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Exelixis cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$277M in Q3 2026 · $1.2B over twelve months

Operating cash flow$280M
Capital spending−$2.5M
Free cash flow+$277M
Cash / net income1.3×
Cash conversion cycle25 days

Analysis

In Q3 2026, Exelixis generated $280M of operating cash flow and spent $2.5M on capital projects, leaving free cash flow of $277M.

Over the twelve months to Oct 2, 2026, operating cash flow was $1.2B; the largest uses were buybacks ($1.3B), taxes on employees’ shares ($78.8M), capital spending ($12.0M); besides operations, cash came from other investing ($72.9M), shares issued ($34.2M); the cash balance fell by $71.5M.

Operating cash flow was $280M against net income of $218M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$28.7M, payables +$25.9M, depreciation & amortization +$6.9M.

Its cash conversion cycle was 25 days (receivables 45 + inventory 102 − payables 121).

Free cash flow

Exelixis: free cash flow by quarterExelixis: free cash flow by quarter$236MQ4 2024$208MQ1 2025$46.2MQ2 2025$289MQ3 2025$332MQ4 2025$250MQ1 2026$301MQ2 2026$277MQ3 2026
Operating cash flow less capital spending.
Exelixis: operating cash flow against capital spendingExelixis: operating cash flow against capital spendingOperating cash flowCapital spending$240M$4.0MQ4 2024$211M$3.0MQ1 2025$49.0M$2.8MQ2 2025$290M$1.5MQ3 2025$334M$1.2MQ4 2025$252M$1.5MQ1 2026$308M$6.8MQ2 2026$280M$2.5MQ3 2026
Latest (Q3 2026): Operating cash flow $280M, Capital spending $2.5M.

Capital allocation, year by year

Exelixis: where the cash came from (up) and went (down), by fiscal yearExelixis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksFY2021: Operating cash flow $401MFY2021: Shares issued $24.3MFY2021: Capital spending −$54.2M$425MFY2021FY2022: Operating cash flow $363MFY2022: Shares issued $23.9MFY2022: Capital spending −$27.7M$386MFY2022FY2023: Operating cash flow $333MFY2023: Shares issued $33.4MFY2023: Capital spending −$40.5MFY2023: Buybacks −$550M$367MFY2023FY2024: Operating cash flow $700MFY2024: Shares issued $61.9MFY2024: Capital spending −$28.4MFY2024: Buybacks −$652M$762MFY2024FY2025: Operating cash flow $884MFY2025: Shares issued $49.1MFY2025: Capital spending −$8.4MFY2025: Buybacks −$948M$933MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were buybacks ($2.1B) and capital spending ($159M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$892M
Debtnone
Net cash$892M

Exelixis funds itself: free cash flow was $1.2B over the last twelve months, with $892M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Exelixis: sources (+) and uses (−) of cash, Q3 2026Exelixis: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$280MBuybacks−$250MCash drawn (+) / kept (−)−$23.3MOther investing−$4.2MShares issued$3.4MTaxes on employees’ shares−$3.4MCapital spending−$2.5M
Exelixis: sources (+) and uses (−) of cash, TTM to Q3 2026Exelixis: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$1.3BOperating cash flow$1.2BTaxes on employees’ shares−$78.8MOther investing$72.9MCash drawn (+) / kept (−)$71.5MShares issued$34.2MCapital spending−$12.0M

From profit to cash

Exelixis: net income to operating cash flow, Q3 2026Exelixis: net income to operating cash flow, Q3 2026Net income$218MDepreciation & amortization$6.9MStock-based pay$28.7MOther non-cash−$1.3MReceivables−$6.3MInventory−$320KPayables$25.9MAccrued liabilities$6.1MPrepaid and other assets−$4.8MOperating cash flow$280M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264510212125
Q2 20264712213930
Q1 20264611012333
Q4 202545849435
Q3 20254612512545
Q2 202546113160-2
Q1 202545112192-35
Q4 202446107239-87

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$280M−$2.5M−$250M$3.4M−$23.3M$277M
Q2 2026$308M−$6.8M−$323M$15.4M−$55.3M$301M
Q1 2026$252M−$1.5M−$430M$7.5M$256M$250M
Q4 2025$334M−$1.2M−$258M$7.9M−$106M$332M
Q3 2025$290M−$1.5M−$104M$3.6M−$212M$289M
Q2 2025$49.0M−$2.8M−$302M$26.1M$19.3M$46.2M
Q1 2025$211M−$3.0M−$284M$11.6M$33.6M$208M
Q4 2024$240M−$4.0M−$190M$18.8M$41.0M$236M

Exelixis: income statement and cash flow

Exelixis, Q3 2026: revenue $659M (+10% year over year), operating margin 40.8%. The chart follows the revenue to costs, profit and cash.

Exelixis: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.