Sally Beauty Holdings, Inc. (SBH) Income Statement

22Y historyFree accessUpdated daily

Revenue is flat at 0.2% YoY in 2026Q3, yet gross margin held at 52.4% and operating income grew 10.5% YoY, driving EPS up 25% to $0.55.

Annual statement

SBH Income Statement

Sally Beauty Holdings, Inc. (SBH) annual income statement — 22-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Sep'25	Sep'24	Sep'23	Sep'22	Sep'21	Sep'20	Sep'19	Sep'18	Sep'17	Sep'16	Sep'15	Sep'14	Sep'13	Sep'12	Sep'11	Sep'10	Sep'09	Sep'08	Sep'07	Sep'06	Sep'05	Sep'04

Sales/Revenue	3.73B	3.7B	3.72B	3.73B	3.82B	3.87B	3.51B	3.88B	3.93B	3.94B	3.95B	3.83B	3.75B	3.62B	3.52B	3.27B	2.92B	2.64B	2.65B	2.51B	2.37B	2.25B	2.1B
Revenue Growth %	1.08%	-0.42%	-0.3%	-2.29%	-1.53%	10.26%	-9.34%	-1.43%	-0.15%	-0.36%	3.08%	2.15%	3.62%	2.8%	7.79%	12.11%	10.6%	-0.44%	5.35%	5.93%	5.27%	7.47%	-
Cost of Goods Sold	1.79B	1.79B	1.83B	1.84B	1.88B	1.92B	1.8B	1.97B	1.99B	1.97B	1.99B	1.94B	1.89B	1.83B	1.78B	1.67B	1.51B	1.39B	1.41B	1.36B	1.29B	1.23B	1.15B
COGS % of Revenue	-	48.38%	49.14%	49.24%	49.22%	49.55%	51.18%	50.71%	50.56%	50.11%	50.31%	50.5%	50.44%	50.44%	50.53%	51.22%	51.84%	52.84%	53.38%	54.1%	54.2%	54.44%	54.67%
Gross Profit	1.94B	1.91B	1.89B	1.89B	1.94B	1.95B	1.72B	1.91B	1.94B	1.96B	1.96B	1.9B	1.86B	1.8B	1.74B	1.59B	1.4B	1.24B	1.23B	1.15B	1.09B	1.03B	950.85M
Gross Margin %	52.1%	51.62%	50.86%	50.76%	50.78%	50.45%	48.82%	49.29%	49.44%	49.89%	49.69%	49.5%	49.56%	49.56%	49.47%	48.78%	48.16%	47.16%	46.62%	45.9%	45.8%	45.56%	45.33%
Gross Profit Growth %	-	1.08%	-0.11%	-2.33%	-0.88%	13.94%	-10.2%	-1.74%	-1.04%	0.05%	3.48%	2.03%	3.62%	2.98%	9.32%	13.55%	12.95%	0.71%	7.01%	6.16%	5.82%	8.01%	-
Operating Expenses	1.63B	1.58B	1.61B	1.57B	1.6B	1.54B	1.46B	1.45B	1.48B	1.46B	1.47B	1.4B	1.35B	1.27B	1.24B	1.15B	1.06B	946.48M	951.68M	903.66M	865.1M	830.37M	781.23M
OpEx % of Revenue	-	42.77%	43.25%	42.04%	41.93%	39.65%	41.45%	37.48%	37.74%	37.16%	37.08%	36.58%	36.05%	35.2%	35.3%	35.06%	36.47%	35.9%	35.94%	35.95%	36.45%	36.83%	37.24%
Selling, General & Admin	1.65B	1.6B	1.6B	1.55B	1.54B	1.52B	1.44B	1.45B	1.38B	1.35B	1.36B	1.31B	1.27B	1.2B	1.18B	1.09B	1.01B	899.41M	903.15M	861.05M	865.1M	830.37M	711.21M
