Short answer
XPEL, Inc. (XPEL) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $476M (+13.3% year over year) and net income of $51M.
- Top risk flagged: PRC regulatory risk: compliance with complex China M&A rules including Security Review Rules restricting foreign acquisitions, possibly delaying expansion efforts
FY2025 key financial metrics · XBRL
- Revenue
- $476M
- +13.3% YoY
- Net income
- $51M
- +12.6% YoY
- Operating margin
- 13.2%
- −0.9 pp YoY
- Gross margin
- 42.2%
- +0.0 pp YoY
- EPS (diluted)
- $1.85
- +12.1% YoY
- ROE
- 18.3%
- −1.9 pp YoY
- Operating cash flow
- $67M
- +40.0% YoY
Source: XBRL data from the XPEL, Inc. (XPEL) FY2025 10-K on SEC EDGAR. USD.
XPEL, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Supplier of automotive protective films, coatings, and related services with focus on paint protection and window films
- Expanded manufacturing and supply chain investments to lower costs and improve quality, shifting from historical "asset-light" model in 2025
- Completed five international acquisitions (India, Thailand, Japan, China) in 2025 to enhance global footprint and direct sales in top car markets
- Employees increased to approximately 1,337 as of December 31, 2025, with 729 in the US and 608 internationally
- Emphasis on proprietary SAAS Design Access Platform with 90,000+ vehicle patterns facilitating film customization and installer efficiency
Management Discussion & Analysis
- Revenue $476.2M, up 13.3% YoY; product revenue $359.9M (+12.9%), service revenue $116.3M (+14.6%)
- Gross margin stable at 42.2% total; product margin 37.8% vs 37.3%, service margin down to 56.0% vs 57.4%
- Best segment: window film revenue +21.7% to $94.5M; worst segment: cutbank credits declined 2.9% to $16.5M
- Operating cash flow $66.9M (+40% YoY); investing cash flow outflow $33.8M due to acquisitions; financing cash flow used $3.7M
- Management expects sufficient liquidity from $50.9M cash, $128.3M credit availability; risks include lease and contingent liabilities payments
Risk Factors
- PRC regulatory risk: compliance with complex China M&A rules including Security Review Rules restricting foreign acquisitions, possibly delaying expansion efforts
- Geopolitical risk: exposure to China operations with substantial government control and potential political interference affecting business and financials
- Supply chain risk: reliance on limited or sole-source suppliers for key raw materials risking shortages, cost increases, and production delays
- Competitive risk: increased regulatory scrutiny on dealerships by FTC and state authorities potentially limiting accessory sales channels
- Key-person risk: dependence on CEO Ryan Pape and CFO Barry Wood, with neither under employment agreement, risking operational disruption if lost
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.