Short answer
Sally Beauty Holdings, Inc. (SBH) filed its fiscal 2025 10-K annual report with the SEC on Nov 13, 2025. It reported revenue of $3.7B (−0.4% year over year) and net income of $196M.
- Top risk flagged: Cybersecurity risk managed under CISO reporting quarterly to Board amid evolving threats and third-party assessments
FY2025 key financial metrics · XBRL
- Revenue
- $3.7B
- −0.4% YoY
- Net income
- $196M
- +27.7% YoY
- Operating margin
- 8.9%
- +1.2 pp YoY
- Gross margin
- 51.6%
- +0.8 pp YoY
- EPS (diluted)
- $1.89
- +32.2% YoY
- ROE
- 24.7%
- +0.3 pp YoY
- Operating cash flow
- $275M
- +11.5% YoY
Source: XBRL data from the Sally Beauty Holdings, Inc. (SBH) FY2025 10-K on SEC EDGAR. USD.
Sally Beauty Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Omni-channel specialty retailer and distributor of professional beauty supplies focusing on hair color and care across Sally Beauty (retail) and Beauty Systems Group (professional distribution)
- New initiatives: Launched Sally Ignited store refresh program (30 stores refreshed, 50 more planned FY26) and expanded Happy Beauty Co. "Indie Brand Headquarters" concept
- Strategic shift: Sharpened focus on personalization and bespoke customer journeys, enhanced digital marketing and LCOD live licensed colorist consultation service
- Quantitative highlights: Store count declined to 3,096 Sally stores and 1,326 BSG stores; global workforce ~27,000 associates with 11,000 full-time; online sales grew to 10.7% of consolidated sales
- Noteworthy fact: Planning to introduce new fragrance category in select Sally stores starting FY26, expanding beyond core hair and nail categories
Management Discussion & Analysis
- Revenue $3,701.4M, down $15.6M or 0.4% YoY; Sally $2,094.4M (-0.6%), BSG $1,607.1M (-0.2%)
- Operating margin 8.9% vs 7.6% prior year; operating earnings up 15.9% to $327.8M; net earnings $195.9M up 27.7%
- Best segment: BSG operating earnings up 10.1% to $196.4M; worst segment: Sally operating earnings down 2.3% to $326.7M
- Operating cash flow $274.8M (+$28.3M); total debt reduced by $119M; share repurchases 5.0M shares at $53.5M cost
- Management notes inflation fatigue, price sensitivity; focus on personalization, operational efficiencies, and marketing; maintains liquidity $631.6M with ample borrowing capacity
Risk Factors
- Cybersecurity risk managed under CISO reporting quarterly to Board amid evolving threats and third-party assessments
- Significant U.S. and international store footprint with 3,096 locations, exposing operations to global economic fluctuations
- Four company-owned warehouses including new Ronse, Belgium facility, critical for supply chain continuity
- Competitive threat from industry peers noted by CISO learning from data incidents in retail sector
- Corporate headquarters transition in Texas with Denton sale and temporary lease may disrupt administration continuity
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