SG&A % of Revenue	-	43.27%	43.14%	41.59%	40.37%	39.24%	41.05%	37.48%	34.97%	34.24%	34.5%	34.16%	33.84%	33.2%	33.47%	33.23%	34.72%	34.11%	34.1%	34.25%	36.45%	36.83%	33.9%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-1000K	-18.5M	4.22M	17.02M	59.59M	15.65M	14.03M	0	0	112.32M	99.66M	89.39M	79.66M	72.19M	64.7M	59.72M	51.12M	47.07M	48.53M	42.6M	0	0	70.03M
Operating Income	314.81M	327.81M	282.73M	325.03M	337.64M	418.44M	258.76M	350.13M	426.59M	478.6M	498.3M	495.33M	507M	520.36M	499.36M	448.47M	340.93M	296.84M	282.92M	228.59M	180.2M	196.63M	169.62M
Operating Margin %	8.44%	8.86%	7.61%	8.72%	8.85%	10.8%	7.36%	9.03%	10.85%	12.15%	12.61%	12.92%	13.51%	14.37%	14.17%	13.72%	11.69%	11.26%	10.68%	9.09%	7.59%	8.72%	8.09%
Operating Income Growth %	-	15.94%	-13.01%	-3.74%	-19.31%	61.71%	-26.1%	-17.92%	-10.87%	-3.95%	0.6%	-2.3%	-2.57%	4.21%	11.35%	31.54%	14.85%	4.92%	23.77%	26.85%	-8.36%	15.93%	-
EBITDA	414.27M	427.73M	392.47M	427.44M	437.57M	520.64M	365.54M	457.79M	535.42M	590.92M	597.95M	584.72M	586.66M	592.55M	564.05M	508.19M	392.05M	343.9M	339.92M	278.6M	218.23M	230.54M	194.24M
EBITDA Margin %	11.11%	11.56%	10.56%	11.47%	11.47%	13.44%	10.4%	11.81%	13.61%	15%	15.13%	15.25%	15.63%	16.36%	16.01%	15.55%	13.44%	13.04%	12.84%	11.08%	9.2%	10.23%	9.26%
EBITDA Growth %	-4.09%	8.98%	-8.18%	-2.32%	-15.96%	42.43%	-20.15%	-14.5%	-9.39%	-1.18%	2.26%	-0.33%	-0.99%	5.05%	10.99%	29.62%	14%	1.17%	22.01%	27.66%	-5.34%	18.69%	-
D&A (Non-Cash Add-back)	99.46M	99.92M	109.74M	102.41M	99.93M	102.2M	106.78M	107.66M	108.83M	112.32M	99.66M	89.39M	79.66M	72.19M	64.7M	59.72M	51.12M	47.07M	57M	50.01M	38.03M	33.91M	24.62M
EBIT	290.71M	327.81M	283.76M	338.65M	393.13M	427.5M	272.79M	458.47M	426.59M	478.6M	498.3M	495.33M	507M	520.36M	499.36M	448.47M	340.93M	296.84M	279.01M	250.09M	221.68M	196.63M	169.62M
Net Interest Income	-57.43M	-64.39M	-76.41M	-72.98M	-93.54M	-93.51M	-98.79M	-96.31M	-98.16M	-132.9M	-144.24M	-116.84M	-116.32M	-107.69M	-138.41M	-112.53M	-112.98M	-132.02M	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	57.43M	64.39M	76.41M	72.98M	93.54M	93.51M	98.79M	96.31M	98.16M	132.9M	144.24M	116.84M	116.32M	107.69M	138.41M	112.53M	112.98M	132.02M	159.12M	145.97M	92K	0	0
Other Income/Expense	-58.03M	-64.39M	-76.41M	-72.98M	-93.54M	-93.51M	-98.79M	-96.31M	-98.16M	-132.9M	-144.24M	-116.84M	-116.32M	-107.69M	-138.41M	-112.53M	-112.98M	-132.02M	-159.12M	-145.97M	-92K	-7.02M	-2.25M
