Sally Beauty Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sally Beauty Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,953	3,938	3,933	3,876	3,514	3,875	3,816	3,728	3,717	3,701
Cost of revenue	1,989	1,973	1,988	1,966	1,799	1,922	1,896	1,830	1,827	1,791
Gross profit	1,964	1,965	1,944	1,911	1,716	1,953	1,919	1,898	1,890	1,911
Selling, general and administrative	1,466	1,464	1,484	1,453	1,443	1,530	1,554	1,556	1,608	1,583
Operating income	498	479	427	458	259	418	338	325	283	328
Interest expense	144	133	98.2	96.3	98.8	93.5	93.5	73	76.4	64.4
Pre-tax income	354	346	328	362	160	325	244	252	206	263
Income tax	131	131	70.4	90.5	46.7	85.1	60.5	67.5	52.9	67.5
Net income	223	215	258	272	185	240	184	185	153	196
EBITDA	598	591	535	566	366	521	438	427	392	428
EPS, basic	1.51	1.56	2.09	2.27	0.99	2.13	1.69	1.72	1.48	1.95
EPS, diluted	1.50	1.56	2.08	2.26	0.99	2.10	1.66	1.69	1.43	1.89
Shares, basic (weighted)	147	138	123	120	114	113	109	107	104	101
Shares, diluted (weighted)	149	138	124	120	115	114	110	109	107	104

