Xcel Brands Financials
This page shows Xcel Brands (XELB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue shrinkage has left an ultra-high gross-margin model unable to fund itself, increasing dependence on outside capital.
FY2025 showed a smaller net loss than FY2024, but operating cash flow moved the opposite way, from-$4.7M to-$7.0M . With capital spending only$10K , that mismatch is not a reinvestment story; it shows a shrinking revenue base still cannot convert reported loss improvement into usable cash.
Reported gross margin was
The balance sheet has become tighter: the current ratio stayed below 1.0x and year-end cash was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Xcel Brands's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Xcel Brands has an operating margin of -267.9%, meaning the company retains $-268 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -259.2% the prior year.
Xcel Brands's revenue declined 40.2% year-over-year, from $8.3M to $4.9M. This contraction results in a growth score of 0/100.
Xcel Brands carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Xcel Brands's current ratio of 0.49 is below the typical benchmark, resulting in a score of 4/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Xcel Brands generated -$7.0M in operating cash flow, capex of $10K consumed most of it, leaving -$7.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Xcel Brands generates a -97.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -73.6% the prior year.
Xcel Brands passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Xcel Brands generates $0.40 in operating cash flow (-$7.0M OCF vs -$17.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Xcel Brands earns $-6.4 in operating income for every $1 of interest expense (-$13.2M vs $2.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Xcel Brands generated $4.9M in revenue in fiscal year 2025. This represents a decrease of 40.2% from the prior year.
Xcel Brands's EBITDA was -$9.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 41.5% from the prior year.
Xcel Brands reported -$17.5M in net income in fiscal year 2025. This represents an increase of 22.0% from the prior year.
Xcel Brands earned $-5.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 48.4% from the prior year.
Cash & Balance Sheet
Xcel Brands generated -$7.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 45.7% from the prior year.
Xcel Brands held $1.1M in cash against $9.5M in long-term debt as of fiscal year 2025.
Xcel Brands had 6M shares outstanding in fiscal year 2025. This represents a decrease of 75.1% from the prior year.
Margins & Returns
Xcel Brands's gross margin was 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.4 percentage points from the prior year.
Xcel Brands's operating margin was -267.9% in fiscal year 2025, reflecting core business profitability. This is down 8.7 percentage points from the prior year.
Xcel Brands's net profit margin was -353.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 82.4 percentage points from the prior year.
Xcel Brands's ROE was -97.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 23.6 percentage points from the prior year.
Capital Allocation
Xcel Brands spent $204K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 90.7% from the prior year.
Xcel Brands invested $10K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 91.1% from the prior year.
