Exelixis, Inc. (EXEL) Income Statement
EXEL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEXEL revenue and net income
Where EXEL's revenue goes
2025Each bar shows an amount and its share of revenue. EXEL kept 33.7% of revenue as net income.
EXEL profit margins
EXEL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.0% | +12.9% | +18.6% | +51.2% |
| Gross profit | +6.9% | +12.9% | +18.6% | +52.3% |
| Operating income | +44.3% | +63.0% | +51.3% | — |
| Net income | +50.1% | +62.5% | +47.6% | — |
| EPS (diluted) | +52.2% | +55.6% | +37.9% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EXEL quarterly EPS vs estimates
Exelixis beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.79).
EXEL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.32B | $2.17B | $1.83B | $1.61B | $1.43B | $987.5M | $967.8M | $853.8M | $452.5M | $191.5M |
| Cost of revenue | $83.7M | $76.2M | $72.5M | $57.9M | $52.9M | $36.3M | $33.1M | $26.3M | $15.1M | $6.6M |
| Gross profit | $2.24B | $2.09B | $1.76B | $1.55B | $1.38B | $951.3M | $934.7M | $827.5M | $437.4M | $184.9M |
| Research & development | $825.0M | $910.4M | $1.04B | $891.8M | $693.7M | $547.9M | $337.0M | $182.3M | $112.2M | $96.0M |
| Sales, general & admin | $518.7M | $492.1M | $542.7M | $459.9M | $401.7M | $293.4M | $228.2M | $206.4M | $159.4M | $116.1M |
| Total operating expenses | $1.36B | $1.49B | $1.59B | $1.35B | $1.10B | $841.2M | $565.2M | $388.6M | $271.5M | $212.1M |
| Operating income | $872.2M | $604.6M | $170.9M | $201.5M | $286.7M | $110.1M | $369.5M | $438.9M | $165.9M | −$28.1M |
| Interest income | $69.2M | $77.2M | $82.1M | $33.1M | $7.7M | $19.9M | $28.0M | $12.8M | $4.9M | — |
| Interest expense | — | — | — | $53.7M | $0 | $0 | $0 | $0 | $8.7M | $33.1M |
| Income before taxes | $941.2M | $681.6M | $257.5M | $234.4M | $294.2M | $130.8M | $398.1M | $452.1M | $158.6M | −$70.2M |
| Income taxes | $158.6M | $160.4M | $49.8M | $52.1M | $63.1M | $19.1M | $77.1M | −$238.0M | $4.3M | $32.1M |
| Net income | $782.6M | $521.3M | $207.8M | $182.3M | $231.1M | $111.8M | $321.0M | $690.1M | $154.2M | −$70.2M |
| EBITDA | $921.8M | $718.8M | $283.2M | $222.4M | $300.3M | $119.2M | $377.8M | $452.1M | $167.2M | −$22.3M |
| EPS (diluted) | $3.09 | $2.03 | $0.90 | $0.82 | $1.01 | $0.62 | $1.09 | $1.43 | $0.51 | −$0.30 |
| Gross margin | 96.4% | 96.5% | 96.0% | 96.4% | 96.3% | 96.3% | 96.6% | 96.9% | 96.7% | 96.6% |
| Operating margin | 37.6% | 27.9% | 9.3% | 12.5% | 20.0% | 11.1% | 38.2% | 51.4% | 36.7% | −14.7% |
| Net margin | 33.7% | 24.0% | 11.4% | 11.3% | 16.1% | 11.3% | 33.2% | 80.8% | 34.1% | −36.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $628.7M | $610.8M | $598.7M | $597.8M | $568.3M | $555.4M | $566.8M | $539.5M | $637.2M | $425.2M | $479.7M | $471.9M |
| Cost of revenue | $20.7M | $20.0M | $26.5M | $18.6M | $19.5M | $19.2M | $20.0M | $17.3M | $17.7M | $21.3M | $21.8M | $18.8M |
| Gross profit | $608.0M | $590.9M | $572.2M | $579.2M | $548.8M | $536.3M | $546.8M | $522.2M | $619.5M | $404.0M | $457.9M | $453.1M |
| Research & development | $212.0M | $199.9M | $213.2M | $199.2M | $200.4M | $212.2M | $249.0M | $222.6M | $211.1M | $227.7M | $244.7M | $332.6M |
