Revenue growth remains stagnant with fluctuations between a 2.8% decline and a 2.3% increase, though gross margins have shown resilience by peaking at 52.6% in 2026Q2.
| 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 % | 0.77% | -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 | 1.93B | 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 % | 51.88% | 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 | 1.24B | 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 | 0 | -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 | 306.58M | 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 % | 8.23% | 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 | 404.49M | 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 % | 10.85% | 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 % | -5.79% | 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) | 97.91M | 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 | 306.58M | 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 | -59.45M | -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 | 59.45M | 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 | -60.05M | -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 | 246.54M | 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 % | 6.61% | 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 | 62.63M | 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 % | 25.4% | 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 | 183.91M | 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 % | 4.93% | 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 % | -1.13% | 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) | 183.91M | 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) | 1.84 | 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 % | 1.69% | 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 | 99.72M | 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 | 96.73M | 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% | - |
Professional brand leakage risk
As reported in recent financial filings, Sally Beauty Holdings has struggled to maintain consistent top-line momentum, with revenue growth fluctuating between a 2.8% decline and a 2.3% increase over the last ten quarters, reflecting the ongoing impact of aggressive store fleet optimization and shifting consumer demand.
The company's revenue trajectory appears constrained by a deliberate strategy to close underperforming locations, which creates a headwind for top-line growth. Investors should monitor whether the remaining store base can achieve sufficient organic growth to offset the loss of volume from shuttered units.
Based on the provided income statement data, Sally Beauty has maintained gross margins consistently above 50%, peaking at 52.6% in 2026Q2, which suggests that the company's private-label strategy is effectively insulating it from the broader promotional pressures often seen in the specialty retail sector.
This margin stability indicates a degree of pricing power within the professional-only BSG segment and the high-frequency SBS retail channel. The ability to sustain these levels despite inflationary pressures warrants further investigation into the sustainability of vendor rebate contributions and product mix shifts.
According to the latest quarterly data, operating margins have oscillated between 6.6% and 10.7%, indicating that the company has yet to achieve consistent operating leverage despite its ongoing efforts to streamline corporate overhead and rationalize the physical store footprint across its two primary business segments.
The volatility in operating income suggests that fixed costs remain a significant burden on the bottom line during periods of lower revenue. Analysts should evaluate whether the current SG&A structure is sufficiently flexible to adapt to potential future declines in consumer discretionary spending.
As evidenced by the income statement, stock-based compensation remains a recurring expense, totaling $6.0 million in 2026Q2, which continues to exert a measurable impact on net income and dilutive EPS, necessitating careful scrutiny of the company's overall compensation philosophy and its effect on shareholder value.
The presence of consistent SBC charges alongside fluctuating net income suggests that reported earnings may be sensitive to non-cash adjustments. Investors should consider the extent to which these expenses align with long-term operational performance and management's stated goals for capital allocation.
While the company maintains a niche in professional distribution, the potential for brand leakage into mass-market retail channels poses a significant threat, as evidenced by the competitive landscape where generalist retailers increasingly target the same professional-grade beauty products that historically defined Sally Beauty's exclusive market position.
Short-sellers may focus on the risk that the 'closed-loop' distribution model is becoming less relevant as e-commerce platforms bridge the gap between professional brands and retail consumers. This structural risk could lead to long-term margin compression if the company is forced to compete more aggressively on price.
Quick answers to the most common questions about buying SBH stock.
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.
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%.
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.
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.