- \n
- Q2 Consolidated Net Sales Increased 2.3%; Consolidated Comparable Sales Increased 1.3%<\/b><\/li>\n
- Q2 GAAP Diluted EPS Increased 13%; Adjusted Diluted EPS Increased 5%<\/b><\/li>\n
- Q2 Cash Flow from Operations of $73 Million Deployed to Invest for Growth, Strengthen Balance Sheet and Return Value to Shareholders<\/b><\/li>\n
- Fiscal 2026 Guidance: Company Tightens Net Sales Range and Reiterates All Other Metrics<\/b><\/li>\n<\/ul>\n
PLANO, Texas–(BUSINESS WIRE<\/a>)–
\nSally Beauty Holdings, Inc. (NYSE: SBH) (the \u201cCompany\u201d), the leader in professional hair color, today announced financial results for its second quarter ended March 31, 2026. The Company will hold a conference call today at 7:30 a.m. Central Time to discuss these results and its business.<\/p>\n\n\u201cOur second quarter results reflect solid execution and the resilience of our operating model amid a dynamic macroeconomic environment,\u201d said Denise Paulonis, president and chief executive officer. \u201cWe delivered low-single digit sales growth, gross margin expansion, and strong cash flow from operations, driven by the compounding benefits of our growth initiatives. As we enter the second half of fiscal 2026, we remain confident in our full-year outlook and believe the Company is positioned to deliver consistent, profitable growth and shareholder value over the long-term.\u201d<\/p>\n
Fiscal 2026 Second Quarter Summary<\/b><\/p>\n
- \n
- \nConsolidated net sales of $903 million, an increase of 2.3% compared to the prior year;<\/p>\n<\/li>\n
- \nConsolidated comparable sales growth of 1.3%;<\/p>\n<\/li>\n
- \nGlobal e-commerce sales increased 13% to $108 million, representing 12% of net sales;<\/p>\n<\/li>\n
- \nGAAP gross margin expansion of 70 basis points to 52.7%;<\/p>\n<\/li>\n
- \nAdjusted Gross Margin expansion of 80 basis points to 52.8%;<\/p>\n<\/li>\n
- \nGAAP selling, general and administrative expenses of $404 million, an increase of $14 million compared to the prior year;<\/p>\n<\/li>\n
- \nAdjusted Selling, General and Administrative Expenses of $404 million, an increase of $20 million compared to the prior year;<\/p>\n<\/li>\n
- \nGAAP operating earnings of $72 million and GAAP operating margin of 8.0%;<\/p>\n<\/li>\n
- \nAdjusted Operating Earnings of $73 million and Adjusted Operating Margin of 8.1%;<\/p>\n<\/li>\n
- \nGAAP diluted net earnings per share of $0.43, an increase of 13% compared to the prior year;<\/p>\n<\/li>\n
- \nAdjusted Diluted Net Earnings Per Share of $0.44, an increase of 5% compared to the prior year;<\/p>\n<\/li>\n
- \nCash flow from operations of $73 million and Free Cash Flow of $44 million; and<\/p>\n<\/li>\n
- \nCompleted $20 million in term loan repayment and $25 million in share repurchases.<\/p>\n<\/li>\n<\/ul>\n
Balance Sheet and Cash Flow<\/b><\/p>\n
\nAs of March 31, 2026, the Company had cash and cash equivalents of $157 million and no outstanding borrowings under its asset-based revolving line of credit. At fiscal year-end, inventory was $987 million, down 2% versus a year ago.<\/p>\n
\nSecond quarter cash flow from operations was $73million and Free Cash Flow totaled $44million. During the quarter, the Company utilized its cash flow to repay $20 million of term loan B debt and repurchase 1.7 million shares under its share repurchase program at an aggregate cost of $25 million. The Company ended the second quarter with a net debt leverage ratio of 1.5x.<\/p>\n
Fiscal 2026 Second Quarter Segment Results<\/b><\/p>\n
\n
\n \n \n Sally Beauty<\/b><\/td>\n \n Beauty Systems Group<\/b><\/td>\n<\/tr>\n \n (In thousands, except percentages)<\/td>\n \n Q2 FY26<\/td>\n Q2 FY25<\/td>\n Growth\/(Decline)<\/td>\n \n Q2 FY26<\/td>\n Q2 FY25<\/td>\n Growth\/(Decline)<\/td>\n<\/tr>\n \n Net Sales<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n521,236<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n500,575<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4.1%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n382,146<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n382,571<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.1)%<\/p>\n<\/td>\n<\/tr>\n
\n Comparable Sales Growth\/(Decline)<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n280 bps<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(2.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n240 bps<\/p>\n<\/td>\n<\/tr>\n
\n Gross Margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n61.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n61.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n10 bps<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n40.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n110 bps<\/p>\n<\/td>\n<\/tr>\n
\n Operating Earnings<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n78,149<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n77,305<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.1%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n47,368<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n43,934<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7.8%<\/p>\n<\/td>\n<\/tr>\n
\n Operating Margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n15.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(40) bps<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n90 bps<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Fiscal Year 2026 Guidance*<\/b><\/p>\n
\n
\n Third Quarter<\/span><\/td>\n <\/tr>\n \n Consolidated Net Sales<\/td>\n $932 million to $942 million (1)<\/sup><\/td>\n<\/tr>\n \n Comparable Sales<\/td>\n Approximately Flat<\/td>\n<\/tr>\n \n Adjusted Operating Earnings<\/td>\n $83 million to $89 million<\/td>\n<\/tr>\n \n Adjusted Diluted EPS<\/td>\n $0.52 to $0.56<\/td>\n<\/tr>\n \n (1)<\/sup> Assumes approximately 40 basis points of favorable impact from expected foreign currency rates<\/td>\n<\/tr>\n<\/table>\n \n
\n Full Year<\/span><\/td>\n \n Prior FY26 Guidance<\/span><\/p>\n<\/td>\n
\n Updated FY26 Guidance<\/span><\/p>\n<\/td>\n<\/tr>\n
\n Consolidated Net Sales<\/td>\n \n \n$3.71 billion to $3.77 billion<\/p>\n<\/td>\n
\n \n$3.725 billion to $3.750 billion (1)<\/sup><\/p>\n<\/td>\n<\/tr>\n
\n Comparable Sales<\/td>\n \n \nFlat to up 1%<\/p>\n<\/td>\n
\n \nNo change<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted Operating Earnings<\/td>\n \n \n$328 million to $342 million<\/p>\n<\/td>\n
\n \nNo change<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted Diluted EPS<\/td>\n \n \n$2.02 to $2.10 (2)<\/sup><\/p>\n<\/td>\n
\n \nNo change<\/p>\n<\/td>\n<\/tr>\n
\n Capital Expenditures<\/td>\n \n \nApproximately $100 million<\/p>\n<\/td>\n
\n \nNo change<\/p>\n<\/td>\n<\/tr>\n
\n Free Cash Flow<\/td>\n \n \nApproximately $200 million<\/p>\n<\/td>\n
\n \nNo change<\/p>\n<\/td>\n<\/tr>\n
\n (1)<\/sup> Assumes approximately 50 basis points of favorable impact from expected foreign currency rates<\/td>\n<\/tr>\n \n (2)<\/sup> Assumes 50% of Free Cash Flow goes towards share repurchases (Free Cash Flow defined as GAAP cash flows from operating activities less payments for capital expenditures)<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n*<\/p>\n<\/td>\n
\n \nThe Company does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of its reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Company\u2019s control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Conference Call and Where You Can Find Additional Information<\/b><\/p>\n
