10-K · February 27, 2026
XPEL positions itself as a global supplier of paint and surface protection films with a services-led moat (DAP software, training, dealer support) and is expanding via acquisitions and a shift from an asset-light model…
Earnings analysis · 10-Q
XPEL earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
XPEL reported strong Q1 2026 results, achieving revenues of $117.4 million, a 13.1% increase year-over-year, and an EPS of $0.37, exceeding expectations. The performance was driven by significant growth in window film…
Read full summary
XPEL reported strong Q1 2026 results, achieving revenues of $117.4 million, a 13.1% increase year-over-year, and an EPS of $0.37, exceeding expectations. The performance was driven by significant growth in window film sales and increased EBITDA. Cash flow from operations improved markedly, while management signaled optimism in their outlook for the upcoming quarter.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $0.37
- Segment
- Paint protection film
- Segment
- Window film
- Segment
- Other
What stood out
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Revenue Exceeds Estimates
Actual Q1 2026 revenue was $117.4 million, beating estimates of $112.9 million.
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Strong EPS Growth
Q1 2026 EPS was $0.37, surpassing expectations of $0.36, representing a 19.4% year-over-year increase.
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Improved Gross Margin
Gross margin increased to 43.7% in Q1 2026 from 42.3% in Q1 2025.
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Operating Cash Flow Improvement
Operating cash flow rose to $7.4 million for Q1 2026, up from $3.2 million in Q1 2025.
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Notable Growth in Window Film Segment
Window film revenue grew 24.8% year-over-year, accounting for 19.8% of total revenue.
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Increased EBITDA
EBITDA rose to $16.973 million for Q1 2026, a 17.8% increase compared to Q1 2025.
What to watch
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High Dependency on Automotive Sector
Continued reliance on the automotive market may expose XPEL to sales risks.
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Rising Operating Expenses
Operating expenses increased 16.6% year-over-year, potentially impacting margins.
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Supply Chain Vulnerabilities
Ongoing supply chain issues could affect product availability and costs.
Management's outlook
Management expects Q2 2026 revenue to be between $135 million and $137 million.
Earlier filings 4
10-Q · May 9, 2025
XPEL reported Q1 revenue of $103,805,000 (up $13,701,000 or +15.2% YoY from $90,104,000) and diluted EPS of $0.31 (up $0.07 YoY). Operating income improved to $11,120,000 and operating cash flow turned positive at…
10-K · February 28, 2025
XPEL emphasizes a product-plus-services strategy centered on its proprietary DAP pattern database (>80,000 vehicle applications), a channel-first approach (63.8% of 2024 revenue via independent installers) and global…
10-Q · May 9, 2024
XPEL reported Q1 revenue of $90.104M, up $4.262M (5.0%) versus Q1 2023, with service revenue driving growth. Gross profit was $37.876M (~42.0% gross margin) but operating income fell to $9.229M (10.2% operating margin)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.