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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
XPEL
XPEL (XPEL) investor relations material
XPEL Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached a record $125.4 million, up 11.1% year-over-year, with strong US and EU growth and notable expansion in Asia; nine-month revenue totaled $353.9 million, up 13.1%.
Net income for Q3 2025 was $13.1 million, down 11.8% year-over-year; nine-month net income rose 3.7% to $37.9 million.
EBITDA for Q3 2025 was $19.9 million (15.9% margin), down 8.1% year-over-year; nine-month EBITDA increased 4.6% to $57.8 million.
Completed acquisition of a Chinese distributor, expanding direct distribution in APAC; integration of acquisitions in China, Japan, Thailand, and India progressing well.
Product line expansion, especially colored and window films, showing strong early adoption and growth potential.
Financial highlights
US revenue grew 11.1% to $71.7 million; EU revenue up 28.8% to $16.5 million; Asia Pacific revenue increased 21.0%.
Window film product line grew 22.2%; total insulation revenue up over 21%; installation revenue up 21.3%.
Gross margin for Q3 2025 was $52.4 million (41.8% of revenue), with nine-month gross margin at 42.3%.
EBITDA margin was 15.9% in Q3 2025, down from 19.2% in Q3 2024; operating margin was 13.4%.
EPS for Q3 2025 was $0.47; nine-month EPS $1.37.
Outlook and guidance
Q4 2025 revenue expected in the $123–$125 million range, with 13–14% annual growth targeted for 2025.
Gross margin expected to improve in Q4 and reach record levels in Q1 and Q2 2026 as China integration completes.
Strategic investments of $75–$150 million planned over two years to boost gross margin to 52–54% and operating margin to mid-high 20% by 2028.
Continued low double-digit organic revenue growth expected mid-term.
Management expects sufficient liquidity to support operations, capital expenditures, and acquisitions for at least the next 12 months.
Timeline for full China margin realization
Path to 52-54% gross margin by 2028
Mitigating OEM business bottom-line drag
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Next XPEL earnings date
Q4 202524 Feb, 2026
XPEL
Next XPEL earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
XPEL, Inc. is one of the largest manufacturers and distributors of after-market vehicle protection and enhancement products in the world. The Company has four distinct businesses: automotive products, industrial film, construction, and protective coatings. The automotive products business manufactures and sells brand name products for the automotive after-market to both professional installers as well as do-it-yourself customers. Industrial film is a high quality protective film designed to protect against paint damage and acts as a permanent window tint. Construction automatically dispenses flowable materials in a uniform bead without waste, overlapping or unsightly seams. Protective coatings develops, manufactures, markets and installs advanced protective coatings and surface treatments.
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