XPROMEDIUM SIGNALFINANCIAL10-K

XPRO delivered strong revenue growth of 14.9% while significantly improving its balance sheet through debt reduction and increased share buybacks, though operating income declined due to margin pressures.

The company demonstrates solid operational momentum with 24% growth in operating cash flow and meaningful deleveraging, reducing total debt by 34.7%. However, the dramatic swing from negative to positive gross profit suggests the company was previously experiencing severe margin compression, and the 13.8% decline in operating income indicates ongoing profitability challenges despite revenue growth.

Comparing 2026-02-19 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

XPRO showed mixed but generally positive financial performance, with revenue growing 14.9% to $522.5M and a remarkable turnaround in gross profit from -$616K to $14.1M, though operating income still declined 13.8% to $81.1M. The company strengthened its balance sheet substantially, reducing total debt by 34.7% and total liabilities by 13.9%, while generating 24% more operating cash flow at $210.2M. Management returned significantly more capital to shareholders through increased buybacks ($40.1M vs $14.2M) while reducing capital expenditures, suggesting a focus on financial discipline and shareholder returns during a challenging operating environment.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
+2383.6%
-$616K→$14.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Share Buybacks
Cash Flow
+183.2%
$14.2M→$40.1M

Share repurchases increased 183.2% — management returning capital, signals confidence in intrinsic value.

Total Debt
Balance Sheet
-34.7%
$121.1M→$79.1M

Debt reduced 34.7% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
+24%
$169.5M→$210.2M

Operating cash flow grew 24% — strong conversion of earnings to cash, healthy business fundamentals.

R&D Expense
P&L
-22.1%
$17.2M→$13.4M

R&D spending cut 22.1% — could signal cost discipline or concerning reduction in innovation investment.

Capital Expenditure
Cash Flow
-21.7%
$143.6M→$112.4M

Capex reduced 21.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Revenue
P&L
+14.9%
$454.8M→$522.5M

Revenue growing 14.9% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
-13.9%
$842.1M→$725.3M

Liabilities reduced 13.9% — deleveraging improves balance sheet strength and financial flexibility.

Operating Income
P&L
-13.8%
$94.2M→$81.1M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-25
ADDED
false --12-31 FY 2025 true true true true false true 0.06 0.06 200,000 200,000 122,384 121,091 8,823 4,796 12 40 2 12 1 15 0 0 0 0 0 4 4 0 1 1 37.80 6.00 0 0 0 10 15 0 0 0 0 3.5 2.75 1 15 3 4 0 0 0 0 0 1 3 0 false false false false true true Other segment expenses consists primarily of facilities, sales and purchase tax, motor vehicles, insurance, professional and other costs.
As of February 11, 2026, there were 113,765,561 of common stock, 0.06 nominal value per share, outstanding.
In recent years, we have added a range of lower-risk, open water cementing solutions.
We also possess several other distinct technical capabilities, including fiber optic-enabled data acquisition and interpretation services, non-intrusive metering technologies and wireless telemetry systems for reservoir monitoring.
As of December 31, 2025, we had approximately 8,500 employees worldwide.
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REMOVED
false --12-31 FY 2024 true true true false true 0.06 0.06 200,000,000 200,000,000 121,090,661 113,389,911 116,295,090 110,029,694 4,795,571 3,360,217 1.2 12 40 2 12 0 0 0 0 0 0 0 0 10 15 0 0 0 0 0 1 15 3 4 0 0 0 1 3 false false false false Other segment expenses consists primarily of facilities, sales and purchase tax, motor vehicles, insurance, professional and other costs.
As of February 18, 2025, there were 116,377,932 shares of common stock, 0.06 nominal value per share, outstanding.
On March 10, 2021, the Company and New Eagle Holdings Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of the Company ( Merger Sub ), entered into an Agreement and Plan of Merger with Expro Group Holdings International Limited ( Legacy Expro ) providing for the merger of Legacy Expro with and into Merger Sub in an all-stock transaction, with Merger Sub surviving the merger as a direct, wholly owned subsidiary of the Company (the Merger ).
The Merger closed on October 1, 2021, and the Company, previously known as Frank s International N.V.
In recent years, we have added a range of lower-risk, open water cementing solutions, including the proprietary SeaCure and QuikCure solutions.
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