Revenue growth has shifted into a 21.0% contraction as of 2026Q1, while operating margins remain highly volatile, swinging from -62.2% in 2024Q4 to 24.7% in 2026Q1.
Xponential Fitness, Inc. (XPOF) annual income statement — 8-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 |
|---|
| Sales/Revenue | 288.47M | 314.88M | 320.35M | 317.94M | 243.2M | 155.08M | 106.59M | 129.13M | 59.26M |
| Revenue Growth % | -9.11% | -1.71% | 0.76% | 30.73% | 56.82% | 45.49% | -17.45% | 117.89% | - |
| Cost of Goods Sold | 59.24M | 76.78M | 59.48M | 98.61M | 82.19M | 54.31M | 41.22M | 55.35M | 29.31M |
| COGS % of Revenue | - | 24.38% | 18.57% | 31.02% | 33.79% | 35.02% | 38.67% | 42.87% | 49.46% |
| Gross Profit | 229.23M | 238.1M | 260.87M | 219.32M | 161.01M | 100.77M | 65.37M | 73.78M | 29.95M |
| Gross Margin % | 79.46% | 75.62% | 81.43% | 68.98% | 66.21% | 64.98% | 61.33% | 57.13% | 50.54% |
| Gross Profit Growth % | - | -8.73% | 18.94% | 36.22% | 59.78% | 54.15% | -11.39% | 146.33% | - |
| Operating Expenses | 166.7M | 158.56M | 314.48M | 184.42M | 147.69M | 131.59M | 57.58M | 94.83M | 48.06M |
| OpEx % of Revenue | - | 50.35% | 98.17% | 58% | 60.73% | 84.85% | 54.02% | 73.44% | 81.1% |
| Selling, General & Admin | 145.51M | 158.56M | 176.85M | 148.53M | 115.98M | 87.97M | 60.92M | 80.5M | 44.55M |
| SG&A % of Revenue | - | 50.35% | 55.21% | 46.72% | 47.69% | 56.73% | 57.15% | 62.34% | 75.17% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 137.63M | 35.88M | 31.71M | 43.61M | -3.34M | 14.33M | 3.51M |
| Operating Income | 62.53M | 79.55M | -53.61M | 34.91M | 13.32M | -30.82M | 7.79M | -21.05M | -36.21M |
| Operating Margin % | 21.68% | 25.26% | -16.74% | 10.98% | 5.48% | -19.87% | 7.31% | -16.3% | -61.1% |
| Operating Income Growth % | - | 248.37% | -253.6% | 161.98% | 143.23% | -495.42% | 137.02% | 41.86% | - |
| EBITDA | 71.55M | 91.57M | -35.9M | 51.79M | 28.64M | -20.65M | 15.45M | -14.66M | -32.7M |
| EBITDA Margin % | 24.8% | 29.08% | -11.21% | 16.29% | 11.78% | -13.31% | 14.49% | -11.36% | -55.17% |
| EBITDA Growth % | 468.74% | 355.07% | -169.32% | 80.83% | 238.71% | -233.68% | 205.32% | 55.15% | - |
| D&A (Non-Cash Add-back) | 8.35M | 12.03M | 17.71M | 16.88M | 15.31M | 10.17M | 7.65M | 6.39M | 3.51M |
| EBIT | -3.15M | -3.16M | -52.79M | 53.91M | 29.72M | 2.62M | -776K | -20.88M | -36.15M |
| Net Interest Income | -51.07M | -45.98M | -44.43M | -37.12M | -11.21M | -23.55M | -21.07M | -15.92M | -6.2M |
| Interest Income | 3.2M | 3.21M | 1.82M | 1.61M | 1.8M | 1.16M | 345K | 168K | 56K |
| Interest Expense | 54.27M | 49.19M | 46.25M | 38.73M | 13.02M | 24.71M | 21.41M | 16.09M | 6.25M |
| Other Income/Expense | -119.94M | -131.9M | -45.42M | -40.31M | -11.73M | -19.84M | -21.07M | -15.92M | -6.2M |
| Pretax Income | -57.41M | -52.35M | -99.04M | -5.41M | 1.59M | -50.66M | -13.27M | -36.97M | -42.41M |
| Pretax Margin % | -19.9% | -16.63% | -30.92% | -1.7% | 0.65% | -32.67% | -12.45% | -28.63% | -71.55% |
| Income Tax | 596K | 1.32M | -342K | 1.03M | 488K | 783K | 369K | 164K | 73K |
| Effective Tax Rate % | -1.04% | -2.53% | 0.35% | -19.12% | 30.71% | -1.55% | -2.78% | -0.44% | -0.17% |
| Net Income | -38.8M | -33.79M | -64.95M | -4M | 1.22M | -18.83M | -13.64M | -37.13M | -42.48M |
| Net Margin % | -13.45% | -10.73% | -20.27% | -1.26% | 0.5% | -12.14% | -12.8% | -28.76% | -71.68% |
| Net Income Growth % | 32.53% | 47.97% | -1523.32% | -429.3% | 106.45% | -38.04% | 63.27% | 12.58% | - |
| Net Income (Continuing) | -58.01M | -53.67M | -98.7M | -6.44M | 1.1M | -51.44M | -13.64M | -37.13M | -42.48M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -54.66M | -102.87M | -94.24M | -77.55M | -53.28M | 443.96M | 0 | 0 | 0 |
| EPS (Diluted) | -0.92 | -1.47 | -2.27 | -0.52 | -0.87 | -2.67 | -0.59 | -1.61 | -1.85 |
| EPS Growth % | 16.38% | 35.24% | -336.54% | 40.23% | 67.42% | -352.54% | 63.35% | 12.97% | - |
| EPS (Basic) | - | -1.47 | -2.27 | 1.08 | -0.87 | -2.67 | -0.59 | -1.61 | -1.85 |
| Diluted Shares Outstanding | 42.03M | 34.8M | 32M | 39.7M | 25.3M | 23.9M | 22.99M | 22.99M | 22.99M |
