Revenue growth accelerated to 15.6% YoY in 2026Q2, with gross margin expanding to 31.8% and operating margin reaching 9.6%, reflecting favorable mix and cost discipline.
DXP Enterprises, Inc. (DXPE) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.21B | 2.02B | 1.8B | 1.68B | 1.48B | 1.11B | 1.01B | 1.26B | 1.22B | 1.01B | 962.09M | 1.25B | 1.5B | 1.24B | 1.1B | 807M | 656.2M | 583.23M | 736.88M | 444.55M | 279.82M | 185.36M | 160.59M | 150.68M | 148.11M | 174.43M | 182.64M | 179.88M | 203.4M | 169.7M | 125.21M |
| Revenue Growth % | 12.9% | 11.89% | 7.35% | 13.36% | 32.94% | 10.81% | -20.52% | 4% | 20.8% | 4.65% | -22.85% | -16.85% | 20.79% | 13.16% | 35.95% | 22.98% | 12.51% | -20.85% | 65.76% | 58.87% | 50.96% | 15.43% | 6.57% | 1.74% | -15.09% | -4.5% | 1.54% | -11.56% | 19.86% | 35.53% | - |
| Cost of Goods Sold | 1.51B | 1.38B | 1.25B | 1.17B | 1.06B | 785.41M | 728.07M | 915.06M | 883.99M | 735.2M | 697.29M | 895.06M | 1.07B | 869.16M | 778.02M | 575.17M | 467.81M | 431.81M | 529.89M | 318.86M | 201.2M | 135.65M | 121.15M | 112.13M | 110.12M | 130.62M | 135.19M | 131.11M | 147.6M | 123.5M | 93.09M |
| COGS % of Revenue | - | 68.46% | 69.13% | 69.9% | 71.5% | 70.51% | 72.43% | 72.35% | 72.68% | 73.02% | 72.48% | 71.77% | 71.14% | 70.01% | 70.92% | 71.27% | 71.29% | 74.04% | 71.91% | 71.73% | 71.9% | 73.18% | 75.45% | 74.42% | 74.35% | 74.89% | 74.02% | 72.89% | 72.57% | 72.78% | 74.35% |
| Gross Profit | 698.77M | 635.93M | 556.28M | 505.29M | 422.04M | 328.51M | 277.2M | 349.79M | 332.21M | 271.58M | 264.8M | 351.99M | 432.84M | 372.35M | 319.09M | 231.84M | 188.4M | 151.41M | 206.99M | 125.69M | 78.62M | 49.71M | 39.43M | 38.55M | 37.98M | 43.8M | 47.45M | 48.77M | 55.8M | 46.2M | 32.12M |
| Gross Margin % | 31.58% | 31.54% | 30.87% | 30.1% | 28.5% | 29.49% | 27.57% | 27.65% | 27.32% | 26.98% | 27.52% | 28.23% | 28.86% | 29.99% | 29.08% | 28.73% | 28.71% | 25.96% | 28.09% | 28.27% | 28.1% | 26.82% | 24.55% | 25.58% | 25.65% | 25.11% | 25.98% | 27.11% | 27.43% | 27.22% | 25.65% |
| Gross Profit Growth % | - | 14.32% | 10.09% | 19.73% | 28.47% | 18.51% | -20.75% | 5.29% | 22.32% | 2.56% | -24.77% | -18.68% | 16.25% | 16.69% | 37.64% | 23.06% | 24.42% | -26.85% | 64.68% | 59.87% | 58.15% | 26.08% | 2.29% | 1.49% | -13.29% | -7.69% | -2.7% | -12.6% | 20.78% | 43.85% | - |
| Operating Expenses | 502.43M | 459.06M | 410.89M | 366.57M | 324.29M | 288.65M | 304.86M | 282.38M | 263.76M | 238.09M | 245.47M | 303.82M | 327.9M | 271.42M | 228.57M | 176.35M | 151.3M | 147.79M | 158.8M | 93.8M | 57.94M | 40.31M | 34.22M | 34.24M | 33.87M | 39.77M | 44.41M | 46.62M | 48.4M | 39.7M | 29.33M |
