Free cash flow remains volatile, swinging from a $4.2M deficit in 2026Q2 to a $6.2M surplus in 2025Q4, highlighting the difficulty in achieving predictable cash conversion during the franchise transition.
Regis Corporation (RGS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 13.1M | 13.74M | -2.04M | -7.89M | -38.64M | -99.88M | -86.41M | -17.52M | 2.33M | 60.05M | 55.03M | 93.96M | 117.4M | 69.15M | 153.7M | 229.18M | 192.22M | 188.06M | 222.38M | 241.86M | 281.69M | 215.73M | 205.66M | 149.62M | 152.04M | 110.31M | 85.38M | 72.2M | 67.7M | 34.9M | 36.9M |
| Operating CF Margin % | - | 6.54% | -1% | -3.38% | -14% | -24.26% | -12.9% | -1.64% | 0.19% | 3.55% | 3.07% | 5.11% | 6.2% | 3.43% | 6.76% | 9.85% | 8.15% | 7.74% | 8.12% | 9.21% | 11.59% | 9.83% | 10.69% | 8.88% | 10.46% | 8.41% | 7.47% | 7.41% | 8.48% | 4.89% | 7.39% |
| Operating CF Growth % | 190.06% | 773.73% | 74.14% | 79.58% | 61.32% | -15.59% | -393.09% | -852.75% | -96.12% | 9.13% | -41.43% | -19.97% | 69.79% | -55.01% | -32.93% | 19.23% | 2.21% | -15.43% | -8.05% | -14.14% | 30.57% | 4.89% | 37.45% | -1.59% | 37.83% | 29.19% | 18.26% | 6.65% | 93.98% | -5.42% | 20.2% |
| Net Income | 6.94M | 123.54M | 91.06M | -11.34M | -85.86M | -113.33M | -171.36M | -14.23M | 8.7M | -16.14M | -11.32M | -33.84M | -135.73M | 29.19M | -114.09M | -8.9M | 42.74M | -124.47M | 85.2M | 83.17M | 109.58M | 64.63M | 105.48M | 86.67M | 72.05M | 53.09M | 49.65M | 30.3M | 30.5M | 6.6M | 19.1M |
| Depreciation & Amortization | 4.35M | 2.88M | 3.4M | 10.82M | 6.5M | 17.87M | 33.1M | 33.26M | 43.17M | 54.96M | 56.99M | 68.26M | 81.41M | 84.02M | 111.44M | 98.43M | 102.34M | 115.02M | 119.98M | 117.33M | 107.47M | 91.75M | 75.55M | 67.4M | 59.73M | 64.92M | 54.12M | 44.1M | 35.7M | 32.1M | 18.8M |
| Stock-Based Compensation | 1.05M | 1.94M | 1.56M | 0 | 1.33M | 3.25M | 3.27M | 9M | 8.27M | 13.14M | 9.8M | 8.65M | 6.4M | 5.88M | 7.6M | 9.6M | 9.34M | 7.53M | -1.42M | -4.54M | -4.56M | 9.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.05M | -113.89M | 519K | -8K | 391K | -3.39M | -3.93M | -9.81M | -75.86M | 7.96M | 7.02M | 11.15M | 68.78M | 10.32M | -14.17M | -14.71M | 5.12M | -3.84M | -3.79M | -6.24M | 7.41M | -9.26M | 16.07M | 3.48M | 11.89M | 3.25M | -1M | -1.1M | 7.3M | 1.1M | 200K |
| Other Non-Cash Items | 8.13M | 471K | -88.98M | 6.25M | 68.05M | 28.28M | 90.13M | 22.36M | 51.63M | 19.2M | 26.09M | 29M | 74.12M | -7.06M | 192.76M | 122.78M | 32.62M | 260.52M | 14.45M | 37.55M | 17.96M | 39.5M | 1.26M | 710K | 739K | 120K | -381K | 6M | -100K | -4.9M | -1.2M |
| Working Capital Changes | -6.32M | -1.19M | -9.6M | -13.6M | -29.05M | -32.57M | -37.62M | -58.1M | -33.58M | -19.07M | -33.55M | 10.74M | 22.42M | -53.21M | -29.83M | 21.99M | 76K | -66.69M | 7.96M | 14.59M | 43.82M | 20.02M | 7.3M | -8.64M | 7.62M | -11.07M | -17M | -7.1M | -8M | 0 | 0 |