\nThe Company will hold a conference call and live webcast at approximately 7:30 a.m. Central Time today, May 11, 2026, to discuss its financial results and its business. During the conference call, the Company may discuss and answer one or more questions concerning business and financial matters and trends affecting the Company. The Company\u2019s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed.<\/p>\n
\nParticipants can listen to the live webcast of the conference call by accessing the investor relations section of the Company\u2019s website at sallybeautyholdings.com\/investor-relations\/events-and-presentations\/events-calendar<\/a>, or through our third-party host at SBH Q2 Earnings Webcast<\/a>. To join the conference call, participants can pre-register to receive a dial-in number and unique PIN using the following link: Pre-register SBH Q2 Earnings Call<\/a>. Pre-registration can be completed at any time up to and following the call start time.<\/p>\n
\nA replay will be available on the Company\u2019s investor relations website after 10:00 a.m. Central Time on May 11, 2026, through May 11, 2027.<\/p>\n
About Sally Beauty Holdings, Inc.<\/b><\/p>\n
\nSally Beauty Holdings, Inc. (NYSE: SBH), as the leader in professional hair color, sells and distributes professional beauty supplies globally through its Sally Beauty and Beauty Systems Group segments. Sally Beauty stores offer up to 7,000 products for hair color, hair care, nails, and skin care through proprietary brands such as Ion\u00ae, Bondbar\u00ae, Strawberry Leopard\u00ae, Generic Value Products\u00ae, Inspired by Nature\u00ae and Silk Elements\u00ae as well as professional lines such as Wella\u00ae, Clairol\u00ae, OPI\u00ae, L\u2019Oreal\u00ae, Wahl\u00ae and Babyliss Pro\u00ae. Beauty Systems Group stores, branded as Cosmo Prof\u00ae or Armstrong McCall\u00ae stores, along with its outside sales consultants, sell up to 8,000 professionally branded products including Paul Mitchell\u00ae, Wella\u00ae, Matrix\u00ae, Schwarzkopf\u00ae, Kenra\u00ae, Goldwell\u00ae, Joico\u00ae, Amika\u00ae and Moroccanoil\u00ae, intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit sallybeautyholdings.com\/investor-relations<\/a>.<\/p>\n
Cautionary Notice Regarding Forward-Looking Statements<\/b><\/p>\n
\nStatements in this news release and the schedules hereto that are not purely historical facts or that depend upon future events may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of words such as \u201cbelieves,\u201d \u201cprojects,\u201d \u201cexpects,\u201d \u201ccan,\u201d \u201cmay,\u201d \u201cestimates,\u201d \u201cshould,\u201d \u201cplans,\u201d \u201ctargets,\u201d \u201cintends,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201canticipates,\u201d \u201cpotential,\u201d \u201cconfident,\u201d \u201coptimistic,\u201d or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters.<\/p>\n
\nReaders are cautioned not to place undue reliance on forward-looking statements as such statements speak only as of the date they were made. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including the \u201cRisk Factors\u201d described under Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, and other filings with the U.S. Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any forward-looking statements.<\/p>\n
Use of Non-GAAP Financial Measures<\/b><\/p>\n
\nThis news release and the schedules hereto include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the United States, (\u201cGAAP\u201d), and are therefore referred to as non-GAAP financial measures: (1) Adjusted Gross Margin; (2) Adjusted Selling, General and Administrative Expenses; (3) Adjusted EBITDA and EBITDA Margin; (4) Adjusted Operating Earnings and Operating Margin; (5) Adjusted Net Earnings; (6) Adjusted Diluted Net Earnings Per Share; and (7) Free Cash Flow. We have provided definitions below for these non-GAAP financial measures and have provided tables in the schedules hereto to reconcile these non-GAAP financial measures to the comparable GAAP financial measures.<\/p>\n
Adjusted Gross Margin \u2013 <\/i>We define the measure Adjusted Gross Margin as GAAP gross margin excluding the costs related to the Company\u2019s fuel for growth initiative for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.<\/p>\n
Adjusted Selling, General and Administrative Expenses \u2013 <\/i>We define the measure Adjusted Selling, General and Administrative Expenses as GAAP selling, general and administrative expenses excluding the costs related to the Company\u2019s fuel for growth initiative, expenses related to the Company\u2019s corporate headquarters relocation, and asset impairment charges for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.<\/p>\n
Adjusted EBITDA and EBITDA Margin \u2013 <\/i>We define the measure Adjusted EBITDA as GAAP net earnings before depreciation and amortization, interest expense, income taxes, share-based compensation, costs related to the Company\u2019s fuel for growth initiative, expenses related to the Company\u2019s corporate headquarters relocation, and asset impairment charges for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of net sales.<\/p>\n
Adjusted Operating Earnings and Operating Margin \u2013<\/i> Adjusted operating earnings are GAAP operating earnings that exclude the costs related to the Company\u2019s fuel for growth initiative, expenses related to the Company\u2019s corporate headquarters relocation, and asset impairment charges for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Operating Margin is Adjusted Operating Earnings as a percentage of net sales.<\/p>\n
Adjusted Net Earnings \u2013 <\/i>Adjusted net earnings is GAAP net earnings that exclude the tax-effected costs related to the Company\u2019s fuel for growth initiative, tax-effected expenses related to the Company\u2019s corporate headquarters relocation, and tax-effected asset impairment charges for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.<\/p>\n
Adjusted Diluted Net Earnings Per Share \u2013 <\/i>Adjusted diluted net earnings per share is GAAP diluted earnings per share that exclude the tax-effected costs related to the Company\u2019s fuel for growth initiative, tax-effected expenses related to the Company\u2019s corporate headquarters relocation, and tax-effected asset impairment charges for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.<\/p>\n
Free Cash Flow<\/i> \u2013 We define the measure Free Cash Flow as GAAP net cash provided by operating activities less payments for capital expenditures (net). We believe Free Cash Flow is an important liquidity measure that provides useful information to investors about the amount of cash generated from operations after taking into account payments for capital expenditures (net).<\/p>\n
\nWe believe that these non-GAAP financial measures provide valuable information regarding our earnings and business trends by excluding specific items that we believe are not indicative of the ongoing operating results of our businesses, providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry.<\/p>\n
