Sally Beauty Holdings (SBH) FY2024 results: revenue $3.7 billion, down 0.3% on the year

Sally Beauty Holdings, Inc. (SBH) reported revenue of $3.7 billion for fiscal 2024, the year ended 30 September 2024, down 0.3% on the year before. Net income was $153 million, down 16.9%, and diluted earnings per share $1.43. The figures are the company's own, from the 10-K it filed with the SEC on 14 November 2024.

Revenue

$3.7 billion

-0.3% on the year

FY2017FY2024

Operating margin

7.6%

8.7% a year earlier

FY2017FY2024

Net income

$153 million

-16.9% on the year

FY2017FY2024

Diluted EPS

$1.43

-15.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,717	3,728	3,816	-0.3%
Cost of revenue	1,827	1,830	1,896	-0.2%
Gross profit	1,890	1,898	1,919	-0.4%
Gross margin	50.9%	50.9%	50.3%
Selling, general and administrative	1,608	1,556	1,554	+3.3%
Operating income	283	325	338	-13.0%
Operating margin	7.6%	8.7%	8.8%
Interest expense	76.4	73.0	93.5	+4.7%
Pre-tax income	206	252	244	-18.1%
Income tax	52.9	67.5	60.5	-21.6%
Effective tax rate	25.6%	26.8%	24.8%
Net income	153	185	184	-16.9%
Net margin	4.1%	5.0%	4.8%
Diluted EPS	$1.43	$1.69	$1.66	-15.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	247	249	156	-1.1%
Capital expenditure	101	90.7	99.2	+11.5%
Free cash flow	145	159	57.2	-8.3%
Free cash flow margin	3.9%	4.3%	1.5%
Cash from investing	-109	-99.8	-102
Cash from financing	-154	-101	-374
Depreciation and amortisation	110	102	99.9	+7.2%
Share-based compensation	17.2	15.9	9.9	+8.3%
Buybacks	60.4	15.2	130	+298.6%
Diluted shares, weighted	107m	109m	110m	-2.2%
Shares outstanding at period end	102m	106m	107m	-4.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	629	509	294	+23.5%
Debt	994	1,078	1,152	-7.8%
Operating lease liabilities	480	455	425	+5.4%
Finance lease liabilities	n/a	0.1	0.3
Other liabilities	691	683	706	+1.1%
Total liabilities and equity	2,793	2,725	2,577	+2.5%
Fixed assets	270	298	298	-9.4%
Goodwill	538	533	526	+1.0%
Intangible assets	60.0	55.2	50.3	+8.7%
Cash and equivalents	108	123	70.6	-12.2%
Receivables	33.6	33.4	34.1	+0.6%
Inventory	1,037	975	936	+6.3%
Other assets	747	708	662	+5.5%
Total assets	2,793	2,725	2,577	+2.5%

10-K for the year ended 30 September 2024, filed 14 November 2024: the filing.