Exelixis (EXEL) Financials

$49.64 -1.46 (-2.85%)

As of 01:14 PM Eastern

Annual Income Statements for Exelixis

This table shows Exelixis' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/1/2016	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Net Income / (Loss) Attributable to Common Shareholders	-162	-70	154	690	321	112	231	182	208	521	783
Consolidated Net Income / (Loss)	-162	-70	154	690	321	112	231	182	208	521	783
Net Income / (Loss) Continuing Operations	-162	-70	154	690	321	112	231	182	208	521	783
Total Pre-Tax Income	-162	-70	159	452	398	131	294	234	258	682	941
Total Operating Income	-121	-28	166	439	369	110	287	201	171	605	872
Total Gross Profit	33	185	437	827	935	951	1,382	1,553	1,758	2,092	2,236
Total Revenue	37	191	452	854	968	988	1,435	1,611	1,830	2,169	2,320
Operating Revenue	37	191	452	854	968	988	1,435	1,611	1,830	2,169	2,320
Total Cost of Revenue	3.90	6.55	15	26	33	36	53	58	73	76	84
Operating Cost of Revenue	3.90	6.55	15	26	33	36	53	58	73	76	84
Total Operating Expenses	155	213	272	389	565	841	1,095	1,352	1,587	1,488	1,364
Selling, General & Admin Expense	57	116	159	206	228	293	402	460	543	492	519
Research & Development Expense	96	96	112	182	337	548	694	892	1,044	910	825
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	52	0.00
Restructuring Charge	1.04	0.91	-	-	-	-	-	0.00	0.00	34	21
Total Other Income / (Expense), net	-40	-42	-7.33	13	29	21	7.49	33	87	77	69
Interest & Investment Income	0.79	2.58	4.88	13	28	20	7.67	33	87	77	69
Other Income / (Expense), net	-0.38	-12	-3.54	0.40	0.68	0.91	-0.18	-0.20	0.09	-0.13	-0.20
Income Tax Expense	0.06	0.00	4.35	-238	77	19	63	52	50	160	159
Basic Earnings per Share	($0.77)	($0.28)	$0.52	$2.32	$1.06	$0.36	$0.73	$0.57	$0.65	$1.80	$2.88
Weighted Average Basic Shares Outstanding	209.23M	250.53M	293.59M	297.89M	302.58M	308.27M	314.88M	321.53M	318.15M	290.03M	271.57M
Diluted Earnings per Share	($0.77)	($0.28)	$0.49	$2.21	$1.02	$0.35	$0.72	$0.56	$0.65	$1.76	$2.78
Weighted Average Diluted Shares Outstanding	209.23M	250.53M	312.00M	312.80M	315.01M	318.00M	322.36M	324.56M	321.46M	296.13M	281.86M
Weighted Average Basic & Diluted Shares Outstanding	209.23M	250.53M	296.60M	300.13M	305.39M	311.99M	319.45M	324.09M	303.19M	279.88M	259.71M

This table shows Exelixis' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
Net Income / (Loss) Attributable to Common Shareholders	1.04	86	37	226	118	140	160	185	194	245	210
Consolidated Net Income / (Loss)	1.04	86	37	226	118	140	160	185	194	245	210
Net Income / (Loss) Continuing Operations	1.04	86	37	226	118	140	160	185	194	245	210
Total Pre-Tax Income	5.82	103	49	293	155	185	206	230	252	253	268
Total Operating Income	-18	82	29	276	136	163	187	214	237	235	251
Total Gross Profit	453	458	404	620	522	547	536	549	579	572	591
Total Revenue	472	480	425	637	540	567	555	568	598	599	611
Operating Revenue	472	480	425	637	540	567	555	568	598	599	611
Total Cost of Revenue	19	22	21	18	17	20	19	19	19	26	20
Operating Cost of Revenue	19	22	21	18	17	20	19	19	19	26	20
Total Operating Expenses	471	376	375	344	386	384	349	335	343	337	340
Selling, General & Admin Expense	138	131	114	132	112	134	137	135	124	123	140
Research & Development Expense	333	245	228	211	223	249	212	200	199	213	200
Total Other Income / (Expense), net	23	21	20	17	19	22	19	17	16	17	16
Interest & Investment Income	23	21	20	17	19	21	19	17	16	17	16
Other Income / (Expense), net	0.29	-0.14	-0.09	-0.29	-0.03	0.27	-0.25	0.05	-0.05	0.05	0.22
Income Tax Expense	4.78	18	12	67	37	45	46	46	59	8.16	57
Basic Earnings per Share	$0.00	$0.28	$0.12	$0.78	$0.41	$0.49	$0.57	$0.68	$0.72	$0.91	$0.81
Weighted Average Basic Shares Outstanding	315.50M	318.15M	300.76M	289.22M	285.62M	290.03M	278.80M	272.58M	268.42M	271.57M	258.33M
Diluted Earnings per Share	$0.00	$0.28	$0.12	$0.77	$0.40	$0.47	$0.55	$0.65	$0.69	$0.89	$0.79
Weighted Average Diluted Shares Outstanding	319.25M	321.46M	305.53M	293.97M	291.48M	296.13M	288.18M	284.39M	278.54M	281.86M	267.32M
Weighted Average Basic & Diluted Shares Outstanding	310.97M	303.19M	291.29M	285.25M	285.58M	279.88M	272.71M	269.20M	268.11M	259.71M	251.36M