XELB Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M-2.1% | $1.2M+4.5% | $1.1M-15.4% | $1.3M-0.8% | $1.3M+10.2% | $1.2M-36.8% | $1.9M-35.3% | $3.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $407K+971.1% | $38K |
| Gross Profit | N/A | N/A | $1.1M-15.4% | $1.3M | N/A | $1.2M-19.7% | $1.5M-48.4% | $2.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.2M-9.2% | $1.3M+9.1% | $1.2M+33.1% | $912K-23.8% | $1.2M-29.8% | $1.7M+5.4% | $1.6M+8.6% | $1.5M |
| Operating Income | -$1.9M+3.3% | -$1.9M+73.8% | -$7.4M-349.9% | -$1.7M+24.4% | -$2.2M+66.1% | -$6.4M+29.0% | -$9.1M-3057.0% | $307K |
| Interest Expense | $562K-17.1% | $678K+44.3% | $470K+2.8% | $457K-3.4% | $473K+134.2% | $202K+55.4% | $130K-7.1% | $140K |
| Income Tax | $12K | $0-100.0% | $25K | $0-100.0% | $50K-77.3% | $220K | $0 | $0 |
| Net Income | -$2.5M+10.4% | -$2.8M+64.8% | -$7.9M-98.1% | -$4.0M-42.6% | -$2.8M+60.5% | -$7.1M+23.1% | -$9.2M-4824.6% | $195K |
| EPS (Diluted) | $-0.42 | N/A | $-2.02-21.7% | $-1.66-40.7% | $-1.18 | N/A | $-3.92-5000.0% | $0.08 |
XELB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $36.4M-6.5% | $38.9M-3.7% | $40.5M-14.3% | $47.2M-10.1% | $52.5M-2.4% | $53.8M-0.5% | $54.0M-14.5% | $63.2M |
| Current Assets | $4.5M+22.5% | $3.7M-10.4% | $4.1M+27.7% | $3.2M+10.2% | $2.9M-28.0% | $4.0M+14.7% | $3.5M-26.0% | $4.8M |
| Cash & Equivalents | $179K-84.4% | $1.1M-23.0% | $1.5M+54.0% | $970K+225.5% | $298K-76.2% | $1.3M+418.2% | $242K-73.8% | $924K |
| Inventory | N/A | N/A | N/A | N/A | N/A | $0 | N/A | $407K |
| Accounts Receivable | $656K-31.4% | $956K-31.9% | $1.4M-23.0% | $1.8M-13.4% | $2.1M-7.2% | $2.3M-22.0% | $2.9M-4.8% | $3.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $23.2M+0.5% | $23.1M-3.2% | $23.9M-3.3% | $24.7M-7.8% | $26.8M+5.6% | $25.4M+33.2% | $19.0M-0.3% | $19.1M |
| Current Liabilities | $7.7M+2.9% | $7.5M-6.4% | $8.0M+46.4% | $5.5M-47.8% | $10.5M+0.8% | $10.4M+53.2% | $6.8M+11.8% | $6.1M |
| Long-Term Debt | $9.8M+4.1% | $9.5M+4.6% | $9.0M-23.1% | $11.8M+38.8% | $8.5M+28.9% | $6.6M+99.2% | $3.3M-6.4% | $3.5M |
| Total Equity | $15.3M-14.7% | $18.0M-3.9% | $18.7M-23.8% | $24.5M-11.6% | $27.7M-8.8% | $30.4M-17.6% | $36.9M-19.8% | $46.0M |
| Retained Earnings | -$96.2M-2.7% | -$93.7M-3.1% | -$90.9M-9.5% | -$83.0M-5.0% | -$79.0M-3.7% | -$76.2M-10.2% | -$69.2M-15.4% | -$59.9M |
XELB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$877K+52.0% | -$1.8M-30.7% | -$1.4M+40.9% | -$2.4M-64.9% | -$1.4M-1.8% | -$1.4M-232.3% | -$424K-54.7% | -$274K |
| Capital Expenditures | $14K | $0 | $0+100.0% | -$4K-128.6% | $14K | $0-100.0% | $8K | N/A |
| Free Cash Flow | -$891K+51.2% | -$1.8M-30.7% | -$1.4M+41.0% | -$2.4M-63.5% | -$1.4M-2.8% | -$1.4M-226.2% | -$432K | N/A |
| Investing Cash Flow | -$14K | $0 | $0-100.0% | $4K+128.6% | -$14K | $0+100.0% | -$8K | N/A |
| Financing Cash Flow | -$754K-150.8% | $1.5M-22.8% | $1.9M-24.1% | $2.5M+27.1% | $2.0M-17.7% | $2.4M+1068.4% | -$250K0.0% | -$250K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $46K-43.9% | $82K+1266.7% | $6K-89.7% | $58K0.0% | $58K | N/A | N/A | N/A |
XELB Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | 100.0%0.0pp | 100.0% | N/A | 100.0%+21.3pp | 78.7%-20.0pp | 98.7% |
| Operating Margin | -164.7%+2.1pp | -166.8%+498.9pp | -665.6%-540.4pp | -125.2%+39.0pp | -164.2%+368.7pp | -532.9%-58.1pp | -474.8%-485.2pp | 10.4% |
| Net Margin | -217.6%+20.2pp | -237.8%+468.8pp | -706.5%-404.6pp | -301.9%-91.9pp | -210.0%+375.9pp | -585.9%-104.0pp | -481.9%-488.4pp | 6.6% |
