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Xpel cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$19.2M in Q3 2026 · −$15.8M over twelve months

Operating cash flow$21.1M
Capital spending−$1.9M
Free cash flow+$19.2M
Cash / net income1.3×
Cash conversion cycle145 days

Analysis

In Q3 2026, Xpel generated $21.1M of operating cash flow and spent $1.9M on capital projects, leaving free cash flow of $19.2M. That is $13.0M less than in Q3 2025 ($32.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $61.9M; the largest uses were capital spending ($77.8M), acquisitions ($23.4M), buybacks ($8.9M); besides operations, cash came from other financing ($33.7M), asset & business sales ($80K); the cash balance fell by $18.8M.

Operating cash flow was $21.1M against net income of $16.7M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: payables +$10.4M, income taxes payable −$4.8M, receivables −$4.7M.

Its cash conversion cycle was 145 days (receivables 38 + inventory 157 − payables 49).

Free cash flow

Xpel: free cash flow by quarterXpel: free cash flow by quarter$4.7MQ4 2024$2.2MQ1 2025$26.9MQ2 2025$32.2MQ3 2025$1.6MQ4 2025−$2.3MQ1 2026−$34.3MQ2 2026$19.2MQ3 2026
Operating cash flow less capital spending.
Xpel: operating cash flow against capital spendingXpel: operating cash flow against capital spendingOperating cash flowCapital spending$6.3M$1.6MQ4 2024$3.2M$1.0MQ1 2025$27.9M$943KQ2 2025$33.2M$988KQ3 2025$2.7M$1.1MQ4 2025$7.4M$9.7MQ1 2026$30.8M$65.1MQ2 2026$21.1M$1.9MQ3 2026
Latest (Q3 2026): Operating cash flow $21.1M, Capital spending $1.9M.

Capital allocation, year by year

Xpel: where the cash came from (up) and went (down), by fiscal yearXpel: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $18.3MFY2021: Net borrowing $19.9MFY2021: Asset sales $66KFY2021: Capital spending −$6.7MFY2021: Acquisitions −$49.2M$38.3MFY2021FY2022: Operating cash flow $12.1MFY2022: Net borrowing $632KFY2022: Asset sales $73KFY2022: Capital spending −$7.9MFY2022: Acquisitions −$4.7M$12.8MFY2022FY2023: Operating cash flow $37.4MFY2023: Net borrowing −$7.0MFY2023: Asset sales $29KFY2023: Capital spending −$6.4MFY2023: Acquisitions −$18.7M$37.4MFY2023FY2024: Operating cash flow $47.8MFY2024: Net borrowing −$19.1MFY2024: Asset sales $40KFY2024: Capital spending −$6.7MFY2024: Acquisitions −$9.9M$47.9MFY2024FY2025: Operating cash flow $66.9MFY2025: Net borrowing −$243KFY2025: Asset sales $48KFY2025: Capital spending −$4.0MFY2025: Acquisitions −$26.2MFY2025: Buybacks −$3.0M$67.0MFY2025
Over these 5 years operating cash flow totalled $182M; the largest uses were acquisitions ($109M) and capital spending ($31.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$45.7M
Debt$44.4M
Net cash$1.3M

Xpel's operations bring cash in ($61.9M over twelve months), and it spends more than that on capital projects: a gap of $15.8M funded from its $45.7M of cash and investments and from borrowing ($44.4M of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Xpel: sources (+) and uses (−) of cash, Q3 2026Xpel: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$21.1MAcquisitions−$5.3MCash drawn (+) / kept (−)−$5.0MOther financing−$4.5MBuybacks−$3.0MCapital spending−$1.9MOther investing−$628KNet borrowing (+) / repaid (−)−$447KExchange rates−$267KTaxes on employees’ shares−$67KAsset & business sales$8K
Xpel: sources (+) and uses (−) of cash, TTM to Q3 2026Xpel: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$77.8MOperating cash flow$61.9MOther financing$33.7MAcquisitions−$23.4MCash drawn (+) / kept (−)$18.8MBuybacks−$8.9MOther investing−$2.4MExchange rates−$653KNet borrowing (+) / repaid (−)−$632KTaxes on employees’ shares−$602KAsset & business sales$80K

From profit to cash

Xpel: net income to operating cash flow, Q3 2026Xpel: net income to operating cash flow, Q3 2026Net income$16.7MDepreciation & amortization$4.0MStock-based pay$1.1MDeferred taxes$192KGains on disposals−$9KReceivables−$4.7MInventory−$2.4MPayables$10.4MPrepaid and other assets$252KIncome taxes payable−$4.8MOperating cash flow$21.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263815749145
Q2 20263414846136
Q1 20264017355158
Q4 20253316348148
Q3 20252814739135
Q2 20252614033134
Q1 20252717038159
Q4 20242515335144

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$21.1M−$1.9M−$5.3M−$3.0M−$447K−$5.0M$19.2M
Q2 2026$30.8M−$65.1M−$7.1M——$4.4M−$34.3M
Q1 2026$7.4M−$9.7M—−$2.9M−$59K$5.8M−$2.3M
Q4 2025$2.7M−$1.1M−$11.0M−$3.0M−$126K$13.6M$1.6M
Q3 2025$33.2M−$988K−$15.0M—−$19K−$14.9M$32.2M
Q2 2025$27.9M−$943K−$142K—−$21K−$26.1M$26.9M
Q1 2025$3.2M−$1.0M−$42K—−$77K−$1.5M$2.2M
Q4 2024$6.3M−$1.6M−$3.3M—−$16K−$1.1M$4.7M

Xpel: income statement and cash flow

Xpel, Q3 2026: revenue $138M (+10% year over year), operating margin 15.3%. The chart follows the revenue to costs, profit and cash.

Xpel: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.