Xponential Fitness, Inc. XPOF
Xponential Fitness, Inc. (the "Company" or "XPO Inc.") through its principal operating subsidiary, Xponential Fitness LLC ("XPO LLC"), and other subsidiaries, is one of the leading global franchisors of boutique health and wellness brands.
We operate a diversified platform of five brands spanning across verticals including Pilates, barre, stretching, functional training, and yoga. In partnership with its franchisees and master franchisees, XPO LLC offers energetic, accessible, and personalized workout experiences led by highly qualified instructors in studio locations throughout North America and internationally, with franchise, master franchise and international expansion agreements in 49 U.S. states, Puerto Rico, and 28 additional countries as of December 31, 2025. The Company's portfolio of brands includes Club Pilates, the largest Pilates brand in the United States; StretchLab, a concept offering one-on-one and group stretching services; YogaSix, the largest franchised yoga brand in the United States; Pure Barre, a total body workout that uses the ballet barre to perform small isometric movements, and the largest barre brand in the United States; and BFT, a functional training and strength-based program. Prior to the divestitures of the CycleBar and Rumble brands in July 2025, through our ownership of the CycleBar and Rumble brands, we franchised boutique fitness studios dedicated to indoor cycling and boxing disciplines, respectively. Additionally, prior to the divestiture of the Lindora brand in September 2025, through our ownership of the Lindora brand, we franchised clinics that provided medically guided wellness and metabolic health solutions to its members.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $314.9M | $320.3M | $317.9M | $243.2M | $155.1M | $106.6M | $129.1M | — |
| Cost of revenue | — | — | — | $46.5M | — | — | — | — |
| Gross profit | — | — | — | $196.7M | — | — | — | — |
| SG&A | $152.0M | $176.9M | $168.9M | $126.3M | $94.0M | $60.9M | $80.5M | — |
| Total operating expenses | $295.0M | $374.0M | $283.0M | $229.9M | $185.9M | $98.8M | $150.2M | — |
| Operating income | $19.8M | -$53.6M | $34.9M | $13.3M | -$30.8M | $7.8M | -$21.1M | — |
| Interest expense | $49.2M | $46.2M | $38.7M | $13.0M | $24.7M | $21.4M | $16.1M | — |
| Pre-tax income | -$52.3M | -$99.0M | -$5.4M | $1.6M | -$50.7M | -$13.3M | -$37.0M | — |
| Income tax | $1.3M | $342.0K | $1.0M | $488.0K | $783.0K | $369.0K | $164.0K | — |
| Net income | -$38.7M | -$67.7M | -$4.0M | $1.2M | -$18.8M | -$13.6M | -$37.1M | — |
| EPS, basic | -1.47 | -2.27 | 1.08 | -0.88 | -2.85 | — | — | — |
| EPS, diluted | -1.47 | -2.27 | -0.52 | -0.88 | -2.85 | — | — | — |
| Shares, diluted (wtd. avg.) | 34.8M | 32.0M | 39.7M | 25.3M | 22.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $45.9M | $32.7M | $37.1M | $37.4M | $21.3M | $11.3M | — | — |
| Receivables | $18.4M | $25.9M | $31.6M | $25.6M | $11.7M | $5.2M | — | — |
| Inventory | $2.2M | $10.0M | $15.6M | $10.9M | $6.9M | $6.2M | — | — |
| Total current assets | $94.6M | $84.1M | $97.0M | $85.7M | $51.2M | $32.7M | — | — |
| Property, plant and equipment | $10.9M | $14.7M | $19.5M | $18.5M | $12.8M | $13.7M | — | — |
| Goodwill | $127.8M | $135.2M | $170.7M | $165.7M | $169.1M | $139.7M | — | — |
| Other intangibles | $66.5M | $100.9M | $120.1M | $137.2M | $136.9M | $98.1M | — | — |
| Total assets | $345.6M | $403.4M | $529.5M | $482.7M | $415.5M | $322.8M | — | — |
| Accounts payable | $26.3M | $27.0M | $18.6M | $16.2M | $14.9M | $18.3M | — | — |
| Short-term debt | $5.2M | $5.4M | $4.8M | $3.0M | $3.0M | $5.8M | — | — |
| Total current liabilities | $116.0M | $107.9M | $102.2M | $72.8M | $65.9M | $54.9M | — | — |
| Long-term debt | $500.5M | $341.7M | $319.3M | $133.0M | $128.0M | $176.0M | — | — |
| Total liabilities | $717.6M | $597.4M | $624.4M | $382.7M | $349.1M | $318.1M | — | — |
| Retained earnings | -$740.5M | -$701.8M | -$634.2M | -$641.9M | -$643.8M | -$107.5M | — | — |
| Total equity | -$269.1M | -$216.6M | -$209.5M | -$211.9M | -$211.0M | $4.7M | $26.7M | $62.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $28.3M | $11.7M | $32.7M | $52.1M | $14.5M | -$728.0K | $1.5M | — |
| Depreciation and amortisation | $4.6M | $6.1M | $5.6M | $3.9M | $3.0M | $2.6M | $1.3M | — |
| Stock-based compensation | $12.9M | $15.5M | $18.0M | $29.0M | $9.7M | $1.8M | $2.1M | — |
| Capital expenditure | $3.6M | $4.7M | $7.4M | $9.0M | $3.6M | $1.9M | $7.2M | — |
| Investing cash flow | $1.5M | -$14.1M | -$11.7M | -$14.6M | -$50.6M | -$4.6M | -$9.8M | — |
| Financing cash flow | -$16.7M | -$1.9M | -$21.3M | -$21.4M | $46.2M | $7.3M | $6.4M | — |
| Buybacks | $0 | $0 | $50.4M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001802156-26-000016.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $129.1M | $106.6M | $155.1M | $243.2M | $317.9M | $320.3M | $314.9M |
| Gross profit | — | — | — | — | $196.7M | — | — | — |
| Net income | — | -$37.1M | -$13.6M | -$18.8M | $1.2M | -$4.0M | -$67.7M | -$38.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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