Filing Flows › Xpel (XPEL) › How it makes money
How Xpel (XPEL) makes money
Xpel (XPEL) made $138M of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Product revenue brought in $109M (79%); Service revenue brought in $29.1M (21%). Of every dollar of revenue, 45¢ was left as gross profit, 15¢ was left as operating profit, 12¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Product revenue | $109M | 78.9% | -3% | +14% |
| ↳ Paint protection film | $73.5M | 53.4% | -2% | +16% |
| ↳ Window film | $30.9M | 22.4% | -5% | +12% |
| ↳ Other | $4.3M | 3.1% | -2% | -0.1% |
| Service revenue | $29.1M | 21.1% | -7% | -3% |
| ↳ Installation labor | $24.3M | 17.6% | -4% | +10% |
| ↳ Software | $2.8M | 2.0% | +24% | +27% |
| ↳ Other | $1.1M | 0.8% | -43% | -22% |
| ↳ Cutbank credits | $957K | 0.7% | -50% | -78% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $138M | 100.0% |
| Cost of revenue | $76.3M | 55.4% |
| Gross profit | $61.5M | 44.6% |
| Operating expenses | $40.4M | 29.3% |
| Operating profit | $21.1M | 15.3% |
| Income tax | $4.5M | 3.2% |
| Net earnings | $16.3M | 11.9% |
| Operating cash flow | $21.1M | 15.3% |
| Free cash flow | $19.2M | 13.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $138M | +10% |
| Q2 2026 | $143M | +15% |
| Q1 2026 | $117M | +13% |
| Q4 2025 | $122M | +14% |
| Q3 2025 | $125M | +11% |
| Q2 2025 | $125M | +14% |
| Q1 2025 | $104M | +15% |
From Xpel's 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does Xpel make money?
Xpel (XPEL) made $138M of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Product revenue brought in $109M (79%); Service revenue brought in $29.1M (21%). Of every dollar of revenue, 45¢ was left as gross profit, 15¢ was left as operating profit, 12¢ was left as net earnings.
What is Xpel's biggest business?
Product revenue: $109M in the third quarter 2026, 79% of revenue, +14% from a year earlier.
What is Xpel's profit margin?
Net earnings were $16.3M, 11.9% of revenue, in the third quarter 2026; the operating margin was 15.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.