Filing Flows › Xpel (XPEL) › Q2 2025
Xpel (XPEL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Xpel (XPEL) reported revenue of $125M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +20% from the quarter before. Operating margin was 15.5%, net earnings $16.2M (13.0% of revenue).
Xpel, Q2 2025: revenue $125M (+14% year over year), operating margin 15.5%, net earnings $16.2M, operating cash flow $27.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $125M | +20% | +13% |
| Gross profit | $53.5M | +22% | +12% |
| Operating profit | $19.3M | +74% | +0.6% |
| Net earnings | $16.2M | +89% | +8% |
| Operating cash flow | $27.9M | +764% | +4% |
| Free cash flow | $26.9M | 12× | +7% |
What changed
Revenue was $124.7M in Q2 2025, up 13% year over year and up 20% from the previous quarter. Paint protection film was the largest line at 50% of revenue. Window film added $5.9M year over year (up 27%), 40% of the total change. Cutbank credits declined 5%.
Gross margin was 42.9%, down 0.6 points from a year earlier. Operating profit was $19.3M, a 15.5% margin (down 2.0 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 17% margin then. Operating expenses grew 19% against revenue growth of 13%. The fastest-growing cost line was General & admin (+22%). Net earnings were $16.3M, up 8% year over year. The effective tax rate was 20.3%.
Operating cash flow was $27.9M (up 4% year over year), 172% of net earnings. Non-cash charges added back $3.1M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $7.6M. Capital expenditures of $943K left free cash flow of $26.9M.
Questions
What was Xpel's revenue in the second quarter 2025?
Xpel (XPEL) reported revenue of $125M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +20% from the quarter before.
Was Xpel profitable in the second quarter 2025?
Operating profit was $19.3M (15.5% of revenue) and net earnings $16.2M.
Source: Xpel 10-Q on SEC EDGAR.