| OpEx % of Revenue | - | 22.77% | 22.8% | 21.84% | 21.9% | 25.91% | 30.33% | 22.32% | 21.69% | 23.65% | 25.51% | 24.36% | 21.86% | 21.86% | 20.83% | 21.85% | 23.06% | 25.34% | 21.55% | 21.1% | 20.71% | 21.75% | 21.31% | 22.72% | 22.87% | 22.8% | 24.32% | 25.92% | 23.8% | 23.39% | 23.43% |
| Selling, General & Admin | 501.67M | 459.06M | 410.89M | 366.57M | 324.29M | 288.65M | 244.98M | 282.38M | 263.76M | 238.09M | 245.47M | 303.82M | 327.9M | 271.42M | 228.57M | 176.35M | 151.3M | 147.79M | 158.8M | 93.8M | 57.94M | 40.31M | 34.22M | 34.24M | 33.87M | 39.77M | 42.47M | 44.6M | 46.6M | 38.4M | 29.33M |
| SG&A % of Revenue | - | 22.77% | 22.8% | 21.84% | 21.9% | 25.91% | 24.37% | 22.32% | 21.69% | 23.65% | 25.51% | 24.36% | 21.86% | 21.86% | 20.83% | 21.85% | 23.06% | 25.34% | 21.55% | 21.1% | 20.71% | 21.75% | 21.31% | 22.72% | 22.87% | 22.8% | 23.25% | 24.8% | 22.91% | 22.63% | 23.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 757K | 0 | 0 | 0 | 0 | 0 | 59.88M | 0 | 1.19M | 456K | 0 | -72K | -131K | 75K | 47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.95M | 2.02M | 1.8M | 1.3M | 0 |
| Operating Income | 197.1M | 176.87M | 145.38M | 138.72M | 97.75M | 39.86M | -27.67M | 67.41M | 68.45M | 33.49M | 19.33M | -27.92M | -12.63M | 100.92M | 90.52M | 55.48M | 37.09M | -49.33M | 48.19M | 31.89M | 20.68M | 9.4M | 5.21M | 4.31M | 4.12M | 4.03M | 3.04M | 2.15M | 7.4M | 6.5M | 2.79M |
| Operating Margin % | 8.91% | 8.77% | 8.07% | 8.26% | 6.6% | 3.58% | -2.75% | 5.33% | 5.63% | 3.33% | 2.01% | -2.24% | -0.84% | 8.13% | 8.25% | 6.88% | 5.65% | -8.46% | 6.54% | 7.17% | 7.39% | 5.07% | 3.24% | 2.86% | 2.78% | 2.31% | 1.66% | 1.2% | 3.64% | 3.83% | 2.22% |
| Operating Income Growth % | - | 21.66% | 4.8% | 41.91% | 145.26% | 244.05% | -141.04% | -1.52% | 104.39% | 73.24% | 169.25% | -121.06% | -112.51% | 11.49% | 63.15% | 49.59% | 175.19% | -202.37% | 51.11% | 54.23% | 119.89% | 80.53% | 20.89% | 4.66% | 2.06% | 32.74% | 41.28% | -70.93% | 13.85% | 133.39% | - |
| EBITDA | 244.01M | 215.72M | 178.79M | 168.83M | 126.25M | 67M | -4.99M | 92.59M | 94.61M | 61.28M | 49.33M | 5.33M | 22.45M | 122.58M | 108.6M | 65.57M | 46.66M | -37.86M | 59.18M | 32.88M | 22.43M | 10.39M | 6.2M | 5.37M | 5.28M | 5.42M | 4.98M | 4.17M | 9.2M | 7.8M | 3.75M |
| EBITDA Margin % | 11.03% | 10.7% | 9.92% | 10.06% | 8.53% | 6.01% | -0.5% | 7.32% | 7.78% | 6.09% | 5.13% | 0.43% | 1.5% | 9.87% | 9.9% | 8.12% | 7.11% | -6.49% | 8.03% | 7.4% | 8.02% | 5.61% | 3.86% | 3.56% | 3.56% | 3.1% | 2.73% | 2.32% | 4.52% | 4.6% | 2.99% |
| EBITDA Growth % | 17.42% | 20.66% | 5.9% | 33.72% | 88.44% | 1444.03% | -105.38% | -2.14% | 54.41% | 24.23% | 825.96% | -76.27% | -81.69% | 12.87% | 65.64% | 40.52% | 223.25% | -163.96% | 79.99% | 46.59% | 115.82% | 67.62% | 15.54% | 1.71% | -2.55% | 8.65% | 19.61% | -54.71% | 17.95% | 108.06% | - |