\nWe have provided these non-GAAP financial measures as supplemental information to our GAAP financial measures and believe these non-GAAP measures provide investors with additional meaningful financial information regarding our operating performance and cash flows. Our management and Board of Directors also use these non-GAAP measures as supplemental measures to evaluate our businesses and the performance of management, including the determination of performance-based compensation, to make operating and strategic decisions, and to allocate financial resources. We believe that these non-GAAP measures also provide meaningful information for investors and securities analysts to evaluate our historical and prospective financial performance. These non-GAAP measures should not be considered a substitute for or superior to GAAP results. Furthermore, the non-GAAP measures presented by us may not be comparable to similarly titled measures of other companies.<\/p>\n
\n
\n \n Supplemental Schedules<\/b><\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nSegment Information<\/p>\n<\/td>\n
\n \n1<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP Financial Measures Reconciliations<\/p>\n<\/td>\n
\n \n2-3<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP Financial Measures Reconciliations; Adjusted EBITDA and<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFree Cash Flow<\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStore Count and Comparable Sales<\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nCondensed Consolidated Statements of Earnings<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(In thousands, except per share data)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n903,382<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n883,146<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,846,550<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,821,041<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Cost of products sold<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n427,610<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n424,329<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n887,519<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n885,384<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Gross profit<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n475,772<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n458,817<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n959,031<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n935,657<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n403,841<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n389,444<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n811,165<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n765,964<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Operating earnings<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n71,931<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n69,373<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n147,866<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n169,693<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(12.9<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,165<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,289<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(13.0<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n28,785<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n33,731<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(14.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Earnings before provision for income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n57,766<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n53,084<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n119,081<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n135,962<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(12.4<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,071<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,874<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n30,829<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n35,739<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(13.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Net earnings<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n42,695<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n39,210<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n88,252<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n100,223<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(11.9<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per share:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.44<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.91<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.98<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(7.1<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.43<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.38<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.88<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.96<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(8.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average shares:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n96,727<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n101,614<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n97,271<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n101,820<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Diluted<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n99,721<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n104,435<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n100,265<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n104,682<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n Basis Point Change<\/b><\/td>\n \n \n \n \n Basis Point Change<\/b><\/td>\n<\/tr>\n \n Comparison as a percentage of net sales<\/span><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Consolidated gross margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n70<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n50<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n60<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n43.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n42.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n180<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Consolidated operating margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n10<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(130<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Effective tax rate<\/span><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n26.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n26.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n25.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n26.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(40<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Balance Sheets<\/td>\n<\/tr>\n \n (In thousands)<\/td>\n<\/tr>\n \n (Unaudited)<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31<\/b><\/p>\n<\/td>\n
\n \n September 30<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n 2026<\/b><\/p>\n<\/td>\n
\n \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n157,401<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n149,162<\/p>\n<\/td>\n<\/tr>\n
\n Trade and other accounts receivable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n101,632<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n116,562<\/p>\n<\/td>\n<\/tr>\n
\n Inventory<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n986,787<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n987,575<\/p>\n<\/td>\n<\/tr>\n
