Revenue growth remains in a contractionary phase with an 8.1% year-over-year decline in 2026Q1, while gross margins have compressed sharply to 33.2% from historical levels often exceeding 70%.
| 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 |
|---|
| Sales/Revenue | 438.84M | 448.11M | 493.69M | 521.33M | 502.26M | 486.48M | 376.1M | 280.07M | 406.13M | 373.73M | 259.56M | 273.3M | 278.81M | 168.91M | 234.02M | 254.58M | 301.39M | 299.44M | 248.29M | 195.69M | 208.73M | 94.7M | 72.74M | 37.32M | 28.27M |
| Revenue Growth % | -10.23% | -9.23% | -5.3% | 3.8% | 3.24% | 29.35% | 34.29% | -31.04% | 8.67% | 43.98% | -5.03% | -1.98% | 65.06% | -27.82% | -8.07% | -15.53% | 0.65% | 20.6% | 26.88% | -6.25% | 120.41% | 30.2% | 94.89% | 32.02% | - |
| Cost of Goods Sold | 166.99M | 126.65M | 113.76M | 118.63M | 122.95M | 125.63M | 77.79M | 8.46M | 13.29M | 6.31M | 551K | 566K | 1.45M | 4.51M | 40.37M | 23.49M | 21.78M | 16.97M | 16.75M | 17.71M | 19.36M | 13.31M | 9.61M | 6.73M | 4.26M |
| COGS % of Revenue | - | 28.26% | 23.04% | 22.75% | 24.48% | 25.82% | 20.68% | 3.02% | 3.27% | 1.69% | 0.21% | 0.21% | 0.52% | 2.67% | 17.25% | 9.23% | 7.23% | 5.67% | 6.74% | 9.05% | 9.27% | 14.06% | 13.22% | 18.04% | 15.08% |
| Gross Profit | 271.86M | 321.46M | 379.93M | 402.71M | 379.31M | 360.86M | 298.31M | 271.61M | 392.84M | 367.42M | 259.01M | 272.73M | 277.36M | 164.39M | 193.66M | 231.08M | 279.62M | 282.47M | 231.54M | 177.98M | 189.37M | 81.39M | 63.12M | 30.59M | 24.01M |
| Gross Margin % | 61.95% | 71.74% | 76.96% | 77.25% | 75.52% | 74.18% | 79.32% | 96.98% | 96.73% | 98.31% | 99.79% | 99.79% | 99.48% | 97.33% | 82.75% | 90.77% | 92.77% | 94.33% | 93.26% | 90.95% | 90.73% | 85.94% | 86.78% | 81.96% | 84.92% |
| Gross Profit Growth % | - | -15.39% | -5.66% | 6.17% | 5.11% | 20.97% | 9.83% | -30.86% | 6.92% | 41.85% | -5.03% | -1.67% | 68.72% | -15.11% | -16.2% | -17.36% | -1.01% | 21.99% | 30.1% | -6.01% | 132.67% | 28.93% | 106.37% | 27.41% | - |
| Operating Expenses | 334.25M | 365.19M | 467.01M | 532.34M | 1.13B | 522.68M | 450.88M | 335.19M | 342.76M | 362.43M | 148.67M | 96.4M | 96.89M | 168.89M | 197.98M | 159.35M | 153.4M | 138.7M | 131.14M | 111.84M | 90.37M | 35.81M | 27.48M | 19.8M | 16.19M |
| OpEx % of Revenue | - | 81.5% | 94.6% | 102.11% | 224.73% | 107.44% | 119.88% | 119.68% | 84.4% | 96.98% | 57.28% | 35.27% | 34.75% | 99.99% | 84.6% | 62.6% | 50.9% | 46.32% | 52.82% | 57.15% | 43.3% | 37.82% | 37.78% | 53.06% | 57.28% |
| Selling, General & Admin | 133.17M | 181.87M | 218.11M | 233.4M | 217.4M | 199.92M | 172.59M | 122.9M | 127.91M | 144.65M | 72.06M | 43.59M | 59.41M | 82.24M | 97.3M | 83.38M | 79.3M | 72.81M | 69.54M | 74.31M | 70.31M | 28.8M | 20.38M | 12.14M | 9.49M |
| SG&A % of Revenue | - | 40.59% | 44.18% | 44.77% | 43.28% | 41.1% | 45.89% | 43.88% | 31.49% | 38.7% | 27.76% | 15.95% | 21.31% | 48.69% | 41.58% | 32.75% | 26.31% | 24.31% | 28.01% | 37.98% | 33.68% | 30.41% | 28.01% | 32.53% | 33.58% |
| Research & Development | 78.86M | 67.52M | 191.35M | 222.83M | 216.35M | 194.87M | 163.41M | 112.34M | 106.41M | 105.85M | 44.74M | 32.18M | 37.48M | 86.65M | 100.68M | 75.98M | 74.1M | 65.89M | 61.6M | 37.53M | 20.06M | 7.01M | 7.11M | 7.66M | 6.7M |
| R&D % of Revenue | - | 15.07% | 38.76% | 42.74% | 43.08% | 40.06% | 43.45% | 40.11% | 26.2% | 28.32% | 17.24% | 11.77% | 13.44% | 51.3% | 43.02% | 29.84% | 24.59% | 22% | 24.81% | 19.18% | 9.61% | 7.41% | 9.77% | 20.53% | 23.7% |
