XPEL Inc. (XPEL) financial statements: income statement, balance sheet and cash flow

XPEL Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), XPEL Inc. reported revenue of $476.2M (+13.3% year on year) and net income of $51.6M.

Income statement

XPEL Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenue	$476.2M	$420.4M	$396.3M	$324.0M
Total cost of sales	$275.2M	$243.0M	$233.9M	$196.5M
Gross Margin	$201.0M	$177.4M	$162.4M	$127.5M
Sales and marketing	$51.1M	$42.8M	$31.8M	$25.4M
General and administrative	$87.2M	$75.4M	$63.7M	$48.2M
Total operating expenses	$138.4M	$118.2M	$95.4M	$73.6M
Operating Income	$62.6M	$59.1M	$67.0M	$53.9M
Interest expense	$83.0K	$996.0K	$1.2M	$1.4M
Foreign currency exchange (gain)/loss	($1.5M)	$1.4M	($307.0K)	$562.0K
Income before income taxes	$64.1M	$56.8M	$66.0M	$52.0M
Income tax expense	$12.5M	$11.3M	$13.2M	$10.6M
Net Income	$51.6M	—	—	—
Net income attributed to non-controlling interest	$363.0K	—	—	—
Net income attributable to stockholders of the Company	$51.2M	$45.5M	$52.8M	$41.4M
Basic (in dollars per share)	$1.85	$1.65	$1.91	$1.50
Diluted (in dollars per share)	$1.85	$1.65	$1.91	$1.50
Basic (in shares)	27.7M	27.6M	27.6M	27.6M
Diluted (in shares)	27.7M	27.6M	27.6M	27.6M

XPEL Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenue	$143.1M	$117.4M	$125.4M	$124.7M
Total cost of sales	$79.9M	$66.1M	$73.0M	$71.2M
Gross Margin	$63.1M	$51.2M	$52.4M	$53.5M
Sales and marketing	$15.4M	$15.2M	$13.8M	$11.9M
General and administrative	$24.5M	$23.1M	$21.9M	$22.4M
Total operating expenses	$39.9M	$38.2M	$35.7M	$34.2M
Operating Income	$23.2M	$13.0M	$16.8M	$19.3M
Interest expense	$262.0K	$4.0K	$1.0K	$7.0K
Foreign currency exchange gain	($403.0K)	($280.0K)	$110.0K	($1.0M)
Income before income taxes	$23.4M	$13.3M	$16.6M	$20.3M
Income tax expense	$5.1M	$2.8M	$3.5M	$4.1M
Net income	$18.3M	$10.5M	$13.1M	$16.2M
Net income (loss) attributed to non-controlling interest	$264.0K	$160.0K	$195.0K	($82.0K)
Net income attributable to stockholders of the Company	$18.0M	$10.3M	$12.9M	$16.3M
Basic (in dollar per share)	$0.65	$0.37	$0.47	$0.59
Diluted (in dollar per share)	$0.65	$0.37	$0.47	$0.59
Basic (in shares)	27.6M	27.6M	27.7M	27.7M
Diluted (in shares)	27.6M	27.7M	27.7M	27.7M

Balance sheet

XPEL Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$50.9M	$22.1M	$11.6M	$8.1M
Accounts receivable, net	$49.8M	$29.1M	$24.1M	$14.7M
Inventory, net	$122.8M	$110.9M	$106.5M	$80.6M
Prepaid expenses and other current assets	$6.7M	$5.3M	$3.5M	$3.5M
Income tax receivable	$581.0K	$893.0K	$696.0K	$0
Total current assets	$230.7M	$168.3M	$146.5M	$106.8M
Property and equipment, net	$15.8M	$17.7M	$17.0M	$14.2M
Right-of-use lease assets	$21.6M	$19.5M	$15.5M	$15.3M
Intangible assets, net	$49.6M	$34.6M	$34.9M	$29.3M
Other non-current assets	$5.6M	$1.4M	$782.0K	$972.0K
Goodwill	$59.3M	$44.1M	$37.5M	$26.8M
Total assets	$382.5M	$285.6M	$252.0M	$193.4M
Current portion of notes payable	$59.0K	$63.0K	$62.0K	$77.0K
Current portion of lease liabilities	$6.1M	$4.7M	$4.0M	$3.9M
Accounts payable and accrued liabilities	$54.3M	$36.8M	$32.4M	$23.0M
Other short-term liabilities	$10.6M	—	—	—
Total current liabilities	$71.0M	$41.5M	$36.5M	$27.4M
Deferred tax liability, net	$120.0K	$469.0K	$2.7M	$2.0M
Other long-term liabilities	$9.5M	$1.8M	$890.0K	$1.1M
Non-current portion of lease liabilities	$16.7M	$16.1M	$12.7M	$12.1M
Non-current portion of notes payable	$0	$229.0K	$317.0K	$0
Total liabilities	$97.3M	$60.2M	$72.1M	$68.6M
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding	$0	$0	$0	$0
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,682,807 and 27,651,773 issued, respectively	28.0K	28.0K	28.0K	28.0K
Additional paid-in-capital	$18.0M	$15.6M	$12.5M	$11.1M
Accumulated other comprehensive loss	($135.0K)	($4.2M)	($1.2M)	($2.2M)
Retained earnings	$265.3M	$214.1M	$168.6M	$115.8M
Treasury stock, 78,624 shares at cost	-3.0M	—	—	—
Stockholders’ equity	$280.3M	—	—	—
Non-controlling interest	$4.9M	—	—	—
Total stockholders’ equity	$285.2M	$225.5M	$180.0M	$124.7M
Total liabilities and stockholders’ equity	$382.5M	$285.6M	$252.0M	$193.4M

