$DXPE

DXP ENTERPRISES INC

CIK:0001020710|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales	$ 576,461	$ 498,682	$ 1,098,119	$ 975,251
Cost of sales	393,394	340,869	746,446	667,173
Gross profit	183,067	157,813	351,673	308,078
Selling, general and administrative expenses	127,574	111,827	253,706	221,577
Income from operations	55,493	45,986	97,967	86,501
Interest expense	16,831	14,744	33,274	29,404
Other income, net (Note 15)	(1,059)	(354)	(1,653)	(1,672)
Income before income taxes	39,721	31,596	66,346	58,769
Provision for income taxes (Note 7)	11,013	7,984	17,660	14,568
Net income	28,708	23,612	48,686	44,201
Preferred stock dividend	22	22	45	45
Net income attributable to common shareholders	28,686	23,590	48,641	44,156
Net income	28,708	23,612	48,686	44,201
Foreign currency translation adjustments	(1,491)	2,563	(2,955)	2,649
Comprehensive income	$ 27,217	$ 26,175	$ 45,731	$ 46,850
Earnings per share (Note 9):
Basic (in dollars per share)	$ 1.85	$ 1.50	$ 3.13	$ 2.81
Diluted (in dollars per share)	$ 1.76	$ 1.43	$ 2.98	$ 2.67
Weighted average common shares outstanding:
Basic (in shares)	15,505	15,694	15,518	15,696
Diluted (in shares)	16,345	16,534	16,358	16,536

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 48,686	$ 44,201
Reconciliation of net income to net cash provided by operating activities:
Depreciation	6,004	4,836
Amortization of intangibles and finance lease assets	18,250	13,788
Amortization of debt issuance costs	2,254	1,927
Loss (gain) on sale of property and equipment	237	(332)
Provision for (recovery of) credit losses	69	(1,085)
Payment of contingent consideration liability in excess of acquisition-date fair value	(32)	(333)
Fair value adjustment on contingent consideration	714	728
Restricted stock compensation expense	3,268	2,800
Deferred income taxes	7,100	7,036
Other non-cash items	(6,184)	(4,999)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable	(20,767)	(15,972)
Costs and estimated profits in excess of billings	(1,126)	(6,443)
Inventories	(10,702)	(4,336)
Prepaid expenses and other assets	(1,449)	(3,250)
Trade accounts payable	10,702	(3,159)
Accrued expenses	474	3,675
Billings in excess of costs and estimated profits	(127)	9,823
Income taxes	4,584	(27,286)
Net cash provided by operating activities	61,955	21,619
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(5,915)	(30,260)
Proceeds from the sale of property and equipment	567	2,715
Acquisition of businesses, net of cash acquired	(112,945)	(13,860)
Net cash used in investing activities	(118,293)	(41,405)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal debt payments	(4,240)	(3,248)
Debt issuance costs	(125)	(125)
Payment for acquisition contingent consideration liability	(3,468)	(5,145)
Preferred stock dividends paid	(45)	(45)
Payment for employee taxes withheld from stock awards	(6,652)	(4,330)
Principal payments on finance leases	(4,444)	(3,701)
Net cash used in financing activities	(18,974)	(16,594)
Effect of foreign currency on cash	(1,853)	899
Net change in cash and restricted cash	(77,165)	(35,481)
Cash and restricted cash at beginning of period	303,783	148,411
Cash and restricted cash at end of period	$ 226,618	$ 112,930

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 226,618	$ 303,783
Accounts receivable, net of allowance of $3,999 and $3,995, respectively	439,938	397,502
Inventories	121,394	108,144
Costs and estimated profits in excess of billings	58,958	53,855
Prepaid expenses and other current assets	41,907	47,033
Total current assets	888,815	910,317
Property and equipment, net	120,193	114,822
Goodwill	560,526	494,561
Other intangible assets, net	116,452	81,351
Operating lease right of use assets, net	72,058	74,709
Other long-term assets	11,466	9,395
Total assets	1,769,510	1,685,155
Current liabilities:
Current maturities of debt	8,580	8,580
Trade accounts payable	133,724	116,765
Accrued wages and benefits	50,855	51,180
Customer advances	12,760	15,460
Billings in excess of costs and estimated profits	21,633	15,689
Short-term operating lease liabilities	19,522	19,038
Other current liabilities	49,875	45,769
Total current liabilities	296,949	272,481
Long-term debt, net of unamortized debt issuance costs and discounts	816,365	818,476
Long-term operating lease liabilities	54,534	57,509
Other long-term liabilities	60,921	38,250
Total long-term liabilities	931,820	914,235
Total liabilities	1,228,769	1,186,716
Commitments and Contingencies (Note 10)
Shareholders' equity:
Common stock, $0.01 par value, 100,000,000 shares authorized; 20,395,157 issued and 15,505,100 outstanding at June 30, 2026 and 20,403,647 issued and 15,513,590 outstanding at December 31, 2025	204	204
Additional paid-in capital	217,297	220,681
Retained earnings	526,898	478,257
Accumulated other comprehensive loss	(33,562)	(30,607)
Treasury stock, at cost 4,890,057 and 4,890,057 shares, respectively	(170,112)	(170,112)
Total DXP Enterprises, Inc. equity	540,741	498,439
Total liabilities and equity	1,769,510	1,685,155
Series A Preferred Stock
Shareholders' equity:
Preferred stock	1	1
Series B Preferred Stock
Shareholders' equity:
Preferred stock	$ 15	$ 15