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Expro Ltd Financials

XPRO
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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).

Rhea AI XPRO FY2025

Expro’s recent turnaround is being driven less by raw activity growth than by better job economics and stronger cash conversion.

In FY2025, revenue slipped 6.2% but gross margin rose to 23.9%, 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 18.0% to 23.9% turned a near-breakeven operating model into a consistently profitable one, meaning overhead is no longer swallowing nearly all of the gross profit. Because operating margin still held at 5.1% in FY2025 despite lower revenue, the improvement looks more structural than a temporary scale benefit.

Balance-sheet pressure eased in FY2025 as long-term debt fell to $79.1M and cash rose to $196.1M, so financing looked more optional than necessary. With a current ratio of 2.2x, the company could fund share repurchases of $40.1M while still keeping short-term liquidity comfortable.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 49 / 100
Financial Health Score 49/100
Scored as: Energy peer group

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.

Profitability
19
Growth
52
Leverage
96
Liquidity
76
Cash Flow
33
Returns
18
Altman Z-Score Grey Zone
2.27

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.

Piotroski F-Score Strong
8/9

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.

Earnings Quality Cash-Backed
4.16x

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

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Earnings & Revenue

Revenue
$1.6B
YoY-6.2%
5Y CAGR+18.9%
10Y CAGR+5.1%

Expro Ltd generated $1.6B in revenue in fiscal year 2025. This represents a decrease of 6.2% from the prior year.

EBITDA
$273.2M
YoY+6.1%
10Y CAGR+0.8%

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.

Net Income
$50.5M
YoY-2.8%
10Y CAGR-4.4%

Expro Ltd reported $50.5M in net income in fiscal year 2025. This represents a decrease of 2.8% from the prior year.

EPS (Diluted)
$0.45
YoY+0.0%

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

Free Cash Flow
$97.8M
YoY+277.5%
10Y CAGR-11.4%

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.

Cash & Debt
$196.1M
YoY+7.1%
5Y CAGR+10.9%
10Y CAGR-10.6%

Expro Ltd held $196.1M in cash against $79.1M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
114M
YoY-6.0%
5Y CAGR+9.9%

Expro Ltd had 114M shares outstanding in fiscal year 2025. This represents a decrease of 6.0% from the prior year.

Margins & Returns

Gross Margin
23.9%
YoY+1.7pp
5Y CAGR+21.8pp
10Y CAGR-62.8pp

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.

Operating Margin
5.1%
YoY-0.4pp
5Y CAGR+52.8pp
10Y CAGR-9.7pp

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.

Net Margin
3.1%
YoY+0.1pp
5Y CAGR+48.6pp
10Y CAGR-5.0pp

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.

Return on Equity
3.3%
YoY-0.2pp
5Y CAGR+53.5pp
10Y CAGR-2.2pp

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

R&D Spending
$13.4M
YoY-22.1%
5Y CAGR+5.2%

Expro Ltd invested $13.4M in research and development in fiscal year 2025. This represents a decrease of 22.1% from the prior year.

Share Buybacks
$40.1M
YoY+183.2%
10Y CAGR+24.5%

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.

Capital Expenditures
$112.4M
YoY-21.7%
5Y CAGR+0.0%
10Y CAGR+1.2%

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%

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Frequently Asked Questions

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.

Expro Ltd (XPRO) revenue declined by 6.2% year-over-year, from $1.7B to $1.6B in fiscal year 2025.

Yes, Expro Ltd (XPRO) reported a net income of $50.5M in fiscal year 2025, with a net profit margin of 3.1%.

Expro Ltd (XPRO) reported diluted earnings per share of $0.45 for fiscal year 2025. This represents a 0.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Expro Ltd (XPRO) had EBITDA of $273.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Expro Ltd (XPRO) had $196.1M in cash and equivalents against $79.1M in long-term debt.

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.

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.

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.

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.

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.

Expro Ltd (XPRO) generated $210.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Expro Ltd (XPRO) had $2.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Expro Ltd (XPRO) invested $112.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Expro Ltd (XPRO) invested $13.4M in research and development during fiscal year 2025.

Yes, Expro Ltd (XPRO) spent $40.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Expro Ltd (XPRO) had 114M shares outstanding as of fiscal year 2025.

Expro Ltd (XPRO) had a current ratio of 2.16 as of fiscal year 2025, which is generally considered healthy.

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.

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.

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.

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.

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.

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.

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