| D&A (Non-Cash Add-back) | 46.91M | 38.85M | 33.41M | 30.11M | 28.5M | 27.14M | 22.68M | 25.17M | 26.16M | 27.79M | 29.99M | 33.24M | 35.08M | 21.66M | 18.08M | 10.08M | 9.57M | 11.48M | 10.99M | 990K | 1.75M | 990K | 992K | 1.06M | 1.16M | 1.38M | 1.95M | 2.02M | 1.8M | 1.3M | 964K |
| EBIT | 200.26M | 179.75M | 148.9M | 140.08M | 95.04M | 40.27M | -27.74M | 67.46M | 73.28M | 33.95M | 25.24M | -27.99M | -12.76M | 101M | 90.57M | 55.51M | 37.34M | -49.24M | 48.41M | 31.89M | 20.68M | 9.4M | 5.21M | 4.31M | 4.12M | 4.03M | 3.04M | 2.9M | 8.14M | 6.43M | 2.79M |
| Net Interest Income | -65.16M | -60.53M | -59.16M | -53.15M | -28.94M | -21.09M | -20.57M | -19.5M | -20.94M | -17.05M | -15.56M | -10.93M | -12.8M | -6.28M | -5.56M | -3.52M | -5.21M | -5.25M | -6.13M | -3.34M | -1.94M | -1M | -924K | -1.18M | -1.63M | -2.48M | -3.75M | 0 | -3.7M | 0 | -2.1M |
| Interest Income | 1.29M | 0 | 4.77M | 0 | 191K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 66.45M | 60.53M | 63.93M | 53.15M | 29.14M | 21.09M | 20.57M | 19.5M | 20.94M | 17.05M | 15.56M | 10.93M | 12.8M | 6.28M | 5.56M | 3.52M | 5.21M | 5.25M | 6.13M | 3.34M | 1.94M | 1M | 924K | 1.18M | 1.63M | 2.48M | 3.75M | 0 | 3.7M | 0 | 2.1M |
| Other Income/Expense | -63.29M | -57.65M | -60.41M | -51.79M | -31.85M | -20.68M | -20.64M | -19.45M | -19.75M | -16.6M | -9.66M | -11M | -130.5M | -6.21M | -5.51M | -3.49M | -4.96M | -5.15M | -5.91M | -3M | -1.27M | -789K | -825K | -1.11M | -1.48M | -2.43M | -12.07M | -2.48M | -3.14M | -1.76M | -1.15M |
| Pretax Income | 133.81M | 119.22M | 84.97M | 86.93M | 65.9M | 19.18M | -48.31M | 47.96M | 48.71M | 16.89M | 9.67M | -38.92M | -25.56M | 94.72M | 85.01M | 51.99M | 32.13M | -54.48M | 42.28M | 28.9M | 19.4M | 8.62M | 4.38M | 3.2M | 2.63M | 1.6M | -9.03M | 415K | 4.9M | 4.7M | 1.64M |
| Pretax Margin % | 6.05% | 5.91% | 4.72% | 5.18% | 4.45% | 1.72% | -4.81% | 3.79% | 4% | 1.68% | 1.01% | -3.12% | -1.7% | 7.63% | 7.75% | 6.44% | 4.9% | -9.34% | 5.74% | 6.5% | 6.93% | 4.65% | 2.73% | 2.12% | 1.78% | 0.92% | -4.94% | 0.23% | 2.41% | 2.77% | 1.31% |
| Income Tax | 35.41M | 30.55M | 14.48M | 18.12M | 17.8M | 3.43M | -18.7M | 11.19M | 13.19M | 363K | 2.52M | 150K | 19.68M | 34.48M | 34.02M | 20.56M | 12.75M | -12.07M | 16.4M | 11.55M | 7.48M | 3.15M | 1.6M | 1.13M | 1.01M | 671K | -1.67M | 533K | 2.1M | 1.9M | 745K |
| Effective Tax Rate % | 26.46% | 25.62% | 17.04% | 20.84% | 27.01% | 17.89% | 38.7% | 23.34% | 27.07% | 2.15% | 26.08% | -0.39% | -77.02% | 36.4% | 40.02% | 39.54% | 39.68% | 22.15% | 38.78% | 39.97% | 38.56% | 36.54% | 36.59% | 35.28% | 38.51% | 41.94% | 18.53% | 128.43% | 42.86% | 40.43% | 45.57% |
| Net Income | 98.38M | 88.68M | 70.49M | 68.81M | 48.16M | 16.5M | -29.27M | 37.02M | 35.63M | 16.89M | 7.7M | -38.54M | -45.24M | 60.24M | 50.98M | 31.44M | 19.38M | -42.41M | 25.89M | 17.35M | 11.92M | 5.47M | 2.78M | 2.07M | -110K | 929K | -7.36M | -118K | 2.8M | 2.8M | 890K |