| Change in Receivables | 181K | -174K | 2.08M | 366K | 13.01M | 1.02M | -5.71M | -17.3M | -12.08M | 724K | -577K | 446K | 5.68M | -4.33M | -4.5M | -2.36M | 1.19M | -12.1M | -709K | -4.09M | -4.92M | -6.52M | -16K | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 316K | 871K | 851K | -182K | 7.89M | 17.88M | -2.25M | -8.49M | 13.94M | 4.01M | -7.11M | 6.2M | 2.56M | -10.74M | 2.64M | 4.63M | 4.82M | 7.13M | -5.23M | 2.71M | -6.07M | -17.97M | -462K | -31.14M | -7.76M | -16.72M | -20.35M | -10M | -10.8M | 0 | 0 |
| Change in Payables | -850K | -504K | 831K | -497K | -10.97M | -21.67M | 4.59M | -5.84M | -1.1M | -684K | -4.62M | -3.26M | 1.91M | 19.09M | -4.86M | -2.97M | -4.97M | -3.61M | -9.48M | 11.81M | 151K | 8.29M | -4.99M | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.97M | -11.45M | 1.62M | 4.02M | 7.68M | -2.1M | 61.03M | 87.79M | -1.58M | -29.09M | -17.39M | -35.58M | -44.38M | 165.14M | -90.86M | -144.33M | -44.58M | -115.51M | -266.03M | -193.05M | -280.67M | -428.82M | -173.38M | -143.07M | -125.28M | -124.71M | -146.88M | -112.9M | -80.4M | -49.8M | -53.8M |
| Capital Expenditures | -1.97M | -1.29M | -376K | -481K | -5.32M | -11.47M | -37.49M | -31.62M | -30.74M | -33.84M | -31.12M | -38.26M | -49.44M | -105.86M | -88.36M | -89.46M | -61.48M | -73.57M | -85.8M | -90.08M | -119.91M | -101.1M | -74.08M | -77.46M | -66.23M | -125.39M | -147.73M | -117.3M | -80.4M | -39.4M | -26.1M |
| CapEx % of Revenue | 0.88% | 0.62% | 0.19% | 0.21% | 1.93% | 2.79% | 5.6% | 2.96% | 2.53% | 2% | 1.74% | 2.08% | 2.61% | 5.24% | 3.89% | 3.85% | 2.61% | 3.03% | 3.13% | 3.43% | 4.93% | 4.61% | 3.85% | 4.6% | 4.55% | 9.56% | 12.92% | 12.03% | 10.07% | 5.52% | 5.23% |
| Acquisitions | 0 | -10.16M | 2M | 4.5M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15K | 0 | 5.59M | 73.49M | -3.66M | -40.05M | -132.97M | -68.75M | -155.48M | -328.57M | -99.73M | -66.88M | -59.92M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 9.38M | 98.52M | 119.4M | 29.17M | 4.25M | 13.73M | 2.67M | 14K | 139.42M | -5.09M | -72.86M | 13.24M | 77K | -47.26M | -34.22M | -5.27M | 846K | 432K | 1.27M | 873K | 682K | 852K | 4.4M | 0 | -10.4M | -27.7M |
| Cash from Financing | -2.26M | 3.59M | 8.36M | -2.15M | 29.42M | 7.78M | 56.16M | -126.69M | -62.23M | -6.85M | -101.8M | -221.64M | 104.21M | -146.8M | -43.55M | -148.43M | -39.13M | -148.31M | -11M | -6.42M | 28.57M | 242.49M | -16.85M | -36.26M | 34.15M | 24.11M | 65.91M | 40.5M | 8.6M | 16.3M | 21.1M |
| Debt Issued (Net) | -2.74M | 4.67M | 8.38M | -2.11M | -6.92M | 8.69M | 86.73M | 28.44M | -34.23M | 0 | -2K | -173.75M | 111M | -118.22M | -29.69M | -137.67M | -186.85M | -141.6M | 38.23M | 68.92M | 35.46M | 255.5M | -5.6M | -13.7M | 34.29M | 26.36M | 65.97M | 40.03M | -2.2M | 9.5M | 15.8M |
