DXP Enterprises (DXPE) FY2024 results: revenue $1.8 billion, up 7.4% on the year

DXP Enterprises Inc. (DXPE) reported revenue of $1.8 billion for fiscal 2024, the year ended 31 December 2024, up 7.4% on the year before. Net income was $70 million, up 2.4%, and diluted earnings per share $4.22. The figures are the company's own, from the 10-K it filed with the SEC on 10 March 2025.

Revenue

$1.8 billion

+7.4% on the year

FY2017FY2024

Operating margin

8.1%

8.3% a year earlier

FY2017FY2024

Net income

$70 million

+2.4% on the year

FY2017FY2024

Diluted EPS

$4.22

+8.5% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,802	1,679	1,481	+7.4%
Cost of revenue	1,246	1,173	1,059	+6.2%
Gross profit	556	505	422	+10.1%
Gross margin	30.9%	30.1%	28.5%
Selling, general and administrative	411	367	324	+12.1%
Operating income	145	139	97.8	+4.8%
Operating margin	8.1%	8.3%	6.6%
Interest expense	63.9	53.1	29.1	+20.3%
Pre-tax income	85.0	86.9	65.9	-2.3%
Income tax	14.5	18.1	17.8	-20.1%
Effective tax rate	17.0%	20.8%	27.0%
Net income	70.5	68.8	48.2	+2.4%
Net margin	3.9%	4.1%	3.3%
Diluted EPS	$4.22	$3.89	$2.47	+8.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	102	106	5.9	-3.8%
Capital expenditure	25.1	12.3	4.9	+104.4%
Free cash flow	77.1	94.0	1.0	-17.9%
Free cash flow margin	4.3%	5.6%	0.1%
Cash from investing	-182	-22.6	-53.4
Cash from financing	56.8	43.6	44.3	+30.3%
Depreciation and amortisation	28.8	26.7	28.5	+8.2%
Share-based compensation	4.7	3.1	1.9	+53.5%
Buybacks	29.0	56.2	47.9	-48.4%
Dividends paid	0.1	0.1	0.1	0.0%
Diluted shares, weighted	17m	18m	19m	-5.7%
Shares outstanding at period end	16m	16m	18m	-3.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	423	381	365	+11.0%
Non-controlling interest	n/a	n/a	0.0
Debt	628	526	414	+19.4%
Operating lease liabilities	33.2	34.3	40.2	-3.4%
Finance lease liabilities	11.1	8.6	0.0	+28.9%
Other liabilities	254	227	218	+11.8%
Total liabilities and equity	1,349	1,177	1,037	+14.6%
Fixed assets	n/a	61.6	46.0
Goodwill	452	344	334	+31.5%
Intangible assets	85.7	63.9	79.6	+34.1%
Cash and equivalents	148	173	46.0	-14.3%
Receivables	339	311	321	+9.1%
Inventory	103	104	101	-0.7%
Other assets	221	120	110	+84.1%
Total assets	1,349	1,177	1,037	+14.6%

10-K for the year ended 31 December 2024, filed 10 March 2025: the filing.