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XPOF

Xponential Fitness, Inc.

XPOF

Xponential Fitness, Inc. • NYSE
$6.64 ▲ 0.76% (+0.05)
Market Cap $233.42 M
52w High $18.87
52w Low $5.38
Dividend Yield 0%
P/E -3.98
Volume 198.71K
Outstanding Shares 35.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $78.824M ▲ $48.982M ▼ $-4.859M ▼ -6.164% ▼ $-0.18 ▼ $10.116M ▼
Q2-2025 $76.208M ▼ $50.88M ▲ $1.502M ▲ 1.971% ▲ $-0.011 ▲ $17.606M ▼
Q1-2025 $76.883M ▼ $41.778M ▼ $-1.923M ▲ -2.501% ▲ $-0.096 ▲ $22.588M ▼
Q4-2024 $83.817M ▲ $108.964M ▲ $-43.69M ▼ -52.125% ▼ $-1.36 ▼ $23.78M ▲
Q3-2024 $80.491M $58.556M $-13.393M -16.639% $-0.29 $-1.77M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $41.463M ▲ $355.304M ▼ $559M ▼ $-113.563M ▲
Q2-2025 $21.745M ▼ $399.815M ▼ $712.981M ▼ $-224.971M ▲
Q1-2025 $26.583M ▲ $412.449M ▲ $726.158M ▲ $-225.198M ▼
Q4-2024 $16.676M ▼ $403.397M ▼ $714.212M ▲ $-216.571M ▼
Q3-2024 $24.794M $472.177M $712.323M $-155.713M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.746M ▼ $9.299M ▲ $562K ▲ $-7.077M ▼ $2.784M ▲ $7.8M ▲
Q2-2025 $42K ▲ $2.523M ▼ $-1.863M ▼ $-4.551M ▼ $-3.891M ▼ $1.395M ▼
Q1-2025 $-2.659M ▲ $5.818M ▲ $-997K ▼ $5.01M ▲ $9.831M ▲ $4.954M ▲
Q4-2024 $-62.708M ▼ $762K ▼ $-215K ▲ $-5.582M ▼ $-5.035M ▼ $484K ▼
Q3-2024 $-18.149M $5.219M $-2.173M $8.711M $11.757M $2.969M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Equipment Revenue
Equipment Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Franchise
Franchise
 $50.00M ▲$40.00M ▼$50.00M ▲$50.00M ▲
Franchise And Service Revenue
Franchise And Service Revenue
 $10.00M ▲$0 ▼$0 ▲$10.00M ▲
Franchise Marketing Fund Revenue
Franchise Marketing Fund Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Merchandise Revenue
Merchandise Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Product
Product
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Service Other
Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed strongly over the past several years as the company scaled its franchise system, but it appears to have flattened out in the most recent year. Profitability is still inconsistent: gross profits are healthy for a franchise model, yet operating results have swung between small profits and losses, with the latest year slipping back into the red. Net income has been negative in most years and earnings per share have been quite volatile, suggesting meaningful non‑cash charges, financing costs, or deal-related items running through the income statement. Overall, the business has shown it can grow, but it has not yet demonstrated steady, reliable profitability, and the latest year looks like a step backward rather than a clean upward trend.

Balance Sheet

Balance Sheet The balance sheet reflects a growing but heavily leveraged business. Total assets have expanded compared with a few years ago, though they edged down most recently, likely reflecting divestitures or write‑downs. Debt sits high relative to the size of the company, and shareholders’ equity is slightly negative, which points to accumulated losses and a capital structure that leans heavily on borrowing rather than retained profits. Cash on hand is relatively modest, so financial flexibility is not especially strong. This structure can work in good times but leaves less room for error if growth slows or if credit conditions tighten.

Cash Flow

Cash Flow Despite the accounting losses, the company has managed to generate positive operating cash flow in recent years, helped by its asset‑light franchise model. Free cash flow has also been positive and reasonably stable, in part because capital spending needs are low compared with many other consumer businesses. That said, the absolute level of cash generation remains modest, providing only a thin cushion after interest and overhead. The story here is a business that does convert its model into cash, but with a buffer that is not yet large enough to comfortably absorb major shocks or prolonged slowdowns.

Competitive Edge

Competitive Edge Xponential holds a strong position in boutique fitness by owning a family of specialized brands across multiple workout modalities. Several of these, like Club Pilates and StretchLab, are leaders in their niches, which gives the company brand recognition and bargaining power that smaller chains and independents lack. Its franchise model lets it grow quickly using franchisees’ capital, and the fact that many franchisees own multiple studios suggests confidence in the system. The multi‑brand approach also lets it bundle locations and cross‑sell members across concepts. At the same time, the company operates in a very competitive, trend‑driven space, facing pressure from other boutique franchises, traditional gyms, and digital‑only fitness options. Consumer demand is sensitive to economic cycles and shifting fitness fads, so maintaining brand relevance and franchisee economics is essential.

Innovation and R&D

Innovation and R&D Innovation at Xponential is focused on technology, content, and new service models rather than traditional lab-based R&D. The XPASS multi‑brand subscription and XPLUS digital streaming platforms are clear attempts to create a more flexible, app‑driven fitness experience that travels with the member, not just the studio. Investments in high‑quality content production (like the XSTUDIO facility) and a shared digital toolkit for franchisees should help improve marketing, member engagement, and operational efficiency across brands. The push into medically oriented wellness through Lindora broadens the company beyond pure fitness into more comprehensive health and weight‑management services, but also adds execution and regulatory complexity. Overall, the company appears proactive in adapting to hybrid physical‑digital fitness habits, yet must keep innovating to stay ahead of rapidly changing consumer preferences.

Summary

Xponential Fitness combines a fast‑growing, asset‑light franchise model with a broad, recognizable portfolio of boutique fitness brands and an increasingly digital ecosystem. On the positive side, it has grown revenue meaningfully, generates positive free cash flow, and benefits from diversification across many concepts and geographies, with technology that ties everything together. On the risk side, profitability is uneven, the most recent year shows operating and net losses, and the capital structure is stretched with high debt and negative equity, leaving limited financial slack. The company’s future path will largely depend on maintaining franchisee health, managing leverage, keeping its brands culturally relevant, and successfully extending into adjacent wellness areas and international markets, all in a sector that is both opportunity‑rich and highly sensitive to economic conditions and consumer trends.

NEWS

November 24, 2025 · 9:00 AM UTC

Xponential Fitness, Inc. to Present at the Raymond James 2025 TMT & Consumer Conference

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November 12, 2025 · 8:52 AM UTC

Xponential Fitness, Inc. Announces Appointment of Gavin M. O'Connor as Chief Legal Counsel and Administrative Officer

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November 6, 2025 · 4:05 PM UTC

Xponential Fitness, Inc. Announces Third Quarter 2025 Financial Results

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October 23, 2025 · 9:00 AM UTC

Xponential Fitness, Inc. to Announce Third Quarter 2025 Financial Results on Thursday, November 6th

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September 19, 2025 · 9:00 AM UTC

Xponential Fitness, Inc. Announces Divestiture of Lindora

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