EXEL EXELIXIS, INC.

Overview and Growth

EXELIXIS, INC. generated $2.32B of revenue in fiscal 2025, with net income of $782.57M and an operating cash inflow of $884.27M. At $2.32B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 7.0% from $2.17B in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $2.78, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 58.0% increase from fiscal 2024 diluted EPS of $1.76. The company employed $2.84B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.82x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $2.24B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 96.4%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $872.19M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 37.6%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $782.57M for the fiscal year. Measured against reported revenue, net income produced a 33.7% margin after operating costs and the remaining recognized items. Income tax expense totaled $158.64M, providing the reported tax component that separates pretax and after-tax earnings. The relationship between net income and period-end equity was 36.2%, indicating the profitability achieved on book capital. Return on period-end assets was 27.5%, connecting net income with the company’s total asset base. Against $521.27M in fiscal 2024, the current $782.57M bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

At period end, the $2.84B asset base was financed through $683.10M of liabilities and $2.16B of equity. The near-term balance sheet paired $1.44B of current assets with $405.64M of current liabilities at the reporting date. The current ratio was 3.56x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $482.49M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 118.9% of current liabilities, showing how much near-term coverage came from cash alone. The liabilities-to-assets relationship was 24.0%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 17.0%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 3.5% from $2.95B in fiscal 2024, leaving current total assets lower year over year. Against $2.24B of equity in fiscal 2024, the current book-equity balance moved 3.7% and ended lower. The reported cash balance changed 122.0% from $217.37M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $884.27M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.13x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $8.43M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 1.0% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $875.84M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 37.7%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 30.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Jan 2, 2026. Analysis generated Sep 24, 2026.