| Net Margin % | 4.45% | 4.4% | 3.91% | 4.1% | 3.25% | 1.48% | -2.91% | 2.93% | 2.93% | 1.68% | 0.8% | -3.09% | -3.02% | 4.85% | 4.65% | 3.9% | 2.95% | -7.27% | 3.51% | 3.9% | 4.26% | 2.95% | 1.73% | 1.37% | -0.07% | 0.53% | -4.03% | -0.07% | 1.38% | 1.65% | 0.71% |
| Net Income Growth % | 12.83% | 25.8% | 2.44% | 42.9% | 191.92% | 156.36% | -179.05% | 3.91% | 110.99% | 119.27% | 119.99% | 14.82% | -175.1% | 18.15% | 62.18% | 62.21% | 145.7% | -263.84% | 49.23% | 45.5% | 118.07% | 96.65% | 34.36% | 1980.91% | -111.84% | 112.63% | -6135.59% | -104.21% | 0% | 214.61% | - |
| Net Income (Continuing) | 98.38M | 88.68M | 70.49M | 68.81M | 48.1M | 15.75M | -29.62M | 36.77M | 38.23M | 16.53M | 7.15M | -39.07M | -45.24M | 60.24M | 50.98M | 31.44M | 19.38M | -42.41M | 25.89M | 17.35M | 11.92M | 5.47M | 2.78M | 2.07M | 1.62M | 929K | -7.36M | -118K | 2.87M | 2.77M | 890K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 53K | 798K | 1.15M | 1.41M | 567K | 926K | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 12K | 12K | 30K | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.02 | 5.36 | 4.22 | 3.89 | 2.47 | 0.83 | -1.65 | 2.00 | 1.94 | 0.93 | 0.44 | -2.67 | -2.92 | 3.94 | 3.35 | 2.08 | 1.32 | -3.23 | 1.87 | 1.36 | 1.04 | 0.47 | 0.25 | 0.21 | -0.01 | 0.11 | -0.90 | -0.01 | 0.26 | 0.25 | 0.08 |
| EPS Growth % | 13.85% | 27.01% | 8.48% | 57.49% | 197.59% | 150.3% | -182.5% | 3.09% | 108.6% | 111.36% | 116.48% | 8.56% | -174.11% | 17.61% | 61.06% | 57.58% | 140.87% | -272.73% | 37.5% | 30.77% | 121.28% | 88% | 19.05% | 1655.56% | -112.27% | 112.22% | -6106.9% | -105.58% | 4% | 212.5% | - |
| EPS (Basic) | - | 5.65 | 4.44 | 4.08 | 2.58 | 0.87 | -1.65 | 2.10 | 2.03 | 0.97 | 0.44 | -2.67 | -3.15 | 4.17 | 3.54 | 2.19 | 1.40 | -3.23 | 1.99 | 1.47 | 1.17 | 0.62 | 0.34 | 0.25 | -0.01 | 0.11 | -0.90 | -0.01 | 0.34 | 0.33 | 0.08 |
| Diluted Shares Outstanding | 16.35M | 16.43M | 16.7M | 17.71M | 19.47M | 19.79M | 17.75M | 18.43M | 18.39M | 18.24M | 17.2M | 14.42M | 15.48M | 15.28M | 15.21M | 15.14M | 14.82M | 13.12M | 13.87M | 12.69M | 11.46M | 11.58M | 11.02M | 9.84M | 8.14M | 9.01M | 8.14M | 8.15M | 11.19M | 11.41M | 8.62M |
| Basic Shares Outstanding | 15.51M | 15.6M | 15.86M | 16.87M | 18.63M | 18.95M | 17.75M | 17.59M | 17.55M | 17.32M | 17.2M | 14.41M | 14.38M | 14.44M | 14.37M | 14.3M | 13.82M | 13.12M | 12.95M | 11.7M | 11.46M | 11.58M | 8.05M | 8.14M | 8.14M | 8.14M | 8.14M | 8.15M | 8.32M | 8.16M | 8.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.15% | 0.18% | 0.29% | 0.46% | - | 0.35% | - | - | - | - | 4.35% | - | 9.69% | - | - | 3.21% | 3.68% | 13.37% |
Quick answers to the most common questions about buying DXPE stock.
