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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, driven by strong US, EU, and APAC growth, with nine-month revenue up 13.1% to $353.9 million.
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.
Growth was led by increased demand for paint protection and window film products, with notable expansion in Asia and Europe.
Integration of recent acquisitions in China, Japan, Thailand, and India is progressing, with positive team and customer reception.
Financial highlights
US revenue grew 11.1% to $71.7 million; EU/UK/Africa revenue up 28.8% to $16.5 million; Asia Pacific revenue increased 21.0%.
Window film product line grew 22.2%; product revenue up 9.8%; service revenue up 15.7%.
Gross margin for Q3 2025 was $52.4 million (41.8% of revenue), down from 42.5% in Q3 2024; nine-month gross margin was 42.3%.
Operating income for Q3 2025 was $16.8 million (13.4% margin), down from $18.4 million in Q3 2024.
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 gross margin expected to improve and reach record levels in 2026 as China integration completes.
Long-term goal to increase gross margin to 52–54% and operating margin to mid-high 20% by 2028, supported by $75–$150 million in strategic investments.
Continued low double-digit organic revenue growth expected mid-term, with focus on expanding direct sales in top global car markets.
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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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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