Revenue reached $137.8M in 2026Q3 with gross margin of 44.6%, but operating margin compressed to 15.3% from 17.5% in 2024Q2 as SG&A rose to $40.4M.
XPEL, Inc. (XPEL) annual income statement — 23-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 |
|---|
| Sales/Revenue | 520.48M | 476.2M | 420.4M | 396.29M | 323.99M | 259.26M | 158.92M | 129.93M | 109.92M | 67.3M | 51.76M | 41.47M | 29.63M | 17.9M | 10.67M | 6.04M | 4.13M | 3.83M | 7.78M | 5.86M | 3.39M | 3.04M | 2.59M | 2.02M |
| Revenue Growth % | 12.79% | 13.27% | 6.08% | 22.32% | 24.97% | 63.14% | 22.31% | 18.21% | 63.34% | 30.02% | 24.81% | 39.96% | 65.54% | 67.74% | 76.62% | 46.29% | 7.7% | -50.69% | 32.77% | 72.63% | 11.46% | 17.3% | 28.62% | - |
| Cost of Goods Sold | 293.42M | 275.18M | 243.04M | 233.88M | 196.48M | 166.59M | 104.9M | 86.43M | 76.48M | 50.61M | 37.74M | 29.15M | 20.37M | 12.15M | 7.04M | 3.53M | 1.9M | 1.63M | 3.5M | 2.45M | 1.31M | 1.28M | 1.3M | 840.52K |
| COGS % of Revenue | - | 57.79% | 57.81% | 59.02% | 60.64% | 64.25% | 66.01% | 66.52% | 69.58% | 75.21% | 72.92% | 70.3% | 68.76% | 67.9% | 65.94% | 58.37% | 46.02% | 42.49% | 45.05% | 41.86% | 38.62% | 42.01% | 50.2% | 41.66% |
| Gross Profit | 227.06M | 201.02M | 177.36M | 162.41M | 127.51M | 92.68M | 54.02M | 43.51M | 33.44M | 16.68M | 14.01M | 12.32M | 9.26M | 5.75M | 3.63M | 2.52M | 2.23M | 2.21M | 4.27M | 3.4M | 2.08M | 1.77M | 1.29M | 1.18M |
| Gross Margin % | 43.63% | 42.21% | 42.19% | 40.98% | 39.36% | 35.75% | 33.99% | 33.48% | 30.42% | 24.79% | 27.08% | 29.7% | 31.24% | 32.1% | 34.06% | 41.63% | 53.98% | 57.51% | 54.95% | 58.14% | 61.38% | 57.99% | 49.8% | 58.34% |
| Gross Profit Growth % | - | 13.34% | 9.2% | 27.37% | 37.59% | 71.54% | 24.18% | 30.12% | 100.41% | 19.05% | 13.79% | 33.05% | 61.11% | 58.08% | 44.49% | 12.83% | 1.08% | -48.39% | 25.5% | 63.5% | 17.98% | 36.6% | 9.8% | - |
| Operating Expenses | 154.28M | 138.37M | 118.21M | 95.44M | 73.58M | 52.56M | 30.66M | 26.42M | 21.63M | 14.47M | 10.76M | 9.71M | 6.46M | 3.7M | 2.56M | 1.9M | 1.9M | 2.03M | 5.42M | 4.21M | 3.39M | 2.49M | 1.93M | 1.21M |
| OpEx % of Revenue | - | 29.06% | 28.12% | 24.08% | 22.71% | 20.27% | 19.29% | 20.33% | 19.68% | 21.51% | 20.79% | 23.41% | 21.82% | 20.69% | 24% | 31.49% | 46.04% | 52.98% | 69.67% | 71.95% | 100.01% | 81.66% | 74.28% | 60% |
| Selling, General & Admin | 154.28M | 138.37M | 118.21M | 95.44M | 73.58M | 52.56M | 30.66M | 26.42M | 21.63M | 14.47M | 10.02M | 9.25M | 6.28M | 3.61M | 2.5M | 1.85M | 1.57M | 1.68M | 4.94M | 3.99M | 3.08M | 2.22M | 1.67M | 1.08M |
| SG&A % of Revenue | - | 29.06% | 28.12% | 24.08% | 22.71% | 20.27% | 19.29% | 20.33% | 19.68% | 21.51% | 19.35% | 22.31% | 21.19% | 20.18% | 23.46% | 30.6% | 38.03% | 43.79% | 63.58% | 68.12% | 90.64% | 73% | 64.19% | 53.49% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 360.4K | 280.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 218.59K | 198.71K | 110.38K | 109.19K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 0.87% | 0.95% | - | - | - | - | - | - | - | 6.44% | 6.53% | 4.25% | 5.41% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 745.25K | 0 | 186.26K | 90.17K | 57.1K | 53.42K | 1.9M | 352.39K | 473.93K | 224.34K | 99.21K | 65.07K | 151.45K | 22.16K |
