Xpel (XPEL) financial statements
Xpel reported revenue of $476M in fiscal 2025, up 23.3% a year over 7 years.
Net income was $51M and the operating margin 13.2%, against 10.7% in 2018.
Free cash flow was $63M, and the company returned $3M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Xpel's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $110M | $130M | $159M | $259M | $324M | $396M | $420M | $476M |
| Cost of revenue | $76M | $86M | $105M | $167M | $196M | $234M | $243M | $275M |
| Gross profit | $33M | $44M | $54M | $93M | $128M | $162M | $177M | $201M |
| Research and development | $223,886 | $602,446 | $100,000 | $400,000 | $400,000 | $3M | $3M | $3M |
| Selling, general and admin | $22M | $26M | $31M | $53M | $74M | $95M | $118M | $138M |
| Operating income | $12M | $17M | $23M | $40M | $54M | $67M | $59M | $63M |
| Interest expense | $168,389 | $96,646 | $249,000 | $303,000 | $1M | $1M | $996,000 | $83,000 |
| Pre-tax income | $11M | $17M | $23M | $39M | $52M | $66M | $57M | $64M |
| Income tax | $3M | $3M | $5M | $8M | $11M | $13M | $11M | $12M |
| Net income | $9M | $14M | $18M | $32M | $41M | $53M | $45M | $51M |
| EPS (diluted) | $0.32 | $0.51 | $0.66 | $1.14 | $1.50 | $1.91 | $1.65 | $1.85 |
| Diluted shares | 28M | 28M | 28M | 28M | 28M | 28M | 28M | 28M |
| Gross margin | 30.4% | 33.5% | 34.0% | 35.7% | 39.4% | 41.0% | 42.2% | 42.2% |
| Operating margin | 10.7% | 13.2% | 14.7% | 15.5% | 16.6% | 16.9% | 14.1% | 13.2% |
| Net margin | 7.9% | 10.8% | 11.5% | 12.2% | 12.8% | 13.3% | 10.8% | 10.8% |
Balance sheet
Fiscal years, from Xpel's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $12M | $29M | $10M | $8M | $12M | $22M | $51M |
| Receivables | $6M | $7M | $10M | $13M | $15M | $24M | $29M | $50M |
| Inventory | $11M | $15M | $22M | $52M | $81M | $107M | $111M | $123M |
| Total current assets | $21M | $36M | $63M | $79M | $107M | $146M | $168M | $231M |
| Property, plant and equipment | $3M | $4M | $5M | $10M | $14M | $17M | $18M | $16M |
| Goodwill | $2M | $2M | $4M | $26M | $27M | $37M | $44M | $59M |
| Total assets | $31M | $52M | $84M | $161M | $193M | $252M | $286M | $383M |
| Total current liabilities | $8M | $12M | $21M | $36M | $27M | $36M | $42M | $71M |
| Long-term debt | — | — | — | — | — | — | — | $0 |
| Total liabilities | $10M | $17M | $30M | $77M | $69M | $72M | $60M | $97M |
| Shareholders' equity | $21M | $35M | $53M | $84M | $125M | $180M | $225M | $280M |
| Net debt | -$4M | -$12M | -$29M | -$10M | -$8M | -$12M | -$22M | -$51M |
Cash flow
Fiscal years, from Xpel's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7M | $11M | $18M | $18M | $12M | $37M | $48M | $67M |
| Capital spending | $2M | $2M | $2M | $7M | $8M | $6M | $7M | $4M |
| Free cash flow | $5M | $9M | $17M | $12M | $4M | $31M | $41M | $63M |
| Stock-based compensation | — | $0 | $0 | $169,000 | $522,000 | $2M | $3M | $3M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$3M |
| Free cash flow margin | 4.3% | 7.2% | 10.5% | 4.5% | 1.3% | 7.8% | 9.8% | 13.2% |
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Open XPEL in InvestinglyQuestions
What was Xpel's revenue in 2025?
$476M in fiscal 2025, from its 10-K filing.
How much free cash flow does Xpel generate?
$63M in fiscal 2025 (operating cash flow minus capital spending).
From Xpel's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.