Filing Flows › Xpel (XPEL) › Q2 2026 › vs Q1 2026
Xpel (XPEL) Q2 2026 vs Q1 2026 (quarter over quarter)
Xpel's revenue rose $25.7M (+22%) from $117M in Q1 2026 to $143M in Q2 2026. The biggest changes: Product revenue +$23.0M (+26%); Service revenue +$2.7M (+10%). Gross margin 44.1% against 43.7% (+0.5 pts).
Xpel, Q2 2026: revenue $143M (+15% year over year), operating margin 16.2%, net earnings $18.0M, operating cash flow $30.8M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 44.1% | 43.7% | +0.5 pts |
| Operating margin | 16.2% | 11.1% | +5.1 pts |
| Net margin | 12.6% | 8.8% | +3.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Paint protection film | $74.8M | $61.7M | $13.2M | +21% |
| Window film | $32.5M | $23.3M | $9.2M | +40% |
| Installation labor | $25.3M | $23.1M | $2.2M | +10% |
| Other | $4.4M | $3.8M | $600K | +16% |
| Software | $2.3M | $2.2M | $32K | +1% |
| Cutbank credits | $1.9M | $2.1M | −$177K | -8% |
| Other | $1.9M | $1.2M | $661K | +54% |
| Product revenue | $112M | $88.7M | $23.0M | +26% |
| Service revenue | $31.4M | $28.6M | $2.7M | +10% |
| Revenue | $143M | $117M | $25.7M | +22% |
| Gross profit | $63.1M | $51.2M | $11.9M | +23% |
| Cost of revenue | $79.9M | $66.1M | $13.8M | +21% |
| Operating profit | $23.2M | $13.0M | $10.2M | +78% |
| Operating expenses | $39.9M | $38.2M | $1.7M | +4% |
| Pre-tax earnings | $23.4M | $13.3M | $10.1M | +76% |
| Sales & marketing | $15.4M | $15.2M | $223K | +1% |
| General & admin | $24.5M | $23.1M | $1.5M | +6% |
| Net earnings | $18.0M | $10.3M | $7.7M | +74% |
| Minority interests | $264K | $160K | $104K | +65% |
| Income tax | $5.1M | $2.8M | $2.3M | +82% |
| Depreciation & amortization | $4.0M | $3.7M | $318K | +9% |
| Share-based compensation | $1.3M | $934K | $347K | +37% |
| Working capital & other | $7.5M | −$7.6M | $15.1M | — |
| Operating cash flow | $30.8M | $7.4M | $23.4M | +317% |
| Capital expenditures | $65.1M | $9.7M | $55.4M | +570% |
| Negative free cash flow (OCF − capex) | $34.3M | $2.3M | $32.0M | 15× |
Questions
How much did Xpel's revenue grow quarter over quarter in Q2 2026?
Xpel's revenue rose $25.7M (+22%) from $117M in Q1 2026 to $143M in Q2 2026.
What drove Xpel's revenue change in Q2 2026?
Product revenue +$23.0M (+26%); Service revenue +$2.7M (+10%).