| Other Operating Expenses | 4M | 115.8M | 57.55M | 76.11M | 694.99M | 127.89M | 114.88M | 99.95M | 108.45M | 111.93M | 31.87M | 20.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 7.54M | -43.73M | -87.08M | -129.64M | -749.43M | -161.83M | -152.56M | -58.18M | 34.05M | -30.05M | 93.12M | 165.53M | 162.76M | -161.07M | -34.99M | -9.31M | 103.42M | 123.16M | 19.19M | 78.08M | 105.49M | 49.13M | 36.47M | 10.98M | 7.86M |
| Operating Margin % | 1.72% | -9.76% | -17.64% | -24.87% | -149.21% | -33.26% | -40.56% | -20.77% | 8.38% | -8.04% | 35.88% | 60.57% | 58.38% | -95.36% | -14.95% | -3.66% | 34.32% | 41.13% | 7.73% | 39.9% | 50.54% | 51.88% | 50.14% | 29.42% | 27.79% |
| Operating Income Growth % | - | 49.78% | 32.83% | 82.7% | -363.1% | -6.07% | -162.24% | -270.86% | 213.3% | -132.27% | -43.74% | 1.71% | 201.05% | -360.35% | -275.62% | -109.01% | -16.02% | 541.93% | -75.43% | -25.99% | 114.73% | 34.71% | 232.11% | 39.76% | - |
| EBITDA | 74.23M | 14.85M | -31.06M | -55.24M | -666.72M | -33.93M | -37.69M | 48.49M | 149.18M | 89.08M | 127.25M | 187.75M | 183.06M | -122.81M | 5.29M | 18.08M | 129.66M | 144.72M | 37.98M | 91.69M | 112.74M | 50.78M | 37.43M | 11.88M | 8.78M |
| EBITDA Margin % | 16.91% | 3.31% | -6.29% | -10.6% | -132.74% | -6.98% | -10.02% | 17.31% | 36.73% | 23.84% | 49.03% | 68.7% | 65.66% | -72.71% | 2.26% | 7.1% | 43.02% | 48.33% | 15.3% | 46.86% | 54.01% | 53.62% | 51.46% | 31.82% | 31.07% |
| EBITDA Growth % | 532.31% | 147.81% | 43.77% | 91.71% | -1864.82% | 9.96% | -177.72% | -67.49% | 67.46% | -30% | -32.22% | 2.56% | 249.07% | -2423.65% | -70.77% | -86.05% | -10.41% | 281.08% | -58.58% | -18.67% | 122.02% | 35.66% | 215.18% | 35.2% | - |
| D&A (Non-Cash Add-back) | 66.69M | 58.58M | 56.01M | 74.4M | 82.71M | 127.89M | 114.88M | 106.67M | 115.13M | 119.13M | 34.13M | 22.21M | 20.31M | 38.27M | 40.27M | 27.4M | 26.23M | 21.56M | 18.79M | 13.61M | 7.25M | 1.65M | 962K | 895K | 927K |
| EBIT | 20.05M | -258K | 14.59M | -126.65M | -746.11M | -161.83M | -152.56M | -59.68M | 32.58M | -30.05M | 93.12M | 165.53M | 162.76M | -161.07M | -34.99M | -9.31M | 103.42M | 123.16M | 19.19M | 78.08M | 105.49M | 49.13M | 36.47M | 10.98M | 7.86M |
| Net Interest Income | -15.71M | -40.36M | -2.18M | -9K | 1.81M | -3M | 0 | -15.26M | -16.92M | 0 | -1.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.8M | 0 | 829K | 2.99M | 3.33M | 0 | 0 | 8.12M | 8.75M | 0 | 1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.51M | 40.36M | 3.01M | 3M | 1.51M | 3M | 0 | 23.38M | 25.66M | 28.29M | 2.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.3M | 3.11M | 98.65M | -9K | 1.81M | 1.59M | 1.53M | -24.88M | -27.14M | -28.29M | -2.41M | 101K | 4.49M | 27.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 2.24M | -40.62M | 11.58M | -129.65M | -747.62M | -160.24M | -151.03M | -83.06M | 6.91M | -58.34M | 90.72M | 165.63M | 167.25M | -133.11M | -34.99M | -9.31M | 103.42M | 123.16M | 19.19M | 78.08M | 105.49M | 49.13M | 36.47M | 10.98M | 7.86M |
| Pretax Margin % | 0.51% | -9.06% | 2.35% | -24.87% | -148.85% | -32.94% | -40.16% | -29.66% | 1.7% | -15.61% | 34.95% | 60.61% | 59.99% | -78.81% | -14.95% | -3.66% | 34.32% | 41.13% | 7.73% | 39.9% | 50.54% | 51.88% | 50.14% | 29.42% | 27.79% |