| Sales, general & admin | $147.6M | $139.6M | $123.0M | $123.7M | $134.9M | $137.2M | $134.3M | $111.8M | $132.0M | $114.0M | $131.4M | $138.1M |
| Total operating expenses | $359.6M | $339.5M | $337.0M | $342.6M | $335.2M | $349.4M | $383.6M | $386.1M | $343.6M | $374.5M | $376.1M | $470.7M |
| Operating income | $248.4M | $251.3M | $235.2M | $236.5M | $213.6M | $186.9M | $163.2M | $136.1M | $275.9M | $29.5M | $81.8M | −$17.6M |
| Interest income | $14.2M | $16.1M | $17.4M | $15.9M | $16.8M | $19.1M | $21.3M | $18.7M | $17.3M | $19.9M | $21.4M | $23.1M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $26.3M | — |
| Income before taxes | $262.7M | $267.7M | $252.7M | $252.4M | $230.4M | $205.7M | $184.8M | $154.8M | $292.8M | $49.3M | $103.0M | $5.8M |
| Income taxes | $50.6M | $57.2M | $8.2M | $58.8M | $45.6M | $46.1M | $44.9M | $36.8M | $66.7M | $11.9M | $17.5M | $4.8M |
| Net income | $212.1M | $210.5M | $244.5M | $193.6M | $184.8M | $159.6M | $139.9M | $118.0M | $226.1M | $37.3M | $85.5M | $1.0M |
| EBITDA | $269.7M | $274.6M | $242.9M | $259.8M | $237.8M | $213.0M | $171.1M | $195.3M | $283.7M | $68.7M | $109.6M | $12.1M |
| EPS (diluted) | $0.82 | $0.87 | $0.94 | $0.78 | $0.75 | $0.62 | $0.55 | $0.47 | $0.84 | $0.17 | $0.33 | $0.10 |
| Gross margin | 96.7% | 96.7% | 95.6% | 96.9% | 96.6% | 96.5% | 96.5% | 96.8% | 97.2% | 95.0% | 95.5% | 96.0% |
| Operating margin | 39.5% | 41.1% | 39.3% | 39.6% | 37.6% | 33.6% | 28.8% | 25.2% | 43.3% | 6.9% | 17.1% | −3.7% |
| Net margin | 33.7% | 34.5% | 40.8% | 32.4% | 32.5% | 28.7% | 24.7% | 21.9% | 35.5% | 8.8% | 17.8% | 0.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EXEL's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EXEL financial results
In fiscal year 2025 (ended December 31, 2025), Exelixis reported revenue of $2.3 billion, up 7.0% from the year before. It had net income of $782.6 million (up 50.1%), a net profit margin of 33.7%. Diluted earnings per share came to $3.09. Over five years revenue grew at an average rate of 18.6% a year.
See the EXEL stock overview for the latest quote and news, or the EXEL chart for price history and technical indicators.
EXEL income statement FAQ
What is Exelixis's annual revenue?
Exelixis reported total revenue of $2.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.0% from $2.2 billion the previous year.
Is Exelixis profitable?
Yes. Exelixis reported net income of $782.6 million in fiscal 2025, a net profit margin of 33.7%; its operating margin was 37.6%.
What is Exelixis's gross margin?
Exelixis's gross margin was 96.4% in fiscal 2025: for every $100 of revenue, Exelixis kept $96 after the direct cost of its products and services.
How much does Exelixis spend on research and development?
Exelixis spent $825.0 million on research and development in fiscal 2025, 35.6% of revenue.
How fast is Exelixis growing?
Revenue grew 18.6% a year on average over the last five fiscal years, from $987.5 million to $2.3 billion.
What are Exelixis's earnings per share?
Exelixis earned $3.09 per diluted share in fiscal 2025, compared with $2.03 a year earlier.
When will Exelixis report its next earnings?
Exelixis is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Exelixis's fiscal year end?
Exelixis's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.