Filing Flows › Exelixis (EXEL) › Q4 2025
Exelixis (EXEL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
Exelixis (EXEL) reported revenue of $599M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +0.2% from the quarter before. Operating margin was 39.3%, net earnings $245M (40.8% of revenue).
Exelixis, Q4 2025: revenue $599M (+6% year over year), operating margin 39.3%, net earnings $245M, operating cash flow $334M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $599M | +0.2% | +6% |
| Operating profit | $235M | -0.6% | +44% |
| Net earnings | $245M | +26% | +75% |
| Operating cash flow | $334M | +15% | +39% |
| Free cash flow | $332M | +15% | +41% |
What changed
Revenue was $598.7M in Q4 2025, up 6% year over year and roughly flat from the previous quarter. Net product revenues was the largest line at 91% of revenue.
Operating profit was $235.2M, a 39.3% margin (up 10.5 points year over year). Of the extra revenue versus a year earlier, 226% reached operating profit, above the 29% margin then. Total costs fell 10% while revenue rose 6%. The fastest-growing cost line was Cost of revenue (+33%). Net earnings were $244.5M, up 75% year over year. The effective tax rate was 3.2%.
Operating cash flow was $333.5M (up 39% year over year), 136% of net earnings. Non-cash charges added back $6.9M of depreciation and amortization and $20.1M of share-based compensation. Working capital and other items added $61.9M. Capital expenditures of $1.2M left free cash flow of $332.4M.
Questions
What was Exelixis' revenue in the fourth quarter 2025?
Exelixis (EXEL) reported revenue of $599M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +0.2% from the quarter before.
Was Exelixis profitable in the fourth quarter 2025?
Operating profit was $235M (39.3% of revenue) and net earnings $245M.
Source: Exelixis 10-K on SEC EDGAR.