| Income Tax | 17.44M | 15.72M | 12.45M | 10.04M | 13.59M | 18.84M | -9.73M | -19.02M | 8.67M | -1.78M | 34.63M | 48.52M | -7.7M | 24.48M | -4.76M | 9.98M | 46.08M | 53.37M | 14.54M | 32.94M | 44.14M | 17.68M | -22.59M | 1.63M | 1.32M |
| Effective Tax Rate % | 778.87% | -38.71% | 107.5% | -7.75% | -1.82% | -11.76% | 6.45% | 22.9% | 125.51% | 3.06% | 38.17% | 29.29% | -4.6% | -18.39% | 13.62% | -107.19% | 44.55% | 43.33% | 75.81% | 42.19% | 41.84% | 35.99% | -61.95% | 14.81% | 16.77% |
| Net Income | -15.2M | -56.34M | -14.01M | -136.61M | -757.48M | -175.62M | -138.33M | -64.03M | -1.76M | -56.56M | 56.09M | 117.12M | 174.94M | -157.59M | -30.23M | -19.3M | 57.35M | 69.8M | 4.64M | 45.14M | 61.35M | 31.45M | 59.06M | 9.36M | 6.54M |
| Net Margin % | -3.46% | -12.57% | -2.84% | -26.2% | -150.82% | -36.1% | -36.78% | -22.86% | -0.43% | -15.13% | 21.61% | 42.85% | 62.75% | -93.3% | -12.92% | -7.58% | 19.03% | 23.31% | 1.87% | 23.07% | 29.39% | 33.21% | 81.2% | 25.07% | 23.13% |
| Net Income Growth % | 21.06% | -302.19% | 89.75% | 81.96% | -331.31% | -26.96% | -116.02% | -3532.05% | 96.88% | -200.84% | -52.11% | -33.05% | 211.01% | -421.4% | -56.61% | -133.66% | -17.84% | 1403.58% | -89.72% | -26.43% | 95.08% | -46.75% | 531.35% | 43.06% | - |
| Net Income (Continuing) | -15.2M | -56.34M | -869K | -139.69M | -761.21M | -179.08M | -141.29M | -64.03M | -1.76M | -56.56M | 56.09M | 117.12M | 174.94M | -157.59M | -30.23M | -19.3M | 57.35M | 69.8M | 4.64M | 45.14M | 61.35M | 31.45M | 59.06M | 9.36M | 6.54M |
| 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 |
| Minority Interest | 0 | 0 | 0 | -17.1M | -14.43M | -9.21M | -5.76M | -2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.13 | -1.23 | -0.31 | -3.18 | -18.02 | -4.21 | -3.32 | -1.30 | -0.04 | -1.15 | 1.12 | 2.23 | 3.27 | -2.95 | -0.58 | -0.38 | 1.14 | 1.42 | 0.10 | 0.93 | 1.27 | 0.66 | 1.27 | 0.22 | 0.96 |
| EPS Growth % | -44.19% | -296.77% | 90.25% | 82.35% | -328.03% | -26.81% | -155.38% | -3501.11% | 96.86% | -202.68% | -49.78% | -31.8% | 210.85% | -408.62% | -52.63% | -133.33% | -19.72% | 1379.17% | -89.68% | -26.77% | 92.42% | -48.03% | 477.27% | -77.08% | - |
| EPS (Basic) | - | -1.23 | -0.31 | -3.18 | -18.02 | -4.21 | -3.32 | -1.30 | -0.04 | -1.15 | 1.14 | 2.26 | 3.31 | -2.95 | -0.58 | -0.38 | 1.15 | 1.43 | 0.10 | 0.95 | 1.33 | 0.71 | 1.47 | 0.84 | 0.96 |
| Diluted Shares Outstanding | 114.2M | 112.75M | 45.06M | 43.01M | 42.03M | 41.71M | 41.71M | 49.12M | 48.82M | 49.25M | 50.19M | 52.59M | 53.56M | 53.35M | 51.98M | 51.08M | 50.45M | 49.27M | 48.36M | 48.64M | 48.38M | 47.73M | 46.62M | 41.65M | 6.78M |
| Basic Shares Outstanding | 109.5M | 108.84M | 45.06M | 43.01M | 42.03M | 41.71M | 41.71M | 49.12M | 48.82M | 49.25M | 49.19M | 51.8M | 52.82M | 53.35M | 51.98M | 51.08M | 50.07M | 48.83M | 47.96M | 47.57M | 46.1M | 44M | 40.08M | 11.14M | 6.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Platform adoption and monetization
As reported in recent financial filings, Xperi's revenue has experienced a consistent downward trajectory, culminating in a year-over-year decline of 8.1% in 2026Q1, which underscores the difficulty of transitioning legacy licensing models into a high-growth, ad-supported platform ecosystem within the competitive consumer electronics landscape.
