XPEL, Inc. (XPEL) FY2025 10-K Annual Report
XPEL, Inc. (XPEL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
XPEL, Inc. FY2025 10-K Analysis
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
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%
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
XPEL, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$476M
▲ +13.3% YoY
Net Income
$51M
▲ +12.6% YoY
Gross Margin
42.2%
▲ +2bp YoY
Operating Margin
13.2%
▼ -91bp YoY
Net Margin
10.8%
▼ -6bp YoY
ROE
18.3%
▼ -190bp YoY
Total Assets
$383M
▲ +33.9% YoY
EPS (Diluted)
$1.85
▲ +12.1% YoY
Operating Cash Flow
$67M
▲ +40.0% YoY
Source: XBRL data from XPEL, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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