| Equity Issued (Net) | 300K | 0 | 0 | 0 | 37.19M | 0 | -28.25M | -152.66M | -24.8M | 0 | -101.03M | -47.89M | 0 | -14.87M | 0 | 749K | 159.5M | 3.89M | -41.06M | -65.4M | -5.87M | -5.86M | -5.2M | -14.64M | 7K | 1.99M | 69K | 3.7M | 11.82M | 15.1M | 11M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.79M | -13.71M | -13.86M | -11.51M | -9.15M | -6.91M | -6.96M | -7.17M | -7.26M | -7.15M | -6.17M | -5.2M | -5.08M | -4.93M | -5.19M | -3.6M | -2.1M | -1.7M | -1.2M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -28.25M | -152.66M | -24.8M | -3.7M | -101.03M | -47.89M | 0 | -14.87M | 0 | 0 | 0 | 0 | -49.96M | -79.71M | -20.28M | -23.12M | -22.55M | -21.69M | -7.74M | 0 | -1.43M | 0 | 0 | 0 | 0 |
| Other Financing | 183K | -1.08M | -16K | -36K | -845K | -910K | -2.32M | -2.48M | -3.21M | -6.85M | -760K | -782K | 0 | 0 | 0 | 0 | -2.63M | -3.69M | -1.2M | -2.77M | 6.23M | 0 | 118K | -2.72M | 4.94M | 695K | 5.05M | 3.21M | -1.47M | -5M | -4.5M |
| Net Change in Cash | 8.79M | 5.89M | 7.92M | -6.07M | -1.69M | -93.73M | 30.5M | -56.4M | -62M | 25.05M | -64.93M | -166.35M | 178.14M | 88.55M | 15.68M | -55.61M | 109.33M | -85.09M | -57.16M | 49.39M | 32.68M | 29.15M | 18.11M | -27.42M | 62.45M | 9.77M | 4.54M | -300K | -4.2M | 16.3M | 21.1M |
| Free Cash Flow | 11.13M | 12.45M | -2.42M | -8.37M | -43.95M | -111.36M | -123.9M | -49.14M | -28.41M | 26.21M | 23.91M | 55.7M | 67.96M | -36.71M | 65.34M | 139.72M | 130.74M | 114.49M | 136.58M | 151.78M | 161.77M | 114.63M | 131.59M | 72.16M | 85.81M | -15.08M | -62.35M | -45.1M | -12.7M | -4.5M | 10.8M |
| FCF Margin % | 4.96% | 5.92% | -1.19% | -3.59% | -15.93% | -27.05% | -18.5% | -4.6% | -2.34% | 1.55% | 1.34% | 3.03% | 3.59% | -1.82% | 2.87% | 6.01% | 5.54% | 4.71% | 4.99% | 5.78% | 6.65% | 5.22% | 6.84% | 4.28% | 5.9% | -1.15% | -5.45% | -4.63% | -1.59% | -0.63% | 2.16% |
| FCF Growth % | -10.6% | 615.27% | 71.14% | 80.96% | 60.53% | 10.12% | -152.14% | -72.94% | -208.4% | 9.6% | -57.07% | -18.04% | 285.14% | -156.18% | -53.23% | 6.87% | 14.19% | -16.18% | -10.01% | -6.18% | 41.12% | -12.88% | 82.35% | -15.9% | 669.01% | 75.81% | -38.24% | -255.12% | -182.22% | -141.67% | -29.87% |
| FCF per Share | 3.87 | 4.65 | -1.02 | -3.62 | -20.17 | -61.94 | -68.96 | -23.50 | -12.08 | 11.31 | 9.85 | 20.26 | 24.07 | -12.92 | 22.87 | 49.28 | 39.17 | 53.22 | 62.67 | 66.54 | 69.73 | 49.43 | 57.03 | 31.91 | 38.85 | -7.16 | -29.97 | -21.73 | -6.22 | -2.39 | 6.37 |
| FCF Conversion (FCF/Net Income) | 1.60x | 0.11x | -0.02x | 1.07x | 0.45x | 0.88x | 0.50x | 1.23x | 0.27x | -3.72x | -4.86x | -2.78x | -0.86x | 2.27x | -1.35x | -25.74x | 4.50x | -1.51x | 2.61x | 2.91x | 2.57x | 3.34x | 1.97x | 1.73x | 2.11x | 2.08x | 1.72x | 2.24x | 2.00x | 5.29x | 1.93x |
| Interest Paid | 0 | 11.54M | 18.98M | 15.46M | 11.79M | 0 | 0 | 0 | 0 | 7.29M | 7.66M | 0 | 0 | 38.99M | 28.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 463K | 0 | 265K | 0 | 0 | 0 | 0 | 0 | 2.31M | 2.24M | 0 | 0 | 1.09M | 14.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RGS stock.
Regis Corporation (RGS) generated $13.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Regis Corporation (RGS) generated $12.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Regis Corporation (RGS) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Franchisee labor supply constraints
