Filing Flows › Exelixis (EXEL) › Q1 2026
Exelixis (EXEL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Exelixis (EXEL) reported revenue of $611M for the first quarter 2026 (Q1 2026), +10% from a year earlier and +2% from the quarter before. Operating margin was 41.1%, net earnings $210M (34.5% of revenue).
Exelixis, Q1 2026: revenue $611M (+10% year over year), operating margin 41.1%, net earnings $210M, operating cash flow $252M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $611M | +2% | +10% |
| Operating profit | $251M | +7% | +35% |
| Net earnings | $210M | -14% | +32% |
| Operating cash flow | $252M | -24% | +19% |
| Free cash flow | $250M | -25% | +20% |
What changed
Revenue was $610.8M in Q1 2026, up 10% year over year and up 2% from the previous quarter. CABOMETYX was the largest line at 90% of revenue. CABOMETYX added $41.9M year over year (up 8%), 76% of the total change. COMETRIQ declined 9%.
Operating profit was $251.3M, a 41.1% margin (up 7.5 points year over year). Of the extra revenue versus Q1 2025, 116% reached operating profit, above the 34% margin then. Total costs fell 2% while revenue rose 10%. Net earnings were $210.5M, up 32% year over year. The effective tax rate was 21.4%.
Operating cash flow was $251.8M (up 19% year over year), 120% of net earnings. Non-cash charges added back $6.9M of depreciation and amortization and $29.1M of share-based compensation. Capital expenditures of $1.5M left free cash flow of $250.3M.
Questions
What was Exelixis' revenue in the first quarter 2026?
Exelixis (EXEL) reported revenue of $611M for the first quarter 2026 (Q1 2026), +10% from a year earlier and +2% from the quarter before.
Was Exelixis profitable in the first quarter 2026?
Operating profit was $251M (41.1% of revenue) and net earnings $210M.
Source: Exelixis 10-Q on SEC EDGAR.