| Operating Income | 72.78M | 62.65M | 59.15M | 66.97M | 53.94M | 40.12M | 23.37M | 17.09M | 11.81M | 2.21M | 3.25M | 2.61M | 2.79M | 2.04M | 1.07M | 612.98K | 327.91K | 174.06K | -1.14M | -843.2K | -1.45M | -742.86K | -655.24K | -40.49K |
| Operating Margin % | 13.98% | 13.16% | 14.07% | 16.9% | 16.65% | 15.47% | 14.71% | 13.15% | 10.74% | 3.29% | 6.28% | 6.29% | 9.42% | 11.41% | 10.06% | 10.15% | 7.94% | 4.54% | -14.72% | -14.4% | -42.76% | -24.41% | -25.25% | -2.01% |
| Operating Income Growth % | - | 5.92% | -11.68% | 24.17% | 34.45% | 71.66% | 36.77% | 44.73% | 433.84% | -32.01% | 24.7% | -6.59% | 36.68% | 90.26% | 75.17% | 86.94% | 88.38% | 115.21% | -35.76% | 41.88% | -95.29% | -13.37% | -1518.16% | - |
| EBITDA | 88.21M | 75.9M | 70.84M | 76.56M | 61.77M | 44.5M | 25.6M | 18.78M | 13.18M | 3.34M | 4.39M | 3.5M | 3.27M | 2.43M | 1.43M | 951.73K | 658.82K | 529.06K | -687.79K | -607.13K | -1.35M | -677.79K | -503.79K | -18.33K |
| EBITDA Margin % | 16.95% | 15.94% | 16.85% | 19.32% | 19.07% | 17.17% | 16.11% | 14.46% | 11.99% | 4.97% | 8.49% | 8.44% | 11.03% | 13.56% | 13.38% | 15.75% | 15.95% | 13.8% | -8.84% | -10.37% | -39.84% | -22.27% | -19.41% | -0.91% |
| EBITDA Growth % | 22.46% | 7.14% | -7.47% | 23.95% | 38.8% | 73.84% | 36.28% | 42.47% | 294.33% | -23.88% | 25.52% | 7.04% | 34.73% | 69.94% | 50.03% | 44.46% | 24.53% | 176.92% | -13.29% | 55.08% | -99.4% | -34.54% | -2648.01% | - |
| D&A (Non-Cash Add-back) | 15.42M | 13.25M | 11.7M | 9.59M | 7.83M | 4.39M | 2.23M | 1.7M | 1.38M | 1.13M | 1.14M | 891.37K | 477.2K | 383.75K | 354.15K | 338.75K | 330.91K | 355K | 456.92K | 236.08K | 99.21K | 65.07K | 151.45K | 22.16K |
| EBIT | 73.5M | 64.14M | 57.77M | 67.28M | 53.38M | 39.74M | 23.05M | 17.05M | 11.65M | 2.48M | 3.25M | 2.66M | 2.79M | 2.04M | 1.08M | 613.27K | 240.26K | -533.08K | -1.94M | -731.45K | -1.31M | -720.61K | -635.15K | -33.59K |
| Net Interest Income | -675K | -83K | -996K | -1.25M | -1.41M | -303K | -249K | -96.65K | -168.39K | -328.4K | -223.04K | -224.64K | -36.75K | -6.77K | -1.42K | -4.33K | -15.51K | -33.34K | -48.25K | -34.2K | -40.18K | -22.26K | -20.09K | -6.9K |
| Interest Income | 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 | 675K | 83K | 996K | 1.25M | 1.41M | 303K | 249K | 96.65K | 168.39K | 328.4K | 223.04K | 224.64K | 36.75K | 6.77K | 1.42K | 4.33K | 15.51K | 33.34K | 48.25K | 34.2K | 40.18K | 22.26K | 20.09K | 6.9K |
| Other Income/Expense | 844K | 1.41M | -2.37M | -941K | -1.97M | -676K | -565K | -136.92K | -324.7K | -62.95K | -222.98K | -174.22K | -39.63K | -8.63K | 3.44K | -4.03K | -103.16K | -33.02K | -67.69K | 77.55K | 0 | 0 | 0 | 0 |
| Pretax Income | 73.63M | 64.06M | 56.78M | 66.03M | 51.97M | 39.44M | 22.8M | 16.95M | 11.48M | 2.15M | 3.03M | 2.43M | 2.75M | 2.03M | 1.08M | 608.95K | 224.75K | 141.05K | -1.19M | -843.2K | -1.55M | 0 | 0 | 0 |
