XCel Brands, Inc. (XELB) Financial Statements
Industry: Patent Owners & Lessors
In fiscal 2025, XCel Brands reported revenue of $4.9M, down 40.2% from $8.3M the year before. Net income was -$17.5M (a -353.5% net margin), or -$5.08 per diluted share. Gross margin was 100.0% and operating margin was -267.9%. Operating activities generated -$7.0M of cash, leaving -$7.0M of free cash flow. At fiscal year end, XCel Brands held $38.9M in total assets against $23.1M in total liabilities, including $1.1M of cash and equivalents.
Open the full interactive XCel Brands financials → Quarterly statements, key ratios, valuation history and price charts.
XCel Brands Key Stats
| Share Price | $0.39 |
|---|---|
| Market Cap | $2.4M |
| Revenue YoY Growth | -40.2% |
| 52-Week Range | $0.39 – $2.43 |
| Shares Outstanding | 6.2 million (basic, 2026 Q2) |
XCel Brands Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $29.4M | $37.9M | $25.8M | $17.8M | $8.3M | $4.9M |
| Cost of Goods Sold | $5.5M | $10.7M | $8.0M | $6.9M | $445,000 | $8.6M |
| Gross Profit | $24.0M | $27.3M | $17.8M | $10.8M | $7.8M | $4.9M |
| Operating Income | -$16.4M | -$12.6M | -$2.3M | -$20.6M | -$21.4M | -$13.2M |
| Pre-Tax Income | -$17.6M | -$16.1M | -$5.8M | -$21.0M | -$22.3M | -$17.5M |
| Income Tax | -$4.5M | -$3.1M | -$431,000 | $1.2M | $220,000 | $75,000 |
| Net Income | -$12.9M | -$12.2M | -$4.0M | -$21.1M | -$22.4M | -$17.5M |
| Diluted EPS | -$6.80 | -$6.30 | -$2.00 | -$10.70 | -$9.84 | -$5.08 |
XCel Brands Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $1.1M | $1.2M | $1.1M | $1.1M |
| Net Income | -$7.9M | -$2.8M | -$2.5M | -$2.5M |
| Diluted EPS | -$2.02 | -$0.81 | -$0.42 | -$0.40 |
XCel Brands Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.0M | $4.5M | $4.6M | $3.0M | $1.3M | $1.1M |
| Current Assets | $16.1M | $17.2M | $14.0M | $7.3M | $4.0M | $3.7M |
| Total Assets | $123.1M | $125.8M | $88.9M | $71.7M | $53.8M | $38.9M |
| Current Liabilities | $10.3M | $10.5M | $6.6M | $6.5M | $10.4M | $7.5M |
| Total Long-Term Debt | $16.6M | $28.0M | — | $4.7M | $6.6M | $12.7M |
| Total Liabilities | $36.8M | $50.8M | $18.8M | $23.5M | $25.4M | $23.1M |
| Shareholders' Equity | $85.7M | $74.3M | $70.8M | $50.0M | $30.4M | $18.0M |
XCel Brands Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $3.2M | -$6.6M | -$14.2M | -$6.5M | -$4.7M | -$7.0M |
| Cash From Investing | -$702,000 | -$4.8M | $44.5M | $209,000 | -$112,000 | -$10,000 |
| Cash From Financing | -$2.2M | $10.5M | -$31.0M | $4.7M | $3.8M | $7.9M |
| Free Cash Flow | $2.4M | -$7.7M | -$14.5M | -$6.6M | -$4.8M | -$7.0M |
Figures from XCel Brands' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full XCel Brands financials page for every line item.
XCel Brands Company Profile
| Ticker | XELB |
|---|---|
| Exchange | Nasdaq |
| Industry | Patent Owners & Lessors |
| Headquarters | New York, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001083220 |
Frequently Asked Questions
What was XCel Brands' revenue in fiscal 2025?
XCel Brands (XELB) reported revenue of $4.9M for fiscal 2025.
What is XCel Brands' annual revenue history?
XCel Brands' annual revenue by fiscal year: 2020: $29.4M; 2021: $37.9M; 2022: $25.8M; 2023: $17.8M; 2024: $8.3M; 2025: $4.9M.
What was XCel Brands' net income in fiscal 2025?
XCel Brands reported net income of -$17.5M for fiscal 2025.
What was XCel Brands' earnings per share (EPS) in fiscal 2025?
XCel Brands' diluted EPS was -$5.08 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did XCel Brands generate in fiscal 2025?
XCel Brands generated -$7.0M of free cash flow in fiscal 2025.
What was XCel Brands' revenue last quarter?
In its most recent reported quarter (2026 Q2), XCel Brands reported revenue of $1.1M.
How much debt does XCel Brands have?
XCel Brands reported $12.7M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of XCel Brands are outstanding?
XCel Brands reported a weighted average of 6.2 million basic shares outstanding in 2026 Q2.
What is XCel Brands' market cap?
Based on its latest closing price, XCel Brands (XELB) has a market capitalization of about $2.4M.
When does XCel Brands' fiscal year end?
XCel Brands' fiscal year end, as registered with the SEC, is December 31.
Where is XCel Brands headquartered?
XCel Brands lists its business address in New York, New York in its SEC filings.