Short answer
DXP ENTERPRISES INC (DXPE) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $2.0B (+11.9% year over year) and net income of $89M.
- Top risk flagged: Regulatory risk from increased effective tax rate at 25.6% in 2025 vs 17.0% in 2024 due to R&D credit adjustments and nondeductible expenses
FY2025 key financial metrics · XBRL
- Revenue
- $2.0B
- +11.9% YoY
- Net income
- $89M
- +25.8% YoY
- Operating margin
- 8.8%
- +0.7 pp YoY
- Gross margin
- 31.5%
- +0.7 pp YoY
- EPS (diluted)
- $5.37
- +27.3% YoY
- ROE
- 17.8%
- +1.1 pp YoY
- Operating cash flow
- $94M
- −7.8% YoY
Source: XBRL data from the DXP ENTERPRISES INC (DXPE) FY2025 10-K on SEC EDGAR. USD.
DXP ENTERPRISES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: distribution of MRO products, equipment, and services across diverse industrial end markets
- Emphasis on three segments: Service Centers, Innovative Pumping Solutions, and Supply Chain Services
- Continuation of longstanding industry presence since 1908 with formal incorporation in 1996
- No new products, services, or strategic shifts explicitly highlighted this filing year
- Financial details segmented and disclosed in Note 20 for transparency and detailed analysis
Management Discussion & Analysis
- Revenue $2.02B in 2025, up 12% YoY from $1.80B in 2024; Service Centers best segment $1.37B, Supply Chain Services worst $253M
- Operating margin 8.8% in 2025 vs 8.1% in 2024; Net income margin 4.4% vs 3.9%; Adjusted EBITDA margin 11.2% vs 10.6%
- Net income $88.7M in 2025 vs $70.5M in 2024; EBITDA $218.6M vs $182.3M; Adjusted EBITDA $225.3M vs $191.3M
- Free cash flow $54.0M in 2025 vs $77.1M in 2024; repurchased 0.2M shares for $17.0M vs 0.6M shares for $28.8M; capex $40.3M vs $25.1M
- Management expects sufficient liquidity from $304M cash, $153.5M credit availability, and operating cash flow to fund growth and debt service
Risk Factors
- Regulatory risk from increased effective tax rate at 25.6% in 2025 vs 17.0% in 2024 due to R&D credit adjustments and nondeductible expenses
- Macroeconomic threat from inflation, rising interest rates, and tariffs impacting operating costs and supply chain disruptions in 2025
- Operational risk in Supply Chain Services segment with 1.4% sales decline ($3.5M) in 2025 due to decreased oil and gas customer activity
- Competitive risk from diversification into water and wastewater markets impacting Innovative Pumping Solutions segment sales growth by 26.4% in 2025
- Financial risk from higher interest expense expected in 2026 due to incremental financing despite $3.4M reduction in 2025 from refinancing Term Loan B
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