Filing Flows › Exelixis (EXEL) › Q3 2025
Exelixis (EXEL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Exelixis (EXEL) reported revenue of $598M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +5% from the quarter before. Operating margin was 39.6%, net earnings $194M (32.4% of revenue).
Exelixis, Q3 2025: revenue $598M (+11% year over year), operating margin 39.6%, net earnings $194M, operating cash flow $290M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $598M | +5% | +11% |
| Operating profit | $237M | +11% | +74% |
| Net earnings | $194M | +5% | +64% |
| Operating cash flow | $290M | +493% | +7% |
| Free cash flow | $289M | +526% | +10% |
What changed
Revenue was $597.8M in Q3 2025, up 11% year over year and up 5% from the previous quarter. CABOMETYX was the largest line at 90% of revenue. CABOMETYX added $64.2M year over year (up 13%), 110% of the total change. License revenues declined 7%.
Operating profit was $236.5M, a 39.6% margin (up 14.4 points year over year). Of the extra revenue versus a year earlier, 173% reached operating profit, above the 25% margin then. Total costs fell 10% while revenue rose 11%. The fastest-growing cost line was SG&A (+11%). Net earnings were $193.6M, up 64% year over year. The effective tax rate was 23.3%.
Operating cash flow was $290.3M (up 7% year over year), 150% of net earnings. Non-cash charges added back $7.4M of depreciation and amortization and $30.9M of share-based compensation. Working capital and other items added $58.4M. Capital expenditures of $1.5M left free cash flow of $288.8M.
Questions
What was Exelixis' revenue in the third quarter 2025?
Exelixis (EXEL) reported revenue of $598M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +5% from the quarter before.
Was Exelixis profitable in the third quarter 2025?
Operating profit was $237M (39.6% of revenue) and net earnings $194M.
Source: Exelixis 10-Q on SEC EDGAR.