XPEL Reports Revenue Growth of 13.7% to $122.3 million, EBITDA Growth of 37.6% to $19.6 million in Fourth Quarter 2025

View all news February 25, 2026 XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced consolidated results1 for the fourth quarter and year end 2025. Fourth Quarter 2025 Overview: Revenue increased 13.7% to $122.3 million in the fourth quarter of 2025 compared to $107.5 million in the fourth quarter of 2024.Gross margin of 41.9% in the fourth quarter of 2025 compared to 40.6% in the same quarter last year.EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased 37.6% to $19.6 million, or 16.0% of revenue, compared to $14.3 million, or 13.3% of revenue in the fourth quarter of 2024.Net income attributable to stockholders of the company increased 50.7% to $13.4 million, or $0.49 per basic and $0.48 per diluted share, respectively, versus net income attributable to stockholders of the company of $8.9 million, or $0.32 per basic and diluted share in the fourth quarter of 2024. Year End 2025 Overview: Revenue increased 13.3% to $476.2 million compared to $420.4 million in the prior year.Gross margin of 42.2% in 2025, consistent with 2024 gross margin.Net income attributable to stockholders of the company of $51.2 million, or $1.85 per basic and diluted share, versus net income attributable to stockholders of the company of $45.5 million, or $1.65 per basic and diluted share in 2024.EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $77.4 million, or 16.3% of revenue, compared to $69.5 million, or 16.5% of revenue in 2024. 2 Ryan Pape, President and Chief Executive Officer of XPEL, commented, "We saw good top and bottom line performance in the fourth quarter. In 2025, we largely completed the development of our international footprint and, going forward, we will focus on driving sales growth and operating leverage in all our regions." Financial Highlights for the Fourth Quarter 2025: Summary consolidated financial information for the fourth quarter ended December 31, 2025 and 2024 (unaudited, dollars in thousands): Three Months Ended December 31, % Change 2025 % of Total Revenue 2024 % of Total Revenue 2025 vs. 2024 Total revenue $ 122,267 100.0 % $ 107,527 100.0 % 13.7 % Gross margin 51,183 41.9 % 43,703 40.6 % 17.1 % Operating Expenses 35,703 29.2 % 31,358 29.2 % 13.9 % Net income attributable to stockholders of the Company 13,410 11.0 % 8,898 8.3 % 50.7 % EBITDA2 19,610 16.0 % 14,250 13.3 % 37.6 % Net cash provided by operating activities $ 2,667 n/a $ 6,327 n/a (57.8 )% Geographical Revenue Summary Three Months Ended December 31, % Change % of Total Revenue 2025 2024 Inc (Dec) 2025 2024 United States $ 65,571 $ 59,054 11.0 % 53.6 % 54.9 % Canada 12,889 13,370 (3.6 )% 10.5 % 12.4 % North America 78,460 72,424 8.3 % 64.1 % 67.3 % China 14,035 9,238 51.9 % 11.5 % 8.6 % Asia Other 5,372 5,262 2.1 % 4.4 % 4.9 % Asia Pacific 19,407 14,500 33.8 % 15.9 % 13.5 % EU, UK, and Africa 15,196 11,981 26.8 % 12.4 % 11.1 % India and Middle East 6,443 5,875 9.7 % 5.3 % 5.5 % Latin America 2,761 2,747 0.5 % 2.3 % 2.6 % Total $ 122,267 $ 107,527 13.7 % 100.0 % 100.0 % Overall Revenue Total revenue grew 13.7% compared to fourth quarter 2024 ("YoY"). Excluding China, total revenue increased 10.1% YoY.US revenue increased 11.0%YoY. Product and Service Revenue Total product revenue grew 11.0% YoY.Total window film revenue increased 10.0% YoY and represented 16.6% of total revenue.Total service revenue increased 22.2% YoY.Total installation revenue (labor and product combined) grew 17.2% YoY.Adjusted product revenue (combining cutbank credits revenue and product revenue) increased 11.0% YoY. Other Financial Information Gross margin was 41.9% and 40.6% in the fourth quarter of 2025 and 2024, respectively.Total operating expenses increased 13.9% YoY.Sales and marketing expenses increased 18.2% YoY and represented 11.1% of revenue.General and administrative expenses increased 11.3% YoY and represented 18.1% of revenue.Net