Filing Flows › Xpel (XPEL) › Q3 2025
Xpel (XPEL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Xpel (XPEL) reported revenue of $125M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +0.6% from the quarter before. Operating margin was 13.4%, net earnings $12.9M (10.3% of revenue).
Xpel, Q3 2025: revenue $125M (+11% year over year), operating margin 13.4%, net earnings $12.9M, operating cash flow $33.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $125M | +0.6% | +11% |
| Gross profit | $52.4M | -2% | +9% |
| Operating profit | $16.8M | -13% | -9% |
| Net earnings | $12.9M | -21% | -13% |
| Operating cash flow | $33.2M | +19% | +70% |
| Free cash flow | $32.2M | +19% | +76% |
What changed
Revenue was $125.4M in Q3 2025, up 11% year over year and up 1% from the previous quarter. Paint protection film was the largest line at 51% of revenue. Window film added $5.0M year over year (up 22%), 40% of the total change. Cutbank credits declined 5%.
Gross margin was 41.8%, down 0.7 points from a year earlier. Operating profit was $16.8M, a 13.4% margin (down 2.9 points year over year). Operating profit fell $1.6M even though revenue rose $12.6M versus a year earlier, so costs grew faster than sales. Operating expenses grew 21% against revenue growth of 11%. The fastest-growing cost line was Sales & marketing (+30%). Net earnings were $12.9M, down 13% year over year. The effective tax rate was 21.1%.
Operating cash flow was $33.2M (up 70% year over year), 252% of net earnings. Non-cash charges added back $3.3M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $15.6M. Capital expenditures of $1.0M left free cash flow of $32.2M.
Questions
What was Xpel's revenue in the third quarter 2025?
Xpel (XPEL) reported revenue of $125M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +0.6% from the quarter before.
Was Xpel profitable in the third quarter 2025?
Operating profit was $16.8M (13.4% of revenue) and net earnings $12.9M.
Source: Xpel 10-Q on SEC EDGAR.