\n Other current assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n46,940<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n48,154<\/p>\n<\/td>\n<\/tr>\n
\n Total current assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,292,760<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,301,453<\/p>\n<\/td>\n<\/tr>\n
\n Property and equipment, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n285,335<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n284,284<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n635,406<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n646,698<\/p>\n<\/td>\n<\/tr>\n
\n Goodwill and other intangible assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n590,436<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n593,692<\/p>\n<\/td>\n<\/tr>\n
\n Other assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n49,353<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44,969<\/p>\n<\/td>\n<\/tr>\n
\n Total assets<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n2,853,290<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,871,096<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Current maturities of long-term debt<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n4,000<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4,000<\/p>\n<\/td>\n<\/tr>\n
\n Accounts payable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n222,635<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n224,507<\/p>\n<\/td>\n<\/tr>\n
\n Accrued liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n169,800<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n184,641<\/p>\n<\/td>\n<\/tr>\n
\n Current operating lease liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n157,050<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n158,566<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,260<\/p>\n<\/td>\n<\/tr>\n
\n Total current liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n553,485<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n575,974<\/p>\n<\/td>\n<\/tr>\n
\n Long-term debt, including capital leases<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n823,051<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n861,974<\/p>\n<\/td>\n<\/tr>\n
\n Long-term operating lease liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n531,987<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n538,426<\/p>\n<\/td>\n<\/tr>\n
\n Other liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,080<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,026<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income tax liabilities, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n85,815<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n79,489<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,015,418<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,076,889<\/p>\n<\/td>\n<\/tr>\n
\n Total stockholders\u2019 equity<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n837,872<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n794,207<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities and stockholders\u2019 equity<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n2,853,290<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,871,096<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nSupplemental Schedule 1<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nSegment Information<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(In thousands)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Net sales:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Sally Beauty Supply (“Sally”)<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n521,236<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n500,575<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,052,837<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,026,021<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Beauty Systems Group (“BSG”)<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n382,146<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n382,571<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.1<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n793,713<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n795,020<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.2<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Total net sales<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n903,382<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n883,146<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,846,550<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,821,041<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating earnings:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Sally<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n78,149<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n77,305<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n156,046<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n157,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n BSG<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n47,368<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n43,934<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n101,275<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n94,403<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Segment operating earnings<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n125,517<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n121,239<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n257,321<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n251,582<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Unallocated expenses (1)<\/sup><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n53,586<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51,866<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n109,455<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n81,889<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n33.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,165<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,289<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(13.0<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n28,785<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n33,731<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(14.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Earnings before provision for income taxes<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n57,766<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n53,084<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n119,081<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n135,962<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(12.4<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Segment gross margin:<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Basis Point Change<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Basis Point Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Sally<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n61.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n61.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n10<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n60.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n60.