This table details how cash moves in and out of Exelixis' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/1/2016	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Net Change in Cash & Equivalents	61	12	32	128	-48	53	343	-161	-240	-46	265
Net Cash From Operating Activities	-141	210	166	416	527	209	401	363	333	700	884
Net Cash From Continuing Operating Activities	-141	210	166	416	527	209	401	363	333	700	884
Net Income / (Loss) Continuing Operations	-162	-70	154	690	321	112	231	182	208	521	783
Consolidated Net Income / (Loss)	-162	-70	154	690	321	112	231	182	208	521	783
Depreciation Expense	1.41	1.00	1.19	4.92	8.35	9.14	14	21	26	29	29
Non-Cash Adjustments To Reconcile Net Income	28	48	17	45	60	113	149	233	247	223	138
Changes in Operating Assets and Liabilities, net	-26	223	-6.95	-324	138	-25	7.52	-73	-147	-73	-65
Net Cash From Investing Activities	50	-215	37	-298	-587	-131	-43	-524	-27	-117	350
Net Cash From Continuing Investing Activities	50	-215	37	-298	-587	-131	-43	-524	-27	-117	350
Purchase of Property, Plant & Equipment	-0.45	-1.70	-21	-33	-13	-30	-54	-28	-40	-28	-8.43
Acquisitions	-	-	-	-	-	0.00	-10	-111	-123	-38	-31
Purchase of Investments	-150	-369	-319	-558	-1,183	-1,070	-1,357	-1,451	-902	-928	-632
Sale and/or Maturity of Investments	199	156	377	293	608	969	1,379	1,065	1,038	877	1,023
Net Cash From Financing Activities	152	16	-170	9.69	13	-25	-15	0.59	-546	-629	-970
Net Cash From Continuing Financing Activities	152	16	-170	9.69	13	-25	-15	0.59	-546	-629	-970
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-550	-652	-948
Issuance of Common Equity	146	2.19	22	17	22	25	24	24	33	62	49
Other Financing Activities, net	10	14	-6.56	-7.57	-9.90	-50	-39	-23	-29	-39	-71
Cash Income Taxes Paid	0.19	0.19	0.54	11	7.87	4.12	13	128	186	170	155

This table details how cash moves in and out of Exelixis' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
Net Change in Cash & Equivalents	-68	-134	-3.43	-61	60	-41	-34	-19	212	106	-256
Net Cash From Operating Activities	117	11	69	120	271	240	211	49	290	334	252
Net Cash From Continuing Operating Activities	117	11	69	120	271	240	211	49	290	334	252
Net Income / (Loss) Continuing Operations	1.04	86	37	226	118	140	160	185	194	245	210
Consolidated Net Income / (Loss)	1.04	86	37	226	118	140	160	185	194	245	210
Depreciation Expense	6.30	6.53	6.38	7.33	7.45	7.64	7.35	7.34	7.42	6.95	6.95
Non-Cash Adjustments To Reconcile Net Income	135	27	55	32	88	48	27	37	45	29	35
Changes in Operating Assets and Liabilities, net	-25	-109	-29	-146	58	45	17	-180	45	53	-0.62
Net Cash From Investing Activities	35	62	112	82	-217	-93	50	248	25	27	-51
Net Cash From Continuing Investing Activities	35	62	112	82	-217	-93	50	248	25	27	-51
Purchase of Property, Plant & Equipment	-9.37	-13	-9.69	-6.57	-8.20	-3.98	-2.95	-2.84	-1.48	-1.16	-1.51
Acquisitions	-85	-	-8.50	-18	-1.00	-10	-20	-0.75	-5.25	-6.00	-0.53
Purchase of Investments	-183	-79	-138	-109	-375	-305	-187	-101	-189	-155	-274
Sale and/or Maturity of Investments	311	153	268	215	167	226	259	353	222	189	225
Net Cash From Financing Activities	-220	-206	-184	-262	5.70	-188	-295	-316	-104	-255	-457
Net Cash From Continuing Financing Activities	-220	-206	-184	-262	5.70	-188	-295	-316	-104	-255	-457
Repurchase of Common Equity	-217	-209	-185	-264	-12	-190	-284	-302	-104	-258	-430
Issuance of Common Equity	6.92	9.11	8.32	15	20	19	12	26	3.55	7.88	7.47
Other Financing Activities, net	-9.75	-5.99	-6.99	-13	-2.17	-16	-23	-41	-3.38	-4.83	-34

This table presents Exelixis' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/1/2016	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Total Assets	332	596	655	1,422	1,886	2,137	2,616	3,071	2,942	2,948	2,844
Total Current Assets	179	469	485	897	1,011	1,445	1,835	1,619	1,318	1,468	1,443
Cash & Equivalents	142	152	183	315	267	319	647	501	263	217	482
Short-Term Investments	25	268	205	379	586	887	820	807	732	894	577
Accounts Receivable	5.18	40	81	163	119	161	283	215	237	265	287
Inventories, net	2.62	3.34	6.66	9.84	13	21	27	33	17	22	22
Prepaid Expenses	3.81	5.42	8.75	31	27	57	58	62	68	68	76
Plant, Property, & Equipment, net	1.43	2.07	26	51	49	67	104	111	129	119	99
Total Noncurrent Assets	152	125	145	474	826	625	677	1,342	1,496	1,361	1,302
Long-Term Investments	86	60	69	158	536	331	371	757	729	637	604
Goodwill	64	64	64	64	64	64	64	64	64	64	64
Noncurrent Deferred & Refundable Income Taxes	-	-	0.00	244	172	157	112	231	361	420	293
Other Noncurrent Operating Assets	2.31	1.23	12	8.29	53	73	131	291	342	240	342
Total Liabilities & Shareholders' Equity	332	596	655	1,422	1,886	2,137	2,616	3,071	2,942	2,948	2,844
Total Liabilities	473	506	370	135	200	258	406	583	678	703	683
Total Current Liabilities	52	269	115	105	143	205	338	324	394	404	406
Accounts Payable	6.40	6.57	9.58	11	12	24	24	33	34	38	30
Accrued Expenses	42	30	45	47	75	65	164	85	99	98	89
Customer Deposits	-	3.42	7.57	15	19	21	34	50	60	62	60
Current Employee Benefit Liabilities	3.63	20	21	32	37	51	62	77	93	110	102
Other Current Liabilities	-	-	-	-	-	44	53	79	108	95	125
Total Noncurrent Liabilities	421	238	255	29	57	54	68	259	284	300	277
Other Noncurrent Operating Liabilities	2.96	0.54	17	13	50	50	59	259	284	300	277
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-141	89	285	1,287	1,686	1,879	2,211	2,488	2,264	2,244	2,161
Total Preferred & Common Equity	-141	89	285	1,287	1,686	1,879	2,211	2,488	2,264	2,244	2,161
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-141	89	285	1,287	1,686	1,879	2,211	2,488	2,264	2,244	2,161
Common Stock	1,772	2,073	2,114	2,169	2,242	2,322	2,428	2,537	2,441	2,344	2,235
Retained Earnings	-1,913	-1,983	-1,829	-880	-559	-448	-217	-34	-173	-99	-77
Accumulated Other Comprehensive Income / (Loss)	-0.23	-0.42	-0.35	-0.70	3.07	4.48	-0.76	-15	-3.75	-1.35	3.48

