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Xwell (XWEL) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Xwell (XWEL) Q2 2026 earnings results →
Q2 2026 Revenue down 7% year over year to $7.1M · 26¢ of every $1 of revenue lost · operating margin -29.4%
Xwell made $7.1M in Q2 2026 (-7% Y/Y): XpresSpa $4.2M, XpresTest $2.5M, Naples Wax $503K. Operating margin -29.4%, net loss $1.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $7.1M in Q2 2026, down 7% year over year and up 8% from the previous quarter. XpresSpa was the largest line at 58% of revenue. XpresSpa lost $715K year over year (down 15%), 131% of the total change.
Gross margin was 41.3%, up 18.2 points from Q2 2025. Operating costs exceeded revenue by $2.1M, an operating margin of -29.4%. Operating expenses grew 13% against a revenue fall of 7%. The fastest-growing cost line was Other operating costs (+115%). The quarter ended with a net loss of $1.9M, narrower than the previous quarter's $11.0M loss.
Operating cash flow was −$4.5M. Non-cash charges added back $163K of depreciation and amortization and $98K of share-based compensation. Working capital and other items used $2.9M. Capital expenditures of $169K exceeded it, leaving free cash flow of −$4.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $7.1M | -7% | -29.4% | −$1.9M | −$4.5M |
| Q1 2026 | 10-Q | May 20, 2026 | $6.6M | -6% | -81.6% | −$11.0M | −$4.6M |
| Q4 2025 | 10-K | Apr 1, 2026 | $7.2M | -4% | -126.5% | −$9.3M | −$42K |
| Q3 2025 | 10-Q | Nov 14, 2025 | $7.3M | -13% | -10.5% | −$211K | −$2.1M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $7.7M | -17% | -35.0% | −$2.1M | −$2.4M |
| Q1 2025 | 10-Q | May 20, 2025 | $7.0M | -20% | -45.0% | −$4.6M | −$4.2M |
| Q4 2024 | 10-K | Apr 15, 2025 | $7.5M | +0.9% | -102.7% | −$7.6M | −$3.5M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Xwell
XWELL is a global wellness organization dedicated to delivering restorative and health-focused services to travelers through its three reportable operating segments: XpresSpa®, XpresTest®, and Naples Wax Center®. As of the date of this Annual Report on Form 10-K, XWELL currently has three reportable operating segments: XpresSpa®, XpresTest® and Naples Wax Center®. On October 25, 2022, the Company changed its name to XWELL, Inc. (“XWELL” or the “Company”) from XpresSpa Group, Inc. The Company’s common stock, par value $0.01 per share, which had previously been listed under the trading symbol “XSPA” on Nasdaq, now trades under the trading symbol “XWEL”. The Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State on October 24, 2022 (as amended, the “Amended and Restated Certificate”) reflecting the name change.
In its own words, from its 10-K, filed Apr 1, 2026.
Xwell against its Services-Personal Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median -1%. Operating margin: -29.4% against the peers' median 13.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| XWEL Xwell | Q2 2026 | $7.1M | -7% | -29.4% |
| HRB H&R Block | Q4 FY26 | $1.1B | +3% | 32.9% |
| SCI Service Corp International | Q3 2026 | $1.1B | +5% | 22.8% |
| UNF Unifirst | Q4 FY26 | $645M | +5% | 6.5% |
| YELP Yelp | Q3 2026 | $371M | -1% | 13.2% |
| WW WW International | Q3 2026 | $153M | -17% | 23.9% |
| EVI EVI Industries | Q4 FY26 | $122M | +11% | 4.6% |
| CSV Carriage Services | Q3 2026 | $100M | -2% | 19.3% |
| RGS Regis | Q1 FY27 | $54.3M | -8% | 9.8% |
Source: Xwell 10-Q on SEC EDGAR · CIK 1410428 · Services-Personal Services
13F: who owns XWEL and who is buying
More on XWEL
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results