The persistent revenue decay suggests that the decline in legacy Pay TV service fees is currently outpacing the incremental gains from the TiVo OS and Connected Car segments. Investors should monitor whether the company can stabilize its top line as it pivots toward more volatile, advertising-based revenue streams.
Based on the provided income statement data, Xperi's gross margin experienced a sharp contraction to 33.2% in 2026Q1 from historical levels frequently exceeding 70%, suggesting significant shifts in product mix or potential accounting adjustments that warrant further investigation by market participants regarding long-term profitability sustainability.
The sudden compression in gross margins indicates that the cost of revenue may be rising relative to the platform's current monetization scale. This volatility complicates the narrative of a high-margin software business and suggests that the company's pricing power remains unproven in its new strategic focus.
According to the quarterly income statements, Xperi has struggled to achieve positive operating leverage, as evidenced by persistent operating losses throughout most of the observed period, despite management's ongoing efforts to streamline R&D and SG&A expenses following the separation from its former licensing entity.
The inability to scale operating income faster than gross profit highlights the heavy fixed-cost burden inherent in maintaining complex software stacks and IP portfolios. Without a significant inflection in the installed base of TiVo OS, the current cost structure appears to be a structural drag on earnings.
As indicated by the provided financial data, Xperi's net income has been characterized by extreme fluctuations, including a notable $46.2 million profit in 2024Q4 followed by subsequent losses, which suggests that non-operating items and accounting noise continue to mask the underlying cash-generating capability of the core business.
The high level of stock-based compensation, which remained significant even during periods of operating losses, suggests that shareholders are bearing a substantial dilution cost. Analysts should look past the headline net income figures to assess the true cash burn associated with the company's ongoing platform pivot.
Based on the reported figures, the primary risk to the current investment thesis is the potential for a permanent margin ceiling, as the company may be forced to increase hardware subsidies to OEMs to maintain its competitive positioning against larger, data-rich platform incumbents like Google.
Short-sellers would likely focus on the disconnect between the company's high R&D spending and the lack of meaningful growth in advertising ARPU. If the platform fails to reach critical mass, the company may find itself trapped in a cycle of perpetual investment without the expected flywheel effect.
Quick answers to the most common questions about buying XPER stock.
For fiscal year 2025, Xperi Inc. (XPER) reported total revenue of $448.1M. This represents a 1485.1% increase compared to $28.3M in 2002.
Xperi Inc. (XPER) reported a net loss of $56.3M for the fiscal year ending 2025.
Xperi Inc. (XPER) reported an operating income of $-43.7M, resulting in an operating profit margin of -9.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Xperi Inc. (XPER) generated $321.5M in gross profit for the year, representing a gross profit margin of 71.7%. This demonstrates the company's core pricing power and production efficiency.