This page shows Expro Ltd (XPRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Expro’s recent turnaround is being driven less by raw activity growth than by better job economics and stronger cash conversion.
In FY2025, revenue slipped6.2% but gross margin rose to23.9% , a sign the company was extracting better economics from a smaller workload rather than simply losing business. That mattered because operating cash flow climbed to$210.2M as accounts receivable fell to$477.0M , allowing free cash flow to jump without balance-sheet strain.
Across FY2023-FY2025, gross margin expansion from
Balance-sheet pressure eased in FY2025 as long-term debt fell to
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Expro Ltd'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.
Expro Ltd scores 2.27, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($725.3M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Expro Ltd passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Expro Ltd generates $4.16 in operating cash flow ($210.2M OCF vs $50.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Expro Ltd generated $1.6B in revenue in fiscal year 2025. This represents a decrease of 6.2% from the prior year.
Expro Ltd's EBITDA was $273.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.1% from the prior year.
Expro Ltd reported $50.5M in net income in fiscal year 2025. This represents a decrease of 2.8% from the prior year.
Expro Ltd earned $0.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Cash & Balance Sheet
Expro Ltd generated $97.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 277.5% from the prior year.
Expro Ltd held $196.1M in cash against $79.1M in long-term debt as of fiscal year 2025.
Expro Ltd had 114M shares outstanding in fiscal year 2025. This represents a decrease of 6.0% from the prior year.
Margins & Returns
Expro Ltd's gross margin was 23.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.
Expro Ltd's operating margin was 5.1% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.
Expro Ltd's net profit margin was 3.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.
Expro Ltd's ROE was 3.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.
Capital Allocation
Expro Ltd invested $13.4M in research and development in fiscal year 2025. This represents a decrease of 22.1% from the prior year.
Expro Ltd spent $40.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 183.2% from the prior year.
Expro Ltd invested $112.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.7% from the prior year.
XPRO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $367.6M-3.8% | $382.1M-7.1% | $411.4M-2.7% | $422.7M+8.2% | $390.9M-10.5% | $436.8M+3.3% | $422.8M-10.0% | $469.6M |
| Cost of Revenue | $297.6M+3.9% | $286.6M-7.9% | $311.1M-2.8% | $320.0M+4.7% | $305.5M-6.6% | $327.1M-1.2% | $331.2M-9.6% | $366.5M |
| Gross Profit | $70.0M-26.8% | $95.6M-4.6% | $100.2M-2.5% | $102.8M+20.4% | $85.4M-22.2% | $109.7M+19.8% | $91.6M-11.2% | $103.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $17.9M-6.7% | $19.2M-6.4% | $20.5M+41.3% | $14.5M-33.5% | $21.8M-3.1% | $22.5M+10.0% | $20.5M-22.0% | $26.2M |
