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STATES SECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K\n\n☒\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.\n\nFor the fiscal year ended December 31, 2025\n\nor\n\n☐\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.\n\nFor the transition period from _________ to _________.\n\nCommission file number 0-21513\n\nDXP Enterprises, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nTexas\n5301 Hollister, Houston, Texas 77040\n76-0509661\n\n(State of incorporation)(Address of principal executive offices, including zip code)(I.R.S. Employer Identification Number)\n\n(713) 996-4700\n\n(Registrant's telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading SymbolName of Exchange on which Registered\n\nCommon Stock par value $0.01DXPENASDAQ Global Select Market\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act. Yes ☐ No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒  Accelerated filer ☐   Non-accelerated filer ☐   Smaller reporting company ☐   Emerging growth company ☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAggregate market value of the registrant's Common Stock held by non-affiliates of registrant as of June 30, 2025 was $1.1 billion based on the closing sale price as reported on the NASDAQ Stock Market System.\n\nNumber of shares of registrant's Common Stock outstanding as of February 20, 2026: 15,522,213.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the definitive proxy statement for our 2026 annual meeting of shareholders are incorporated by reference into Part III hereof. The 2026 proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.\n\nDXP ENTERPRISES, INC.\n\nFORM 10-K\n\nFOR THE FISCAL YEAR ENDED DECEMBER 31, 2025\n\nTABLE OF CONTENTS\n\nItem Page\n\n PART I \n\n1.\n[Business](#i32cf9fb7e1ae41b68565f24f0e69f011_19)\n\n[4](#i32cf9fb7e1ae41b68565f24f0e69f011_19)\n\n1A.\n[Risk Factors](#i32cf9fb7e1ae41b68565f24f0e69f011_64)\n\n[16](#i32cf9fb7e1ae41b68565f24f0e69f011_64)\n\n1B.\nUnresolved Staff Comments\n\n[26](#i32cf9fb7e1ae41b68565f24f0e69f011_67)\n\n1C.\n\n[Cybersecurity](#i32cf9fb7e1ae41b68565f24f0e69f011_70)\n\n[26](#i32cf9fb7e1ae41b68565f24f0e69f011_70)\n\n2.\n[Properties](#i32cf9fb7e1ae41b68565f24f0e69f011_73)\n\n[28](#i32cf9fb7e1ae41b68565f24f0e69f011_73)\n\n3.\n[Legal Proceedings](#i32cf9fb7e1ae41b68565f24f0e69f011_76)\n\n[29](#i32cf9fb7e1ae41b68565f24f0e69f011_76)\n\n4.\n[Mine Safety Disclosures](#i32cf9fb7e1ae41b68565f24f0e69f011_79)\n\n[29](#i32cf9fb7e1ae41b68565f24f0e69f011_79)\n\n PART II\n\n5.\n[Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](#i32cf9fb7e1ae41b68565f24f0e69f011_85)\n\n[30](#i32cf9fb7e1ae41b68565f24f0e69f011_85)\n\n6.\n[[Reserved]](#i32cf9fb7e1ae41b68565f24f0e69f011_88)\n\n[31](#i32cf9fb7e1ae41b68565f24f0e69f011_88)\n\n7.\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i32cf9fb7e1ae41b68565f24f0e69f011_91)\n\n[31](#i32cf9fb7e1ae41b68565f24f0e69f011_91)\n\n7A.\nQuantitative and Qualitative Disclosures about Market Risk\n\n[46](#i32cf9fb7e1ae41b68565f24f0e69f011_121)\n\n8.\n[Financial Statements and Supplementary Data](#i32cf9fb7e1ae41b68565f24f0e69f011_124)\n\n[47](#i32cf9fb7e1ae41b68565f24f0e69f011_124)\n\n    [Reports of Independent Registered Public Accounting Firm](#i32cf9fb7e1ae41b68565f24f0e69f011_130)\n\n[48](#i32cf9fb7e1ae41b68565f24f0e69f011_130)\n\n    [Consolidated Statements of Operations and Comprehensive Income](#i32cf9fb7e1ae41b68565f24f0e69f011_142)\n\n[51](#i32cf9fb7e1ae41b68565f24f0e69f011_142)\n\n    [Consolidated Balance Sheets](#i32cf9fb7e1ae41b68565f24f0e69f011_145)\n\n[52](#i32cf9fb7e1ae41b68565f24f0e69f011_145)\n\n    [Consolidated Statements of Cash Flows](#i32cf9fb7e1ae41b68565f24f0e69f011_148)\n\n[53](#i32cf9fb7e1ae41b68565f24f0e69f011_148)\n\n    [Consolidated Statements of Equity](#i32cf9fb7e1ae41b68565f24f0e69f011_151)\n\n[54](#i32cf9fb7e1ae41b68565f24f0e69f011_151)\n\n    [Notes to Consolidated Financial Statements](#i32cf9fb7e1ae41b68565f24f0e69f011_154)\n\n[55](#i32cf9fb7e1ae41b68565f24f0e69f011_154)\n\n9.\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i32cf9fb7e1ae41b68565f24f0e69f011_241)\n\n[84](#i32cf9fb7e1ae41b68565f24f0e69f011_241)\n\n9A.\n[Controls and Procedures](#i32cf9fb7e1ae41b68565f24f0e69f011_244)\n\n[84](#i32cf9fb7e1ae41b68565f24f0e69f011_244)\n\n9B.