Revenue growth re-accelerated to 39.7% in 2026Q3 with gross margin near 39.1%, yet operating margin of 0.0% and a net margin of 0.8% indicate that profitability remains marginal despite scale.
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 | 879.25M | 686.63M | 545.53M | 463.41M | 380.92M | 218.34M | 141.41M | 80.23M |
| Revenue Growth % | 36.79% | 25.87% | 17.72% | 21.65% | 74.47% | 54.4% | 76.26% | - |
| Cost of Goods Sold | 539.7M | 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 | 339.56M | 268.77M | 215.62M | 178.26M | 145.99M | 57.14M | 33.29M | 14.74M |
| Gross Margin % | 38.62% | 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 | 359.04M | 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 | 222.92M | 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 | 52.6M | 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 | -19.47M | -45.52M | -56.15M | -73.58M | -77.09M | -58.69M | -29.22M | -30.55M |
| Operating Margin % | -2.21% | -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 | 2.49M | -26.77M | -43.14M | -62.84M | -69.27M | -55.09M | -26.1M | -28.7M |
| EBITDA Margin % | 0.28% | -3.9% | -7.91% | -13.56% | -18.19% | -25.23% | -18.45% | -35.78% |
| EBITDA Growth % | 108.28% | 37.95% | 31.35% | 9.29% | -25.74% | -111.11% | 9.08% | - |
| D&A (Non-Cash Add-back) | 21.96M | 18.75M | 13.01M | 10.74M | 7.82M | 3.6M | 3.12M | 1.85M |
| EBIT | -10.46M | -56.25M | -45.67M | -63.03M | -74.59M | -60.53M | -30M | -30.75M |
| Net Interest Income | 6.21M | 3.66M | 6.03M | 6.82M | -303K | 130K | -1.09M | -241K |
| Interest Income | 11.1M | 8.57M | 10.78M | 11.61M | 4.12M | 982K | 0 | 0 |
| Interest Expense | 4.89M | 4.91M | 4.75M | 4.78M | 4.42M | 852K | 1.09M | 241K |
| Other Income/Expense | 4.11M | -15.64M | 5.72M | 5.76M | -1.92M | -2.69M | -1.87M | -445K |
| Pretax Income | -15.36M | -61.16M | -50.42M | -67.82M | -79.01M | -61.38M | -31.09M | -30.99M |
| Pretax Margin % | -1.75% | -8.91% | -9.24% | -14.63% | -20.74% | -28.11% | -21.98% | -38.63% |
| Income Tax | 1.92M | 589K | -21K | -353K | 36K | 0 | 0 | 0 |
| Effective Tax Rate % | -12.5% | -0.96% | 0.04% | 0.52% | -0.05% | 0% | 0% | 0% |
| Net Income | -17.29M | -61.75M | -50.4M | -67.47M | -79.06M | -61.38M | -31.09M | -30.99M |
| Net Margin % | -1.97% | -8.99% | -9.24% | -14.56% | -20.75% | -28.11% | -21.98% | -38.63% |
| Net Income Growth % | 72.56% | -22.52% | 25.3% | 14.66% | -28.8% | -97.46% | -0.29% | - |
| Net Income (Continuing) | -17.28M | -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 | 1.14M | 1.14M | 1.14M | 1.12M | 1.09M | 1.03M | 0 | 0 |
| EPS (Diluted) | -0.29 | -1.22 | -1.03 | -1.41 | -1.61 | -1.32 | -0.90 | -0.70 |
| EPS Growth % | 72.8% | -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 | 60.46M | 50.81M | 49.08M | 47.91M | 47.16M | 46.67M | 44.34M | 44.34M |
| Basic Shares Outstanding | 57.33M | 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
Margin dependence on scale
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerates Through 2026
According to reported figures, Xometry's revenue grew 39.7% year over year to $252.4M in 2026Q3, reversing a trough of 15.9% in 2024Q4 and suggesting growth has re-accelerated over the past several quarters rather than merely stabilizing.
The sequence of year-over-year growth rates, rising from roughly 16% to above 39%, indicates demand expansion that outpaces the earlier deceleration phase. Investors should determine whether this reflects marketplace volume gains, pricing, or a larger contribution from acquisitions, since the supplied data does not separate these drivers. Durability of a near-40% growth rate at a $250M quarterly revenue base warrants close monitoring.
Gross Margin Holds Near 38-40%
Based on Xometry's reported quarterly figures, gross margin has stayed in a tight 37.3% to 40.1% band across the ten quarters shown, with 39.1% in 2026Q3, indicating consistent unit economics despite rapid top-line scaling.
A stable gross margin during a period of accelerating revenue suggests the marketplace model is not sacrificing pricing discipline to win volume. The narrow range also implies limited cyclicality at the gross profit line, though the data alone does not reveal pricing power relative to peers. Sustained margins near 39% would be consistent with a mature marketplace take rate, but the source of that stability is not disclosed in the supplied figures.
Operating Breakeven Achieved Through Overhead Scaling
As reported in financial statements, Xometry moved from an operating margin of -11.5% in 2024Q2 to roughly breakeven at 0.0% in 2026Q3, with SG&A held near $52-59M per quarter while revenue nearly doubled.
Operating income improvement with SG&A remaining relatively flat in dollar terms indicates meaningful operating leverage, as incremental gross profit is flowing largely to the operating line. This pattern suggests the cost base has been absorbed by growth, though a single quarter at breakeven does not confirm a durable profit trajectory. Investors should watch whether SG&A growth remains below revenue growth in future periods.
Net Income Turns Positive on Thin Margin
Based on reported figures, Xometry posted net income of $1.9M in 2026Q3 after several quarters of losses, but this equates to a net margin of only 0.8% and EPS of $0.03 that relies on a fragile base.
The move to positive net income is small relative to revenue, and the prior quarter's loss of -$5.3M shows the result is not yet consistent. Stock-based compensation of $11.3M in the quarter is substantial relative to operating income of $57K, suggesting that SBC absorbs much of the operating improvement. Investors should assess whether reported profitability holds once SBC is treated as a real economic cost.
Profitability Still Hinges on Stock Compensation
The strongest challenge to the narrative is that Xometry's roughly breakeven operating income in 2026Q3 of $57K is smaller than its $11.3M quarterly stock-based compensation, which may indicate that underlying profitability has not yet been demonstrated.
If SBC is excluded from the analysis, the company's reported profit improvement is largely a reclassification of equity cost rather than cash-generating operating strength. Margin compression risk also exists if growth requires increased marketing or pricing concessions, though the supplied data does not show this directly. The short thesis would focus on whether near-40% growth can persist without eroding the gross margin band that currently underpins the trajectory.