Revenue momentum has shifted into negative territory with a 6.0% year-over-year decline in 2026Q1, while gross margins remain constrained by structural volatility, fluctuating between 6.6% and 19.0% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 1.58B | 1.61B | 1.71B | 1.51B | 1.28B | 825.76M | 675.03M | 579.92M | 522.49M | 454.8M | 487.53M | 974.6M | 1.3B | 1.38B | 1.2B | 1.01B |
| Revenue Growth % | -7.93% | -6.17% | 13.22% | 18.24% | 54.94% | 22.33% | 16.4% | 10.99% | 14.89% | -6.71% | -49.98% | -25.13% | -5.99% | 15.06% | 18.64% | - |
| Cost of Goods Sold | 1.35B | 1.4B | 1.48B | 1.4B | 1.2B | 825.03M | 680.57M | 509.79M | 461.41M | 432.52M | 374.57M | 527.35M | 570.02M | 512.42M | 500.69M | 387.46M |
| COGS % of Revenue | - | 87.23% | 86.39% | 92.69% | 93.57% | 99.91% | 100.82% | 87.91% | 88.31% | 95.1% | 76.83% | 54.11% | 43.79% | 37.01% | 41.61% | 38.2% |
| Gross Profit | 235.22M | 205.22M | 233.17M | 110.61M | 82.29M | 731K | -5.54M | 70.13M | 61.08M | 22.27M | 112.96M | 447.25M | 582.61M | 565.3M | 555.23M | 351.61M |
| Gross Margin % | 14.85% | 12.77% | 13.61% | 7.31% | 6.43% | 0.09% | -0.82% | 12.09% | 11.69% | 4.9% | 23.17% | 45.89% | 44.76% | 40.83% | 46.14% | 34.66% |
| Gross Profit Growth % | - | -11.99% | 110.8% | 34.41% | 11157.88% | 113.19% | -107.9% | 14.81% | 174.28% | -80.28% | -74.74% | -23.23% | 3.06% | 1.81% | 57.91% | - |
| Operating Expenses | 85.47M | 89.39M | 105.62M | 75.65M | 58.39M | 73.88M | 23.81M | 120.44M | 155.58M | 163.7M | 228.8M | 270.68M | 267.38M | 222.16M | 186.73M | 159.81M |
| OpEx % of Revenue | - | 5.56% | 6.17% | 5% | 4.56% | 8.95% | 3.53% | 20.77% | 29.78% | 36% | 46.93% | 27.77% | 20.54% | 16.04% | 15.52% | 15.75% |
| Selling, General & Admin | 72.07M | 75.99M | 88.42M | 64.25M | 58.39M | 73.88M | 23.81M | 120.44M | 155.58M | 163.7M | 228.8M | 270.68M | 267.38M | 222.16M | 186.73M | 159.81M |
| SG&A % of Revenue | - | 4.73% | 5.16% | 4.25% | 4.56% | 8.95% | 3.53% | 20.77% | 29.78% | 36% | 46.93% | 27.77% | 20.54% | 16.04% | 15.52% | 15.75% |
| Research & Development | 0 | 13.4M | 17.2M | 11.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.83% | 1% | 0.75% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 100.84M | 115.83M | 127.55M | 34.95M | 23.91M | -73.15M | -29.36M | -50.31M | -94.5M | -141.43M | -115.84M | 176.57M | 315.23M | 343.15M | 368.5M | 191.81M |
| Operating Margin % | 6.37% | 7.21% | 7.45% | 2.31% | 1.87% | -8.86% | -4.35% | -8.68% | -18.09% | -31.1% | -23.76% | 18.12% | 24.22% | 24.78% | 30.62% | 18.91% |
| Operating Income Growth % | - | -9.19% | 264.89% | 46.21% | 132.68% | -149.17% | 41.65% | 46.76% | 33.18% | -22.09% | -165.61% | -43.99% | -8.14% | -6.88% | 92.12% | - |
| EBITDA | 202.13M | 307.93M | 291.02M | 207.22M | 163.68M | 50.72M | 84.34M | 42.48M | 16.79M | -19.33M | -1.62M | 285.53M | 405.27M | 421.23M | 434.71M | 246.39M |
| EBITDA Margin % | 12.76% | 19.16% | 16.99% | 13.7% | 12.79% | 6.14% | 12.49% | 7.33% | 3.21% | -4.25% | -0.33% | 29.3% | 31.14% | 30.42% | 36.12% | 24.29% |
| EBITDA Growth % | -32.35% | 5.81% | 40.44% | 26.6% | 222.72% | -39.86% | 98.51% | 153.01% | 186.87% | -1090.33% | -100.57% | -29.55% | -3.79% | -3.1% | 76.44% | - |
