Xcel Brands, Inc. (XELB) Income Statement
XELB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsXELB revenue and net income
Where XELB's revenue goes
2025Each bar shows an amount and its share of revenue. XELB kept −353.5% of revenue as net income.
XELB profit margins
XELB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −40.2% | −42.4% | −30.0% | −15.8% |
| Gross profit | −36.8% | −34.8% | −27.1% | −15.8% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
XELB quarterly EPS vs estimates
Xcel Brands beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 18, 2026 (estimate $-0.34).
XELB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9M | $8.3M | $17.8M | $25.8M | $37.9M | $29.4M | $41.7M | $35.5M | $31.7M | $32.7M |
| Cost of revenue | $3.6M | $445,000 | $6.9M | $8.0M | $10.7M | $5.5M | $10.3M | $2.7M | $27.0M | $196,000 |
| Gross profit | $4.9M | $7.8M | $10.8M | $17.8M | $27.3M | $24.0M | $31.5M | $32.8M | $31.7M | $32.6M |
| Sales, general & admin | $8.6M | $12.8M | $24.2M | $33.1M | $31.6M | $27.0M | $25.5M | $26.3M | $27.0M | $26.5M |
| Total operating expenses | $12.2M | $17.7M | $30.1M | $40.3M | $38.4M | $40.4M | $34.1M | $28.8M | $40.9M | $27.6M |
| Operating income | −$7.2M | −$9.9M | −$19.3M | −$22.5M | −$11.2M | −$16.4M | −$2.6M | $3.9M | −$9.2M | $4.9M |
| Interest income | — | — | — | — | — | $27,000 | $1.3M | $1.0M | $1.3M | $1.8M |
| Interest expense | $2.4M | $644,000 | $381,000 | $1.2M | $3.6M | $1.2M | $1.3M | $1.0M | $1.3M | $1.8M |
| Income before taxes | −$17.5M | −$22.3M | −$21.0M | −$5.8M | −$16.1M | −$17.6M | −$4.1M | $2.9M | −$10.6M | $3.0M |
| Income taxes | $75,000 | $220,000 | $1.2M | −$431,000 | −$3.1M | −$4.5M | −$642,000 | $1.8M | −$447,000 | $315,000 |
| Net income | −$17.5M | −$22.4M | −$21.1M | −$4.0M | −$12.2M | −$12.9M | −$3.4M | $1.1M | −$10.1M | $2.7M |
| EBITDA | −$11.5M | −$16.7M | −$13.7M | $2.7M | −$7.2M | −$10.9M | $1.1M | $5.7M | −$7.7M | $6.4M |
| EPS (diluted) | −$1.61 | −$3.68 | −$6.20 | −$2.39 | −$0.62 | $0.32 | $1.25 | $1.83 | $2.70 | $2.51 |
| Gross margin | 100.0% | 94.6% | 61.0% | 69.0% | 71.9% | 81.5% | 75.4% | 92.4% | 100.0% | 99.6% |
| Operating margin | −146.2% | −119.8% | −108.6% | −87.4% | −29.5% | −55.7% | −6.3% | 11.1% | −29.1% | 14.9% |
| Net margin | −353.5% | −271.2% | −118.6% | −15.6% | −32.1% | −43.9% | −8.2% | 3.1% | −31.9% | 8.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $1.1M | $1.2M | $1.1M | $1.3M | $1.3M | $1.2M | $1.9M | $3.0M | $2.2M | $2.1M | $2.6M |
| Cost of revenue | $842,000 | $893,000 | $898,000 | $896,000 | $899,000 | $903,000 | $0 | $407,000 | $38,000 | $200,000 | $200,000 | $225,000 |
| Gross profit | $279,000 | $1.1M | $270,000 | $1.1M | $1.3M | $1.3M | $1.2M | $1.5M | $2.9M | $2.2M | $2.1M | $2.4M |
| Sales, general & admin | — | $2.2M | $2.2M | $2.2M | $1.9M | $2.3M | $2.9M | $2.8M | $3.1M | $5.0M | $5.5M | $7.8M |
| Total operating expenses | $1.9M | $3.0M | $2.2M | $3.1M | $2.8M | $3.2M | $3.8M | $3.7M | $2.6M | $8.4M | $7.4M | $7.8M |
