Exact Sciences (EXAS) Q4 2025 earnings summary

Executive summary

• Achieved record fourth quarter revenue of $878 million, up 23% year-over-year, and full-year revenue of $3.25 billion, up 18% year-over-year.

• Screening revenue grew 26% to $695 million in Q4 and 20% to $2.53 billion for the year; Precision Oncology revenue rose 14% to $183 million in Q4 and 9% to $717 million for the year.

• Launched three new tests and reported significant clinical study results for Oncodetect and Oncoguard Liver tests.

• Pending merger with Abbott Laboratories, with closing targeted for Q2 2026, subject to regulatory approvals.

Financial highlights

• Q4 gross margin was 70%, with adjusted gross margin at 73%.

• Q4 net loss was $86 million ($0.45/share), compared to $49.8 million ($0.27/share) in the prior year.

• Full-year net loss was $208 million, a $821 million improvement year-over-year; adjusted EBITDA was $400 million, up $77 million.

• Q4 adjusted EBITDA was $63 million (7% margin), impacted by a $75 million R&D expense related to a Freenome agreement.

• Operating cash flow for the year was $491 million, and free cash flow was $357 million, up 133% and 379% respectively.

• Cash, cash equivalents, and marketable securities totaled $965 million at year-end.

Outlook and guidance

• Management highlights strong momentum, expanding product portfolio, and unique positioning for global cancer screening and treatment.

• Special meeting of stockholders scheduled for February 20, 2026, to vote on the Abbott merger.