XBP Global reported full-year 2025 revenue of $791.0 million, down 9.4% year-over-year, and pro forma revenue of $879.6 million, down 13.6%. Reported gross margin rose 10 basis points to 21.7% and pro forma gross margin increased 30 basis points to 21.9%; GAAP net income reached $1.1 billion versus a $215.2 million loss, while pro forma Adjusted EBITDA declined 13.1% to $90.7 million.

In Q4 2025, pro forma revenue totaled $207.0 million, a 15.1% decline year-over-year, and pro forma gross margin expanded 110 basis points to 22.7%. Pro forma Adjusted EBITDA fell 33.0% to $19.8 million, while new and expansion total contract value reached $60.2 million (up 53.2%) and new annual contract value grew to $34.8 million (up 37.7%).

The July 2025 acquisition of Exela Technologies BPA was treated as if consummated on January 1, 2024, to provide comparable pro forma metrics. Reported results exclude European operations until July 31, 2025, with BPA as the accounting acquirer, creating a transition period effect on year-over-year comparisons.

For the full year, XBP Global closed $297.8 million of total contract value, including $163.8 million of new business. The company emphasized strategic investments in sales leadership and the rollout of agentic AI solutions to drive operating leverage, workflow automation, and future gross margin expansion.