XPEL Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$40.7M	$45.1M	$64.5M	$49.6M
Accounts receivable, net	$53.6M	$53.5M	$36.9M	$38.1M
Inventory	$128.0M	$131.6M	$128.7M	$104.1M
Prepaid expenses and other current assets	$4.6M	$7.0M	$4.4M	$5.5M
Income tax receivable	$0	$0	$0	$0
Total current assets	$226.9M	$237.2M	$234.5M	$197.3M
Property and equipment, net	$104.5M	$24.1M	$16.2M	$16.9M
Right-of-use lease assets	$17.4M	$19.7M	$21.5M	$20.1M
Intangible assets, net	$53.7M	$48.4M	$56.3M	$32.5M
Deferred tax asset, net	$1.8M	$625.0K	$2.1M	$1.3M
Other non-current assets	$7.1M	$7.0M	$4.8M	$3.5M
Goodwill	$61.3M	$57.4M	$52.3M	$46.5M
Total assets	$472.6M	$394.4M	$387.7M	$318.1M
Short-term debt	$1.3M	—	—	—
Current portion lease liabilities	$5.4M	$5.7M	$6.5M	$5.4M
Accounts payable and accrued liabilities	$57.2M	$61.4M	$52.2M	$39.0M
Income tax payable	$2.2M	$1.4M	$2.1M	$205.0K
Other short-term liabilities	$20.8M	$8.7M	$23.4M	—
Total current liabilities	$86.9M	$77.2M	$84.3M	$44.6M
Deferred tax liability, net	$0	$0	$0	$0
Other long-term liabilities	$10.3M	$9.6M	$12.6M	$1.5M
Non-current portion of lease liabilities	$13.4M	$15.1M	$16.8M	$16.2M
Long-term debt	$43.5M	—	—	—
Total liabilities	$154.1M	$101.9M	$113.8M	$62.4M
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding	$0	$0	$0	$0
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,717,393 and 27,682,807 issued, respectively	28.0K	28.0K	28.0K	28.0K
Additional paid-in-capital	$19.8M	$18.7M	$18.2M	$17.1M
Accumulated other comprehensive loss	($1.5M)	($943.0K)	($843.0K)	($362.0K)
Retained earnings	$293.7M	$275.7M	$251.9M	$239.0M
Treasury stock, 146,645 and 78,624 shares at cost, respectively	-5.9M	-5.9M	—	—
Stockholders' equity	$306.1M	$287.5M	$269.3M	$255.7M
Non-controlling interest	$12.4M	$5.1M	$4.6M	($82.0K)
Total stockholders’ equity	$318.6M	$292.6M	$273.9M	$255.7M
Total liabilities and stockholders’ equity	$472.6M	$394.4M	$387.7M	$318.1M

