Gross margin has stayed in a 68.9% to 79.3% band while operating margin was 1.5% in 2026Q3 and trailing operating margin remains negative at -9.8%, indicating the cost structure has yet to convert revenue into sustained profit.
Xperi Inc. (XPER) annual income statement — 24-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 |
|---|
| Sales/Revenue | 438.46M | 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 % | -7.73% | -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 | 94.38M | 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 | 344.08M | 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 % | 78.47% | 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 | 332.72M | 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 | 164.8M | 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 | 94.5M | 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 | 11.37M | -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 % | 2.59% | -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 | 77.43M | 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 % | 17.66% | 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 % | 1053.11% | 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) | 66.06M | 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 | 24.61M | -258K | 14.59M | -126.65M | -746.11M | -157.24M | -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 | -16.04M | -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 | 2.87M | 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 | 18.91M | 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 | -5.67M | 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 | 5.7M | -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 % | 1.3% | -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 | 19.35M | 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 % | 339.47% | -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 | -13.65M | -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 % | -3.11% | -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 % | -265.42% | -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) | -13.65M | -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) | -0.12 | -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 % | -550% | -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 | 114.4M | 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 | 110.22M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Advertising ramp execution risk
Metrics are mathematically derived from official filings.
Top Line Contracting Despite Recent Beat
Based on Xperi's reported figures, quarterly revenue has moved from $132.9M in 2024Q3 to $114.0M in 2026Q3, a trailing contraction of roughly -9.2% that the latest quarterly beat has not yet reversed on a trailing basis.
The decline appears driven by legacy Pay TV and consumer electronics volume exposure rather than a single discrete event, which suggests structural pressure on the royalty base. The advertising ramp tied to TiVo One may be beginning to offset this erosion, but one strong quarter is insufficient to establish a durable growth inflection. Investors should monitor whether subsequent periods show revenue stabilizing above $110M before concluding the trajectory has turned.
High Gross Margin Masks Operating Deficit
Gross margin has held in a 68.9% to 79.3% band across the period, yet operating margin has been negative in most quarters, with the latest quarter at 1.5%, indicating the cost base rather than unit economics is the binding constraint.
The high gross margin is consistent with a software and IP licensing model carrying low marginal cost, which supports the structural case for profitability at scale. However, the persistent operating losses indicate that R&D and SG&A remain too heavy relative to current revenue. Margin recovery therefore depends on the advertising mix improving faster than fixed costs.
Fixed Cost Base Outweighs Revenue Scale
R&D ran at $23.5M and SG&A at $41.7M in 2026Q3, together consuming roughly 57% of revenue, according to reported financial statements, a burden that has only partially eased from 2024 levels.
The cost reduction from 2024Q3 R&D of $53.6M and SG&A of $56.5M suggests management has tightened spending, likely following portfolio narrowing. Yet combined operating expenses remain high relative to a revenue base still contracting, which implies limited headroom without further cuts or revenue growth. The trend warrants monitoring for whether discipline is sustained or merely reflects divestiture effects.
Net Income Swings Obscure Underlying Losses
Reported net income has swung between large positive and negative values, including a $46.2M profit in 2024Q4 against losses in most other quarters, with stock-based compensation running between $7.0M and $19.2M per quarter.
The 2024Q4 profit appears to be a non-operating or one-time item, since operating income that quarter was negative at -$14.3M, which suggests earnings quality is low for that period. Stock-based compensation is material relative to quarterly operating income and likely flatters the cash picture when adjusted. Analysts should treat reported EPS with caution and focus on operating trend and cash generation.
Ad Ramp May Not Reach Breakeven
Based on reported figures, the 2026Q3 operating margin of 1.5% rests on a single quarter, while trailing operating margin remains negative at -9.8%, leaving the profitability case dependent on unproven advertising scale.
The bear case centers on the possibility that the quarterly beat reflects timing effects rather than a durable shift in the advertising mix, given that revenue remains below year-ago levels. If TiVo One advertising ARPU fails to scale, the fixed R&D and SG&A base could keep operating losses persistent and force further reliance on balance sheet resources. Investors should watch whether operating margin stays positive across consecutive quarters before accepting the guidance raise as evidence of operating leverage.