This table presents Exelixis' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/29/2023	3/29/2024	6/28/2024	9/27/2024	4/4/2025	7/4/2025	10/3/2025	4/3/2026
Total Assets	2,961	3,143	3,142	2,977	2,804	2,773	2,960	2,837	2,678	2,824	2,594
Total Current Assets	1,842	1,638	1,591	1,443	1,292	1,477	1,550	1,397	1,181	1,402	1,209
Cash & Equivalents	675	541	464	397	260	198	258	184	164	376	226
Short-Term Investments	872	773	802	707	704	804	931	848	627	612	551
Accounts Receivable	215	234	233	248	241	397	270	282	292	310	329
Inventories, net	27	30	29	25	21	21	21	25	23	27	27
Prepaid Expenses	53	61	62	67	67	58	70	59	74	77	76
Plant, Property, & Equipment, net	108	116	115	121	127	130	124	115	110	105	96
Total Noncurrent Assets	1,012	1,390	1,437	1,413	1,384	1,165	1,286	1,326	1,387	1,317	1,289
Long-Term Investments	552	807	839	812	630	432	523	619	595	578	649
Goodwill	64	64	64	64	64	64	64	64	64	64	64
Noncurrent Deferred & Refundable Income Taxes	116	230	231	231	362	362	359	419	419	419	294
Other Noncurrent Operating Assets	280	290	304	306	329	308	340	224	309	256	283
Total Liabilities & Shareholders' Equity	2,961	3,143	3,142	2,977	2,804	2,773	2,960	2,837	2,678	2,824	2,594
Total Liabilities	470	588	615	629	676	653	685	706	645	663	658
Total Current Liabilities	302	328	340	377	373	346	394	399	336	374	371
Accounts Payable	31	33	26	26	26	29	59	43	26	25	24
Accrued Expenses	160	172	193	215	94	84	86	83	79	81	93
Customer Deposits	44	66	52	54	76	58	62	58	57	58	66
Current Employee Benefit Liabilities	67	57	68	81	73	72	91	90	72	104	88
Other Current Liabilities	-	-	-	-	104	103	96	126	101	105	100
Total Noncurrent Liabilities	168	261	275	252	303	308	291	307	308	289	287
Other Noncurrent Operating Liabilities	162	254	268	252	303	308	291	307	308	289	287
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,491	2,555	2,528	2,348	2,128	2,120	2,275	2,131	2,034	2,161	1,936
Total Preferred & Common Equity	2,491	2,555	2,528	2,348	2,128	2,120	2,275	2,131	2,034	2,161	1,936
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,491	2,555	2,528	2,348	2,128	2,120	2,275	2,131	2,034	2,161	1,936
Common Stock	2,513	2,559	2,531	2,488	2,392	2,325	2,362	2,292	2,252	2,263	2,152
Retained Earnings	-4.05	5.80	11	-126	-259	-200	-90	-163	-220	-106	-216
Accumulated Other Comprehensive Income / (Loss)	-18	-9.29	-14	-14	-5.20	-5.15	3.96	2.01	1.35	3.57	-0.42