Pretax Income	256.77M	263.42M	206.32M	252.05M	244.1M	324.93M	159.97M	362.16M	328.43M	345.7M	354.06M	378.48M	390.68M	412.67M	360.94M	335.94M	227.95M	164.81M	123.8M	82.61M	180.11M	189.62M	167.37M
Pretax Margin %	6.89%	7.12%	5.55%	6.76%	6.4%	8.39%	4.55%	9.34%	8.35%	8.78%	8.96%	9.87%	10.41%	11.39%	10.24%	10.28%	7.82%	6.25%	4.67%	3.29%	7.59%	8.41%	7.98%
Income Tax	64.51M	67.54M	52.91M	67.45M	60.54M	85.08M	46.72M	90.54M	70.38M	130.62M	131.12M	143.4M	144.69M	151.52M	127.88M	122.21M	84.12M	65.7M	46.22M	38.12M	69.92M	73.15M	62.06M
Effective Tax Rate %	25.12%	25.64%	25.64%	26.76%	24.8%	26.18%	29.21%	25%	21.43%	37.79%	37.03%	37.89%	37.03%	36.72%	35.43%	36.38%	36.9%	39.86%	37.34%	46.14%	38.82%	38.58%	37.08%
Net Income	192.26M	195.88M	153.41M	184.6M	183.55M	239.86M	113.25M	271.62M	258.05M	215.08M	222.94M	235.09M	245.99M	261.15M	233.06M	213.72M	143.83M	99.12M	77.58M	44.49M	110.19M	116.46M	105.31M
Net Margin %	5.16%	5.29%	4.13%	4.95%	4.81%	6.19%	3.22%	7.01%	6.56%	5.46%	5.64%	6.13%	6.55%	7.21%	6.61%	6.54%	4.93%	3.76%	2.93%	1.77%	4.64%	5.17%	5.02%
Net Income Growth %	-0.9%	27.68%	-16.89%	0.57%	-23.47%	111.8%	-58.31%	5.26%	19.98%	-3.53%	-5.17%	-4.43%	-5.8%	12.05%	9.05%	48.6%	45.11%	27.77%	74.36%	-59.62%	-5.38%	10.59%	-
Net Income (Continuing)	192.26M	195.88M	153.41M	184.6M	183.55M	239.86M	113.25M	271.62M	258.05M	215.08M	222.94M	235.09M	245.99M	261.15M	233.06M	213.72M	143.83M	99.12M	77.58M	44.49M	110.19M	116.46M	105.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.96	1.89	1.43	1.69	1.66	2.10	0.99	2.26	2.08	1.56	1.50	1.49	1.51	1.48	1.24	1.14	0.78	0.54	0.42	0.24	0.61	0.65	0.58
EPS Growth %	3.23%	32.17%	-15.38%	1.81%	-20.95%	112.12%	-56.19%	8.65%	33.33%	4%	0.67%	-1.32%	2.03%	19.35%	8.77%	46.15%	44.44%	28.57%	75%	-60.66%	-6.15%	12.07%	-
EPS (Basic)	-	1.95	1.48	1.72	1.69	2.13	0.99	2.27	2.09	1.56	1.51	1.50	1.54	1.52	1.27	1.17	0.79	0.55	0.43	0.25	0.61	0.66	0.58
Diluted Shares Outstanding	97.91M	103.82M	106.93M	109.34M	110.29M	114.21M	114.68M	120.28M	123.83M	138.18M	148.8M	158.23M	163.42M	176.16M	188.61M	188.09M	184.09M	183.31M	182.7M	182.38M	180.1M	178.26M	180.1M
Basic Shares Outstanding	95.06M	100.66M	103.94M	107.33M	108.67M	112.65M	113.88M	119.64M	123.19M	137.53M	147.18M	156.35M	159.93M	171.68M	183.42M	183.02M	181.99M	181.69M	181.19M	180.39M	180.1M	176.21M	180.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5264.2%	-	10.16%	-

