Sally Beauty Holdings (SBH) FY2025 results: revenue $3.7 billion, down 0.4% on the year
Sally Beauty Holdings, Inc. (SBH) reported revenue of $3.7 billion for fiscal 2025, the year ended 30 September 2025, down 0.4% on the year before. Net income was $196 million, up 27.7%, and diluted earnings per share $1.89. The figures are the company's own, from the 10-K it filed with the SEC on 13 November 2025.
Revenue
$3.7 billion
-0.4% on the year
FY2018FY2025
Operating margin
8.9%
7.6% a year earlier
FY2018FY2025
Net income
$196 million
+27.7% on the year
FY2018FY2025
Diluted EPS
$1.89
+32.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 16 new.
Q4 sales and adjusted EPS grew: Fourth-quarter net sales were $947 million, up 1.3%. Adjusted diluted EPS was $0.55, up 10%, and GAAP diluted EPS was $0.49, up 7%.
Full-year GAAP EPS rose 32%: Full-year GAAP diluted EPS was $1.89, up 32%, and adjusted diluted EPS was $1.90, up 12%. Full-year net sales were $3.70 billion, down 0.4%.
Q4 operating cash flow was $121 million: Fourth-quarter cash flow from operations was $121 million, up 9.2%, and free cash flow was $78 million, up 6.4%.
Sally operating earnings and margin fell: Sally fourth-quarter operating earnings were $86.2 million, down 7.3%, and its operating margin was 15.9%, down 150 basis points.
BSG operating earnings and margin rose: BSG fourth-quarter operating earnings rose 16.5% to $51.3 million, and its operating margin rose 160 basis points to 12.6%. Full-year BSG operating earnings rose 10.1%.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
275
247
249
+11.5%
Capital expenditure
102
101
90.7
+1.0%
Free cash flow
173
145
159
+18.8%
Free cash flow margin
4.7%
3.9%
4.3%
Cash from investing
-58.3
-109
-99.8
Cash from financing
-178
-154
-101
Depreciation and amortisation
99.9
110
102
-8.9%
Share-based compensation
19.2
17.2
15.9
+12.1%
Buybacks
54.0
60.4
15.2
-10.6%
Diluted shares, weighted
104m
107m
109m
-2.9%
Shares outstanding at period end
98m
102m
106m
-3.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
794
629
509
+26.4%
Debt
875
994
1,078
-12.0%
Operating lease liabilities
538
480
455
+12.3%
Finance lease liabilities
n/a
n/a
0.1
Other liabilities
663
691
683
-4.0%
Total liabilities and equity
2,871
2,793
2,725
+2.8%
Fixed assets
284
270
298
+5.3%
Goodwill
541
538
533
+0.4%
Intangible assets
53.0
60.0
55.2
-11.6%
Cash and equivalents
149
108
123
+38.2%
Receivables
31.8
33.6
33.4
-5.4%
Inventory
988
1,037
975
-4.7%
Other assets
825
747
708
+10.4%
Total assets
2,871
2,793
2,725
+2.8%
10-K for the year ended 30 September 2025, filed 13 November 2025: the filing.