| Operating income | −$1.6M | −$1.8M | −$1.9M | −$1.9M | −$1.5M | −$1.9M | −$2.5M | −$2.2M | $307,000 | −$6.2M | $2.1M | −$5.4M |
| Interest expense | $640,000 | $593,000 | $847,000 | $522,000 | $487,000 | $560,000 | $206,000 | $142,000 | $146,000 | $150,000 | $363,000 | $0 |
| Income before taxes | −$2.5M | −$2.5M | −$2.8M | −$8.0M | −$4.0M | −$2.7M | −$6.9M | −$9.2M | $161,000 | −$6.3M | −$5.5M | −$5.4M |
| Income taxes | $19,000 | $12,000 | — | $25,000 | — | $50,000 | — | −$7,000 | −$1.6M | $1.2M | $1.2M | −$259,000 |
| Net income | −$2.5M | −$2.5M | −$2.8M | −$7.9M | −$4.0M | −$2.8M | −$7.1M | −$9.2M | $195,000 | −$6.3M | −$6.7M | −$5.1M |
| EBITDA | −$1.0M | −$991,000 | −$1.1M | −$6.5M | −$2.6M | −$1.3M | — | −$8.2M | $1.9M | −$4.6M | — | −$3.7M |
| EPS (diluted) | −$0.40 | −$0.42 | −$0.32 | −$0.34 | −$0.37 | −$0.58 | −$2.08 | −$0.60 | −$0.10 | −$0.90 | −$2.00 | −$1.50 |
| Gross margin | 24.9% | 100.0% | 23.1% | 100.0% | 100.0% | 100.0% | 100.0% | 78.7% | 98.7% | 100.0% | 100.0% | 91.5% |
| Operating margin | −141.4% | −159.4% | −166.8% | −174.2% | −111.6% | −139.0% | −210.4% | −116.7% | 10.4% | −283.7% | 100.0% | −204.9% |
| Net margin | −220.9% | −217.6% | −237.8% | −706.5% | −301.9% | −210.0% | −585.9% | −481.9% | 6.6% | −288.2% | −312.4% | −195.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in XELB's financial statements (latest annual report filed April 15, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
XELB financial results
In fiscal year 2025 (ended December 31, 2025), Xcel Brands reported revenue of $4.9 million, down 40.2% from the year before. It had a net loss of $17.5 million, a net profit margin of −353.5%. Diluted earnings per share came to −$1.61. Over five years revenue grew at an average rate of −30.0% a year.
See the XELB stock overview for the latest quote and news, or the XELB chart for price history and technical indicators.
XELB income statement FAQ
What is Xcel Brands's annual revenue?
Xcel Brands reported total revenue of $4.9 million for fiscal year 2025, which ended on December 31, 2025. That was down 40.2% from $8.3 million the previous year.
Is Xcel Brands profitable?
No. Xcel Brands reported a net loss of $17.5 million in fiscal 2025, a net profit margin of −353.5%; its operating margin was −146.2%.
What is Xcel Brands's gross margin?
Xcel Brands's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Xcel Brands kept $100 after the direct cost of its products and services.
How fast is Xcel Brands growing?
Revenue grew −30.0% a year on average over the last five fiscal years, from $29.4 million to $4.9 million.
What are Xcel Brands's earnings per share?
Xcel Brands earned $-1.61 per diluted share in fiscal 2025, compared with $-3.68 a year earlier.
When will Xcel Brands report its next earnings?
Xcel Brands is expected to report results for the quarter ending September 30, 2026 on November 18, 2026.
When does Xcel Brands's fiscal year end?
Xcel Brands's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 15, 2026.