| Return on Equity | -16.3%-0.8pp | -15.5%+26.8pp | -42.2%-26.0pp | -16.3%-6.2pp | -10.1%+13.2pp | -23.3%+1.7pp | -24.9%-25.4pp | 0.4% |
| Return on Assets | -6.8%+0.3pp | -7.1%+12.4pp | -19.5%-11.1pp | -8.5%-3.1pp | -5.3%+7.8pp | -13.2%+3.9pp | -17.1%-17.4pp | 0.3% |
| Current Ratio | 0.58+0.1 | 0.49-0.0 | 0.51-0.1 | 0.59+0.3 | 0.28-0.1 | 0.39-0.1 | 0.52-0.3 | 0.79 |
| Debt-to-Equity | 0.64+0.1 | 0.53+0.0 | 0.480.0 | 0.48+0.2 | 0.31+0.1 | 0.22+0.1 | 0.09+0.0 | 0.08 |
| FCF Margin | -77.9%+78.5pp | -156.4%-31.4pp | -125.0%+54.2pp | -179.3%-70.5pp | -108.7%+7.8pp | -116.5%-94.0pp | -22.6% | N/A |
Note: The current ratio is below 1.0 (0.49), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Xcel Brands's annual revenue?
Xcel Brands (XELB) reported $4.9M in total revenue for fiscal year 2025. This represents a -40.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Xcel Brands's revenue growing?
Xcel Brands (XELB) revenue declined by 40.2% year-over-year, from $8.3M to $4.9M in fiscal year 2025.
Is Xcel Brands profitable?
No, Xcel Brands (XELB) reported a net income of -$17.5M in fiscal year 2025, with a net profit margin of -353.5%.
What is Xcel Brands's EBITDA?
Xcel Brands (XELB) had EBITDA of -$9.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Xcel Brands have?
As of fiscal year 2025, Xcel Brands (XELB) had $1.1M in cash and equivalents against $9.5M in long-term debt.
What is Xcel Brands's gross margin?
Xcel Brands (XELB) had a gross margin of 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Xcel Brands's operating margin?
Xcel Brands (XELB) had an operating margin of -267.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Xcel Brands's net profit margin?
Xcel Brands (XELB) had a net profit margin of -353.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Xcel Brands's return on equity (ROE)?
Xcel Brands (XELB) has a return on equity of -97.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Xcel Brands's free cash flow?
Xcel Brands (XELB) generated -$7.0M in free cash flow during fiscal year 2025. This represents a -45.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Xcel Brands's operating cash flow?
Xcel Brands (XELB) generated -$7.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Xcel Brands's total assets?
Xcel Brands (XELB) had $38.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Xcel Brands's capital expenditures?
Xcel Brands (XELB) invested $10K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Xcel Brands's current ratio?
Xcel Brands (XELB) had a current ratio of 0.49 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Xcel Brands's debt-to-equity ratio?
Xcel Brands (XELB) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Xcel Brands's return on assets (ROA)?
Xcel Brands (XELB) had a return on assets of -44.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Xcel Brands's cash runway?
Based on fiscal year 2025 data, Xcel Brands (XELB) had $1.1M in cash against an annual operating cash burn of $7.0M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Xcel Brands's Piotroski F-Score?
Xcel Brands (XELB) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Xcel Brands's earnings high quality?
Xcel Brands (XELB) has an earnings quality ratio of 0.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Xcel Brands cover its interest payments?
Xcel Brands (XELB) has an interest coverage ratio of -6.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Xcel Brands?
Xcel Brands (XELB) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.