If A is a homotopy cartesian square of ring spectra satisfying connectivity hypotheses, then the cube induced by Goodwillie's integral cyclotomic trace K(A) → T C(A) is homotopy cartesian. In other words, the homotopy fiber of the cyclotomic trace satisfies excision.The method of proof gives as a spin-off new proofs of some old results, as well as some new results, about periodic cyclic homology, and -more relevantly for our current application -the T-Tate spectrum of topological Hochschild homology, where T is the circle group.