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Operating Expense Breakdown
Breakdown of core costs like corporate SG&A, marketing, technology, and franchise support, showing how the company allocates spending to grow and sustain the network. Comparing expense categories to revenue reveals operating leverage, whether growth is being funded efficiently, and potential pressure points for margins.SG&A looks intentionally lumpy—big quarter spikes are driven by one‑time lease/legal payments and stock‑based costs rather than steady operating inflation, and management’s 2026 guide expects a lower run‑rate once those items are excluded. Marketing fund spend has meaningfully ramped (Q4 surge) as a deliberate top‑of‑funnel investment to fix studio AUVs, which explains recent EBITDA compression; outsourced retail should help EBITDA going forward. Acquisition/transaction volatility and falling depreciation point to active divestitures and a shrinking asset base—if marketing doesn’t convert, higher interest and one‑offs will keep margins under pressure.
Date | Selling, General, and Administrative | Depreciation and Amortization | Marketing Fund | Acquisition and Transaction |
|---|---|---|---|---|
Jun 30, 2026 | $32.03M | $1.76M | $11.44M | $1.44M |
Mar 31, 2026 | $30.04M | $2.25M | $11.67M | -$3.19M |
Dec 31, 2025 | $57.71M | $2.42M | $13.29M | $534.00K |
Sep 30, 2025 | $24.66M | $3.68M | $8.98M | $3.07M |
Jun 30, 2025 | $24.08M | $2.97M | $8.86M | -$1.92M |
Mar 31, 2025 | $45.55M | $2.96M | $9.36M | -$8.64M |
Dec 31, 2024 | $57.08M | $4.53M | $5.89M | $1.92M |
Sep 30, 2024 | $46.16M | $4.23M | $6.42M | $3.66M |
Jun 30, 2024 | $36.99M | $4.52M | $7.85M | -$1.22M |
Mar 31, 2024 | $37.16M | $4.44M | $6.51M | $4.51M |