Filing Flows › Exelixis (EXEL) › Q2 2026 › vs Q2 2025
Exelixis (EXEL) Q2 2026 vs Q2 2025 (year over year)
Exelixis's revenue rose $60.4M (+11%) from $568M in Q2 2025 to $629M in Q2 2026. The biggest changes: Net product revenues +$53.0M (+10%); Collaboration +$7.4M (+15%); COMETRIQ +$253K (+12%). Operating margin 39.5% against 37.6% (+1.9 pts).
Exelixis, Q2 2026: revenue $629M (+11% year over year), operating margin 39.5%, net earnings $212M, operating cash flow $308M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 39.5% | 37.6% | +1.9 pts |
| Net margin | 33.7% | 32.5% | +1.2 pts |
| Free cash flow margin | 47.9% | 8.1% | +39.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Net product revenues | $573M | $520M | $53.0M | +10% |
| Collaboration | $55.7M | $48.2M | $7.4M | +15% |
| COMETRIQ | $2.4M | $2.1M | $253K | +12% |
| Revenue | $629M | $568M | $60.4M | +11% |
| Other income, net | $14.3M | $16.8M | −$2.6M | -15% |
| Operating profit | $248M | $214M | $34.8M | +16% |
| Costs & expenses | $380M | $355M | $25.6M | +7% |
| Pre-tax earnings | $263M | $230M | $32.3M | +14% |
| Cost of revenue | $20.7M | $19.5M | $1.2M | +6% |
| Research & development | $212M | $200M | $11.6M | +6% |
| SG&A | $148M | $135M | $12.8M | +9% |
| Net earnings | $212M | $185M | $27.2M | +15% |
| Income tax | $50.6M | $45.6M | $5.1M | +11% |
| Depreciation & amortization | $7.0M | $7.3M | −$358K | -5% |
| Share-based compensation | $32.6M | $36.1M | −$3.5M | -10% |
| Working capital & other | $56.1M | −$179M | $235M | — |
| Operating cash flow | $308M | $49.0M | $259M | +528% |
| Free cash flow (OCF − capex) | $301M | $46.2M | $255M | +552% |
| Capital expenditures | $6.8M | $2.8M | $4.0M | +140% |
Questions
How much did Exelixis's revenue grow year over year in Q2 2026?
Exelixis's revenue rose $60.4M (+11%) from $568M in Q2 2025 to $629M in Q2 2026.
What drove Exelixis's revenue change in Q2 2026?
Net product revenues +$53.0M (+10%); Collaboration +$7.4M (+15%); COMETRIQ +$253K (+12%).