Cash flow statement

XPEL Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net Income	$51.6M	$45.5M	$52.8M	$41.4M
Depreciation of property, plant and equipment	$6.3M	$5.8M	$4.5M	$3.4M
Amortization of intangible assets	$7.0M	$5.9M	$5.1M	$4.4M
Gain on sale of property and equipment	($13.0K)	($49.0K)	($13.0K)	($8.0K)
Stock compensation	$2.8M	$3.2M	$1.6M	$522.0K
Provision for credit losses	$922.0K	$390.0K	$243.0K	$467.0K
Deferred income tax	($299.0K)	($2.7M)	($921.0K)	($471.0K)
Accounts receivable, net	($20.4M)	($5.6M)	($7.0M)	($2.6M)
Inventory, net	$11.5M	($4.8M)	($24.8M)	($28.6M)
Prepaid expenses and other current assets	($3.9M)	($2.2M)	$604.0K	$259.0K
Income taxes receivable and payable	$249.0K	($267.0K)	($1.2M)	—
Accounts payable and accrued liabilities	$11.3M	$2.7M	$6.5M	($7.9M)
Net cash provided by operating activities	$66.9M	$47.8M	$37.4M	$12.1M
Purchases of property, plant and equipment	($4.0M)	($6.7M)	($6.4M)	($7.9M)
Proceeds from sale of property and equipment	$48.0K	$40.0K	$29.0K	$73.0K
Acquisition of businesses, net of cash acquired	($26.2M)	($9.9M)	($18.7M)	($4.7M)
Purchases of long term investments	($2.1M)	—	—	—
Development of intangible assets	($1.6M)	($1.9M)	($1.3M)	($1.6M)
Net cash used in investing activities	($33.8M)	($18.4M)	($26.4M)	($14.2M)
Net payments on revolving line of credit	$0	($19.0M)	—	—
Restricted stock withholding taxes paid in lieu of issued shares	-254.0K	-193.0K	-167.0K	-30.0K
Repayments of notes payable	($243.0K)	($60.0K)	($92.0K)	($368.0K)
Payments of deferred acquisition consideration	($161.0K)	—	—	—
Purchases of treasury shares	-3.0M	—	—	—
Net cash used in financing activities	($3.7M)	($19.3M)	($7.3M)	$602.0K
Net change in cash and cash equivalents	$29.5M	$10.2M	$3.8M	($1.5M)
Foreign exchange impact on cash and cash equivalents	($726.0K)	$311.0K	($219.0K)	($91.0K)
Increase in cash and cash equivalents during the period	$28.8M	$10.5M	$3.6M	($1.6M)
Cash and cash equivalents at beginning of year	$22.1M	$11.6M	$8.1M	$9.6M
Cash and cash equivalents at end of year	$50.9M	$22.1M	$11.6M	$8.1M
Non-cash acquisition consideration	$24.1M	—	—	—
Non-cash lease financing	$6.6M	$8.7M	$4.2M	$6.1M
Issuance of Common Stock for vested restricted stock units	$1.2M	$1.1M	$1.0M	—
Non-cash minority interest contribution	$4.5M	—	—	—
Cash paid for income taxes	$12.5M	$13.6M	$15.3M	$9.9M
Cash paid for interest	$89.0K	$1.0M	$1.2M	$1.3M

XPEL Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$28.8M	$10.5M	$37.9M	$24.8M
Depreciation of property, plant and equipment	$3.4M	$1.6M	$4.7M	$3.1M
Amortization of intangible assets	$4.2M	$2.1M	$4.7M	$3.1M
(Gain) loss on sale of property and equipment	($11.0K)	($10.0K)	($11.0K)	$7.0K
Stock compensation	$2.2M	$934.0K	$2.8M	$1.7M
Provision for credit losses	$797.0K	$343.0K	$859.0K	$181.0K
Deferred income tax	($1.6M)	($442.0K)	($2.7M)	($1.9M)
Accounts receivable, net	($4.8M)	($4.3M)	($7.4M)	($7.8M)
Inventory, net	($4.1M)	($9.0M)	$5.2M	$7.9M
Prepaid expenses and other current assets	$1.3M	($1.5M)	($308.0K)	($1.9M)
Income taxes receivable and payable	$2.9M	$1.5M	$3.0M	$1.1M
Accounts payable and accrued liabilities	$5.0M	$5.6M	$15.5M	$966.0K
Net cash provided by operating activities	$38.2M	$7.4M	$64.3M	$31.1M
Purchase of property, plant and equipment	($74.8M)	($9.7M)	($2.9M)	($1.9M)
Proceeds from sale of property and equipment	$58.0K	$40.0K	$34.0K	$15.0K
Acquisition of businesses, net of cash acquired	($7.1M)	$0	($15.2M)	($184.0K)
Development of intangible assets	($878.0K)	($218.0K)	($1.0M)	($788.0K)
Net cash used in investing activities	($82.8M)	($9.9M)	($20.8M)	($2.9M)
Borrowings of debt	$44.8M	—	—	—
Restricted stock withholding taxes paid in lieu of issued shares	-442.0K	-303.0K	-161.0K	-161.0K
Repayments of debt	($59.0K)	($59.0K)	($117.0K)	($98.0K)
Payments of deferred acquisition consideration	($6.6M)	($270.0K)	($147.0K)	—
Purchase of treasury shares	-2.9M	-2.9M	—	—
Net cash provided by (used in) financing activities	$34.7M	($3.6M)	($425.0K)	($259.0K)
Net change in cash and cash equivalents	($9.9M)	($6.1M)	$43.1M	$28.0M
Foreign exchange impact on cash and cash equivalents	($310.0K)	$327.0K	($650.0K)	($451.0K)
(Decrease) increase in cash and cash equivalents during the period	($10.2M)	($5.8M)	$42.4M	$27.5M
Cash and cash equivalents at beginning of period	$50.9M	$50.9M	$22.1M	$22.1M
Cash and cash equivalents at end of period	$40.7M	$45.1M	$64.5M	$49.6M
Non-cash acquisition consideration	$14.3M	—	$33.5M	—
Non-cash lease financing	$1.1M	$158.0K	$4.4M	$2.8M
Issuance of common stock for vested restricted stock units	$1.9M	$1.2M	$848.0K	$521.0K
Non-cash minority interest contribution	$7.1M	$16.0K	$4.5M	—
Cash paid for income taxes	$6.6M	$1.3M	$10.1M	$7.5M
Cash paid for interest	$262.0K	$0	$89.0K	$89.0K

XPEL Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.