% | 96.43% | 100% | 100% | 100% | 100% | 100% | 99.82% | 99.17% | 98.57% | 98.53% | 100% | 100% | 100% | 175.11% | 154.29% |
| Gross Profit Growth % | - | 6.88% | 19.05% | 13.17% | 12.38% | 45.29% | 1.77% | 12.96% | 89.18% | 136.56% | 455.64% | 44.26% | -23.67% | -36.31% | -83.62% | 56.52% | 21.93% | 28.76% | 4.05% | 15.76% | 30.68% | 43.77% | 1.04% | 16.29% | 8.09% | -5.42% | 167.63% | - |
| Operating Expenses | 1.38B | 1.36B | 1.49B | 1.59B | 1.35B | 1.1B | 841.21M | 565.21M | 388.62M | 271.53M | 212.11M | 153.66M | 239.93M | 229.72M | 160.72M | 189.97M | 243.7M | 273.67M | 298.85M | 307.45M | 225.42M | 169.95M | 159.41M | 146.87M | 131.44M | 109.65M | 86.22M | 35M |
| OpEx % of Revenue | - | 58.8% | 68.61% | 86.7% | 83.9% | 76.34% | 85.18% | 58.4% | 45.52% | 60.01% | 110.79% | 413.36% | 955.48% | 733.04% | 338.7% | 65.59% | 131.7% | 180.33% | 253.57% | 270.96% | 228.46% | 223.74% | 301.58% | 284.97% | 296.55% | 267.39% | 348.24% | 333.33% |
| Selling, General & Admin | 533.92M | 518.73M | 492.13M | 542.71M | 459.86M | 401.71M | 293.36M | 228.24M | 206.37M | 159.33M | 116.14M | 57.3M | 50.83M | 50.96M | 31.84M | 33.13M | 33.02M | 38.96M | 36.89M | 44.94M | 39.12M | 27.73M | 20.91M | 18.59M | 18.76M | 19.17M | 18.91M | 7.6M |
| SG&A % of Revenue | - | 22.36% | 22.69% | 29.65% | 28.54% | 27.99% | 29.71% | 23.58% | 24.17% | 35.21% | 60.66% | 154.16% | 202.42% | 162.61% | 67.1% | 11.44% | 17.84% | 25.67% | 31.3% | 39.61% | 39.65% | 36.51% | 39.55% | 36.06% | 42.32% | 46.74% | 76.36% | 72.38% |
| Research & Development | 824.32M | 825M | 910.41M | 1.04B | 891.81M | 693.72M | 547.85M | 336.96M | 182.26M | 112.17M | 95.97M | 96.35M | 189.1M | 178.76M | 128.88M | 156.84M | 210.68M | 234.7M | 257.39M | 225.38M | 185.48M | 141.13M | 137.72M | 127.62M | 112.01M | 82.7M | 48.46M | 21.7M |
| R&D % of Revenue | - | 35.56% | 41.98% | 57.05% | 55.36% | 48.34% | 55.48% | 34.82% | 21.35% | 24.79% | 50.13% | 259.2% | 753.06% | 570.44% | 271.61% | 54.15% | 113.85% | 154.65% | 218.39% | 198.62% | 187.98% | 185.8% | 260.56% | 247.62% | 252.73% | 201.68% | 195.71% | 206.67% |
| Other Operating Expenses | 1.69M | 20.51M | 85.33M | 1 | -197K | -184K | 912K | 680K | 397K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.46M | 82.08M | 0 | 0 | 0 | 0 | 0 | 26.95M | 37.76M | 13.3M |
| Operating Income | 971.51M | 872.19M | 604.62M | 170.88M | 201.48M | 286.67M | 110.06M | 369.47M | 438.86M | 165.91M | -28.12M | -121.42M | -224.46M | -200.73M | -122.44M | 89.53M | -91.4M | -121.91M | -179.31M | -157.05M | -126.75M | -93.99M | -135.2M | -96.26M | -87.82M | -75.31M | -42.86M | -18.8M |
| Operating Margin % | 39.88% | 37.59% | 27.88% | 9.34% | 12.51% | 19.98% | 11.14% | 38.18% | 51.4% | 36.67% | -14.69% | -326.65% | -893.86% | -640.54% | -258.03% | 30.91% | -49.39% | -80.33% | -152.14% | -138.4% | -128.46% | -123.74% | -255.79% | -186.77% | -198.15% | -183.67% | -173.12% | -179.05% |
| Operating Income Growth % | - | 44.26% | 253.82% | -15.19% | -29.71% | 160.46% | -70.21% | -15.81% | 164.51% | 689.92% | 76.84% | 45.9% | -11.82% | -63.95% | -236.75% | 197.96% | 25.03% | 32.01% | -14.18% | -23.9% | -34.86% | 30.48% | -40.46% | -9.6% | -16.61% | -75.7% | -128% | - |