| Operating Income | $3.2M-73.2% | $11.8M-55.4% | $26.5M-18.8% | $32.6M+215.5% | $10.3M-67.7% | $31.9M+22.3% | $26.1M-5.7% | $27.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $6.2M-18.3% | $7.6M-48.6% | $14.8M+6.1% | $14.0M+913.5% | -$1.7M-118.3% | $9.4M-10.3% | $10.4M-25.0% | $13.9M |
| Net Income | -$1.0M-122.6% | $4.6M-67.3% | $14.0M-22.4% | $18.0M+29.1% | $13.9M-39.4% | $23.0M+41.5% | $16.3M+6.5% | $15.3M |
| EPS (Diluted) | $-0.01 | N/A | $0.12-25.0% | $0.16+33.3% | $0.12 | N/A | $0.14+7.7% | $0.13 |
XPRO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.2B-0.6% | $2.3B-2.0% | $2.3B-1.4% | $2.3B+2.0% | $2.3B-1.7% | $2.3B-0.4% | $2.3B+1.2% | $2.3B |
| Current Assets | $964.1M+0.4% | $960.3M-2.2% | $982.0M-2.0% | $1.0B+5.6% | $948.6M-1.6% | $964.0M-2.1% | $984.3M+3.5% | $950.7M |
| Cash & Equivalents | $170.7M-12.9% | $196.1M-0.9% | $197.9M-4.3% | $206.8M+15.3% | $179.3M-2.0% | $183.0M+10.5% | $165.7M+24.1% | $133.5M |
| Inventory | $168.1M+0.1% | $167.9M-2.2% | $171.7M+2.2% | $168.1M+2.4% | $164.1M+3.2% | $159.0M-11.3% | $179.3M+4.6% | $171.5M |
| Accounts Receivable | $492.2M+3.2% | $477.0M-3.3% | $493.1M-2.4% | $505.1M+4.6% | $483.0M-6.7% | $517.6M-2.8% | $532.5M-0.2% | $533.7M |
| Goodwill | $348.6M0.0% | $348.6M0.0% | $348.6M0.0% | $348.6M+1.3% | $344.0M-1.4% | $348.9M+1.5% | $343.9M+0.4% | $342.6M |
| Total Liabilities | $729.5M+0.6% | $725.3M-8.0% | $788.1M-3.7% | $818.2M+3.1% | $793.3M-5.8% | $842.1M-2.1% | $860.3M+0.3% | $857.4M |
| Current Liabilities | $452.6M+2.0% | $443.7M-4.5% | $464.5M-0.8% | $468.4M+3.9% | $450.6M-7.0% | $484.4M-2.6% | $497.4M-0.5% | $499.9M |
| Long-Term Debt | $79.1M0.0% | $79.1M-20.2% | $99.1M-18.2% | $121.1M0.0% | $121.1M0.0% | $121.1M0.0% | $121.1M0.0% | $121.1M |
| Total Equity | $1.5B-1.2% | $1.5B+1.1% | $1.5B-0.2% | $1.5B+1.3% | $1.5B+0.6% | $1.5B+0.5% | $1.5B+1.7% | $1.5B |
| Retained Earnings | -$476.6M-0.2% | -$475.5M+1.2% | -$481.3M+2.8% | -$495.3M+3.5% | -$513.3M+2.6% | -$527.2M+4.2% | -$550.2M+2.9% | -$566.5M |
XPRO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $25.3M-55.7% | $57.1M-9.7% | $63.2M+30.5% | $48.4M+16.6% | $41.5M-57.4% | $97.4M+76.1% | $55.3M+519.9% | -$13.2M |
| Capital Expenditures | $25.8M-23.9% | $33.9M+40.0% | $24.2M+14.1% | $21.2M-36.0% | $33.1M-25.5% | $44.4M+38.6% | $32.1M-11.9% | $36.4M |
| Free Cash Flow | -$480K-102.1% | $23.2M-40.5% | $39.0M+43.3% | $27.2M+224.0% | $8.4M-84.2% | $53.0M+127.8% | $23.3M+147.0% | -$49.5M |
| Investing Cash Flow | -$25.8M+23.9% | -$33.9M-40.0% | -$24.2M-49.3% | -$16.2M+51.1% | -$33.1M+25.5% | -$44.4M-84.6% | -$24.1M+63.5% | -$65.9M |
| Financing Cash Flow | -$25.4M-2.9% | -$24.7M+48.8% | -$48.2M-449.1% | -$8.8M+41.9% | -$15.1M+53.4% | -$32.4M-1030.2% | -$2.9M-105.7% | $50.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $20.0M | $0-100.0% | $25.1M+399.8% | $5.0M-50.0% | $10.0M-29.2% | $14.2M | $0 | $0 |
XPRO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.0%-6.0pp | 25.0%+0.6pp | 24.4%+0.1pp | 24.3%+2.5pp | 21.8%-3.3pp | 25.1%+3.5pp | 21.7%-0.3pp | 22.0% |
| Operating Margin | 0.9%-2.2pp | 3.1%-3.3pp | 6.4%-1.3pp | 7.7%+5.1pp | 2.6%-4.7pp | 7.3%+1.1pp | 6.2%+0.3pp | 5.9% |
| Net Margin | -0.3%-1.5pp | 1.2%-2.2pp | 3.4%-0.9pp | 4.3%+0.7pp | 3.6%-1.7pp | 5.3%+1.4pp | 3.9%+0.6pp | 3.3% |
| Return on Equity | -0.1%-0.4pp | 0.3%-0.6pp | 0.9%-0.3pp | 1.2%+0.3pp | 0.9%-0.6pp | 1.5%+0.4pp | 1.1%+0.0pp | 1.1% |