| Pretax Margin % | 14.15% | 13.45% | 13.51% | 16.66% | 16.04% | 15.21% | 14.35% | 13.05% | 10.45% | 3.19% | 5.85% | 5.87% | 9.29% | 11.37% | 10.09% | 10.08% | 5.44% | 3.68% | -15.34% | -14.4% | -45.71% | - | - | - |
| Income Tax | 14.45M | 12.47M | 11.29M | 13.23M | 10.58M | 7.87M | 4.52M | 2.96M | 2.76M | 1.15M | 866.08K | 963.38K | -317.48K | 714K | -85K | -206.94K | -201.06K | 0 | 16.48K | -19.29K | 140.32K | 22.26K | 20.09K | 6.9K |
| Effective Tax Rate % | 19.63% | 19.47% | 19.88% | 20.04% | 20.37% | 19.96% | 19.83% | 17.44% | 24.04% | 53.72% | 28.59% | 39.58% | -11.53% | 35.1% | -7.89% | -33.98% | -89.46% | 0% | -1.38% | 2.29% | -9.05% | - | - | - |
| Net Income | 58.13M | 51.23M | 45.49M | 52.8M | 41.38M | 31.57M | 18.28M | 13.98M | 8.71M | 1.05M | 2.22M | 1.55M | 3.1M | 1.32M | 1.16M | 815.89K | 425.81K | -566.41K | -3.92M | -823.91K | -1.45M | -742.86K | -655.24K | -40.49K |
| Net Margin % | 11.17% | 10.76% | 10.82% | 13.32% | 12.77% | 12.18% | 11.5% | 10.76% | 7.93% | 1.56% | 4.28% | 3.75% | 10.45% | 7.38% | 10.89% | 13.5% | 10.31% | -14.77% | -50.38% | -14.07% | -42.76% | -24.41% | -25.25% | -2.01% |
| Net Income Growth % | 24.45% | 12.61% | -13.85% | 27.59% | 31.09% | 72.67% | 30.79% | 60.43% | 731.88% | -52.73% | 42.52% | -49.81% | 134.58% | 13.6% | 42.45% | 91.61% | 175.18% | 85.54% | -375.53% | 43.21% | -95.29% | -13.37% | -1518.16% | - |
| Net Income (Continuing) | 59.18M | 51.59M | 45.49M | 52.8M | 41.38M | 31.57M | 18.28M | 14M | 8.72M | 994.33K | 2.16M | 1.47M | 3.07M | 1.32M | 1.16M | 815.89K | 425.81K | 141.05K | -1.99M | -747.05K | -1.45M | -742.86K | -655.24K | -40.49K |
| 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 |
| Minority Interest | 12.8M | 4.9M | 0 | 0 | 0 | 0 | 0 | -168.68K | -190.03K | -108.18K | -55.18K | -3.18K | 87.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.10 | 1.85 | 1.65 | 1.91 | 1.50 | 1.14 | 0.66 | 0.51 | 0.32 | 0.04 | 0.08 | 0.06 | 0.12 | 0.05 | 0.05 | 0.03 | 0.02 | -0.02 | -0.15 | -0.03 | -0.07 | -0.04 | -0.04 | -0.00 |
| EPS Growth % | 23.67% | 12.12% | -13.61% | 27.33% | 31.58% | 72.73% | 29.41% | 59.38% | 700% | -52.38% | 47.37% | -52.5% | 140% | 0% | 66.67% | 50% | 190.91% | 85.33% | -329.8% | 50.14% | -91.26% | -1.95% | - | - |
| EPS (Basic) | - | 1.85 | 1.65 | 1.91 | 1.50 | 1.14 | 0.66 | 0.51 | 0.32 | 0.04 | 0.08 | 0.06 | 0.12 | 0.05 | 0.05 | 0.03 | 0.02 | -0.02 | -0.15 | -0.03 | -0.07 | -0.04 | -0.04 | -0.00 |
| Diluted Shares Outstanding | 27.64M | 27.68M | 27.64M | 27.63M | 27.62M | 27.61M | 27.61M | 27.61M | 27.61M | 27.33M | 25.78M | 25.78M | 25.78M | 25.78M | 25.78M | 25.78M | 25.72M | 25.72M | 25.89M | 23.63M | 20.72M | 20.31M | 18.24M | 18.18M |
| Basic Shares Outstanding | 27.54M | 27.66M | 27.64M | 27.62M | 27.61M | 27.61M | 27.61M | 27.61M | 27.61M | 27.33M | 25.78M | 25.78M | 25.78M | 25.78M | 25.78M | 25.78M | 25.72M | 25.72M | 25.89M | 23.63M | 20.72M | 20.31M | 18.24M | 18.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XPEL stock.