| D&A (Non-Cash Add-back) | 101.29M | 192.11M | 163.47M | 172.26M | 139.77M | 123.87M | 113.69M | 92.8M | 111.29M | 122.1M | 114.22M | 108.96M | 90.04M | 78.08M | 66.22M | 54.58M |
| EBIT | 84.94M | 100.62M | 110.48M | 24.89M | 21.34M | -106.83M | -304.79M | -211.53M | -93.68M | -86.54M | -181.72M | 143.43M | 304.72M | 347.57M | 382.81M | 191.73M |
| Net Interest Income | -10.83M | -14.28M | -12.52M | -3.94M | -241K | -8.79M | -5.66M | 2.27M | 4.24M | 2.31M | 2.07M | 341K | 87K | -653K | 264K | -655K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.27M | 4.24M | 2.31M | 2.07M | 341K | 87K | 0 | 264K | 0 |
| Interest Expense | 9.28M | 14.28M | 12.52M | 3.94M | 241K | 8.79M | 5.66M | 0 | 0 | 0 | 0 | 0 | 0 | 653K | 0 | 655K |
| Other Income/Expense | -24.78M | -29.49M | -29.58M | -14.01M | -2.81M | -42.48M | -281.09M | -161.22M | 817K | 54.89M | -65.88M | -33.14M | -10.51M | 3.77M | 14.31M | -731K |
| Pretax Income | 76.06M | 86.34M | 97.97M | 20.95M | 21.1M | -115.62M | -310.44M | -211.53M | -93.68M | -86.54M | -181.72M | 143.43M | 304.72M | 346.92M | 382.81M | 191.07M |
| Pretax Margin % | 4.8% | 5.37% | 5.72% | 1.38% | 1.65% | -14% | -45.99% | -36.48% | -17.93% | -19.03% | -37.27% | 14.72% | 23.41% | 25.06% | 31.81% | 18.84% |
| Income Tax | 30.15M | 34.65M | 46.05M | 44.31M | 41.25M | 16.27M | -3.4M | 23.79M | -2.95M | 72.92M | -25.64M | 37.32M | 5.24M | 22.52M | 11.62M | 7.29M |
| Effective Tax Rate % | 39.64% | 40.14% | 47% | 211.52% | 195.46% | -14.07% | 1.1% | -11.25% | 3.15% | -84.26% | 14.11% | 26.02% | 1.72% | 6.49% | 3.04% | 3.81% |
| Net Income | 45.91M | 51.69M | 51.92M | -23.36M | -20.14M | -131.89M | -307.05M | -235.33M | -90.73M | -159.46M | -135.34M | 79.11M | -1.29B | -704.95M | -655.94M | -1.65B |
| Net Margin % | 2.9% | 3.22% | 3.03% | -1.54% | -1.57% | -15.97% | -45.49% | -40.58% | -17.37% | -35.06% | -27.76% | 8.12% | -98.91% | -50.91% | -54.51% | -162.81% |
| Net Income Growth % | -33.02% | -0.45% | 322.25% | -15.96% | 84.73% | 57.05% | -30.47% | -159.36% | 43.1% | -17.82% | -271.08% | 106.14% | -82.63% | -7.47% | 60.28% | - |
| Net Income (Continuing) | 45.91M | 51.69M | 51.92M | -23.36M | -20.14M | -131.89M | -307.05M | -235.33M | -90.73M | -159.46M | -156.08M | 106.11M | 229.31M | 308.19M | 350.93M | 170.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 240.13M | 260.55M | 235.9M | 0 | 0 |
| EPS (Diluted) | 0.40 | 0.45 | 0.45 | -0.21 | -0.18 | -1.64 | -4.33 | -1.73 | -0.40 | -0.71 | -0.77 | 0.43 | -6.19 | -3.55 | -6.56 | -16.51 |
| EPS Growth % | -45.76% | 0% | 314.29% | -16.67% | 89.02% | 62.12% | -150.29% | -332.5% | 43.66% | 7.79% | -279.07% | 106.95% | -74.37% | 45.88% | 60.27% | - |
| EPS (Basic) | - | 0.45 | 0.45 | -0.21 | -0.18 | -1.64 | -4.33 | -0.29 | -0.40 | -0.71 | -0.77 | 0.51 | -8.36 | -4.85 | -6.56 | -16.51 |
| Diluted Shares Outstanding | 113.62M | 115.75M | 115.83M | 109.16M | 109.07M | 80.53M | 70.89M | 37.53M | 224.09M | 223.25M | 176.85M | 182.2M | 208.15M | 198.82M | 100.01M | 100M |
| Basic Shares Outstanding | 113.62M | 115M | 114.76M | 109.16M | 109.07M | 80.53M | 70.89M | 225.29M | 224.09M | 223.25M | 176.85M | 154.95M | 154.07M | 145.27M | 100.01M | 100M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 117.36% | - | - | - | - |
Offshore project cycle volatility
