Revenue growth accelerated to 41.1% YoY in 2026Q2, with gross margin stable at 38.0%, while operating margin improved to -2.4% from -14.6% in 2024Q1, demonstrating cost discipline.
Xometry, Inc. (XMTR) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 807.53M | 686.63M | 545.53M | 463.41M | 380.92M | 218.34M | 141.41M | 80.23M |
| Revenue Growth % | 33.75% | 25.87% | 17.72% | 21.65% | 74.47% | 54.4% | 76.26% | - |
| Cost of Goods Sold | 494.62M | 417.86M | 329.9M | 285.15M | 234.93M | 161.19M | 108.12M | 65.49M |
| COGS % of Revenue | - | 60.86% | 60.47% | 61.53% | 61.67% | 73.83% | 76.46% | 81.63% |
| Gross Profit | 312.91M | 268.77M | 215.62M | 178.26M | 145.99M | 57.14M | 33.29M | 14.74M |
| Gross Margin % | 38.75% | 39.14% | 39.53% | 38.47% | 38.33% | 26.17% | 23.54% | 18.37% |
| Gross Profit Growth % | - | 24.65% | 20.96% | 22.1% | 155.49% | 71.67% | 125.88% | - |
| Operating Expenses | 343.51M | 314.29M | 271.77M | 251.84M | 223.08M | 115.83M | 62.5M | 45.28M |
| OpEx % of Revenue | - | 45.77% | 49.82% | 54.34% | 58.56% | 53.05% | 44.2% | 56.45% |
| Selling, General & Admin | 215.59M | 195.03M | 173.39M | 164.6M | 142.62M | 74.36M | 34.61M | 22.61M |
| SG&A % of Revenue | - | 28.4% | 31.78% | 35.52% | 37.44% | 34.06% | 24.48% | 28.19% |
| Research & Development | 49.02M | 46.79M | 39.32M | 34.46M | 31.01M | 17.78M | 12.19M | 10.64M |
| R&D % of Revenue | - | 6.81% | 7.21% | 7.44% | 8.14% | 8.14% | 8.62% | 13.26% |
| Other Operating Expenses | 4M | 72.46M | 59.06M | 52.77M | 49.45M | 23.68M | 15.7M | 12.03M |
| Operating Income | -30.58M | -45.52M | -56.15M | -73.58M | -77.09M | -58.69M | -29.22M | -30.55M |
| Operating Margin % | -3.79% | -6.63% | -10.29% | -15.88% | -20.24% | -26.88% | -20.66% | -38.08% |
| Operating Income Growth % | - | 18.94% | 23.69% | 4.56% | -31.36% | -100.87% | 4.36% | - |
| EBITDA | -14.01M | -26.77M | -38.68M | -62.84M | -69.27M | -55.09M | -26.1M | -28.7M |
| EBITDA Margin % | -1.74% | -3.9% | -7.09% | -13.56% | -18.19% | -25.23% | -18.45% | -35.78% |
| EBITDA Growth % | 56.64% | 30.8% | 38.45% | 9.29% | -25.74% | -111.11% | 9.08% | - |
| D&A (Non-Cash Add-back) | 14.73M | 18.75M | 17.47M | 10.74M | 7.82M | 3.6M | 3.12M | 1.85M |
| EBIT | -24.7M | -56.25M | -45.67M | -63.03M | -74.59M | -60.53M | -30M | -30.75M |
| Net Interest Income | 3.89M | 3.66M | 6.03M | 6.82M | -303K | 130K | -1.09M | -241K |
| Interest Income | 8.8M | 8.57M | 10.78M | 11.61M | 4.12M | 982K | 0 | 0 |
| Interest Expense | 4.91M | 4.91M | 4.75M | 4.78M | 4.42M | 852K | 1.09M | 241K |
| Other Income/Expense | 975K | -15.64M | 5.72M | 5.76M | -1.92M | -2.69M | -1.87M | -445K |
| Pretax Income | -29.61M | -61.16M | -50.42M | -67.82M | -79.01M | -61.38M | -31.09M | -30.99M |
| Pretax Margin % | -3.67% | -8.91% | -9.24% | -14.63% | -20.74% | -28.11% | -21.98% | -38.63% |
| Income Tax | 1.2M | 589K | -21K | -353K | 36K | 0 | 0 | 0 |
| Effective Tax Rate % | -4.05% | -0.96% | 0.04% | 0.52% | -0.05% | 0% | 0% | 0% |
| Net Income | -30.82M | -61.75M | -50.4M | -67.47M | -79.06M | -61.38M | -31.09M | -30.99M |
| Net Margin % | -3.82% | -8.99% | -9.24% | -14.56% | -20.75% | -28.11% | -21.98% | -38.63% |
| Net Income Growth % | 49.97% | -22.52% | 25.3% | 14.66% | -28.8% | -97.46% | -0.29% | - |
| Net Income (Continuing) | -30.81M | -61.75M | -50.4M | -67.47M | -79.04M | -61.38M | -31.09M | -30.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.15M | 1.14M | 1.14M | 1.12M | 1.09M | 1.03M | 0 | 0 |
| EPS (Diluted) | -0.58 | -1.22 | -1.03 | -1.41 | -1.61 | -1.32 | -0.90 | -0.70 |
| EPS Growth % | 51.22% | -18.45% | 26.95% | 12.42% | -22.43% | -46.19% | -28.5% | - |
| EPS (Basic) | - | -1.22 | -1.03 | -1.41 | -1.61 | -1.32 | -0.90 | -0.70 |
| Diluted Shares Outstanding | 53.07M | 50.81M | 49.08M | 47.91M | 47.16M | 46.67M | 44.34M | 44.34M |
| Basic Shares Outstanding | 53.07M | 50.81M | 49.08M | 47.91M | 47.16M | 46.67M | 44.34M | 44.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XMTR stock.