| Return on Assets | -0.1%-0.3pp | 0.2%-0.4pp | 0.6%-0.2pp | 0.8%+0.2pp | 0.6%-0.4pp | 1.0%+0.3pp | 0.7%+0.0pp | 0.7% |
| Current Ratio | 2.13-0.0 | 2.16+0.1 | 2.11-0.0 | 2.14+0.0 | 2.10+0.1 | 1.99+0.0 | 1.98+0.1 | 1.90 |
| Debt-to-Equity | 0.050.0 | 0.05-0.0 | 0.07-0.0 | 0.080.0 | 0.080.0 | 0.080.0 | 0.080.0 | 0.08 |
| FCF Margin | -0.1%-6.2pp | 6.1%-3.4pp | 9.5%+3.0pp | 6.4%+4.3pp | 2.1%-10.0pp | 12.1%+6.6pp | 5.5%+16.1pp | -10.5% |
Similar Companies
Frequently Asked Questions
What is Expro Ltd's annual revenue?
Expro Ltd (XPRO) reported $1.6B in total revenue for fiscal year 2025. This represents a -6.2% 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 Expro Ltd's revenue growing?
Expro Ltd (XPRO) revenue declined by 6.2% year-over-year, from $1.7B to $1.6B in fiscal year 2025.
Is Expro Ltd profitable?
Yes, Expro Ltd (XPRO) reported a net income of $50.5M in fiscal year 2025, with a net profit margin of 3.1%.
What is Expro Ltd's EBITDA?
Expro Ltd (XPRO) had EBITDA of $273.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Expro Ltd have?
As of fiscal year 2025, Expro Ltd (XPRO) had $196.1M in cash and equivalents against $79.1M in long-term debt.
What is Expro Ltd's gross margin?
Expro Ltd (XPRO) had a gross margin of 23.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Expro Ltd's operating margin?
Expro Ltd (XPRO) had an operating margin of 5.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Expro Ltd's net profit margin?
Expro Ltd (XPRO) had a net profit margin of 3.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Expro Ltd's return on equity (ROE)?
Expro Ltd (XPRO) has a return on equity of 3.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Expro Ltd's free cash flow?
Expro Ltd (XPRO) generated $97.8M in free cash flow during fiscal year 2025. This represents a 277.5% 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 Expro Ltd's operating cash flow?
Expro Ltd (XPRO) generated $210.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Expro Ltd's total assets?
Expro Ltd (XPRO) had $2.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Expro Ltd's capital expenditures?
Expro Ltd (XPRO) invested $112.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Expro Ltd spend on research and development?
Expro Ltd (XPRO) invested $13.4M in research and development during fiscal year 2025.
What is Expro Ltd's current ratio?
Expro Ltd (XPRO) had a current ratio of 2.16 as of fiscal year 2025, which is generally considered healthy.
What is Expro Ltd's debt-to-equity ratio?
Expro Ltd (XPRO) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Expro Ltd's return on assets (ROA)?
Expro Ltd (XPRO) had a return on assets of 2.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Expro Ltd's Altman Z-Score?
Expro Ltd (XPRO) has an Altman Z-Score of 2.27, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Expro Ltd's Piotroski F-Score?
Expro Ltd (XPRO) has a Piotroski F-Score of 8 out of 9, indicating strong 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 Expro Ltd's earnings high quality?
Expro Ltd (XPRO) has an earnings quality ratio of 4.16x, considered cash-backed (high quality). 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.
How financially healthy is Expro Ltd?
Expro Ltd (XPRO) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.