10-Q · May 15, 2026
XBP Global shows a modest revenue increase of 2.7% to $197.1 million for Q1 2026, contrasting with a net loss of $26.8 million. The Technology segment outperformed with a 33% rise to $18.7 million. However, significant…
Earnings analysis · 10-Q
XBP earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
XBP reported $191.311 million of revenue and diluted EPS of negative $1.42, missing consensus revenue of $197.7 million and EPS of negative $1.04. Gross margin declined to 21.5% from 22.9% sequentially and 29.8% year…
Read full summary
XBP reported $191.311 million of revenue and diluted EPS of negative $1.42, missing consensus revenue of $197.7 million and EPS of negative $1.04. Gross margin declined to 21.5% from 22.9% sequentially and 29.8% year over year, although management raised its annualized operational-efficiency target to $65 million-$75 million. The outlook improvement is offset by persistent GAAP losses, repeated financing amendments, and material weaknesses in internal controls that remained unremediated as of June 30, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.42
- Gross margin
- 21.5%
What stood out
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Revenue Missed Consensus
Revenue was $191.311 million, down approximately 2.9% from $197 million in 2026 Q1 but up approximately 378% from $40 million in 2025 Q2. Revenue missed the $197.7 million consensus estimate by approximately 3.2%.
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EPS Missed Consensus
Diluted EPS was a loss of $1.42 versus the $1.04 loss estimate, an unfavorable variance of $0.38 per share or approximately 36.5%.
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Gross Margin Compressed
Gross margin was 21.5%, down 1.4 percentage points from 22.9% in 2026 Q1 and down 8.3 percentage points from 29.8% in 2025 Q2.
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Efficiency Target Increased
Management raised its annualized operational-efficiency target to $65 million-$75 million from $55 million-$60 million previously, while expecting approximately $35 million of in-year benefit in 2026.
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Controls Remediation Continues
Management stated that the CEO and CFO concluded disclosure controls and procedures were ineffective as of June 30, 2026 because of material weaknesses in internal control over financial reporting.
What to watch
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Unremediated Control Weaknesses
Material weaknesses in internal control over financial reporting remained unremediated as of June 30, 2026, and management concluded ICFR was not effective at period-end. The company stated remediation requires controls to operate effectively for a sufficient period and pass management testing.
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Repeated Financing Amendments
XBP Americas entered into three financing-related amendments or waivers dated May 7, May 14, and June 30, 2026. The repeated amendments indicate continuing financing and liquidity execution risk, although the filing does not quantify the associated debt or covenant impact.
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Persistent Losses and Margin Pressure
The company reported a diluted loss of $1.42 per share for the quarter, versus a $1.04 loss estimate, while gross margin declined to 21.5% from 22.9% in the prior quarter. Continued losses and margin pressure could constrain liquidity and execution of the efficiency plan.
Management's outlook
The quantitative outlook disclosed with the quarterly results raised the annualized operational-efficiency target to $65 million-$75 million from $55 million-$60 million previously, with approximately $35 million of in-year benefit expected in 2026. No numeric revenue or EPS guidance was provided.
Earlier filings 4
10-K · March 31, 2026
The 2025 10-K frames XBP Global as a platform-led, agentic AI-enabled workflow and payments services company focused on finance/accounting, EIM, digital mailroom and industry-specific RCM for healthcare. The filing…
10-Q · November 14, 2025
XBP reported consolidated successor revenue of $152,403,000 for Aug 1–Sep 30, 2025 and a net loss of $305,838,000 (loss per share $2.60). Results were driven by a $295,800,000 goodwill impairment and restructuring /…
10-Q · August 12, 2024
XBP reported Q2 revenue of $36.031M, down from $42.294M in Q2 2023, and generated an operating loss of $2.413M (versus operating profit of $1.427M a year ago). The quarter produced a net loss of $4.723M (EPS $(0.16)),…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.