Xpel (XPEL) FY2025 results: revenue $476 million, up 13.3% on the year
Xpel, Inc. (XPEL) reported revenue of $476 million for fiscal 2025, the year ended 31 December 2025, up 13.3% on the year before. Net income was $51 million, up 12.6%, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$476 million
+13.3% on the year
FY2018FY2025
Operating margin
13.2%
14.1% a year earlier
FY2018FY2025
Net income
$51 million
+12.6% on the year
FY2018FY2025
Diluted EPS
$1.85
+12.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new.
Fourth-quarter revenue up 13.7%: Revenue reached $122.3 million, up from $107.5 million a year earlier.
Net income and diluted EPS rose: Net income attributable to stockholders was $13.4 million, or $0.48 per diluted share, against $8.9 million, or $0.32, a year earlier.
EBITDA rose 37.6% to $19.6M: EBITDA was $19.6 million, or 16.0% of revenue, against $14.3 million, or 13.3% of revenue, a year earlier.
China and Asia Pacific grew fastest: China revenue rose 51.9% to $14.0 million, and Asia Pacific rose 33.8%. Excluding China, total revenue grew 10.1%.
Quarterly gross margin rose to 41.9%: Gross margin was 41.9% in the quarter, against 40.6% a year earlier.
$ 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
66.9
47.8
37.4
+40.0%
Capital expenditure
4.0
6.7
6.4
-40.3%
Free cash flow
62.9
41.1
31.0
+53.1%
Free cash flow margin
13.2%
9.8%
7.8%
Cash from investing
-33.8
-18.4
-26.4
Cash from financing
-3.7
-19.3
-7.3
Depreciation and amortisation
13.3
11.7
9.6
+13.3%
Share-based compensation
2.8
3.2
1.6
-13.9%
Buybacks
3.0
0.0
0.0
Diluted shares, weighted
28m
28m
28m
+0.1%
Shares outstanding at period end
28m
28m
28m
-0.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
280
225
180
+24.3%
Non-controlling interest
4.9
0.0
n/a
Short-term borrowings
0.1
n/a
n/a
Debt
0.0
0.2
19.4
Operating lease liabilities
16.7
16.1
12.7
+3.6%
Other liabilities
80.6
43.8
40.0
+84.0%
Total liabilities and equity
383
286
252
+33.9%
Fixed assets
15.8
17.7
17.0
-10.9%
Goodwill
59.3
44.1
37.5
+34.3%
Intangible assets
49.6
34.6
34.9
+43.6%
Cash and equivalents
50.9
22.1
11.6
+130.3%
Receivables
49.8
29.1
24.1
+71.0%
Inventory
123
111
107
+10.7%
Other assets
34.4
27.0
20.5
+27.1%
Total assets
383
286
252
+33.9%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.