This table displays calculated financial ratios and metrics derived from Exelixis' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/1/2016	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	48.03%	415.05%	136.34%	88.70%	13.35%	2.04%	45.31%	12.27%	13.60%	18.49%	6.98%
EBITDA Growth	47.12%	70.68%	639.70%	171.56%	-14.78%	-68.27%	149.86%	-25.97%	-11.46%	221.96%	42.28%
EBIT Growth	44.66%	67.37%	508.59%	170.52%	-15.73%	-70.02%	158.16%	-29.74%	-15.06%	253.54%	44.25%
NOPAT Growth	45.90%	76.84%	919.63%	315.14%	-55.53%	-68.44%	139.48%	-30.40%	-12.03%	235.37%	56.84%
Net Income Growth	38.10%	56.58%	319.63%	347.44%	-53.48%	-65.18%	106.71%	-21.11%	13.98%	150.89%	50.13%
EPS Growth	42.54%	63.64%	275.00%	351.02%	-53.85%	-65.69%	105.71%	-22.22%	16.07%	170.77%	57.95%
Operating Cash Flow Growth	40.08%	249.17%	-21.29%	151.02%	26.76%	-60.34%	91.79%	-9.53%	-8.08%	110.00%	26.33%
Free Cash Flow Firm Growth	31.12%	287.54%	-35.46%	-53.39%	606.99%	-88.65%	292.72%	-45.57%	-79.98%	2,289.38%	42.55%
Invested Capital Growth	3,917.47%	-944.27%	14.37%	353.12%	-31.79%	14.96%	8.95%	13.64%	27.57%	-8.20%	0.60%
Revenue Q/Q Growth	7.47%	54.63%	10.36%	14.56%	1.22%	0.00%	0.00%	-1.66%	3.14%	4.18%	1.39%
EBITDA Q/Q Growth	13.98%	63.47%	9.40%	20.58%	-8.27%	-30.42%	43.84%	-42.02%	197.80%	15.07%	8.57%
EBIT Q/Q Growth	10.00%	58.22%	9.64%	20.29%	-8.49%	-32.19%	47.26%	-45.05%	317.92%	15.66%	8.97%
NOPAT Q/Q Growth	10.74%	71.48%	-1.08%	86.76%	-48.25%	-28.85%	44.08%	-46.61%	349.20%	13.54%	16.75%
Net Income Q/Q Growth	7.46%	50.90%	2.23%	87.28%	-47.58%	-26.53%	40.65%	-40.74%	125.65%	11.64%	15.44%
EPS Q/Q Growth	10.47%	54.10%	-9.26%	87.29%	-47.69%	-27.08%	41.18%	-41.67%	140.74%	12.10%	17.80%
Operating Cash Flow Q/Q Growth	9.66%	132.76%	-16.09%	14.06%	11.28%	-37.38%	18.71%	-5.91%	-15.92%	48.84%	11.79%
Free Cash Flow Firm Q/Q Growth	3.66%	87.72%	-30.27%	554.58%	13.06%	-72.68%	69.40%	-57.35%	330.82%	82.94%	22.38%
Invested Capital Q/Q Growth	10.30%	-28.29%	6.20%	163.16%	-16.31%	11.68%	7.17%	7.78%	24.82%	-11.94%	-16.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.52%	96.58%	96.67%	96.91%	96.58%	96.33%	96.32%	96.41%	96.04%	96.49%	96.39%
EBITDA Margin	-278.05%	-15.83%	36.15%	52.02%	39.11%	12.16%	20.91%	13.79%	10.75%	29.20%	38.84%
Operating Margin	-326.65%	-14.69%	36.67%	51.40%	38.18%	11.14%	19.98%	12.51%	9.34%	27.88%	37.59%
EBIT Margin	-327.67%	-20.76%	35.89%	51.45%	38.25%	11.24%	19.96%	12.49%	9.34%	27.87%	37.58%
Profit (Net Income) Margin	-435.12%	-36.68%	34.09%	80.82%	33.17%	11.32%	16.10%	11.31%	11.35%	24.04%	33.73%
Tax Burden Percent	100.03%	100.00%	97.26%	152.64%	80.63%	85.44%	78.55%	77.78%	80.68%	76.47%	83.15%
Interest Burden Percent	132.75%	176.70%	97.66%	102.92%	107.55%	117.90%	102.68%	116.43%	150.62%	112.76%	107.94%
Effective Tax Rate	0.00%	0.00%	2.74%	-52.64%	19.37%	14.56%	21.45%	22.22%	19.32%	23.53%	16.85%
Return on Invested Capital (ROIC)	-732.81%	0.00%	0.00%	508.06%	81.26%	29.42%	63.05%	39.39%	28.63%	89.30%	145.87%
ROIC Less NNEP Spread (ROIC-NNEP)	-787.86%	0.00%	0.00%	504.97%	79.20%	28.21%	62.70%	38.08%	24.94%	85.91%	142.51%
Return on Net Nonoperating Assets (RNNOA)	859.35%	0.00%	0.00%	-420.29%	-59.67%	-23.15%	-51.75%	-31.63%	-19.89%	-66.17%	-110.35%
Return on Equity (ROE)	126.54%	272.77%	82.41%	87.77%	21.59%	6.27%	11.30%	7.76%	8.74%	23.13%	35.53%
Cash Return on Invested Capital (CROIC)	-459.43%	0.00%	0.00%	14.16%	119.06%	15.50%	54.48%	26.62%	4.40%	97.85%	145.27%
Operating Return on Assets (OROA)	-37.16%	-8.56%	25.96%	42.29%	22.38%	5.52%	12.05%	7.08%	5.69%	20.53%	30.11%
Return on Assets (ROA)	-49.34%	-15.13%	24.66%	66.43%	19.41%	5.56%	9.72%	6.41%	6.91%	17.70%	27.02%
Return on Common Equity (ROCE)	126.54%	272.77%	82.41%	87.77%	21.59%	6.27%	11.30%	7.76%	8.74%	23.13%	35.53%
Return on Equity Simple (ROE_SIMPLE)	114.87%	-78.62%	54.12%	53.60%	19.04%	5.95%	10.45%	7.33%	9.18%	23.23%	0.00%
Net Operating Profit after Tax (NOPAT)	-85	-20	161	670	298	94	225	157	138	462	725
NOPAT Margin	-228.65%	-10.28%	35.66%	78.45%	30.78%	9.52%	15.69%	9.73%	7.53%	21.32%	31.26%
Net Nonoperating Expense Percent (NNEP)	55.05%	-80.34%	-1.91%	3.09%	2.06%	1.21%	0.35%	1.31%	3.69%	3.39%	3.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.30%	6.09%	20.60%	33.55%
Cost of Revenue to Revenue	10.48%	3.42%	3.33%	3.09%	3.42%	3.67%	3.68%	3.59%	3.96%	3.51%	3.61%
SG&A Expenses to Revenue	154.16%	60.66%	35.21%	24.17%	23.58%	29.71%	27.99%	28.54%	29.65%	22.69%	22.36%
R&D to Revenue	259.20%	50.13%	24.79%	21.35%	34.82%	55.48%	48.34%	55.36%	57.05%	41.98%	35.56%
Operating Expenses to Revenue	416.17%	111.27%	60.00%	45.52%	58.40%	85.18%	76.34%	83.90%	86.70%	68.61%	58.80%
Earnings before Interest and Taxes (EBIT)	-122	-40	162	439	370	111	286	201	171	604	872
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-103	-30	164	444	378	120	300	222	197	633	901
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	47.82	31.56	4.51	3.07	3.31	2.62	2.08	3.30	4.32	5.41
Price to Tangible Book Value (P/TBV)	0.00	166.62	40.65	4.75	3.19	3.43	2.69	2.13	3.39	4.45	5.57
Price to Revenue (P/Rev)	34.47	22.31	19.88	6.81	5.34	6.31	4.03	3.21	4.08	4.47	5.04
Price to Earnings (P/E)	0.00	0.00	58.32	8.42	16.10	55.70	25.03	28.38	35.91	18.61	14.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	1.71%	11.87%	6.21%	1.80%	4.00%	3.52%	2.79%	5.37%	6.70%
Enterprise Value to Invested Capital (EV/IC)	60.71	0.00	0.00	11.38	12.71	13.72	10.59	7.35	10.62	16.05	20.10
Enterprise Value to Revenue (EV/Rev)	38.90	20.79	18.87	5.81	3.91	4.75	2.75	1.93	3.13	3.67	4.32
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	52.19	11.17	9.99	39.04	13.15	13.99	29.16	12.56	11.12
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	52.58	11.29	10.21	42.26	13.77	15.44	33.55	13.16	11.49
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	52.91	7.41	12.69	49.87	17.52	19.84	41.61	17.20	13.82
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	18.92	51.55	11.93	7.17	22.44	9.84	8.57	17.21	11.36	11.33
