Xponential Fitness, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Xponential Fitness, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	129	107	155	243	318	320	315
Cost of revenue				46.5
Gross profit				197
Selling, general and administrative	80.5	60.9	94	126	169	177	152
Selling and marketing				13.6	15.7	11.9	9.72
Operating income	-21.1	7.79	-30.8	13.3	34.9	-53.6	19.8
Interest expense	16.1	21.4	24.7	13	38.7	46.3	49.2
Interest income	0.17	0.35	1.16	1.81	1.61	1.82	3.21
Other non-operating income	-15.9	-21.1	-19.8	-11.7	-40.3	-45.4	-72.2
Pre-tax income	-37	-13.3	-50.7	1.59	-5.41	-99	-52.3
Income tax	0.16	0.37	0.78	0.49	1.03	-0.34	1.32
Net income to minority interests			-32.6	-0.11	-2.44	-31	-15
Net income	-37.1	-13.6	-18.8	1.22	-4	-67.7	-38.7
EBITDA	-14.7	15.4	-20.6	28.6	51.8	-35.9	31.9
EPS, basic			-2.85	-0.88	1.08	-2.27	-1.47
EPS, diluted			-2.85	-0.88	-0.52	-2.27	-1.47
Shares, basic (weighted)			22.4	25.3	31.7	32	34.8
Shares, diluted (weighted)			22.4	25.3	39.7	32	34.8

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		11.3	21.3	37.4	37.1	32.7	45.9
Receivables		5.2	11.7	25.6	31.6	25.9	18.4
Inventory		6.16	6.93	10.9	15.6	10	2.22
Other current assets		5.48	5.27	6.29	0.47	10.7	24.2
Total current assets		32.7	51.2	85.7	97	84.1	94.6
Property, plant and equipment		13.7	12.8	18.5	19.5	14.7	10.9
Lease right-of-use assets			0	30.1	73.5	24	13.7
Goodwill		140	169	166	171	135	128
Intangible assets		98.1	137	137	120	101	66.5
Other non-current assets		0.61	0.55	0.8	1.44	4.36	7.21
Total assets		323	416	483	530	403	346
Accounts payable		18.3	14.9	16.2	18.6	27	26.3
Accrued liabilities		13.8	21	12.3	19.9	31.3	51.2
Deferred revenue		14.2	22.7	32	34.8	25.9	19.3
Short-term debt		5.8	2.96	3.04	4.76	5.4	5.25
Total current liabilities		54.9	65.9	72.8	102	108	116
Long-term debt		176	128	133	319	342	501
Lease liabilities			0	30.6	72	23.9	14.2
Other non-current liabilities		4.41	4.68	8.63	4.97	0.25	6.99
Total liabilities		318	349	383	624	597	718
Total debt		182	133	138	329	352	525
Paid-in capital			0	505	521	504	490
Retained earnings		-107	-644	-642	-634	-702	-741
Treasury stock			0	-1.7	-1.7	-1.7	-1.7
Shareholders' equity	26.7	4.75	-654	-155	-130	-217	-269
Minority interests			444	-53.3	-79.5	-94.2	-103
Total equity	26.7	4.75	-211	-212	-210	-311	-372
Total liabilities and equity		323	416	483	530	403	346

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-37.1	-13.6	-51.4	1.1	-6.44	-98.7	-53.7
Depreciation and amortization	6.39	7.65	10.2	15.3	16.9	17.7	12
Stock-based compensation	2.06	1.75	9.7	29	18	15.5	12.9
Deferred income tax				-0.04	0.04	-1.66	0.37
Change in receivables	-6.57	2.98	-6.61	-12.2	-7.35	-3.92	4.52
Change in inventory	-0.3	-1.39	-0.77	-4.37	-3.96	5.57	7.79
Change in payables	6.53	1.71	-3.01
Cash from operations	1.55	-0.73	14.5	52.1	32.7	11.7	28.3
Capital expenditures	-7.23	-1.88	-3.64	-8.96	-7.43	-4.71	-3.58
Acquisitions	-0.75	0	-44.3	0	-2.57	-8.5	0
Cash from investing	-9.78	-4.6	-50.6	-14.6	-11.7	-14.1	1.53
Debt issued	12	189	256	7.43	189	63	516
Debt repaid	-1.6	-149	-311	-2.98	-4.2	-43.9	-392
Stock issued		0	122	0	0
Share buybacks			0	0	-50.4	0	0
Cash from financing	6.36	7.29	46.2	-21.4	-21.3	-1.88	-16.7
Net change in cash	-1.87	1.96	10	16.1	-0.28	-4.36	13.1
Free cash flow	-5.68	-2.61	10.8	43.1	25.3	6.96	24.7
Interest paid	12.9	17	16.1	11.6	34.8	41.3	37.5
Income taxes paid	0.17	0.23	1.4	2.79	1.57	0.56	0.21

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	6.2%	Operating income / revenue.
EBITDA margin	9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.9%	Pre-tax income / revenue.
Net margin	-14.8%	Net income / revenue.
FCF margin	-2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.0%	Cash from operations / revenue.
Return on assets (ROA)	-13.7%	Net income / average total assets.
Return on invested capital (ROIC)	8.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	50.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	14.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	3.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	142.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	255.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-16.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-14.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	8.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.75x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / assets	168.6%	Total debt / total assets.
Liabilities / assets	221.4%	Total liabilities / total assets.
Net debt	$497.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	17.8x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.33x	Operating income / interest expense.
Working capital	-$23.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	62.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$514.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	30.6x	Revenue / average property, plant and equipment.
Receivables turnover	16.6x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.86	Revenue / diluted weighted shares.
FCF per share	-$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.14	Cash from operations / diluted weighted shares.
Book value per share	-$7.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$12.24	Tangible book value / shares outstanding.
Cash per share	$0.59	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$193.4M	Share price x shares outstanding.
Enterprise value	$690.7M	Market cap + total debt - cash - short-term investments.
P/S	0.67x	Market cap / revenue.
EV/Sales	2.39x	Enterprise value / revenue.
EV/EBIT	38.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.2%	Free cash flow / market cap.
Earnings yield	-22.0%	Net income / market cap (the inverse of P/E).

What was Xponential Fitness, Inc.'s revenue in fiscal 2025?

Xponential Fitness, Inc. reported revenue of $314.9M for fiscal 2025, 1.7% lower than the year before.

Was Xponential Fitness, Inc. profitable in fiscal 2025?

No. It reported a net loss of $38.7M.

How much free cash flow did Xponential Fitness, Inc. generate in fiscal 2025?

Cash from operations of $28.3M minus capital expenditures of $3.6M left free cash flow of $24.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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