Key Metrics

Growth RegimeStable

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Professional brand leakage risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Flat Revenue, Resilient Core

Revenue growth has been essentially flat, with 2026Q3 showing only 0.2% YoY growth, but the company has maintained stability despite a challenging retail environment, according to recent quarterly filings.

Over the past ten quarters, revenue has hovered around $900-950 million, with growth rates ranging from -2.8% to +2.3%. The lack of meaningful expansion suggests a mature market, but the consistency indicates a defensive consumer base. The slight uptick in 2026Q2 (2.3%) may reflect seasonal or promotional factors, but the overall trend is one of stagnation rather than decline.

Gross Margin Stability Amid Cost Pressures

Gross margin has remained remarkably stable, hovering between 50.8% and 52.6% over the last ten quarters, with 2026Q3 at 52.4%, as reported in financial statements, indicating pricing power or cost control.

Despite flat revenue, gross margin has improved slightly from 51.0% in 2024Q2 to 52.4% in 2026Q3, suggesting a favorable mix shift towards higher-margin private label products or better procurement. However, the stability also implies limited ability to expand margins further without significant operational changes. The company's gross margin is well above Ulta's 39.1%, reflecting its professional distribution model's structural advantages.

Operating Leverage Emerging

Operating income grew 10.5% YoY in 2026Q3 to $86.4 million, outpacing revenue growth of 0.2%, as per the latest income statement, indicating positive operating leverage from cost discipline.

Operating margin expanded from 8.4% in 2025Q3 to 9.2% in 2026Q3, driven by a 7.1% increase in gross profit against a 0.2% revenue increase. SG&A expenses, when reported, have been relatively flat, suggesting that the company is leveraging its fixed cost base. This trend is encouraging, but investors should monitor whether it can be sustained as wage inflation and store-related costs may pressure margins.

EPS Growth Outpacing Net Income

Diluted EPS grew 25% YoY in 2026Q3 to $0.55, while net income grew only 18.4%, as per the income statement, suggesting share buybacks are boosting per-share metrics.

The gap between EPS growth and net income growth indicates a reduction in share count, likely from buybacks. However, stock-based compensation (SBC) has been relatively stable at around $4-7 million per quarter, which is modest relative to net income. The tax rate appears normal, and there are no significant non-operating items, so the earnings quality appears solid, though the reliance on buybacks for EPS growth may not be sustainable if cash flow weakens.

SG&A Discipline Drives Margin

SG&A expenses, when reported, have been tightly controlled, with 2026Q3 SG&A at $403.9 million, up only 0.3% YoY, as per the income statement, while revenue grew 0.2%, indicating cost discipline.

The company has managed to keep SG&A growth in line with revenue, which is crucial given the high fixed-cost nature of its store network. However, the absence of SG&A data for some quarters (2025Q2, 2025Q3, 2024Q2, 2024Q3) limits a full trend analysis. The reported quarters show a slight increase in SG&A in 2026Q3, but operating margin still expanded, suggesting that the company is effectively controlling overhead costs.

Margin Compression Risks Loom

Despite stable margins, the recent EPS miss of $0.55 vs. $0.61 consensus in 2026Q3, as per the latest earnings report, may signal underlying cost pressures or competitive threats that could erode profitability.

The EPS miss, despite maintained guidance, suggests that the company may be facing unforeseen headwinds, possibly from increased promotional activity or input cost inflation. Additionally, the risk of professional brand leakage to retail channels could undermine the company's pricing power and gross margin. If these pressures intensify, the current operating margin of 9.2% may not be sustainable, especially if revenue growth remains flat.

SBH — Frequently Asked Questions

Quick answers to the most common questions about buying SBH stock.

What was Sally Beauty Holdings, Inc.'s (SBH) revenue in 2025?

For fiscal year 2025, Sally Beauty Holdings, Inc. (SBH) reported total revenue of $3.70B. This represents a 76.5% increase compared to $2.10B in 2004.

Is Sally Beauty Holdings, Inc. (SBH) profitable?

Sally Beauty Holdings, Inc. (SBH) is profitable, generating $195.9M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.

What is Sally Beauty Holdings, Inc.'s operating profit margin?

Sally Beauty Holdings, Inc. (SBH) reported an operating income of $327.8M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Sally Beauty Holdings, Inc.'s gross profit and gross margin?

Sally Beauty Holdings, Inc. (SBH) generated $1.91B in gross profit for the year, representing a gross profit margin of 51.6%. This demonstrates the company's core pricing power and production efficiency.