Filing Flows › Xpel (XPEL) › Q3 2026 › vs Q2 2026
Xpel (XPEL) Q3 2026 vs Q2 2026 (quarter over quarter)
Xpel's revenue fell $5.2M (-4%) from $143M in Q2 2026 to $138M in Q3 2026. The biggest changes: Product revenue −$3.0M (-3%); Service revenue −$2.3M (-7%). Gross margin 44.6% against 44.1% (+0.5 pts).
Xpel, Q3 2026: revenue $138M (+10% year over year), operating margin 15.3%, net earnings $16.3M, operating cash flow $21.1M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 44.6% | 44.1% | +0.5 pts |
| Operating margin | 15.3% | 16.2% | -0.9 pts |
| Net margin | 11.9% | 12.6% | -0.8 pts |
| Free cash flow margin | 13.9% | -24.0% | +37.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Paint protection film | $73.5M | $74.8M | −$1.3M | -2% |
| Window film | $30.9M | $32.5M | −$1.6M | -5% |
| Installation labor | $24.3M | $25.3M | −$1.1M | -4% |
| Other | $4.3M | $4.4M | −$108K | -2% |
| Software | $2.8M | $2.3M | $539K | +24% |
| Other | $1.1M | $1.9M | −$811K | -43% |
| Cutbank credits | $957K | $1.9M | −$961K | -50% |
| Product revenue | $109M | $112M | −$3.0M | -3% |
| Service revenue | $29.1M | $31.4M | −$2.3M | -7% |
| Revenue | $138M | $143M | −$5.2M | -4% |
| Gross profit | $61.5M | $63.1M | −$1.6M | -3% |
| Cost of revenue | $76.3M | $79.9M | −$3.6M | -5% |
| Operating profit | $21.1M | $23.2M | −$2.1M | -9% |
| Operating expenses | $40.4M | $39.9M | $506K | +1% |
| Pre-tax earnings | $21.2M | $23.4M | −$2.2M | -9% |
| Sales & marketing | $15.0M | $15.4M | −$389K | -3% |
| General & admin | $25.4M | $24.5M | $895K | +4% |
| Net earnings | $16.3M | $18.0M | −$1.7M | -9% |
| Minority interests | $367K | $264K | $103K | +39% |
| Income tax | $4.5M | $5.1M | −$587K | -12% |
| Depreciation & amortization | $4.0M | $4.0M | $0 | 0% |
| Share-based compensation | $1.1M | $1.3M | −$140K | -11% |
| Working capital & other | $400K | −$7.5M | $7.9M | — |
| Operating cash flow | $21.1M | $30.8M | −$9.7M | -32% |
| Free cash flow (OCF − capex) | $19.2M | −$34.3M | $53.5M | — |
| Capital expenditures | $1.9M | $65.1M | −$63.2M | -97% |
Questions
How much did Xpel's revenue grow quarter over quarter in Q3 2026?
Xpel's revenue fell $5.2M (-4%) from $143M in Q2 2026 to $138M in Q3 2026.
What drove Xpel's revenue change in Q3 2026?
Product revenue −$3.0M (-3%); Service revenue −$2.3M (-7%).