| EBITDA | 1.01B | 901.25M | 633.42M | 196.6M | 222.36M | 300.3M | 119.2M | 380.64M | 443.77M | 167.1M | -27.12M | -120.02M | -222.07M | -197.59M | -116.72M | 96.36M | -80.85M | -109.31M | -166.09M | -145.72M | -109.84M | -76.24M | -117.71M | -78.51M | -71.12M | -60.11M | -24.01M | -13.1M |
| EBITDA Margin % | 41.34% | 38.84% | 29.21% | 10.74% | 13.8% | 20.93% | 12.07% | 39.33% | 51.97% | 36.93% | -14.17% | -322.86% | -884.34% | -630.5% | -245.98% | 33.27% | -43.69% | -72.03% | -140.92% | -128.42% | -111.32% | -100.36% | -222.69% | -152.34% | -160.47% | -146.58% | -96.96% | -124.76% |
| EBITDA Growth % | 38.05% | 42.28% | 222.18% | -11.58% | -25.95% | 151.92% | -68.68% | -14.23% | 165.58% | 716.09% | 77.4% | 45.96% | -12.39% | -69.28% | -221.13% | 219.17% | 26.03% | 34.18% | -13.98% | -32.66% | -44.08% | 35.23% | -49.92% | -10.39% | -18.33% | -150.37% | -83.26% | - |
| D&A (Non-Cash Add-back) | 21.32M | 29.05M | 28.8M | 25.72M | 20.88M | 13.63M | 9.14M | 11.17M | 4.92M | 1.19M | 1M | 1.41M | 2.39M | 3.15M | 5.72M | 6.82M | 10.54M | 12.6M | 13.23M | 11.33M | 16.91M | 17.75M | 17.49M | 17.75M | 16.7M | 15.21M | 18.86M | 5.7M |
| EBIT | 1.02B | 892.7M | 689.95M | 257.52M | 234.35M | 294.15M | 110.06M | 398.11M | 438.86M | 167.11M | -37.16M | -121.01M | -220.12M | -199.51M | -120.45M | 93.25M | -83.06M | -128.17M | -168.81M | -193.98M | -126.75M | -93.99M | -106.55M | -95.33M | -87.12M | -68.64M | -42.86M | -18.8M |
| Net Interest Income | 63.69M | 69.21M | 77.16M | 86.54M | 33.06M | 7.67M | 19.86M | 27.96M | 12.84M | -3.8M | -30.48M | -39.89M | -37.02M | -44.12M | -25.1M | -14.8M | -9.2M | -11.16M | -827K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 63.69M | 69.21M | 77.16M | 86.54M | 33.06M | 7.67M | 19.86M | 27.96M | 12.84M | 4.88M | 2.58M | 793K | 4.34M | 1.22M | 1.99M | 1.46M | 138K | 1.51M | 5.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.68M | 33.06M | 40.68M | 48.61M | 45.35M | 27.09M | 16.26M | 9.34M | 12.67M | 6.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 63.95M | 69.02M | 77.02M | 86.64M | 32.87M | 7.49M | 20.78M | 28.64M | 13.24M | -7.33M | -42.1M | -40.27M | -44.27M | -44.12M | -25.1M | -12.54M | -1M | -18.94M | 3.74M | 46.02M | 25.26M | -819K | -2.04M | 1.14M | 3.29M | -9.36M | -38.09M | 0 |
| Pretax Income | 1.04B | 941.21M | 681.64M | 257.52M | 234.35M | 294.15M | 130.84M | 398.11M | 452.09M | 158.58M | -70.22M | -169.68M | -268.72M | -244.86M | -147.54M | 76.99M | -92.4M | -140.84M | -162.85M | -86.38M | -101.49M | -94.81M | -137.25M | -95.12M | -84.53M | -84.68M | -80.96M | 0 |
| Pretax Margin % | 42.51% | 40.57% | 31.43% | 14.07% | 14.55% | 20.5% | 13.25% | 41.14% | 52.95% | 35.05% | -36.68% | -456.48% | -1070.14% | -781.34% | -310.93% | 26.58% | -49.93% | -92.81% | -138.18% | -76.13% | -102.86% | -124.81% | -259.65% | -184.55% | -190.73% | -206.5% | -326.98% | - |
| Income Tax | 174.84M | 158.64M | 160.37M | 49.76M | 52.07M | 63.09M | 19.06M | 77.1M | -237.98M | 4.35M | 0 | 55K | -182K | -96K | 107K | 1.29M | -72K | -1.29M | -18.14M | -107.6M | 0 | -9.59M | 0 | -345K | 345K | 2.54M | 32.45M | -100K |
