Sally Beauty (SBH) financial statements
Sally Beauty reported revenue of $3.7B in fiscal 2025, down 0.7% a year over 9 years.
Net income was $196M and the operating margin 8.9%, against 12.6% in 2016.
Free cash flow was $173M, and the company returned $54M in net buybacks.
The diluted share count fell 30% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sally Beauty's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B | $3.9B | $3.9B | $3.9B | $3.5B | $3.9B | $3.8B | $3.7B | $3.7B | $3.7B |
| Cost of revenue | $2.0B | $2.0B | $2.0B | $2.0B | $1.8B | $1.9B | $1.9B | $1.8B | $1.8B | $1.8B |
| Gross profit | $2.0B | $2.0B | $1.9B | $1.9B | $1.7B | $2.0B | $1.9B | $1.9B | $1.9B | $1.9B |
| Selling, general and admin | $1.5B | $1.5B | $1.5B | $1.5B | $1.4B | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B |
| Operating income | $498M | $479M | $427M | $458M | $259M | $418M | $338M | $325M | $283M | $328M |
| Interest expense | $144M | $133M | $98M | $96M | $99M | $94M | $94M | $73M | $76M | $64M |
| Pre-tax income | $354M | $346M | $328M | $362M | $160M | $325M | $244M | $252M | $206M | $263M |
| Income tax | $131M | $131M | $70M | $91M | $47M | $85M | $61M | $67M | $53M | $68M |
| Net income | $223M | $215M | $258M | $272M | $185M | $240M | $184M | $185M | $153M | $196M |
| EPS (diluted) | $1.50 | $1.56 | $2.08 | $2.26 | $0.99 | $2.10 | $1.66 | $1.69 | $1.43 | $1.89 |
| Diluted shares | 149M | 138M | 124M | 120M | 115M | 114M | 110M | 109M | 107M | 104M |
| Gross margin | 49.7% | 49.9% | 49.4% | 49.3% | 48.8% | 50.4% | 50.3% | 50.9% | 50.9% | 51.6% |
| Operating margin | 12.6% | 12.2% | 10.8% | 11.8% | 7.4% | 10.8% | 8.8% | 8.7% | 7.6% | 8.9% |
| Net margin | 5.6% | 5.5% | 6.6% | 7.0% | 5.3% | 6.2% | 4.8% | 5.0% | 4.1% | 5.3% |
Balance sheet
Fiscal years, from Sally Beauty's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $87M | $64M | $77M | $71M | $514M | $401M | $71M | $123M | $108M | $149M |
| Receivables | $47M | $47M | $48M | $43M | $36M | $33M | $34M | $33M | $34M | $32M |
| Inventory | $907M | $931M | $944M | $953M | $815M | $871M | $936M | $975M | $1.0B | $988M |
| Total current assets | $1.2B | $1.1B | $1.2B | $1.2B | $1.4B | $1.4B | $1.1B | $1.2B | $1.3B | $1.3B |
| Property, plant and equipment | $320M | $314M | $308M | $320M | $315M | $307M | $298M | $298M | $270M | $284M |
| Goodwill | $533M | $538M | $536M | $531M | $540M | $541M | $526M | $533M | $538M | $541M |
| Total assets | $2.1B | $2.1B | $2.1B | $2.1B | $2.9B | $2.8B | $2.6B | $2.7B | $2.8B | $2.9B |
| Total current liabilities | $489M | $573M | $491M | $456M | $563M | $665M | $668M | $579M | $593M | $576M |
| Long-term debt | $1.8B | $1.8B | $1.8B | $1.6B | $1.8B | $1.4B | $1.1B | $1.1B | $978M | $862M |
| Total liabilities | $2.4B | $2.5B | $2.4B | $2.2B | $2.9B | $2.6B | $2.3B | $2.2B | $2.2B | $2.1B |
| Shareholders' equity | -$276M | -$364M | -$269M | -$60M | $15M | $281M | $294M | $509M | $629M | $794M |
| Net debt | $1.7B | $1.7B | $1.7B | $1.5B | $1.3B | $982M | $1.0B | $943M | $870M | $713M |
Cash flow
Fiscal years, from Sally Beauty's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $354M | $343M | $373M | $320M | $427M | $382M | $156M | $249M | $247M | $275M |
| Capital spending | $151M | $90M | $87M | $108M | $111M | $74M | $99M | $91M | $101M | $102M |
| Free cash flow | $203M | $254M | $286M | $213M | $316M | $308M | $57M | $159M | $145M | $173M |
| Stock-based compensation | $13M | $11M | $11M | $9M | $8M | $12M | $10M | $16M | $17M | $19M |
| Share buybacks (net) | -$209M | -$347M | -$167M | -$47M | -$61M | — | -$130M | -$15M | -$60M | -$54M |
| Net borrowing | -$27M | $61M | -$97M | -$184M | $205M | -$422M | -$250M | -$81M | -$84M | -$119M |
| Free cash flow margin | 5.1% | 6.4% | 7.3% | 5.5% | 9.0% | 7.9% | 1.5% | 4.3% | 3.9% | 4.7% |
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Open SBH in InvestinglyQuestions
What was Sally Beauty's revenue in 2025?
$3.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Sally Beauty generate?
$173M in fiscal 2025 (operating cash flow minus capital spending).
From Sally Beauty's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.