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.39	64.45	80.35	8.66	94.65	20.28	29.35	270.54	15.70	13.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.97	2.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	-2.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.09	2.44	-2.00	-0.83	-0.75	-0.82	-0.83	-0.83	-0.80	-0.77	-0.77
Leverage Ratio	-2.56	-18.03	3.34	1.32	1.11	1.13	1.16	1.21	1.27	1.31	1.31
Compound Leverage Factor	-3.40	-31.85	3.26	1.36	1.20	1.33	1.19	1.41	1.91	1.47	1.42
Debt to Total Capital	150.81%	67.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	67.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	150.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-50.81%	32.08%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-4.04	-6.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-1.59	9.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-4.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-4.92	-9.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-1.94	14.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-4.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-7.07	0.90	12.85	27.28	16.83	15.50	10.04	6.56	7.71	10.07	12.49
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.42	1.74	4.21	8.50	7.08	7.06	5.43	4.99	3.34	3.63	3.56
Quick Ratio	3.30	1.71	4.07	8.12	6.80	6.68	5.18	4.70	3.13	3.41	3.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-109	205	132	62	436	50	195	106	21	507	722
Operating Cash Flow to CapEx	0.00%	13,101.12%	789.41%	1,260.18%	4,105.94%	688.69%	739.15%	1,308.79%	823.65%	2,461.65%	10,490.77%
Free Cash Flow to Firm to Interest Expense	-2.69	6.21	15.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-3.47	6.36	19.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-3.45	6.32	16.66	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.41	0.72	0.82	0.59	0.49	0.60	0.57	0.61	0.74	0.80
Accounts Receivable Turnover	7.39	8.39	7.44	7.00	6.87	7.06	6.47	6.48	8.09	8.63	8.40
Inventory Turnover	1.56	2.20	3.01	3.19	2.91	2.14	2.18	1.91	2.87	3.84	3.80
Fixed Asset Turnover	19.23	109.25	32.54	22.28	19.40	16.99	16.74	15.01	15.29	17.48	21.25
Accounts Payable Turnover	0.61	1.01	1.87	2.57	2.94	2.06	2.21	2.03	2.18	2.12	2.47
Days Sales Outstanding (DSO)	49.42	43.49	49.06	52.15	53.15	51.74	56.41	56.35	45.09	42.32	43.45
Days Inventory Outstanding (DIO)	234.13	165.84	121.07	114.25	125.30	170.36	167.29	191.59	127.35	95.09	96.10
Days Payable Outstanding (DPO)	600.40	361.16	195.51	141.83	123.97	177.17	165.30	179.40	167.12	172.31	147.87
Cash Conversion Cycle (CCC)	-316.85	-151.82	-25.38	24.57	54.48	44.92	58.40	68.54	5.31	-34.90	-8.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24	-201	-172	436	297	342	372	423	540	496	499
Invested Capital Turnover	3.20	-2.16	-2.42	6.48	2.64	3.09	4.02	4.05	3.80	4.19	4.67
Increase / (Decrease) in Invested Capital	24	-225	29	608	-139	44	31	51	117	-44	2.99
Enterprise Value (EV)	1,446	3,981	8,537	4,961	3,780	4,689	3,946	3,109	5,736	7,953	10,022
Market Capitalization	1,282	4,271	8,994	5,812	5,168	6,227	5,784	5,174	7,460	9,701	11,684
Book Value per Share	($0.62)	$0.31	$0.96	$4.31	$5.55	$6.06	$6.99	$7.71	$7.28	$7.86	$8.06
Tangible Book Value per Share	($0.90)	$0.09	$0.75	$4.09	$5.34	$5.85	$6.79	$7.52	$7.08	$7.64	$7.82
Total Capital	277	278	285	1,287	1,686	1,879	2,211	2,488	2,264	2,244	2,161
Total Debt	418	189	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	418	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	165	-290	-457	-852	-1,389	-1,537	-1,838	-2,065	-1,724	-1,749	-1,663
Capital Expenditures (CapEx)	-0.90	1.61	21	33	13	30	54	28	40	28	8.43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-41	-30	-19	98	16	34	30	-14	-72	-47	-21
Debt-free Net Working Capital (DFNWC)	126	389	370	792	868	1,241	1,497	1,294	924	1,064	1,038
Net Working Capital (NWC)	126	200	370	792	868	1,241	1,497	1,294	924	1,064	1,038
Net Nonoperating Expense (NNE)	77	51	7.13	-20	-23	-18	-5.88	-26	-70	-59	-57
Net Nonoperating Obligations (NNO)	165	-290	-457	-852	-1,389	-1,537	-1,838	-2,065	-1,724	-1,749	-1,663
Total Depreciation and Amortization (D&A)	18	9.43	1.19	4.92	8.35	9.14	14	21	26	29	29
Debt-free, Cash-free Net Working Capital to Revenue	-109.35%	-15.91%	-4.10%	11.50%	1.67%	3.46%	2.10%	-0.87%	-3.91%	-2.19%	-0.92%
Debt-free Net Working Capital to Revenue	340.08%	203.36%	81.71%	92.71%	89.74%	125.64%	104.33%	80.34%	50.47%	49.05%	44.72%
Net Working Capital to Revenue	340.08%	104.58%	81.71%	92.71%	89.74%	125.64%	104.33%	80.34%	50.47%	49.05%	44.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.81)	($0.28)	$0.52	$2.32	$1.06	$0.36	$0.73	$0.57	$0.65	$1.80	$2.88
Adjusted Weighted Average Basic Shares Outstanding	228.19M	290.87M	293.59M	297.89M	302.58M	308.27M	314.88M	321.53M	318.15M	290.03M	271.57M
Adjusted Diluted Earnings per Share	($0.81)	($0.28)	$0.49	$2.21	$1.02	$0.35	$0.72	$0.56	$0.65	$1.76	$2.78
Adjusted Weighted Average Diluted Shares Outstanding	228.19M	290.87M	312.00M	312.80M	315.01M	318.00M	322.36M	324.56M	321.46M	296.13M	281.86M
Adjusted Basic & Diluted Earnings per Share	($0.81)	($0.28)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	209.23M	250.53M	296.31M	300.13M	305.39M	311.99M	319.45M	324.09M	303.19M	279.88M	259.71M
Normalized Net Operating Profit after Tax (NOPAT)	-84	-19	161	307	298	94	225	157	138	528	742
Normalized NOPAT Margin	-226.69%	-9.95%	35.66%	35.98%	30.78%	9.52%	15.69%	9.73%	7.53%	24.33%	31.99%
Pre Tax Income Margin	-434.98%	-36.68%	35.05%	52.95%	41.14%	13.25%	20.50%	14.55%	14.07%	31.43%	40.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.99	-1.20	18.71	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-2.09	-0.60	18.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-2.97	-1.25	16.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.07	-0.64	16.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	264.90%	125.09%	121.08%