As reported in recent financial statements, XPRO's top-line performance has shifted into negative territory, with a -6.0% year-over-year revenue decline in 2026Q1, signaling that the anticipated benefits from deepwater offshore activity are currently being offset by project delays or competitive pricing pressures in core segments.
The transition from double-digit growth in early 2024 to consistent contraction suggests that the company's project-based revenue model is highly sensitive to the timing of offshore final investment decisions. Investors should monitor whether this deceleration reflects a temporary lull in contract commencements or a more permanent erosion of market share in the tubular running services segment.
Based on the provided income statement data, XPRO's gross margin has struggled to maintain consistency, fluctuating between 6.6% and 19.0% over the last ten quarters, which indicates significant sensitivity to mobilization costs and the high fixed-cost nature of its specialized subsea well access equipment fleet.
The narrow net margin profile, which dipped into negative territory in 2024Q1 and 2023Q4, suggests that the company lacks the pricing power to fully pass through inflationary cost increases to its offshore clients. Sustained margin expansion appears contingent on achieving higher utilization rates across its deepwater portfolio to better absorb fixed overhead.
According to quarterly filings, XPRO's operating income has demonstrated extreme volatility, swinging from a high of $44.9M in 2024Q4 to a low of $3.2M in 2026Q1, highlighting a lack of consistent operating leverage as SG&A expenses fail to scale efficiently against declining top-line revenue.
The inability to protect operating margins during revenue downturns suggests that the company's cost structure remains heavily weighted toward fixed personnel and maintenance expenses. This operational rigidity warrants further investigation into management's ability to right-size the cost base during periods of reduced offshore drilling intensity.
Analysis of the income statement reveals that XPRO's net income is frequently impacted by non-operating items and periodic stock-based compensation charges, such as the $7.0M recorded in 2025Q1, which complicates the assessment of underlying operational profitability and the sustainability of reported earnings per share.
Short-sellers may focus on the disconnect between the company's specialized technical narrative and the reality of its thin, inconsistent net margins. The reliance on project-based revenue recognition creates lumpy quarterly results that may mask underlying operational weaknesses, particularly if mobilization fees are being used to smooth out performance.
Quick answers to the most common questions about buying XPRO stock.
For fiscal year 2025, Expro Group Holdings N.V. (XPRO) reported total revenue of $1.61B. This represents a 58.4% increase compared to $1.01B in 2011.
Expro Group Holdings N.V. (XPRO) is profitable, generating $51.7M in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.
Expro Group Holdings N.V. (XPRO) reported an operating income of $115.8M, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Expro Group Holdings N.V. (XPRO) generated $205.2M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.