Metrics are mathematically derived from official filings.
Earnings Quality Remains Highly Disconnected
As reported in recent financial filings, the massive disparity between net income and operating cash flow, exemplified by the 2025Q4 net income of $110.0M against only $6.8M in operating cash, suggests that reported earnings are heavily influenced by non-cash accounting adjustments rather than operational cash generation.
The persistent gap between net income and operating cash flow indicates that the company's bottom line is not a reliable proxy for its ability to generate liquidity. Investors should monitor this divergence, as it suggests that the reported profitability may be largely artificial and disconnected from the actual cash-generating capacity of the franchise business.
Free Cash Flow Volatility Persists
Based on the company's reported figures, free cash flow has exhibited extreme volatility, swinging from a $4.2M deficit in 2026Q2 to a $6.2M surplus in 2025Q4, which highlights the difficulty in establishing a predictable cash flow trajectory during this ongoing structural transition to a franchise-only model.
The erratic nature of free cash flow suggests that the business remains sensitive to timing differences in working capital and non-recurring items. This lack of consistency complicates the valuation of the firm's cash-generating potential and warrants further investigation into the sustainability of current cash flow levels.
Working Capital Swings Obscure Performance
According to quarterly cash flow statements, working capital changes have been highly inconsistent, ranging from a $2.6M inflow in 2025Q3 to a $5.2M outflow in 2024Q2, indicating that the company's cash position is frequently impacted by fluctuations in operational timing rather than core business growth.
These significant swings in working capital suggest that the company's cash flow is highly susceptible to operational friction, potentially reflecting challenges in managing franchise-related receivables or payables. Analysts should interpret these movements as a sign of operational instability rather than a reflection of underlying demand for the brand.
Minimal Capital Intensity Masks Risks
As indicated by recent SEC filings, the company has maintained a very low capital intensity, with CapEx/Revenue ratios consistently below 1.5%, which appears to be a direct result of the strategic shift away from owning and operating physical salon locations toward an asset-light franchise model.
While the low capital intensity is a hallmark of a successful franchise transition, it may also imply that the company is under-investing in the infrastructure necessary to support its franchisees. Investors should monitor whether this lean capital structure is sustainable or if it risks long-term brand degradation due to insufficient support.