XPEL (XPEL) Cash Flow: Operating & Free Cash Flow

XPEL Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for XPEL, Inc. (XPEL) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Mar 2019	Dec 2017
Operating Activities
Net Income	51.23	45.49	52.80	41.38	31.57	18.28	14.00	8.72	1.13
Depreciation & Amortization	13.25	11.70	9.59	7.83	4.39	2.23	1.70	1.38	1.77
Deferred Income Tax	-0.30	-2.75	-0.92	-0.47	1.01	-0.27	0.12	-0.09	-0.26
Stock Based Compensation	2.75	3.20	1.64	0.52	0.17	0.00	0.00	0.00	0.00
Change in Working Capital	-1.27	-10.16	-25.96	-37.68	-19.16	-1.95	-5.20	-3.48	1.22
Change in Accounts Receivable	-20.44	-5.60	-7.00	-2.63	-0.43	-2.43	-1.77	-0.26	-0.81
Change in Inventory	11.48	-4.79	-24.84	-28.57	-26.94	-6.76	-4.25	0.01	-1.86
Change in Accounts Payable	11.34	2.66	6.48	0.00	0.00	6.36	3.88	-3.64	3.14
Change in Other Working Capital	-3.64	-2.15	0.60	0.01	8.21	0.51	-3.05	0.41	0.76
Other Operating Activities	1.27	-2.40	-0.69	0.01	0.29	-0.21	0.36	0.04	0.08
Net Cash from Operating Activities	66.94	47.82	37.38	12.06	18.27	18.47	10.97	6.80	3.95
Investing Activities
Capital Expenditures	-4.01	-6.71	-6.36	-9.56	-7.69	-1.78	-2.24	-2.42	-2.21
Acquisitions	-26.17	-9.86	-18.74	-4.67	-49.19	-2.57	-0.13	-0.83	-1.14
Purchases of Investments	-2.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	-1.88	-1.29	0.00	0.00	-0.37	0.00	0.00	0.00
Other Investing Activities	-1.50	-1.84	-1.26	-1.55	-0.90	-0.31	-0.61	0.16	0.04
Net Cash from Investing Activities	-33.78	-18.40	-26.35	-14.16	-56.81	-4.66	-2.30	-3.09	-3.31
Financing Activities
Debt Repayment	-0.24	-0.06	-0.09	-0.37	19.24	-1.70	-1.14	-3.10	-1.53
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.61
Common Stock Repurchased	-3.00	-0.19	-0.17	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-0.42	-0.19	-0.17	-0.03	0.00	-0.79	0.00	0.00	-0.04
Net Cash from Financing Activities	-3.66	-19.25	-7.26	0.60	19.24	3.51	-1.14	-3.10	1.56
Summary
Effect of Forex Changes on Cash	-0.73	0.31	-0.22	-0.09	-0.08	0.21	0.01	-0.13	-0.56
Net Change in Cash	28.78	10.48	3.55	-1.59	-19.38	17.53	7.53	0.47	1.64
Cash at Beginning of Period	22.09	11.61	8.06	9.64	29.03	11.50	3.97	3.50	1.86
Cash at End of Period	50.86	22.09	11.61	8.06	9.64	29.03	11.50	3.97	3.50
Free Cash Flow	62.93	41.11	31.03	2.50	10.58	16.68	8.72	4.38	1.75
Supplemental Disclosures
Interest Paid	-	1.03	1.24	1.31	0.21	0.18	-	-	-
Income Taxes Paid	-	13.62	15.29	9.90	7.76	4.46	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About XPEL Cash Flow

What is XPEL's free cash flow?

XPEL generated free cash flow of $62.93M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $66.94M minus $4.01M of capital expenditures. That was up 53.1% from $41.11M a year earlier. Free cash flow equaled 13.2% of revenue.

How much does XPEL spend on capital expenditures?

XPEL spent $4.01M on capital expenditures in fiscal 2025, compared with $6.71M a year earlier. That equals 6.0% of operating cash flow.

Does XPEL pay dividends or buy back shares?

Yes. In fiscal 2025 XPEL returned $3.00M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition