XBP Global (NASDAQ: XBP) reported full-year 2025 reported revenue of $791.0M (down 9.4% YoY) and pro forma revenue of $879.6M following the landmark acquisition of Exela Technologies BPA. GAAP net income swung to $1.1B (driven by reorganization gains). No analyst EPS consensus was published; stock traded near $4.13 in after-hours movement on March 30, 2026.
About XBP Global Holdings
XBP Global Holdings, Inc. (NASDAQ: XBP) is a multinational technology and services company headquartered in Irving, Texas. Originally operating as XBP Europe Holdings, Inc., the company rebranded following its transformative acquisition of Exela Technologies BPA, LLC in July 2025, establishing itself as a combined global entity with approximately 10,600 employees across 20 countries and partnerships with over 2,000 clients, including many Fortune 100 companies.
The company orchestrates mission-critical systems that enable hyper-automation and digital transformation, leveraging proprietary platforms, agentic AI-driven automation, and deep domain expertise across public and private sector industries. As of March 30, 2026, XBP Global carries a market cap of approximately $48.53 million with a stock price of $4.13, placing it firmly in micro-cap territory.
The enterprise value stands at approximately $444.31 million, reflecting the company’s significant long-term debt load of $353.3 million as of year-end 2025. The P/E ratio based on current trailing metrics stands near 0.05 given the one-time GAAP income driven by reorganization items. No dividend is currently paid. The company operates two reporting segments: Applied Workflow Automation and Technology.
Top Financial Highlights
Full Year 2025
- Full-year reported revenue totaled $791.0 million, a decline of 9.4% year-over-year
- Combined Pro Forma Revenue totaled $879.6 million, a decline of 13.6% year-over-year (as if BPA acquisition had occurred January 1, 2024)
- Gross margin on a reported basis was 21.7%, a 10 basis point increase year-over-year
- Pro Forma Gross Margin was 21.9%, a 30 basis point increase year-over-year
- GAAP net income swung to $1.1 billion, compared to a net loss of $215.2 million the prior year (driven by $1.56B in reorganization gains from Chapter 11 emergence)
- Pro Forma Adjusted EBITDA totaled $90.7 million, a decrease of 13.1% year-over-year
- Total Contract Value closed for the year reached $297.8 million, including $163.8 million of new TCV
- Cash and cash equivalents stood at $37.1 million as of December 31, 2025, with restricted cash of $31.6 million
- Total assets as of December 31, 2025 were $902.1 million; total liabilities were $814.8 million
- Applied Workflow Automation segment reported revenue of $723.2 million (down 11.4% YoY); Technology segment revenue was $67.8 million (up 20.6% YoY)
Fourth Quarter 2025
- Q4 revenue totaled $207.0 million (pro forma basis), a decline of 15.1% year-over-year
- Q4 gross margin was 22.7%, a 110 basis point increase year-over-year on a pro forma basis
- Q4 Pro Forma Adjusted EBITDA was $19.8 million, a decrease of 33.0% year-over-year
- Q4 new TCV closed at $60.2 million, a 53.2% increase year-over-year and 68.4% above the previous four-quarter average
- Q4 new Annual Contract Value (ACV) reached $34.8 million, a 37.7% increase year-over-year
Beat or Miss?
| Metric | Reported | Context and Analysis |
| Full Year Reported Revenue | $791.0M | Down 9.4% YoY; reflects expected post-acquisition legacy revenue adjustments |
| Pro Forma Revenue | $879.6M | Down 13.6% YoY on combined basis |
| GAAP Net Income | $1.1B (profit) | Extraordinary swing from $215.2M net loss in 2024 due to $1.56B reorganization gains |
| Reported Gross Margin (FY) | 21.70% | +10 bps YoY improvement despite revenue headwinds |
| Pro Forma Adjusted EBITDA | $90.7M | Down 13.1% vs. $104.4M in 2024 |
| Q4 Revenue (Pro Forma) | $207.0M | Down 15.1% YoY; weakest quarterly performance of 2025 |
| Q4 New TCV | $60.2M | Surged 53.2% YoY; strongest new business momentum in four quarters |
| Cash on Hand | $37.1M | Compared to $11.6M at end of 2024 (Predecessor); improved post-restructuring |
What Leadership Is Saying?
CEO Andrej Jonovic on Strategy and Vision:
“2025 was a defining year of transition for XBP Global, as we successfully acquired Exela Technologies BPA and repositioned the new company as XBP Global. While our financial results reflect expected revenue adjustments as we addressed legacy performance trends in the acquired business, we have been laser-focused on stabilizing the portfolio and laying the groundwork for a return to growth.
We have strategically invested in our sales leadership and ramped up our client outreach initiatives to win back business and new client relationships. Additionally, through our focused rollout of AI across functions, we are unlocking significant operating leverage and driving gross margin expansion throughout the business. We enter 2026 with an enhanced suite of agentic AI-driven solutions which will enable more clients to transition from labor-intensive, reactive workflows to orchestrated, exception-driven workflows.”
CFO Dejan Avramovic on Financials and Margins:
No specific standalone quote from CFO Dejan Avramovic was included in the Q4 and Full Year 2025 press release. The earnings call hosted by Jonovic and Avramovic was scheduled for March 31, 2026 at 5:00 PM ET, where CFO commentary on capital structure, margin trajectory, and debt management was expected to be addressed.
Based on balance sheet data, the CFO’s priorities are visible: long-term debt was restructured from ~$1.43 billion (current portion under Predecessor) to a more sustainable $353.3 million long-term with $34.3 million current portion under the Successor entity, representing a dramatic improvement in financial position.
Historical Performance
Full Year YoY Comparison (As Reported)
| Category | FY 2025 | FY 2024 | Change |
| Total Revenue | $791.0M | $872.7M | -9.40% |
| Applied Workflow Automation Revenue | $723.2M | $816.4M | -11.40% |
| Technology Revenue | $67.8M | $56.2M | 20.60% |
| Gross Profit | $171.7M | $188.8M | -9.10% |
| Gross Margin | 21.70% | 21.60% | +10 bps |
| GAAP Net Income (Loss) | $1,103.5M (profit) | $(215.2M) (loss) | Swing |
| Pro Forma Adjusted EBITDA | $90.7M | $104.4M | -13.10% |
Fourth Quarter YoY Comparison (Pro Forma)
| Category | Q4 2025 | Q4 2024 | Change |
| Total Revenue | $207.0M | $243.8M | -15.10% |
| Applied Workflow Automation Revenue | $185.2M | $218.3M | -15.10% |
| Technology Revenue | $21.7M | $25.5M | -14.60% |
| Gross Margin | 22.70% | 21.60% | +110 bps |
| Applied Workflow Automation Gross Margin | 18.40% | 17.00% | +140 bps |
| Technology Gross Margin | 59.10% | 60.60% | -150 bps |
| Pro Forma Adjusted EBITDA | $19.8M | $29.6M | -33.00% |
Competitor Performance Comparison
XBP Global operates in the workflow automation and business process outsourcing (BPO) space, competing with larger players including Conduent (NASDAQ: CNDT) and Unisys (NYSE: UIS). The table below compares full-year 2025 performance across these peers.
| Category | XBP Global (FY 2025) | Conduent (FY 2025) | Unisys (FY 2025) |
| Annual Revenue | $791.0M (reported) | $3,042M | $1,950M |
| Revenue YoY Change | -9.40% | -9.40% | -2.90% |
| GAAP Net Income (Loss) | $1.1B (incl. reorg. gains) | $(170M) | $(193.4M) |
| Adjusted EBITDA | $90.7M (Pro Forma) | $164M | $292.1M |
| Adj. EBITDA Margin | ~10.3% (Pro Forma) | 5.40% | 14.50% |
| Gross Margin | 21.70% | N/A (reported differently) | 33.9% (Q4) |
| Employees | ~10,600 | ~56,000 | ~15,000 |
| Market Cap (approx.) | ~$48.5M | ~$370M (est.) | ~$146.8M |
Both Conduent and XBP Global saw identical 9.4% revenue declines in FY2025, signaling industry-wide contract attrition pressures. Unisys showed greater resilience with only a 2.9% revenue drop and notably higher adjusted EBITDA margins of 14.5%. XBP Global’s adjusted EBITDA margin of approximately 10.3% on a pro forma basis compares favorably to Conduent’s 5.4%, though it trails Unisys by a significant margin.
How the Market Reacted?
XBP Global shares traded at $4.13 on March 30, 2026, the day the earnings were published, reflecting a decline of $0.28 or 6.35% from the prior close. The stock had seen a significant run-up in the months following the BPA acquisition and Chapter 11 emergence in July 2025, with market cap rising from $32.88 million at end of 2024 to $80.03 million by December 31, 2025, a gain of over 143%.
The immediate market reaction on results day appears cautious, as investors weigh improving new business momentum (Q4 new TCV up 53.2%) against ongoing revenue declines and a Q4 Adjusted EBITDA drop of 33%. No formal guidance was provided for 2026, which may have contributed to a measured response, though management’s emphasis on agentic AI deployment and sales force investment signals a forward-looking growth narrative heading into the new fiscal year.
