Filing Flows › Health Care › Exelixis (EXEL)
Exelixis (EXEL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Exelixis (EXEL) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $659M · 33¢ of every $1 of revenue kept as net profit · operating margin 40.8%
Exelixis made $659M in Q3 2026 (+10% Y/Y): Net product revenues $605M, Collaboration $53.8M, COMETRIQ $1.8M. Operating margin 40.8%, net earnings $218M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $658.7M in Q3 2026, up 10% year over year and up 5% from the previous quarter. Net product revenues was the largest line at 92% of revenue. Net product revenues added $62.0M year over year (up 11%), 102% of the total change. COMETRIQ declined 42%.
Operating profit was $268.4M, a 40.8% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 52% reached operating profit, above the 40% margin then. Total costs grew 8% against revenue growth of 10%. The fastest-growing cost line was Cost of revenue (+41%). Net earnings were $218.1M, up 13% year over year. The effective tax rate was 22.9%.
Operating cash flow was $280.0M (down 4% year over year), 128% of net earnings. Non-cash charges added back $6.9M of depreciation and amortization and $28.7M of share-based compensation. Working capital and other items added $26.2M. Capital expenditures of $2.5M left free cash flow of $277.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $659M | +10% | 40.8% | $218M | $280M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $629M | +11% | 39.5% | $212M | $308M |
| Q1 2026 | 10-Q | May 5, 2026 | $611M | +10% | 41.1% | $210M | $252M |
| Q4 2025 | 10-K | Feb 10, 2026 | $599M | +6% | 39.3% | $245M | $334M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $598M | +11% | 39.6% | $194M | $290M |
| Q2 2025 | 10-Q | Jul 28, 2025 | $568M | -11% | 37.6% | $185M | $49.0M |
| Q1 2025 | 10-Q | May 13, 2025 | $555M | +31% | 33.6% | $160M | $211M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- Affiliates of Cencora, Inc — 22% of its revenue · Stated in 10-K (XBRL) · source
- Affiliates of McKesson Corporation — 19% of its revenue · Stated in 10-K (XBRL) · source
- Affiliates of CVS Health Corporation — 15% of its revenue · Stated in 10-K (XBRL) · source
- CAH — 12% of its revenue · Stated in 10-K (customer table) · source
- RPRX — 3% of its revenue · Stated in 10-K (sentence) · source
About Exelixis
Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib, currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer (CRC), as well as the focus of an extensive late-stage clinical development program in other indications.
In its own words, from its 10-K, filed Feb 10, 2026.
Exelixis against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +11%. Operating margin: 40.8% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
| TECH Bio-Techne | Q1 FY27 | $300M | +5% | 12.2% |
Source: Exelixis 10-Q on SEC EDGAR · CIK 939767 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns EXEL and who is buying
More on EXEL
- How Exelixis makes money: revenue by segment
- Exelixis next earnings date and what analysts expect
- Exelixis stock forecast, price target and fair value
- Who owns Exelixis stock: holders, funds and Congress trades
- Exelixis guidance and outlook
- Is Exelixis a takeover target? LBO and rumors
- Exelixis recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Exelixis guidance history: guided vs reported
- Exelixis operating margin by quarter
- Exelixis net income by quarter
- Exelixis free cash flow by quarter
- Exelixis R&D spending by quarter
- Exelixis capital expenditures by quarter
- Exelixis Net product revenues revenue by quarter
- Exelixis Collaboration revenue by quarter
- Exelixis COMETRIQ revenue by quarter