This table displays calculated financial ratios and metrics derived from Exelixis' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	259,708,689.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	259,708,689.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.81
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.62%	13.15%	4.02%	35.61%	14.33%	18.16%	30.62%	-10.82%	10.79%	5.63%	9.97%
EBITDA Growth	-112.47%	307.63%	0.34%	237.27%	1,404.78%	94.06%	442.53%	-21.90%	69.97%	41.54%	33.28%
EBIT Growth	-120.95%	268.65%	2.07%	254.02%	886.67%	100.22%	535.33%	-22.48%	73.83%	43.91%	34.80%
NOPAT Growth	-104.79%	301.70%	-6.64%	238.36%	3,397.21%	81.99%	549.78%	-19.56%	74.88%	84.25%	36.28%
Net Income Growth	-98.58%	383.43%	-6.77%	178.54%	11,232.66%	63.55%	327.73%	-18.25%	64.09%	74.84%	31.86%
EPS Growth	-100.00%	380.00%	0.00%	208.00%	0.00%	67.86%	358.33%	-15.58%	72.50%	89.36%	43.64%
Operating Cash Flow Growth	6.63%	-85.66%	-18.47%	-1.18%	131.19%	2,172.85%	207.22%	-59.02%	7.00%	38.81%	19.11%
Free Cash Flow Firm Growth	-309.53%	42.24%	16.23%	-251.80%	38.29%	443.95%	358.01%	518.72%	666.32%	33.87%	-15.73%
Invested Capital Growth	10.16%	27.57%	22.92%	62.23%	30.12%	-8.20%	-10.26%	-5.49%	5.52%	0.60%	6.07%
Revenue Q/Q Growth	0.44%	1.64%	-11.35%	49.84%	-15.32%	5.04%	-2.00%	2.31%	5.19%	0.15%	2.03%
EBITDA Q/Q Growth	-113.11%	901.75%	-59.46%	691.35%	-49.28%	19.25%	13.35%	13.93%	10.38%	-0.70%	6.73%
EBIT Q/Q Growth	-122.22%	572.13%	-64.03%	838.23%	-50.63%	20.16%	14.15%	14.47%	10.70%	-0.52%	6.93%
NOPAT Q/Q Growth	-105.00%	2,257.62%	-67.12%	854.53%	-51.30%	19.09%	17.38%	18.16%	5.87%	25.48%	-13.18%
Net Income Q/Q Growth	-98.72%	8,114.99%	-56.36%	505.93%	-47.83%	18.55%	14.12%	15.81%	4.72%	26.32%	-13.93%
EPS Q/Q Growth	-100.00%	0.00%	-57.14%	541.67%	-48.05%	17.50%	17.02%	18.18%	6.15%	28.99%	-11.24%
Operating Cash Flow Q/Q Growth	-2.98%	-90.99%	551.05%	73.71%	126.97%	-11.45%	-12.00%	-76.83%	492.58%	14.88%	-24.49%
Free Cash Flow Firm Q/Q Growth	-230.86%	-13.39%	-58.84%	35.59%	46.80%	731.96%	19.15%	4.53%	-28.05%	49.39%	-24.99%
Invested Capital Q/Q Growth	2.38%	24.82%	-0.87%	28.07%	-17.89%	-11.94%	-3.10%	34.88%	-8.32%	-16.04%	2.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.02%	95.46%	95.00%	97.23%	96.79%	96.48%	96.55%	96.57%	96.89%	95.58%	96.73%
EBITDA Margin	-2.33%	18.38%	8.41%	44.40%	26.60%	30.19%	34.92%	38.88%	40.80%	40.46%	42.32%
Operating Margin	-3.73%	17.05%	6.93%	43.30%	25.22%	28.80%	33.64%	37.58%	39.57%	39.29%	41.15%
EBIT Margin	-3.66%	17.02%	6.91%	43.25%	25.22%	28.84%	33.60%	37.59%	39.56%	39.30%	41.18%
Profit (Net Income) Margin	0.22%	17.83%	8.78%	35.49%	21.87%	24.68%	28.74%	32.53%	32.38%	40.85%	34.46%
Tax Burden Percent	17.89%	83.00%	75.74%	77.21%	76.23%	75.69%	77.60%	80.22%	76.69%	96.77%	78.62%
Interest Burden Percent	-33.64%	126.19%	167.73%	106.26%	113.75%	113.03%	110.22%	107.86%	106.73%	107.41%	106.41%
Effective Tax Rate	82.11%	17.00%	24.26%	22.79%	23.77%	24.31%	22.40%	19.78%	23.31%	3.23%	21.38%
Return on Invested Capital (ROIC)	-2.87%	53.79%	19.97%	121.54%	80.41%	91.30%	118.20%	100.87%	120.07%	177.45%	155.31%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.08%	52.86%	19.16%	120.80%	79.63%	90.36%	117.30%	99.91%	119.33%	176.46%	154.48%
Return on Net Nonoperating Assets (RNNOA)	2.55%	-42.14%	-15.19%	-92.00%	-62.48%	-69.60%	-89.33%	-67.84%	-88.21%	-136.63%	-116.89%
Return on Equity (ROE)	-0.32%	11.64%	4.78%	29.54%	17.93%	21.70%	28.87%	33.03%	31.86%	40.81%	38.43%
Cash Return on Invested Capital (CROIC)	-2.23%	4.40%	7.47%	4.31%	55.64%	97.85%	126.07%	87.16%	102.03%	145.27%	151.37%
Operating Return on Assets (OROA)	-2.19%	10.36%	4.29%	29.45%	17.68%	21.24%	27.38%	30.76%	31.30%	31.48%	36.03%
Return on Assets (ROA)	0.13%	10.85%	5.45%	24.16%	15.33%	18.17%	23.42%	26.61%	25.62%	32.72%	30.14%
Return on Common Equity (ROCE)	-0.32%	11.64%	4.78%	29.54%	17.93%	21.70%	28.87%	33.03%	31.86%	40.81%	38.43%
Return on Equity Simple (ROE_SIMPLE)	3.92%	0.00%	9.64%	16.51%	20.52%	0.00%	30.20%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.15	68	22	213	104	124	145	171	181	228	198
NOPAT Margin	-0.67%	14.15%	5.25%	33.43%	19.23%	21.80%	26.11%	30.15%	30.35%	38.02%	32.35%
Net Nonoperating Expense Percent (NNEP)	0.21%	0.93%	0.81%	0.74%	0.79%	0.94%	0.90%	0.96%	0.74%	0.99%	0.84%
Return On Investment Capital (ROIC_SIMPLE)	-	3.00%	-	-	-	5.50%	6.80%	8.43%	8.40%	10.53%	10.21%
Cost of Revenue to Revenue	3.98%	4.54%	5.00%	2.77%	3.21%	3.52%	3.45%	3.43%	3.11%	4.42%	3.27%
SG&A Expenses to Revenue	29.27%	27.40%	26.81%	20.72%	20.72%	23.70%	24.70%	23.73%	20.69%	20.55%	22.86%
R&D to Revenue	70.47%	51.01%	53.55%	33.14%	41.25%	43.93%	38.21%	35.26%	33.32%	35.62%	32.73%
Operating Expenses to Revenue	99.75%	78.41%	88.07%	53.93%	71.57%	67.68%	62.91%	58.99%	57.32%	56.29%	55.58%
Earnings before Interest and Taxes (EBIT)	-17	82	29	276	136	163	187	214	236	235	252
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	88	36	283	144	171	194	221	244	242	259
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.96	3.30	3.47	3.09	3.25	4.32	4.54	6.19	4.99	5.41	5.89
Price to Tangible Book Value (P/TBV)	3.05	3.39	3.57	3.18	3.35	4.45	4.68	6.39	5.15	5.57	6.09
Price to Revenue (P/Rev)	3.92	4.08	4.00	3.25	3.56	4.47	4.21	5.64	4.72	5.04	4.80
Price to Earnings (P/E)	75.55	35.91	35.99	18.70	15.86	18.61	15.03	20.90	15.92	14.93	13.67
