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Exelixis, Inc.

EXEL Healthcare Biotechnology

Exelixis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 6.98% from fiscal 2024.

Revenue: +10.2%
EPS: +22.2%
Free cash flow: −4.83%

Quarter to September 2026, against a year earlier

Revenue growth 10 yrs

69.97 1.26 +1.83%

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Market cap: $16.8B
P/E: 19.9×
Fwd P/E: 20.2×
Dividend yield: —
F-score: 7/9
Altman Z: 12.68
Beneish M: −2.61
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Exelixis, Inc. (EXEL) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Reportable Segment	2,320	100.00%
Gross margin		96.39%
Operating margin		37.59%
Pre-tax margin		40.57%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
CABOMETYX	2,113 91.09%	1,798 82.92%	1,615 88.24%	1,376 85.40%	1,054 73.45%	719 72.78%	733 75.78%	600 70.27%	324 71.61%
Collaboration	197 8.50%	359 16.57%	201 11.00%	210 13.02%	358 24.93%	246 24.91%	208 21.47%	235 27.47%	103 22.87%
COMETRIQ	9 0.41%	11 0.51%	14 0.76%	25 1.57%	23 1.62%	23 2.32%	27 2.74%	19 2.26%	25 5.53%
Also reported: a second breakdown of the same revenue
Gross product revenues	3,012 129.81%	2,518 116.12%	2,273 124.17%	1,951 121.11%	1,453 101.25%	963 97.47%	958 98.95%	739 86.50%	403 88.97%
License revenues	214 9.24%	349 16.10%	179 9.76%	162 10.06%	250 17.42%	167 16.94%	166 17.14%	200 23.46%	97 21.36%
Collaboration services revenues	(17) (0.74%)	10 0.46%	23 1.24%	48 2.96%	108 7.51%	79 7.97%	42 4.33%	34 4.01%	—
Discounts and allowances	(889) (38.32%)	(709) (32.69%)	(644) (35.17%)	(550) (34.13%)	(376) (26.18%)	(221) (22.38%)	(198) (20.43%)	(119) (13.97%)	(54) (11.84%)
Collaboration, Research And Development Service	—	—	—	—	—	—	—	—	9 1.93%
Collaboration, Other	—	—	—	—	—	—	—	—	(2) (0.42%)
Net product revenues	2,123	1,809	1,629	1,401	1,077	742	760	619	349
Revenue	2,320	2,169	1,830	1,611	1,435	988	968	854	452

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Reportable Segment	2,320 100.00%	2,169 100.00%	1,830 100.00%	1,611 100.00%
Revenue	2,320	2,169	1,830	1,611

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022
Reportable Segment	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
U.S.	2,140 92.25%	1,823 84.06%	1,646 89.92%	1,414 87.75%	1,089 75.92%	753 76.24%	770 79.59%	633 74.13%	368 81.31%	141 73.49%
Europe	154 6.64%	319 14.69%	145 7.92%	169 10.46%	302 21.05%	152 15.35%	153 15.79%	183 21.42%	70 15.42%	36 18.67%
Japan	26 1.10%	27 1.25%	39 2.16%	29 1.78%	44 3.03%	83 8.41%	45 4.63%	38 4.45%	15 3.27%	15 7.83%
Revenue	2,320	2,169	1,830	1,611	1,435	988	968	854	452	191

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.