Exelixis (EXEL) Earnings: Q3 Fiscal 2026 Results

The quarter ended October 2, 2026 and Exelixis published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Exelixis reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Exelixis uses a 52- or 53-week fiscal year ending on the Friday closest to December 31. The quarter ended October 2, 2026; the release labels it the quarter ended September 30, 2026.
• Exelixis reports in thousands. Figures here are in millions to one decimal.
• The year-ago quarter included $19.8 million of restructuring expense; Q3 fiscal 2026 had none.

Source: Exelixis Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended October 2, 2026. Figures as reported; checked against the release on November 10, 2026.

How Exelixis splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Exelixis's Net product revenues revenue was $605 million in Q3 fiscal 2026, up 11% from $543 million in Q3 fiscal 2025, 92% of total revenue.
• Exelixis's Collaboration revenues revenue was $53.8 million in Q3 fiscal 2026, down 2% from $54.8 million in Q3 fiscal 2025, 8% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 fiscal 2026 release, Exelixis said:

“Exelixis is providing the following updated financial guidance for fiscal year 2026.”

“Total revenues $2.500 billion - $2.550 billion”

“Net product revenues $2.300 billion - $2.350 billion”

“Net product and total revenues guidance do not currently reflect any revenues resulting from a potential U.S. regulatory approval and commercial launch of zanzalintinib for the treatment of patients with previously treated metastatic colorectal cancer (CRC).”

Source: Exelixis Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the EXEL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and GAAP diluted EPS, each as first reported in that quarter's release. Exelixis gave preliminary fiscal 2025 revenue in a January 11, 2026 release; the Q4 figures here are from the full results on February 10, 2026.

We do not hold a confirmed date for Exelixis's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Oct 29, 2026

Sales related to cabozantinib account for the majority of Exelixis' revenues. In Q3 fiscal 2026 total revenues were $658.7 million, against $597.8 million a year earlier. Net product revenues, all from U.S. sales of CABOMETYX and COMETRIQ, were $604.9 million, and CABOMETYX alone was $603.2 million. (Exelixis Form 10-K, fiscal year ended January 2, 2026, Feb 10, 2026; Exelixis Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026; Exelixis Form 10-Q, quarter ended October 2, 2026, Oct 29, 2026)

Exelixis said CABOMETYX net product revenues rose 12% because the number of units sold rose 6% and the average net selling price rose 5%. The 10-Q puts the volume gain down largely to refills, because patients stay on CABOMETYX with nivolumab longer in first-line advanced kidney cancer (RCC), and to demand in previously treated advanced neuroendocrine tumors (NET). Gross product revenues were $853.7 million before $248.8 million of discounts and allowances. (Exelixis Form 10-Q, quarter ended October 2, 2026, Oct 29, 2026)

Collaboration revenues were $53.8 million, against $54.8 million. They are mostly royalties on cabozantinib sold outside the U.S. by partners: $49.1 million from Ipsen and $2.7 million from Takeda in the quarter. Collaboration services revenues were negative $4.6 million because they are net of royalties Exelixis pays to Royalty Pharma on Ipsen and Takeda sales. (Exelixis Form 10-Q, quarter ended October 2, 2026, Oct 29, 2026; Exelixis Form 10-K, fiscal year ended January 2, 2026, Feb 10, 2026)

Exelixis sells through a few distributors and specialty pharmacies. Affiliates of Cencora and of McKesson each accounted for 20% of total revenues in the quarter, affiliates of CVS Health 16%, affiliates of Optum Specialty Pharmacy 11% and Cardinal Health 10%. (Exelixis Form 10-Q, quarter ended October 2, 2026, Oct 29, 2026)

Exelixis' patent litigation sets the earliest dates for generic cabozantinib in the U.S. In August 2026 an appeals court upheld Exelixis' patents against MSN Laboratories, so MSN's generic cannot get final FDA approval earlier than January 15, 2030, subject to further proceedings. Settled generics may enter on January 1, 2031, and an October 28, 2026 settlement lets Azurity market its product from December 1, 2030. (Exelixis Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

Exelixis' GAAP diluted EPS was $0.85 in Q3 fiscal 2026, against $0.69 a year earlier, and non-GAAP diluted EPS was $0.94, against $0.78. The only item Exelixis excludes from non-GAAP net income is stock-based compensation, net of tax: $11.1 million in research and development and $17.6 million in selling, general and administrative, less a $6.6 million tax effect. (Exelixis Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

Exelixis said its GAAP EPS was helped by a lower share count from its repurchase programs. Net income rose to $218.1 million from $193.6 million, while diluted weighted-average shares fell to 255,754 thousand from 278,535 thousand. Exelixis bought back 4,481 thousand shares in the quarter, and since its first program in March 2023 it has repurchased $3.2 billion of stock, retiring 97.8 million shares. $347.9 million remained under the May 2026 program. (Exelixis Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026; Exelixis Form 10-Q, quarter ended October 2, 2026, Oct 29, 2026)

Exelixis' effective tax rate was 22.9% in the quarter, against 23.3% a year earlier, above the 21% federal rate mainly because of state taxes, partly offset by the FDII deduction. Operating expenses rose too: research and development to $209.5 million and selling, general and administrative to $154.6 million. (Exelixis Form 10-Q, quarter ended October 2, 2026, Oct 29, 2026; Exelixis Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Exelixis publishes full-year guidance in each release. On October 29, 2026 it kept fiscal 2026 total revenues at $2.500 billion - $2.550 billion and net product revenues at $2.300 billion - $2.350 billion, narrowed cost of goods sold to about 4% of net product revenues, and lowered the effective tax rate range to 16% - 18% from 21% - 23%. (Exelixis Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

The revenue guidance includes no sales of zanzalintinib, Exelixis' next drug candidate. The FDA extended its review of the colorectal cancer application by three months, to a target action date of March 3, 2027, and Exelixis expects topline results from the STELLAR-304 kidney cancer trial in the first quarter of 2027. (Exelixis Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Exelixis, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Exelixis's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning EXEL is on is EXEL a buy or a sell?, what analysts expect next is on the EXEL forecast, and what the company does is on the Exelixis (EXEL) stock page.

Every number on this page can be traced to a document Exelixis published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.