| Effective Tax Rate % | 16.89% | 16.85% | 23.53% | 19.32% | 22.22% | 21.45% | 14.56% | 19.37% | -52.64% | 2.74% | 0% | -0.03% | 0.07% | 0.04% | -0.07% | 1.68% | 0.08% | 0.91% | 11.14% | 124.57% | 0% | 10.11% | 0% | 0.36% | -0.41% | -3.01% | -40.08% | - |
| Net Income | 860.62M | 782.57M | 521.27M | 207.76M | 182.28M | 231.06M | 111.78M | 321.01M | 690.07M | 154.23M | -70.22M | -169.74M | -268.54M | -244.76M | -147.65M | 75.7M | -92.33M | -135.22M | -162.85M | -86.38M | -101.49M | -84.4M | -137.25M | -94.77M | -86.13M | -71.19M | -75.31M | -18.7M |
| Net Margin % | 35.33% | 33.73% | 24.04% | 11.35% | 11.31% | 16.1% | 11.32% | 33.17% | 80.82% | 34.09% | -36.68% | -456.63% | -1069.42% | -781.03% | -311.16% | 26.14% | -49.9% | -89.1% | -138.18% | -76.13% | -102.86% | -111.11% | -259.65% | -183.88% | -194.33% | -173.6% | -304.18% | -178.1% |
| Net Income Growth % | 42.89% | 50.13% | 150.89% | 13.98% | -21.11% | 106.71% | -65.18% | -53.48% | 347.44% | 319.63% | 58.63% | 36.79% | -9.72% | -65.78% | -295.05% | 181.99% | 31.72% | 16.97% | -88.53% | 14.89% | -20.25% | 38.5% | -44.81% | -10.04% | -20.99% | 5.48% | -302.73% | - |
| Net Income (Continuing) | 860.62M | 782.57M | 521.27M | 207.76M | 182.28M | 231.06M | 111.78M | 321.01M | 690.07M | 154.23M | -70.22M | -161.74M | -268.54M | -244.76M | -147.65M | 75.7M | -92.33M | -139.56M | -175.57M | -86.38M | -101.49M | -84.4M | -137.25M | -94.77M | -84.88M | -71.19M | -75.31M | -18.7M |
| 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 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 714K | 13.43M | 38.07M | 23.75M | 0 | 0 | 0 | 0 | 1.04M | 0 |
| EPS (Diluted) | 3.31 | 2.78 | 1.76 | 0.65 | 0.56 | 0.72 | 0.35 | 1.02 | 2.21 | 0.49 | -0.28 | -0.81 | -1.38 | -1.33 | -0.92 | 0.58 | -0.85 | -1.26 | -1.54 | -0.87 | -1.17 | -1.07 | -1.89 | -1.45 | -1.52 | -1.53 | -2.43 | -4.60 |
| EPS Growth % | 54.11% | 57.95% | 170.77% | 16.07% | -22.22% | 105.71% | -65.69% | -53.85% | 351.02% | 275% | 65.43% | 41.3% | -3.76% | -44.57% | -258.62% | 168.24% | 32.54% | 18.18% | -77.01% | 25.64% | -9.35% | 43.39% | -30.34% | 4.61% | 0.65% | 37.04% | 47.17% | - |
| EPS (Basic) | - | 2.88 | 1.80 | 0.65 | 0.57 | 0.73 | 0.36 | 1.06 | 2.32 | 0.52 | -0.28 | -0.81 | -1.38 | -1.33 | -0.92 | 0.60 | -0.85 | -1.26 | -1.54 | -0.87 | -1.17 | -1.07 | -1.89 | -1.45 | -1.52 | -1.53 | -2.43 | -3.17 |
| Diluted Shares Outstanding | 259.68M | 281.86M | 296.13M | 321.46M | 324.56M | 322.36M | 318M | 315.01M | 312.8M | 312M | 250.53M | 209.23M | 194.3M | 184.06M | 160.14M | 130.48M | 108.52M | 107.07M | 105.5M | 99.15M | 86.6M | 78.81M | 72.5M | 65.39M | 56.62M | 46.48M | 31.03M | 5.91M |
| Basic Shares Outstanding | 250.81M | 271.57M | 290.03M | 318.15M | 321.53M | 314.88M | 308.27M | 302.58M | 297.89M | 293.59M | 250.53M | 209.23M | 194.3M | 184.03M | 160.14M | 126.02M | 108.52M | 107.07M | 105.5M | 99.15M | 86.6M | 78.81M | 72.5M | 65.39M | 56.62M | 46.48M | 31.03M | 5.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EXEL stock.