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	86.6	63.8	77.3	71.5	514	401	70.6	123	108	149
Receivables	46.9	47	48.4	43.1	35.6	32.6	34.1	33.4	33.6	31.8
Inventory	907	931	944	953	815	871	936	975	1,037	988
Other current assets	54.9	55.2	43	34.6	48	44.7	53.2	53.9	68.5	48.2
Total current assets	1,173	1,142	1,155	1,164	1,433	1,384	1,132	1,228	1,305	1,301
Property, plant and equipment	320	314	308	320	315	307	298	298	270	284
Lease right-of-use assets					526	538	532	571	583	647
Goodwill	533	538	536	531	540	541	526	533	538	541
Intangible assets	93	80.3	72.7	62.1	58.3	55.5	50.3	55.2	60	53
Other non-current assets	14	25.1	25.4	22.4	23.1	21.8	38	40.6	36.9	45
Total assets	2,095	2,099	2,097	2,098	2,895	2,847	2,577	2,725	2,793	2,871
Accounts payable	271	308	303	279	236	292	276	259	269	225
Accrued liabilities	215	167	180	169	171	206	161	163	163	185
Deferred revenue	35.6	20.6	5.31	12.9	13.9	16.7	13.5	14	11.5	10
Short-term debt	0.72	96.1	5.5	0	0.18	0.19	68.7	4.17	4.13	4
Total current liabilities	489	573	491	456	563	665	668	579	593	576
Long-term debt	1,783	1,772	1,769	1,595	1,797	1,383	1,083	1,066	978	862
Lease liabilities					394	404	425	455	480	538
Other non-current liabilities	21.6	20.1	30	27.8	33	29.1	22.4	23.1	22.1	21
Total liabilities	2,408	2,463	2,366	2,159	2,880	2,566	2,283	2,217	2,164	2,077
Total debt	1,800	1,891	1,795	1,609	1,813	1,393	1,087	1,078	994	875
Paid-in capital					1.91	17.3	4.24	5.68	0	0
Retained earnings	-178	-283	-180	55.8	117	357	440	625	741	898
Other comprehensive income	-100	-81.8	-90	-117	-105	-94.6	-152	-123	-113	-105
Shareholders' equity	-276	-364	-269	-60.3	15.4	281	294	509	629	794
Total equity	-276	-364	-269	-60.3	15.4	281	294	509	629	794
Total liabilities and equity	2,132	2,099	2,097	2,098	2,895	2,847	2,577	2,725	2,793	2,871
Shares outstanding	145	130	120	117	117	113	107	106	102	97.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	223	215	258	272	185	240	184	185	153	196
Depreciation and amortization	99.7	112	109	108	107	102	99.9	102	110	99.9
Stock-based compensation	12.6	10.5	10.5	9.18	8.43	11.7	9.94	15.9	17.2	19.2
Deferred income tax	21.4	14.2	-20.6	5.22	13.6	-8.68	-15.5	8.2	-1.38	-9.93
Change in receivables	0.94	0.7	-1.95	4.4	10	2.92	-3.18	1.46	0.23	1.82
Change in inventory	-31.4	-16.3	-16.5	-20.3	150	-52.3	-96.2	-21.5	-54.6	50.1
Change in payables	15.4	-18.8	4.59	-42.7	-26.9	79.9	-46.3	-29.7	15	-31.8
Cash from operations	354	343	373	320	427	382	157	249	247	275
Capital expenditures	-151	-89.7	-86.5	-108	-111	-73.9	-99.3	-90.7	-101	-102
Acquisitions	-26.1		-9.18	-3.42	-13	-2.35	-3.17	-9.03	-7.75	-2.84
Cash from investing	-175	-89.6	-95.3	-95.9	-124	-76	-102	-99.8	-109	-58.3
Debt issued	912	1,277	462	594	1,088	0.02	520	1,290	1,541	502
Debt repaid	-939	-1,217	-559	-778	-883	-422	-770	-1,371	-1,626	-621
Stock issued	16.2	17.3	1.35	2.16	2.79	3.57	6.93	0.72
Share buybacks	-209	-347	-167	-47.4	-61.4		-130	-15.2	-60.4	-54
Cash from financing	-232	-277	-263	-229	140	-420	-374	-101	-154	-178
Exchange rate effect	-0.56	0.78	-0.53	-1.04	-0.22
Net change in cash	-53.4	-22.9	13.5	-5.8	443	-113	-330	52.4	-15	41.2
Free cash flow	203	254	286	213	316	308	57.3	159	145	173
Interest paid	139	142	90.1	95.2	83.1	89	82.1	71.9	86.7	64.1
Income taxes paid	124	115	70.3	83.8	49.9	79.8	82.6	63.8	36	94.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.1%	Gross profit / revenue.
Operating margin	8.4%	Operating income / revenue.
EBITDA margin	11.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	5.2%	Net income / revenue.
FCF margin	6.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	25.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.7%	Net income / average total assets.
Return on invested capital (ROIC)	15.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	43.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	27.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	32.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	18.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	44.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-11.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	39.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	119.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.37x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.3%	Total debt / total assets.
Liabilities / assets	69.8%	Total liabilities / total assets.
Net debt	$641.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.55x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$757.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$282.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.29x	Revenue / average total assets.
Fixed asset turnover	13.4x	Revenue / average property, plant and equipment.
Inventory turnover	1.79x	Cost of revenue / average inventory.
Days inventory	204 days	365 x average inventory / cost of revenue.
Receivables turnover	141x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	160 days	Days inventory + days sales outstanding - days payables.
FCF conversion	125.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.09	Revenue / diluted weighted shares.
FCF per share	$2.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.76	Cash from operations / diluted weighted shares.
Book value per share	$9.26	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.00	Tangible book value / shares outstanding.
Cash per share	$1.84	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	38.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.61B	Share price x shares outstanding.
Enterprise value	$2.25B	Market cap + total debt - cash - short-term investments.
P/E	8.37x	Market cap / net income. Only when net income is positive.
P/S	0.43x	Market cap / revenue.
P/B	1.85x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.70x	Market cap / tangible book value, when positive.
P/FCF	6.67x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.37x	Market cap / cash from operations, when positive.
EV/Sales	0.60x	Enterprise value / revenue.
EV/EBIT	7.16x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.44x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.33x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.0%	Free cash flow / market cap.
Earnings yield	12.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.89x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Sally Beauty Holdings, Inc.'s revenue in fiscal 2025?

Sally Beauty Holdings, Inc. reported revenue of $3.70B for fiscal 2025, 0.4% lower than the year before.

Was Sally Beauty Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $195.9M, a net margin of 5.3%.

How much free cash flow did Sally Beauty Holdings, Inc. generate in fiscal 2025?

Cash from operations of $274.8M minus capital expenditures of $102.1M left free cash flow of $172.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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