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n10<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n BSG<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n40.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n110<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n40.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n80<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Segment operating margin:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Sally<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(40<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(50<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n BSG<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n90<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n90<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Consolidated operating margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n10<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(130<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1) Unallocated expenses, including share-based compensation expense, consist of corporate and shared costs and are included in selling, general and administrative expenses. Additionally, unallocated expenses include costs associated with our Fuel for Growth initiative and a gain from the sale of our corporate headquarters during the six months ended March 31, 2026.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \nSupplemental Schedule 2<\/p>\n<\/td>\n<\/tr>\n
\n <\/tr>\n \n SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n \n Non-GAAP Financial Measures Reconciliations<\/td>\n<\/tr>\n \n (In thousands, except per share data)<\/td>\n<\/tr>\n \n (Unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31, 2026<\/b><\/td>\n<\/tr>\n \n \n \n As Reported
(GAAP)<\/td>\n\n Fuel for
Growth (1)<\/sup><\/td>\n\n Corporate HQ
Relocation (2)<\/sup><\/td>\n\n \n \n As Adjusted (Non-GAAP)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cost of products sold<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n427,610<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n(811<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n426,799<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Consolidated gross margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n403,841<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(281<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(19<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n403,541<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n SG&A expenses, as a percentage of sales<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Operating earnings<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n71,931<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,092<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n73,042<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Earnings before provision for income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n57,766<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,092<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n58,877<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes (4)<\/sup><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,071<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n277<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,353<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net earnings<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n42,695<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n815<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n14<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n43,524<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per share: (5)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.44<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.00<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n0.45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.43<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.00<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n0.44<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31, 2025<\/b><\/td>\n<\/tr>\n \n \n \n As Reported
(GAAP)<\/td>\n\n Fuel for Growth and Other (1)<\/sup><\/td>\n \n Corporate HQ
Relocation (2)<\/sup><\/td>\n\n Asset Impairment (3)<\/sup><\/td>\n \n As Adjusted (Non-GAAP)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cost of products sold<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n424,329<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n424,329<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Consolidated gross margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n389,444<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,807<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(207<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,779<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n383,651<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n SG&A expenses, as a percentage of sales<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n43.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Operating earnings<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n69,373<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,807<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n207<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n75,166<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Earnings before provision for income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n53,084<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,807<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n207<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n58,877<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes (4)<\/sup><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,874<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n976<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n53<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n445<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,348<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net earnings<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n39,210<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,831<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n154<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,334<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n43,529<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per share: (5)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.03<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.00<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.43<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.38<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.03<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.00<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.42<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1) Fuel for Growth and other represents expenses primarily related with our Fuel for Growth program and other non-recurring items.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (2) For the three months ended March 31, 2026 and 2025, corporate HQ relocation primarily represents expenses in connection with the relocation of our headquarters.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (3) Impairment related to the write-off of certain tradenames used in Europe.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (4) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized.<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n \n (5) The sum of the earnings per share may not equal the full amount due to rounding of the calculated amounts.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \nSupplemental Schedule 3<\/p>\n<\/td>\n<\/tr>\n