For fiscal year 2025, DXP Enterprises, Inc. (DXPE) reported total revenue of $2.02B. This represents a 1510.4% increase compared to $125.2M in 1996.
DXP Enterprises, Inc. (DXPE) is profitable, generating $88.7M in net income for the fiscal year ending 2025 with a net profit margin of 4.4%.
DXP Enterprises, Inc. (DXPE) reported an operating income of $176.9M, resulting in an operating profit margin of 8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
DXP Enterprises, Inc. (DXPE) generated $635.9M in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Energy capex cyclicality and leverage
Metrics are mathematically derived from official filings.
Double-Digit Growth Momentum
DXPE's revenue grew 11.9% YoY in the latest quarter, accelerating from 4.1% in 2024Q2, according to reported financials, suggesting robust industrial demand and pricing power.
The sequential acceleration from 4.1% to 15.6% YoY growth over the past year indicates a strengthening demand environment, likely driven by energy and industrial end-markets. The consistent double-digit growth in recent quarters suggests that the company is capturing both volume and price benefits, though sustainability depends on continued capex cycles.
Gross Margin Expansion Stabilizes
Gross margin improved from 30.0% in 2024Q1 to 31.8% in 2026Q2, as per income statement data, reflecting a favorable mix shift toward higher-margin engineered solutions.
The 180 basis point expansion in gross margin over the period indicates that DXPE is successfully shifting toward value-added services and products, likely within the IPS segment. This margin resilience, despite inflationary pressures, suggests pricing power and a differentiated product mix compared to pure-play distributors.
Operating Leverage Emerging
Operating income grew 20.7% YoY in 2026Q2, outpacing revenue growth of 15.6%, as reported in financial statements, indicating SG&A efficiency gains.
The operating margin expanded from 8.5% in 2024Q2 to 9.6% in 2026Q2, demonstrating that SG&A costs are growing slower than revenue. This suggests that the company is leveraging its existing infrastructure and service center network, which could drive further margin expansion if growth persists.
EPS Growth Outpaces Net Income
Diluted EPS grew 23.1% YoY in 2026Q2, exceeding net income growth of 21.6%, based on reported figures, likely aided by share repurchases or lower share count.
The EPS growth outpacing net income suggests that the company has been reducing its share count, which enhances shareholder returns. However, the modest stock-based compensation of $1.5M in the quarter indicates limited dilution, supporting the quality of reported EPS.
SG&A Discipline Drives Margin
SG&A as a percentage of revenue declined from 22.3% in 2024Q1 to 22.1% in 2026Q2, as per income statement data, reflecting cost control despite revenue growth.
The slight improvement in SG&A efficiency, combined with stable gross margins, indicates that management is effectively managing overhead costs. This discipline is critical in a cyclical industry, as it provides a buffer against potential revenue downturns.
Cyclicality and Leverage Risks
Despite strong growth, DXPE's high exposure to energy capex and a debt-to-equity ratio of 1.97% could amplify downside risks if industrial activity slows, as per balance sheet data.
The company's revenue is heavily tied to North American energy and industrial production, making it vulnerable to cyclical downturns. The elevated leverage, though lower than historical norms, may limit financial flexibility in a downturn. Investors should monitor energy capex trends and the company's ability to maintain margins if demand softens.