Filing Flows › Exelixis (EXEL) › Q2 2025
Exelixis (EXEL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 28, 2025
Exelixis (EXEL) reported revenue of $568M for the second quarter 2025 (Q2 2025), -11% from a year earlier and +2% from the quarter before. Operating margin was 37.6%, net earnings $185M (32.5% of revenue).
Exelixis, Q2 2025: revenue $568M (-11% year over year), operating margin 37.6%, net earnings $185M, operating cash flow $49.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $568M | +2% | -11% |
| Operating profit | $214M | +14% | -23% |
| Net earnings | $185M | +16% | -18% |
| Operating cash flow | $49.0M | -77% | -59% |
| Free cash flow | $46.2M | -78% | -59% |
What changed
Revenue was $568.3M in Q2 2025, down 11% year over year and up 2% from the previous quarter. CABOMETYX was the largest line at 91% of revenue. License revenues lost $145.7M year over year (down 75%), 211% of the total change.
Operating profit was $213.6M, a 37.6% margin (down 5.7 points year over year). Total costs fell 2% while revenue fell 11%. The fastest-growing cost line was Cost of revenue (+10%). Net earnings were $184.8M, down 18% year over year. The effective tax rate was 19.8%.
Operating cash flow was $49.0M (down 59% year over year), 27% of net earnings. Non-cash charges added back $7.3M of depreciation and amortization and $36.1M of share-based compensation. Working capital and other items used $179.3M. Capital expenditures of $2.8M left free cash flow of $46.2M.
Questions
What was Exelixis' revenue in the second quarter 2025?
Exelixis (EXEL) reported revenue of $568M for the second quarter 2025 (Q2 2025), -11% from a year earlier and +2% from the quarter before.
Was Exelixis profitable in the second quarter 2025?
Operating profit was $214M (37.6% of revenue) and net earnings $185M.
Source: Exelixis 10-Q on SEC EDGAR.