For fiscal year 2025, Xometry, Inc. (XMTR) reported total revenue of $686.6M. This represents a 755.8% increase compared to $80.2M in 2019.
Xometry, Inc. (XMTR) reported a net loss of $61.8M for the fiscal year ending 2025.
Xometry, Inc. (XMTR) reported an operating income of $-45.5M, resulting in an operating profit margin of -6.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Xometry, Inc. (XMTR) generated $268.8M in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and path to profitability
Metrics are mathematically derived from official filings.
Revenue Growth Accelerating on Strong Demand
Xometry's revenue growth accelerated to 41.1% year-over-year in 2026Q2, up from 35.9% in the prior quarter, according to the latest income statement data, indicating sustained marketplace momentum.
The sequential acceleration from 35.9% to 41.1% suggests that the company's digital manufacturing platform is gaining traction, possibly due to increased customer adoption and expanded supplier network. This growth rate is well above the peer VELO's 12.1%, highlighting Xometry's competitive position. However, investors should monitor whether this pace is sustainable as the base grows.
Gross Margin Stability Amidst Expansion
Gross margin remained relatively stable around 38-40% over the past ten quarters, with 2026Q2 at 38.0%, as reported in financial statements, suggesting pricing power is holding despite rapid growth.
The slight dip from 39.1% in 2025Q4 to 38.0% in 2026Q2 may reflect mix shifts or increased competition, but the range has been narrow, indicating that Xometry can maintain its take rate. This stability is crucial as the company scales, but any further compression could pressure the path to profitability.
Operating Leverage Emerging as Losses Narrow
Operating margin improved from -14.6% in 2024Q1 to -2.4% in 2026Q2, per income statement data, as revenue growth outpaced expense growth, demonstrating early operating leverage.
While still loss-making, the rapid improvement in operating margin—from -10.2% in 2025Q1 to -2.4% in 2026Q2—suggests that SG&A and R&D are scaling slower than revenue. This trend indicates that the business model can achieve profitability as growth continues, but the pace of improvement will depend on disciplined cost control.
Earnings Quality Clouded by SBC and One-Time Items
Net income in 2025Q2 included a -$26.4M loss, far worse than operating loss, likely due to non-operating charges, while stock-based compensation averaged $10M+ per quarter, as per reported figures, affecting EPS quality.
The discrepancy between operating and net income in 2025Q2 suggests one-time items or impairments, which investors should scrutinize. Additionally, SBC of $19.7M in 2026Q2 is substantial relative to revenue, diluting shareholders and masking true cash profitability. Adjusted metrics may present a more favorable picture, but the gap warrants attention.
Cost Discipline Drives Margin Expansion
SG&A as a percentage of revenue declined from 34.3% in 2024Q1 to 25.4% in 2026Q2, based on income statement data, while R&D remained around 5-6% of revenue, indicating improving cost efficiency.
The significant reduction in SG&A leverage suggests management is scaling back on discretionary spending or achieving economies of scale. R&D investment has been relatively flat, which may limit future innovation but supports near-term profitability. This cost discipline is a key driver of the narrowing losses.
Sustainability of Growth and Profitability Path
Despite accelerating revenue, Xometry's reliance on SBC and the need for continued high growth to reach profitability could be challenged, as short-sellers might argue that the 41% growth rate is not durable.
The company's valuation likely hinges on achieving sustained profitability, but the current operating margin of -2.4% is still negative. If growth decelerates or competition intensifies, the path to breakeven could lengthen. Moreover, the high SBC suggests that reported losses understate the true cash burn, which could strain the balance sheet if capital markets tighten.