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.32%	2.79%	2.78%	5.35%	6.31%	5.37%	6.65%	4.79%	6.28%	6.70%	7.31%
Enterprise Value to Invested Capital (EV/IC)	11.66	10.62	10.81	7.46	10.11	16.05	16.71	17.29	15.53	20.10	19.57
Enterprise Value to Revenue (EV/Rev)	2.84	3.13	3.13	2.54	2.73	3.67	3.49	5.02	4.03	4.32	4.20
Enterprise Value to EBITDA (EV/EBITDA)	76.33	29.16	29.40	12.91	10.34	12.56	10.14	15.35	11.12	11.12	10.32
Enterprise Value to EBIT (EV/EBIT)	123.23	33.55	33.73	13.84	10.89	13.16	10.54	16.01	11.53	11.49	10.64
Enterprise Value to NOPAT (EV/NOPAT)	164.26	41.61	42.53	17.82	13.98	17.20	13.71	20.61	14.85	13.82	12.81
Enterprise Value to Operating Cash Flow (EV/OCF)	12.72	17.21	18.21	16.16	12.10	11.36	9.52	14.51	11.66	11.33	10.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	270.54	159.64	214.08	20.56	15.70	12.54	19.28	15.63	13.88	13.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.83	-0.80	-0.79	-0.76	-0.78	-0.77	-0.76	-0.68	-0.74	-0.77	-0.76
Leverage Ratio	1.23	1.27	1.27	1.27	1.28	1.31	1.32	1.31	1.30	1.31	1.34
Compound Leverage Factor	-0.41	1.60	2.13	1.35	1.46	1.48	1.46	1.42	1.39	1.41	1.42
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	7.58	7.61	7.51	7.45	7.77	9.58	9.59	13.08	11.24	11.75	11.90
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.83	3.34	3.46	4.27	3.93	3.63	3.50	3.51	3.75	3.56	3.26
Quick Ratio	3.59	3.13	3.23	4.05	3.70	3.41	3.29	3.22	3.47	3.32	2.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-43	-49	-77	-50	-27	168	200	209	150	225	168
Operating Cash Flow to CapEx	1,252.18%	80.48%	710.16%	1,819.60%	3,310.21%	6,041.31%	7,162.50%	1,726.32%	19,589.88%	28,825.84%	16,689.53%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.61	0.62	0.68	0.70	0.74	0.82	0.82	0.79	0.80	0.87
Accounts Receivable Turnover	7.66	8.09	7.78	6.40	8.04	8.63	8.80	6.47	7.90	8.40	7.78
Inventory Turnover	2.58	2.87	3.12	3.23	3.39	3.84	3.23	3.44	3.19	3.80	3.28
Fixed Asset Turnover	15.50	15.29	15.17	16.43	16.96	17.48	18.98	18.54	19.97	21.25	22.56
Accounts Payable Turnover	2.34	2.18	2.71	2.91	1.82	2.12	2.15	2.79	1.82	2.47	2.52
Days Sales Outstanding (DSO)	47.63	45.09	46.89	57.03	45.40	42.32	41.46	56.38	46.21	43.45	46.91
Days Inventory Outstanding (DIO)	141.40	127.35	117.13	113.13	107.60	95.09	113.14	105.98	114.48	96.10	111.17
Days Payable Outstanding (DPO)	155.99	167.12	134.75	125.58	200.64	172.31	169.64	130.98	200.18	147.87	144.73
Cash Conversion Cycle (CCC)	33.04	5.31	29.27	44.58	-47.64	-34.90	-15.04	31.39	-39.48	-8.32	13.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	433	540	535	685	563	496	480	648	594	499	509
Invested Capital Turnover	4.30	3.80	3.81	3.64	4.18	4.19	4.53	3.35	3.96	4.67	4.80
Increase / (Decrease) in Invested Capital	40	117	100	263	130	-44	-55	-38	31	2.99	29
Enterprise Value (EV)	5,042	5,736	5,787	5,111	5,693	7,953	8,025	11,200	9,226	10,022	9,970
Market Capitalization	6,957	7,460	7,379	6,545	7,405	9,701	9,676	12,585	10,792	11,684	11,396
Book Value per Share	$7.37	$7.28	$7.08	$7.28	$7.98	$7.86	$7.61	$7.46	$8.03	$8.06	$7.45
Tangible Book Value per Share	$7.17	$7.08	$6.86	$7.06	$7.75	$7.64	$7.39	$7.22	$7.79	$7.82	$7.21
Total Capital	2,348	2,264	2,128	2,120	2,275	2,244	2,131	2,034	2,161	2,161	1,936
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,915	-1,724	-1,593	-1,434	-1,713	-1,749	-1,651	-1,386	-1,567	-1,663	-1,426
Capital Expenditures (CapEx)	9.37	13	9.69	6.57	8.20	3.98	2.95	2.84	1.48	1.16	1.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-37	-72	-44	130	-34	-47	-34	54	40	-21	60
Debt-free Net Working Capital (DFNWC)	1,067	924	919	1,132	1,155	1,064	997	845	1,028	1,038	838
Net Working Capital (NWC)	1,067	924	919	1,132	1,155	1,064	997	845	1,028	1,038	838
Net Nonoperating Expense (NNE)	-4.19	-18	-15	-13	-14	-16	-15	-14	-12	-17	-13
Net Nonoperating Obligations (NNO)	-1,915	-1,724	-1,593	-1,434	-1,713	-1,749	-1,651	-1,386	-1,567	-1,663	-1,426
Total Depreciation and Amortization (D&A)	6.30	6.53	6.38	7.33	7.45	7.64	7.35	7.34	7.42	6.95	6.95
Debt-free, Cash-free Net Working Capital to Revenue	-2.08%	-3.91%	-2.37%	6.44%	-1.62%	-2.19%	-1.48%	2.40%	1.75%	-0.92%	2.54%
Debt-free Net Working Capital to Revenue	60.11%	50.47%	49.79%	56.19%	55.50%	49.05%	43.39%	37.88%	44.95%	44.72%	35.26%
Net Working Capital to Revenue	60.11%	50.47%	49.79%	56.19%	55.50%	49.05%	43.39%	37.88%	44.95%	44.72%	35.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.28	$0.12	$0.78	$0.41	$0.49	$0.57	$0.68	$0.72	$0.91	$0.81
Adjusted Weighted Average Basic Shares Outstanding	315.50M	318.15M	300.76M	289.22M	285.62M	290.03M	278.80M	272.58M	268.42M	271.57M	258.33M
Adjusted Diluted Earnings per Share	$0.00	$0.28	$0.12	$0.77	$0.40	$0.47	$0.55	$0.65	$0.69	$0.89	$0.79
Adjusted Weighted Average Diluted Shares Outstanding	319.25M	321.46M	305.53M	293.97M	291.48M	296.13M	288.18M	284.39M	278.54M	281.86M	267.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	310.97M	303.19M	291.29M	285.25M	285.58M	279.88M	272.71M	269.20M	268.11M	259.71M	251.36M
Normalized Net Operating Profit after Tax (NOPAT)	-12	68	47	213	143	124	145	171	197	228	198
Normalized NOPAT Margin	-2.61%	14.15%	11.10%	33.49%	26.54%	21.83%	26.11%	30.15%	32.89%	38.13%	32.35%
Pre Tax Income Margin	1.23%	21.48%	11.59%	45.96%	28.68%	32.60%	37.03%	40.55%	42.23%	42.21%	43.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	370.44%	264.90%	358.81%	250.24%	143.69%	125.09%	116.63%	130.87%	129.86%	121.08%	131.26%

