XPEL, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
XPEL$40.03+5.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $51,589 | $45,489 | $52,800 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation of property, plant and equipment | 6,264 | 5,820 | 4,534 |
| Amortization of intangible assets | 6,990 | 5,877 | 5,059 |
| Gain on sale of property and equipment | (13) | (49) | (13) |
| Stock compensation | 2,753 | 3,197 | 1,640 |
| Provision for credit losses | 922 | 390 | 243 |
| Deferred income tax | (299) | (2,745) | (921) |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | (20,444) | (5,604) | (7,000) |
| Inventory, net | 11,476 | (4,785) | (24,843) |
| Prepaid expenses and other current assets | (3,887) | (2,154) | 604 |
| Income taxes receivable and payable | 249 | (267) | (1,197) |
| Accounts payable and accrued liabilities | 11,338 | 2,655 | 6,478 |
| Net cash provided by operating activities | 66,938 | 47,824 | 37,384 |
| Cash flows used in investing activities | |||
| Purchases of property, plant and equipment | (4,008) | (6,713) | (6,356) |
| Proceeds from sale of property and equipment | 48 | 40 | 29 |
| Acquisition of businesses, net of cash acquired | (26,168) | (9,855) | (18,735) |
| Purchases of long term investments | (2,100) | — | — |
| Development of intangible assets | (1,550) | (1,876) | (1,291) |
| Net cash used in investing activities | (33,778) | (18,404) | (26,353) |
| Cash flows from financing activities | |||
| Net payments on revolving line of credit | — | (19,000) | (7,000) |
| Restricted stock withholding taxes paid in lieu of issued shares | (254) | (193) | (167) |
| Repayments of notes payable | (243) | (60) | (92) |
| Payments of deferred acquisition consideration | (161) | — | — |
| Purchases of treasury shares | (2,999) | — | — |
| Net cash used in financing activities | (3,657) | (19,253) | (7,259) |
| Net change in cash and cash equivalents | 29,503 | 10,167 | 3,772 |
| Foreign exchange impact on cash and cash equivalents | (726) | 311 | (219) |
| Increase in cash and cash equivalents during the period | 28,777 | 10,478 | 3,553 |
| Cash and cash equivalents at beginning of year | 22,087 | 11,609 | 8,056 |
| Cash and cash equivalents at end of year | $50,864 | $22,087 | $11,609 |
| Supplemental schedule of non-cash activities | |||
| Non-cash acquisition consideration | $24,094 | $1,600 | $— |
| Non-cash lease financing | $6,631 | $8,701 | $4,231 |
| Issuance of Common Stock for vested restricted stock units | $1,171 | $1,110 | $1,038 |
| Non-cash minority interest contribution | $4,540 | $— | $— |
| Supplemental cash flow information | |||
| Cash paid for income taxes | $12,540 | $13,617 | $15,293 |
| Cash paid for interest | $89 | $1,026 | $1,240 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.