DXP Enterprises (DXPE) FY2025 results: revenue $2.0 billion, up 11.9% on the year
DXP Enterprises Inc. (DXPE) reported revenue of $2.0 billion for fiscal 2025, the year ended 31 December 2025, up 11.9% on the year before. Net income was $89 million, up 25.8%, and diluted earnings per share $5.37. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$2.0 billion
+11.9% on the year
FY2018FY2025
Operating margin
8.8%
8.1% a year earlier
FY2018FY2025
Net income
$89 million
+25.8% on the year
FY2018FY2025
Diluted EPS
$5.37
+27.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Fourth quarter sales rose 12.0 percent: Fourth quarter sales were $527.4 million, up from $470.9 million. Fourth quarter net income was $22.8 million, up 6.9 percent from $21.4 million. Diluted EPS was $1.39 against $1.29.
Fiscal 2025 adjusted EBITDA rose 17.8 percent: Adjusted net income was $89.4 million against $75.4 million in 2024. Adjusted diluted EPS was $5.42, against $4.51.
Innovative Pumping grew 26.4 percent: Fourth quarter Innovative Pumping Solutions sales were $110.0 million against $93.8 million. Fourth quarter segment operating income was $19.8 million against $14.5 million.
Six acquisitions completed in fiscal 2025: The release reports six acquisitions completed during fiscal 2025. The Q3 release counted three through Q3 and two after quarter end.
Operating leverage of 1.5x reported: Kent Yee, Chief Financial Officer, said fiscal 2025 showed operating margin expansion and operating leverage of 1.5x.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
94.3
102
106
-7.8%
Capital expenditure
40.3
25.1
12.3
+60.7%
Free cash flow
54.0
77.1
94.0
-30.0%
Free cash flow margin
2.7%
4.3%
5.6%
Cash from investing
-99.2
-182
-22.6
Cash from financing
159
56.8
43.6
+179.7%
Depreciation and amortisation
32.0
28.8
26.7
+11.1%
Share-based compensation
5.7
4.7
3.1
+21.1%
Buybacks
17.1
29.0
56.2
-41.0%
Dividends paid
0.1
0.1
0.1
0.0%
Diluted shares, weighted
17m
17m
18m
-1.2%
Shares outstanding at period end
16m
16m
16m
-1.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
498
423
381
+17.9%
Debt
827
628
526
+31.6%
Operating lease liabilities
57.5
33.2
34.3
+73.4%
Finance lease liabilities
13.2
11.1
8.6
+19.6%
Other liabilities
289
254
227
+13.7%
Total liabilities and equity
1,685
1,349
1,177
+24.9%
Fixed assets
n/a
n/a
61.6
Goodwill
495
452
344
+9.3%
Intangible assets
81.4
85.7
63.9
-5.1%
Cash and equivalents
304
148
173
+104.8%
Receivables
398
339
311
+17.1%
Inventory
108
103
104
+4.9%
Other assets
300
221
120
+35.9%
Total assets
1,685
1,349
1,177
+24.9%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.