EXACT SCIENCES CORP

CIK:0001124140|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net loss	$ (207,949)	$ (1,028,857)	$ (204,149)
Net loss before tax	(203,888)	(1,036,161)	(201,746)
Loss from operations	(206,298)	(1,048,703)	(215,012)
Gross profit	2,262,755	1,918,717	1,762,202
Revenue	3,246,990	2,758,867	2,499,766
Cost of sales	984,235	840,150	737,564
Total operating expenses	2,469,053	2,976,620	2,055,641
Research and development	522,996	431,210	426,927
Sales and marketing	1,050,183	894,125	827,805
General and administrative	888,674	781,825	800,288
Impairment of long-lived and indefinite-lived assets	7,200	869,460	621
Other operating income	0	9,200	78,427
Total other income (expense)	2,410	12,542	13,266
Investment income, net	41,771	39,558	32,713
Interest Expense, Nonoperating	(39,361)	(27,016)	(19,447)
Income Tax Expense (Benefit)	$ (4,061)	$ 7,304	$ (2,403)
Increase (decrease) in net loss per share (in usd per share)	$ (1.10)	$ (5.59)	$ (1.13)
Increase (decrease) in net loss per share (in usd per share)	$ (1.10)	$ (5.59)	$ (1.13)
Weighted average number of shares outstanding, basic (in shares)	188,688	184,197	180,144
Weighted average number of shares outstanding, diluted (in shares)	188,688	184,197	180,144

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (207,949)	$ (1,028,857)	$ (204,149)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	124,879	119,701	114,448
Equity Securities, FV-NI, Gain (Loss)	3,081	(2,713)	4,098
Deferred tax benefit	(1,544)	(10,119)	(955)
Share-Based Payment Arrangement, Noncash Expense	217,666	214,885	231,312
Gain on settlements of convertible notes, net	0	(10,254)	(10,324)
Amortization of Intangible Assets	96,700	95,158	92,160
Impairment of long-lived and indefinite-lived assets	7,200	869,460	621
Research and Development Asset Acquired in Transaction Other than Business Combination or Joint Venture Formation, Writeoff	75,000	0	500
Gain (Loss) On Contingent Consideration From Disposition Of Asset	0	(9,200)	(73,300)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	26,806	(3,346)	(18,044)
Non-cash lease expense	27,040	26,926	27,891
Other Noncash Income (Expense)	6,896	(519)	399
Changes in assets and liabilities, net of effects of acquisition:
Accounts receivable, net	(48,891)	(46,259)	(43,416)
Inventory, net	(3,772)	(34,911)	(7,690)
Operating lease liabilities	(28,541)	(25,783)	(26,701)
Accounts payable and accrued liabilities	214,042	43,538	82,750
Increase (Decrease) in Other Operating Assets	(5,794)	(2,323)	(11,618)
Increase (Decrease) in Other Operating Liabilities	(5,219)	9,726	6,333
Net cash provided by operating activities	491,438	210,536	156,119
Cash flows from investing activities:
Purchases of marketable securities	(140,269)	(465,031)	(139,854)
Maturities and sales of marketable securities	572,277	205,821	363,156
Purchases of property, plant and equipment	(134,656)	(135,989)	(124,190)
Proceeds From Contingent Consideration Receivable	27,971	0	0
Proceeds From Sale Of Investments In Privately-Held Companies	0	0	19,794
Payments to Acquire Other Investments	(55,499)	(1,731)	(16,564)
Business combination, net of cash acquired and issuance costs	0	0	(52,413)
Asset acquisitions, net of cash acquired	(75,000)	(45,000)	(500)
Other investing activities	297	(225)	250
Net cash provided by (used in) investing activities	195,121	(442,155)	49,679
Cash flows from financing activities:
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Including Option Exercised	1,902	1,651	3,197
Proceeds in connection with the Company's employee stock purchase plan	26,544	31,227	28,344
Proceeds from issuance of convertible notes	0	266,750	137,976
Repayments of Accounts Receivable Securitization	0	50,000	0
Repayments of convertible debt	249,172	0	0
Payment, Tax Withholding, Share-Based Payment Arrangement	86,477	0	0
Payment for Contingent Consideration Liability, Financing Activities	19,000	0	0
Other financing activities	(11,887)	(17,754)	(9,751)
Net cash provided by (used in) financing activities	(338,090)	231,874	159,766
Effects of exchange rate changes on cash and cash equivalents	891	(3,294)	1,321
Net increase (decrease) in cash, cash equivalents, and restricted cash	349,360	(3,039)	366,885
Cash, cash equivalents, and restricted cash, beginning of period	606,636	609,675	242,790
Cash, cash equivalents, and restricted cash, end of period	955,996	606,636	609,675
Non-cash investing and financing activities:
Property, plant and equipment acquired but not paid	16,282	13,721	18,505
Stock Issued During Period, Value, Employee Benefit Plan	43,943	40,550	35,100
Supplemental disclosure of cash flow information:
Interest paid	30,444	27,839	18,776
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	955,996	600,889	605,378
Restricted cash — included in other long-term assets, net	0	5,747	4,297
Total cash, cash equivalents, and restricted cash	$ 955,996	$ 606,636	$ 609,675

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 955,996	$ 600,889
Marketable securities	8,715	437,137
Accounts receivable, net	298,653	248,968
Inventory	166,201	162,383
Prepaid expenses and other current assets	126,284	122,046
Total current assets	1,555,849	1,571,423
Long-term assets:
Property, plant and equipment, net	708,664	693,673
Operating lease right-of-use assets	122,332	116,952
Goodwill	2,368,048	2,366,676
Intangible assets, net	919,925	1,009,693
Other long-term assets, net	185,811	169,722
Total assets	5,860,629	5,928,139
Current liabilities:
Accounts payable	175,868	89,572
Accrued liabilities	416,473	328,292
Operating lease liabilities, current portion	33,591	27,405
Other current liabilities	15,220	37,765
Convertible Notes Payable, Current	0	249,153
Total current liabilities	641,152	732,187
Convertible notes, net, less current portion	2,327,177	2,321,067
Other long-term liabilities	329,317	315,503
Operating lease liabilities, less current portion	161,931	157,133
Total liabilities	3,459,577	3,525,890
3459577000
Stockholders’ equity:
Preferred stock, $0.01 par value Authorized—5,000,000 shares issued and outstanding—no shares at December 31, 2025 and December 31, 2024	0	0
Common stock, $0.01 par value Authorized—400,000,000 shares issued and outstanding—190,802,322 and 185,616,438 shares at December 31, 2025 and December 31, 2024	1,909	1,857
Additional paid-in capital	7,102,766	6,899,368
Accumulated other comprehensive income (loss)	2,358	(944)
Accumulated deficit	(4,705,981)	(4,498,032)
Total stockholders’ equity	2,401,052	2,402,249
Total liabilities and stockholders’ equity	$ 5,860,629	$ 5,928,139