\n[Other Information](#i32cf9fb7e1ae41b68565f24f0e69f011_247)\n\n[84](#i32cf9fb7e1ae41b68565f24f0e69f011_247)\n\n9C.\n\n[Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#i32cf9fb7e1ae41b68565f24f0e69f011_2056)\n\n[84](#i32cf9fb7e1ae41b68565f24f0e69f011_244)\n\n PART III\n\n10.\n[Directors, Executive Officers, and Corporate Governance](#i32cf9fb7e1ae41b68565f24f0e69f011_253)\n\n[85](#i32cf9fb7e1ae41b68565f24f0e69f011_253)\n\n11.\n[Executive Compensation](#i32cf9fb7e1ae41b68565f24f0e69f011_256)\n\n[85](#i32cf9fb7e1ae41b68565f24f0e69f011_256)\n\n12.\n[Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#i32cf9fb7e1ae41b68565f24f0e69f011_259)\n\n[85](#i32cf9fb7e1ae41b68565f24f0e69f011_259)\n\n13.\n[Certain Relationships and Related Transactions, and Director Independence](#i32cf9fb7e1ae41b68565f24f0e69f011_262)\n\n[85](#i32cf9fb7e1ae41b68565f24f0e69f011_262)\n\n14.\n[Principal Accounting Fees and Services](#i32cf9fb7e1ae41b68565f24f0e69f011_265)\n\n[85](#i32cf9fb7e1ae41b68565f24f0e69f011_265)\n\n PART IV\n\n15.\n[Exhibits, Financial Statement Schedules](#i32cf9fb7e1ae41b68565f24f0e69f011_271)\n\n[86](#i32cf9fb7e1ae41b68565f24f0e69f011_271)\n\n16.\n[Form 10-K Summary](#i32cf9fb7e1ae41b68565f24f0e69f011_274)\n\n[90](#i32cf9fb7e1ae41b68565f24f0e69f011_274)\n\n \nSIGNATURES\n\n[90](#i32cf9fb7e1ae41b68565f24f0e69f011_277)\n\n2\n\n[Table of Contents](#i32cf9fb7e1ae41b68565f24f0e69f011_10)\n\nDISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Annual Report on Form 10-K (this “Report”) contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include without limitation those about the Company’s expectations regarding the Company’s business, and the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “might”, “estimates”, “will”, “should”, “could”, “would”, “suspect”, “potential”, “current”, “achieve”, “plans” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy but the absence of these words does not mean that a statement is not forward-looking. Any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and actual results may vary materially from those discussed in the forward-looking statements or historical performance as a result of various factors. These factors include, but not limited to, the effectiveness of management's strategies and decisions, our ability to implement our internal growth and acquisition growth strategies, general economic and business conditions specific to our primary customers, changes in government regulations, our ability to effectively integrate businesses we may acquire, new or modified statutory or regulatory requirements, availability of materials and labor, inability to obtain or delay in obtaining government or third-party approvals and permits, non-performance by third parties of their contractual obligations, unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto, cyber-attacks adversely affecting our operations, other geological, operating and economic considerations and declining prices and market conditions, including volatility in oil and gas prices and supply or demand for maintenance, repair and operating products, equipment and service, decreases in oil and natural gas industry expenditure levels, our ability to manage changes and the continued health or availability of management personnel, and our ability to obtain financing on favorable terms or amend our credit facilities as needed. This Report identifies other factors that could cause such differences. We cannot assure that these are all of the factors that could cause actual results to vary materially from the forward-looking statements. This Report identifies other factors that could cause such differences. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in “Item 1A. Risk Factors”, and elsewhere in this Report. Should one or more of these risk factors or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. We assume no obligation and do not intend to update these forward-looking statements. Unless the context otherwise requires, references in this Report to the “Company”, “DXP”, “we” or “our” shall mean DXP Enterprises, Inc., a Texas corporation, together with its subsidiaries.\n\n3\n\n[Table of Contents](#i32cf9fb7e1ae41b68565f24f0e69f011_10)\n\nPART I"}