income increased 53.5% YoY.EBITDA increased 37.6% YoY 2. Cash Flows from Operations Cash flows provided by operations were $2.7 million in the fourth quarter 2025.Cash flows provided by operations were $66.9 million in 2025. Financial Summary 2025: Summary consolidated financial information for the years ended December 31, 2025 and 2024 (unaudited, dollars in thousands): Year Ended December 31, % Change 2025 % of Total Revenue 2024 % of Total Revenue 2025 vs. 2024 Total revenue $ 476,200 100.0 % $ 420,400 100.0 % 13.3 % Gross margin 201,019 42.2 % 177,360 42.2 % 13.3 % Operating Expenses 138,370 29.1 % 118,213 28.1 % 17.1 % Net income attributable to stockholders of the Company 51,226 10.8 % 45,489 10.8 % 12.6 % EBITDA2 77,398 16.3 % 69,471 16.5 % 11.4 % Net cash provided by operating activities $ 66,938 n/a $ 47,824 n/a 40.0 % Geographical Revenue Summary Year Ended December 31, % Change % of Total Revenue 2025 2024 Inc (Dec) 2025 2024 United States $ 265,756 $ 240,569 10.5 % 55.8 % 57.2 % Canada 49,545 52,139 (5.0 )% 10.4 % 12.4 % North America 315,301 292,708 7.7 % 66.2 % 69.6 % China 39,921 24,148 65.3 % 8.4 % 5.7 % Asia Other 20,895 16,825 24.2 % 4.4 % 4.0 % Asia Pacific 60,816 40,973 48.4 % 12.8 % 9.7 % EU, UK, and Africa 64,095 53,983 18.7 % 13.5 % 12.9 % India and Middle East 24,984 21,072 18.6 % 5.2 % 5.0 % Latin America 11,004 11,664 (5.7 )% 2.3 % 2.8 % Total $ 476,200 $ 420,400 13.3 % 100.0 % 100.0 % 2026 First Quarter Outlook The Company expects first quarter 2026 revenue of approximately $112 - $114 million. Please see the information under "Forward-looking Statements" below regarding certain cautionary statements relating to our 2026 First Quarter Outlook. Conference Call Information The Company will host a conference call and webcast today, February 25, 2026 at 11:00 a.m. Eastern Time to discuss the Company’s fourth quarter and annual 2025 results. To access the live webcast, please visit the XPEL, Inc. website at www.xpel.com/events-presentations. To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 101941. A replay of the teleconference will be available until March 27, 2026 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 53542. About XPEL, Inc. XPEL is a leading provider of protective films and coatings, including automotive paint protection film, surface protection film, automotive and architectural window films, and ceramic coatings. With a global footprint, a network of trained installers and proprietary DAP software, XPEL is dedicated to exceeding customer expectations by providing high-quality products, leading customer service, expert technical support and world-class training. XPEL, Inc. is publicly traded on Nasdaq under the symbol “XPEL”. 1 The results summarized above for 2025 are preliminary and unaudited. As the Company completes its quarter-end financial close processes and finalizes its financial statements for the fourth quarter and year end of 2025, it is possible that the Company may identify items that require it to make adjustments to the preliminary information set forth above, and those adjustments could be material. Full year end 2025 financial information will be included in the filing of the Company’s Annual Report on Form 10-K with the Securities and Exchange Commission which is anticipated on or prior to March 2, 2026. 2 See "Non-GAAP Financial Measure" and "Reconciliation of Non-GAAP Financial Measure" below. Forward-looking Statements This release includes forward-looking statements (within the meaning of Section 27A of the Securities act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding XPEL, Inc. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, execution of the company's growth strategy and outlook. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "is expected," "expects," "scheduled," "intends," "contemplates," "anticipates," "believes," "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and assumptions of the management of XPEL. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, a prolonged or material contraction in automotive sales and production volumes, disruption in our supply chain, technology that could render our products obsolete, changes in the way vehicles are sold, damage to our brand and reputation, cyber events and other legal and regulatory developments. There are several risks, uncertainties, and other important factors, many of which are beyond the Company’s control, that could cause its actual results to differ materially from the forward-looking statements contained in this press release, including those described in the “Risk Factors” section of Annual Report on Form 10-K. Although XPEL has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Non-GAAP Financial Measure To aid in the understanding of XPEL's ongoing business performance, XPEL uses EBITDA, a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of XPEL's financial performance under GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly title measures. For a full reconciliation of EBITDA to comparable GAAP measure, refer to the reconciliation titled "Reconciliation of Non-GAAP Financial Measure." XPEL, Inc. Consolidated Statements of Income (Unaudited) (In thousands except per share data) Three Months Ended December 31, Year Ended December 31, (Unaudited) (Unaudited) (Unaudited) 2025 2024 2025 2024 Revenue Product revenue $ 90,889 $ 81,847 $ 359,855 $ 318,849 Service revenue 31,378 25,680 116,345 101,551 Total revenue 122,267 107,527 476,200 420,400 Cost of Sales Cost of product sales 57,499 52,415 223,967 199,791 Cost of service 13,585 11,409 51,214 43,249 Total cost of sales 71,084 63,824 275,181 243,040 Gross Margin 51,183 43,703 201,019 177,360 Operating Expenses Sales and marketing 13,607 11,509 51,138 42,817 General and administrative 22,096 19,849 87,232 75,396 Total operating expenses 35,703 31,358 138,370 118,213 Operating Income 15,480 12,345 62,649 59,147 Interest expense — 34 83 996 Foreign currency exchange (gain)/loss (331 ) 1,157 (1,495 ) 1,373 Income before income taxes 15,811 11,154 64,061 56,778 Income tax expense 2,151 2,256 12,472 11,289 Net Income $ 13,660 $ 8,898 $ 51,589 $ 45,489 Net income attributed to non-controlling interest 250 — 363 — Net income attributable to stockholders of the Company $ 13,410 $ 8,898 $ 51,226 $ 45,489 Earnings per share attributable to stockholders of the Company Basic $ 0.49 $ 0.32 $ 1.85 $ 1.65 Diluted $ 0.48 $ 0.32 $ 1.85 $ 1.65 Weighted Average Number of Common Shares Outstanding Basic 27,635 27,649 27,657 27,639 Diluted 27,684 27,656 27,683 27,643 XPEL, Inc. Consolidated Balance Sheets (In thousands except share and per share data) (Unaudited) December 31, 2025 December 31, 2024 Assets Current Cash and cash equivalents $ 50,864 $ 22,087 Accounts receivable, net 49,846 29,146 Inventory, net 122,755 110,904 Prepaid expenses and other current assets 6,651 5,314 Income tax receivable 581 893 Total current assets 230,697 168,344 Property and equipment, net 15,797 17,735 Right-of-use lease assets 21,561 19,490 Intangible assets, net 49,620 34,562 Other non-current assets 5,574 1,350 Goodwill 59,277 44,126 Total assets $ 382,526 $ 285,607 Liabilities Current Current portion of notes payable $ 59 $ 63 Current portion of lease liabilities 6,094 4,666 Accounts payable and accrued liabilities 54,289 36,138 Other short-term liabilities 10,558 651 Total current liabilities 71,000 41,518 Deferred tax liability, net 120 469 Other long-term liabilities 9,511 1,810 Non-current portion of lease liabilities 16,710 16,126 Non-current portion of notes payable — 229 Total liabilities 97,341 60,152 Stockholders’ equity Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding — — Common stock, $0.001 par value; 100,000,000 shares authorized; 27,682,807 and 27,651,773 issued, respectively 28 28 Additional paid-in-capital 18,049 15,550 Accumulated other comprehensive loss (135 ) (4,236 ) Retained earnings 265,339 214,113 Treasury stock, 78,624 shares at cost (2,999 ) — Stockholders’ equity 280,282 225,455 Non-controlling interest 4,903 — Total stockholders’ equity 285,185 225,455 Total liabilities and stockholders’ equity $ 382,526 $ 285,607 XPEL, Inc. Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months Ended December 31, Year Ended December 31, (Unaudited) (Unaudited) (Unaudited) 2025 2024 2025 2024 Cash flows from operating activities Net income $ 13,660 $ 8,898 $ 51,589 $ 45,489 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property, plant and equipment 1,531 1,512 6,264 5,820 Amortization of intangible assets 2,268 1,550 6,990 5,877 Gain on sale of property and equipment (2 ) (14 ) (13 ) (49 ) Stock compensation (23 ) 868 2,753 3,197 Provision for credit losses 63 111 922 390 Deferred income tax 2,428 (1,367 ) (299 ) (2,745 ) Changes in assets and liabilities: Accounts receivable, net (13,058 ) (129 ) (20,444 ) (5,604 ) Inventory, net 6,281 (9,959 ) 11,476 (4,785 ) Prepaid expenses and other current assets (3,579 ) 631 (3,887 ) (2,154 ) Income taxes receivable and payable (2,705 ) (637 ) 249 (267 ) Accounts payable and accrued liabilities (4,197 ) 4,863 11,338 2,655 Net cash provided by operating activities 2,667 6,327 66,938 47,824 Cash flows used in investing activities Purchases of property, plant and equipment (1,074 ) (1,628 ) (4,008 ) (6,713 ) Proceeds from sale of property and equipment 14 — 48 40 Acquisition of businesses, net of cash acquired (11,003 ) (3,335 ) (26,168 ) (9,855 ) Purchases of long term investments (415 ) — (2,100 ) — Development of intangible assets (514 ) (455 ) (1,550 ) (1,876 ) Net cash used in investing activities (12,992 ) (5,418 ) (33,778 ) (18,404 ) Cash flows from financing activities Net payments on revolving line of credit — — — (19,000 ) Restricted stock withholding taxes paid in lieu of issued shares (93 ) (18 ) (254 ) (193 ) Repayments of notes payable (126 ) (16 ) (243 ) (60 ) Payments of deferred acquisition consideration (14 ) — (161 ) — Purchases of treasury shares (2,999 ) — (2,999 ) — Net cash used in financing activities (3,232 ) (34 ) (3,657 ) (19,253 ) Net change in cash and cash equivalents (13,557 ) 875 29,503 10,167 Foreign exchange impact on cash and cash equivalents (76 ) 226 (726 ) 311 (Decrease) increase in cash and cash equivalents during the period (13,633 ) 1,101 28,777 10,478 Cash and cash equivalents at beginning of period 64,497 20,986 22,087 11,609 Cash and cash equivalents at end of period $ 50,864 $ 22,087 $ 50,864 $ 22,087 Supplemental schedule of non-cash activities Non-cash acquisition consideration $ — $ 1,600 $ 24,094 $ 1,600 Non-cash lease financing $ 2,235 $ 2,491 $ 6,631 $ 8,701 Issuance of Common Stock for vested restricted stock units $ 323 $ 210 $ 1,171 $ 1,110 Non-cash minority interest contribution $ 78 $ — $ 4,540 $ — Supplemental cash flow information Cash paid for income taxes $ 2,418 $ 3,361 $ 12,540 $ 13,617 Cash paid for interest $ — $ 31 $ 89 $ 1,026 Reconciliation of Non-GAAP Financial Measure EBITDA is a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation expense and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as alternatives to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our operating results as reported under GAAP. EBITDA does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of ongoing operations and other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure. EBITDA Reconciliation (in thousands) Three Months Ended December 31, Year Ended December 31, (Unaudited) (Unaudited) (Unaudited) 2025 2024 2025 2024 Net Income $ 13,660 $ 8,898 $ 51,589 $ 45,489 Interest — 34 83 996 Taxes 2,151 2,256 12,472 11,289 Depreciation 1,531 1,512 6,264 5,820 Amortization 2,268 1,550 6,990 5,877 EBITDA $ 19,610 $ 14,250 $ 77,398 $ 69,471 For more information, contact: Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations Phone: (203) 972-9200 Email: [email protected] Source: XPEL, Inc. Multimedia Files: Categories: Press Releases View all news