| Basic Shares Outstanding | 42.03M | 34.8M | 32M | 31.74M | 25.3M | 23.9M | 22.99M | 22.99M | 22.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XPOF stock.
For fiscal year 2025, Xponential Fitness, Inc. (XPOF) reported total revenue of $314.9M. This represents a 431.3% increase compared to $59.3M in 2018.
Xponential Fitness, Inc. (XPOF) reported a net loss of $33.8M for the fiscal year ending 2025.
Xponential Fitness, Inc. (XPOF) reported an operating income of $79.5M, resulting in an operating profit margin of 25.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Xponential Fitness, Inc. (XPOF) generated $238.1M in gross profit for the year, representing a gross profit margin of 75.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Franchisee credit health deterioration
Metrics are mathematically derived from official filings.
Revenue Contraction Signals Structural Headwinds
As reported in recent financial filings, XPOF's revenue growth has shifted into negative territory, reaching a 21.0% decline in 2026Q1, which suggests that the company's aggressive studio expansion strategy is no longer sufficient to offset the underlying churn and weakening demand for new equipment sales.
The transition from double-digit growth to consistent revenue contraction indicates that the platform's reliance on new unit openings may be reaching a saturation point. Investors should monitor whether this trend reflects a broader cooling in discretionary boutique fitness spending or specific brand fatigue within the portfolio.
Gross Margin Volatility Reflects Mix
Based on the provided income statement data, XPOF's gross margin has exhibited significant volatility, fluctuating from a low of 64.1% in 2024Q2 to a high of 86.2% in 2025Q2, highlighting the inconsistent impact of equipment sales versus high-margin recurring royalty revenue streams.
The wide variance in gross margins suggests that the company's profitability is highly sensitive to the timing and volume of equipment shipments to new franchisees. This lack of margin stability complicates the forecasting of core operating performance and warrants further investigation into the sustainability of current pricing power.
Operating Leverage Obscured by Expenses
According to historical income statements, XPOF has struggled to maintain consistent operating leverage, as evidenced by the sharp divergence between gross profit and operating income, with operating margins swinging from -62.2% in 2024Q4 to a positive 29.7% in 2025Q3, indicating significant overhead management challenges.
The inability to consistently scale operating income alongside gross profit suggests that the corporate infrastructure remains bloated relative to current revenue levels. This inconsistency implies that the company's cost structure may be too rigid to adapt to the current environment of declining top-line growth.
Net Income Erosion Warrants Scrutiny
As indicated by the company's reported figures, XPOF consistently records negative net income despite positive operating margins in several periods, with a net margin of -10.73% suggesting that non-operating items, such as interest expense or fair value adjustments, are significantly diluting shareholder value.
The persistent gap between operating profitability and bottom-line results suggests that the company's capital structure is currently a major drag on performance. Investors should monitor whether these non-operating costs are structural or if they represent one-time adjustments that may eventually normalize.
Franchise Model Sustainability Under Pressure
Based on the provided data, the primary risk to the narrative is that XPOF's reliance on franchisee-funded growth may be unsustainable, as evidenced by the recent negative revenue growth and the potential for high-interest rates to choke the pipeline of new studio openings.
Short-sellers would likely focus on the company's exposure to the credit health of its franchisees, which could lead to a cascade of studio closures if the boutique fitness model faces a prolonged downturn. The current financial profile suggests that the platform's growth engine may be stalling, leaving the company vulnerable to its own debt obligations.