For fiscal year 2025, XPEL, Inc. (XPEL) reported total revenue of $476.2M. This represents a 23503.7% increase compared to $2.0M in 2003.
XPEL, Inc. (XPEL) is profitable, generating $51.2M in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
XPEL, Inc. (XPEL) reported an operating income of $62.6M, resulting in an operating profit margin of 13.2%. This margin reflects the operational efficiency of the business before interest and taxes.
XPEL, Inc. (XPEL) generated $201.0M in gross profit for the year, representing a gross profit margin of 42.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Top-line guidance softness
Metrics are mathematically derived from official filings.
Revenue Growth Decelerating From Peak Levels
Based on XPEL's reported quarterly figures, revenue grew 9.9% year over year to $137.8M in 2026Q3, a slowdown from the 14.7% pace reported in 2026Q2 and suggesting growth is moderating from its earlier momentum.
The sequential decline from $143.1M in 2026Q2 to $137.8M in 2026Q3, combined with forward guidance of $125M to $127M, suggests the top line may be entering a softer phase rather than a temporary dip. Without disclosed volume versus pricing splits, it is difficult to determine whether the slowdown reflects weaker vehicle-linked demand or normalization after strong pre-load channel activity. Investors should monitor whether the next print confirms a durable deceleration.
Gross Margin Expansion Sustains Profitability
XPEL's gross margin has improved from 40.6% in 2024Q4 to 44.6% in 2026Q3, according to reported figures, indicating meaningful gains in pricing or product mix over roughly two years.
Three consecutive quarters of gross margin expansion, reaching 44.6% in 2026Q3, appear to reflect improving pricing discipline or a more favorable mix toward higher-margin products and software-linked revenue. Because the company sources film from third-party manufacturers, these gains are sensitive to resin and freight cost movements that are not separately disclosed. The durability of this trend warrants monitoring, particularly if volumes soften further.
Operating Leverage Weakening as SG&A Rises
Per reported figures, SG&A climbed from $28.7M in 2024Q2 to $40.4M in 2026Q3, while operating margin compressed to 15.3% from 17.5% over the same window, suggesting overhead is growing faster than profit.
The gap between gross profit growth and operating income growth points to rising fixed overhead, plausibly tied to the expansion of company-owned installation centers and manufacturing investments. This pattern suggests operating leverage is currently working against the company during a period of softer revenue. Investors should watch whether SG&A growth moderates as revenue stabilizes.
Net Income Tracks Operating Results Closely
XPEL's 2026Q3 net margin of 11.9% against an operating margin of 15.3% implies a gap that is consistent with a normal tax and non-operating burden, based on reported figures.
Stock-based compensation has remained modest, around $0.9M to $1.3M per quarter, which limits its distortion of reported earnings. The relationship between net and operating income appears stable across recent periods, though the effective tax rate and any non-operating items are not separately detailed in the supplied data. Earnings quality therefore looks reasonable on the figures provided, subject to confirming tax details in filings.
Growth Slowdown Could Pressure Margins Further
Based on XPEL's reported figures, the combination of a 9.9% revenue growth rate, rising SG&A, and guidance below the latest quarter raises the risk that margin gains reverse if volumes weaken.
The bear case centers on the possibility that the recent gross margin expansion reflects temporary mix or pricing benefits that fade as volume pressure builds, leaving a larger fixed cost base exposed. Management characterized the operating environment as challenging, and China-related volatility remains a relevant exposure given the manufacturing footprint. The thesis therefore depends on execution against guidance and on whether margins hold under reduced volumes.