Financials Breakdown Chart

Key Financial Trends

Exelixis (EXEL) continues to show meaningful revenue and profit activity in its latest quarterly results, with strong gross margins, solid cash generation, and a modestly leveraged balance sheet. Below are the key trends observed across the last four years of quarterly statements, prioritizing items that may positively influence the stock, followed by neutral and negative items.

Q4 2025 operating revenue rose to $598,663,000 from $566,755,000 in Q4 2024, signaling ongoing top-line growth.
Q4 2025 net income attributable to common shareholders increased to $244,528,000 from $139,861,000 in Q4 2024, indicating stronger profitability year over year.
Q4 2025 gross margin was very high at about 95.6% (gross profit $572,182,000 on revenue $598,663,000), suggesting favorable product mix and pricing.
Q4 2025 operating income was $235,216,000 with an operating margin near 39% (based on $598,663,000 revenue), reflecting solid operating profitability.
Q4 2025 net cash from continuing operating activities totaled $333,515,000, highlighting strong operating cash flow generation, with improving cash trends into late 2025 (Q3 2025 also at $290,322,000).
Balance sheet shows a strong equity base and modest liabilities: Total liabilities about $662,847,000 vs. total equity around $2,160,700,000, indicating low leverage and healthy financial flexibility.
Q4 2025 diluted earnings per share (EPS) of $0.89 and basic EPS of $0.91 reflect earnings per share growth alongside relatively stable share counts.
Estimated quarterly free cash flow (cash from operations minus capex) is roughly $332 million in Q4 2025, underscoring substantial cash-generating capacity after minimal capital expenditures ($1.16 million).
R&D expense varied across quarters (e.g., $213.248 million in Q4 2025 vs. $199.164 million in Q3 2025 and $249.002 million in Q4 2024), indicating ongoing but not accelerating investment in development without a consistent YoY trend.
Capital allocation activity in 2025 included meaningful share repurchases, contributing to negative financing cash flow in several quarters (e.g., Q4 2025 net financing cash flow of $(254.6) million), which can boost EPS but reduces near-term cash balances.
Q2 2025 revenue dipped versus Q2 2024, showing some quarterly volatility in top-line performance, though other quarters remained up or stable.
Net cash from financing activities was negative across several 2025 quarters due to share repurchases, reflecting a cash outflow strategy that reduces cash in the near term.

05/15/26 01:14 PM ETAI Generated. May Contain Errors.

Exelixis Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Exelixis' financial year ends in January. Their financial year 2026 ended on January 2, 2026.

Exelixis' net income appears to be on an upward trend, with a most recent value of $782.57 million in 2025, falling from -$161.74 million in 2015. The previous period was $521.27 million in 2024. Find out what analysts predict for Exelixis in the coming months.

Exelixis' total operating income in 2025 was $872.19 million, based on the following breakdown:

Total Gross Profit: $2.24 billion
Total Operating Expenses: $1.36 billion

Over the last 10 years, Exelixis' total revenue changed from $37.17 million in 2015 to $2.32 billion in 2025, a change of 6,141.6%.

Exelixis' total liabilities were at $683.10 million at the end of 2025, a 2.9% decrease from 2024, and a 44.4% increase since 2015.

In the past 10 years, Exelixis' cash and equivalents has ranged from $141.63 million in 2015 to $647.17 million in 2021, and is currently $482.49 million as of their latest financial filing in 2025.

Over the last 10 years, Exelixis' book value per share changed from -0.62 in 2015 to 8.06 in 2025, a change of -1,400.8%.

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Financial statements for NASDAQ:EXEL last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Exelixis (EXEL) Financials

Financials Breakdown Chart

Key Financial Trends

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Exelixis (EXEL) Financials

Annual Income Statements for Exelixis

Quarterly Income Statements for Exelixis

Annual Cash Flow Statements for Exelixis

Quarterly Cash Flow Statements for Exelixis

Annual Balance Sheets for Exelixis

Quarterly Balance Sheets for Exelixis

Annual Metrics And Ratios for Exelixis

Quarterly Metrics And Ratios for Exelixis

Financials Breakdown Chart

Key Financial Trends

Exelixis Financials - Frequently Asked Questions

When does Exelixis' fiscal year end?

How has Exelixis' net income changed over the last 10 years?

What is Exelixis' operating income?

How has Exelixis' revenue changed over the last 10 years?

How much debt does Exelixis have?

How much cash does Exelixis have?

How has Exelixis' book value per share changed over the last 10 years?

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