For fiscal year 2025, Exelixis, Inc. (EXEL) reported total revenue of $2.32B. This represents a 21996.4% increase compared to $10.5M in 1999.
Exelixis, Inc. (EXEL) is profitable, generating $782.6M in net income for the fiscal year ending 2025 with a net profit margin of 33.7%.
Exelixis, Inc. (EXEL) reported an operating income of $872.2M, resulting in an operating profit margin of 37.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Exelixis, Inc. (EXEL) generated $2.24B in gross profit for the year, representing a gross profit margin of 96.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration in cabozantinib
Metrics are mathematically derived from official filings.
Revenue Momentum Reaccelerating
Exelixis' revenue grew 10.6% year-over-year in 2026Q2, accelerating from a -10.8% dip in 2025Q2, according to the latest quarterly report, signaling a rebound in demand.
The sequential acceleration from 2025Q4's 5.6% growth to 2026Q2's 10.6% suggests a strengthening commercial trajectory, likely driven by increased volume or market share gains. The 2025Q2 decline appears to be an anomaly, as subsequent quarters show consistent recovery, implying durable growth drivers.
Gross Margin Resilience at 96%
Gross margin held steady at 96.7% in 2026Q2, per the income statement, reflecting a low-cost manufacturing structure and pricing power that outpaces peers like INCY and ALKS.
The consistently high gross margin, ranging from 95.0% to 97.2% over the past ten quarters, indicates minimal cost pressure in COGS. This stability suggests the company's product mix and production efficiency are well-managed, providing a strong foundation for profitability.
Operating Leverage Driving Margin Expansion
Operating margin expanded to 39.5% in 2026Q2 from 33.6% in 2025Q1, as reported in financial statements, with operating income growing faster than revenue, indicating strong operating leverage.
While revenue grew 10.6% year-over-year in 2026Q2, operating income grew 16.3% (from $213.6M to $248.4M), demonstrating that SG&A and R&D costs are not scaling proportionally. This suggests disciplined expense management and efficiency gains, which could continue to boost margins if revenue growth persists.
Earnings Quality Boosted by Tax Benefits
Net income in 2025Q4 reached $244.5M on revenue of $598.7M, a net margin of 40.8%, per the income statement, likely benefiting from a one-time tax item, warranting scrutiny.
The net margin spike in 2025Q4 (40.8%) versus the typical 32-35% range suggests a non-recurring tax benefit or other one-time gains. Excluding that quarter, net margins are stable around 33%, indicating that core earnings quality is solid but not as high as the outlier suggests. Investors should monitor for sustainability.
R&D and SG&A Efficiency Gains
R&D expense as a percentage of revenue declined to 33.7% in 2026Q2 from 43.9% in 2024Q1, based on reported figures, while SG&A remained stable, indicating improved cost discipline.
The reduction in R&D intensity, from $227.7M in 2024Q1 to $212.0M in 2026Q2 despite higher revenue, suggests a maturing pipeline and better allocation of resources. SG&A has grown modestly, but as a percentage of revenue it has decreased from 26.8% to 23.5%, reflecting economies of scale.
2024Q1 Marked a Turning Point
Operating income surged from $29.5M in 2024Q1 to $275.9M in 2024Q2, a 835% jump, as per the income statement, driven by a 50% revenue increase and stable costs.
The inflection in 2024Q2 was pivotal, as revenue jumped from $425.2M to $637.2M, likely due to a major product launch or expanded indication. This step-change in scale allowed the company to leverage its fixed cost base, lifting operating margins from 6.9% to 43.3% in one quarter, a level that has been largely sustained since.
What Could Invalidate the Base Case
Despite strong margins, revenue concentration in cabozantinib and a 2025Q2 revenue decline of 10.8% highlight vulnerability to competitive pressures, as reported in financial statements.
The 2025Q2 revenue dip, while recovered, underscores the risk of demand volatility. If growth decelerates again, operating leverage could reverse, compressing margins. Additionally, the high gross margin may attract competition, and any pricing pressure could erode profitability. Investors should monitor pipeline diversification and competitive dynamics.