\n <\/tr>\n \n SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n \n Non-GAAP Financial Measures Reconciliations, Continued<\/td>\n<\/tr>\n \n (In thousands, except per share data)<\/td>\n<\/tr>\n \n (Unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Six Months Ended March 31, 2026<\/b><\/td>\n<\/tr>\n \n \n \n As Reported
(GAAP)<\/td>\n\n Fuel for
Growth (1)<\/sup><\/td>\n\n Corporate HQ
Relocation (2)<\/sup><\/td>\n\n \n \n As Adjusted (Non-GAAP)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cost of products sold<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n887,519<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n(1,718<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n885,801<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Consolidated gross margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n811,165<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,461<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,852<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n807,852<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n SG&A expenses, as a percentage of sales<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n43.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n43.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Operating earnings<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n147,866<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,852<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n152,897<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Earnings before provision for income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n119,081<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,852<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n124,112<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes (4)<\/sup><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n30,829<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n806<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n476<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n32,111<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net earnings<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n88,252<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,373<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,376<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n92,001<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per share: (5)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.91<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.02<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n0.95<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.88<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.02<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n$<\/p>\n<\/td>\n
\n \n0.92<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Six Months Ended March 31, 2025<\/b><\/td>\n<\/tr>\n \n \n \n As Reported
(GAAP)<\/td>\n\n Fuel for Growth and Other (1)<\/sup><\/td>\n \n Corporate HQ
Relocation (2)<\/sup><\/td>\n\n Asset
Impairment (3)<\/sup><\/td>\n\n As Adjusted (Non-GAAP)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cost of products sold<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n885,384<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n885,384<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Consolidated gross margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n765,964<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(8,676<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n26,433<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,779<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n781,942<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n SG&A expenses, as a percentage of sales<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n42.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n42.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Operating earnings<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n169,693<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,676<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(26,433<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n153,715<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Earnings before provision for income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n135,962<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,676<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(26,433<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n119,984<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes (4)<\/sup><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n35,739<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,222<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(6,797<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n444<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n31,608<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net earnings<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n100,223<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n6,454<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n(19,636<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,335<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n88,376<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per share: (5)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.98<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.06<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n(0.19<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.87<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n0.96<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.06<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n(0.19<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.84<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1) Fuel for Growth and other represents expenses primarily related with our Fuel for Growth program and other non-recurring items.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (2) For the six months ended March 31, 2026, corporate HQ relocation primarily represents duplicate rent expense on the new office prior to our relocation from our Denton corporate headquarters. For the six months ended March 31, 2025, corporate HQ relocation primarily represents a $26.6 million gain from the sale of our Denton headquarters and expenses in connection with the relocation of our headquarters.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (3) Impairment related to the write-off of a certain tradename used in Europe.<\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (4) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized.<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n \n (5) The sum of the earnings per share may not equal the full amount due to rounding of the calculated amounts.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \nSupplemental Schedule 4<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n \n Non-GAAP Financial Measures Reconciliations, Continued<\/td>\n<\/tr>\n \n (In thousands)<\/td>\n<\/tr>\n \n (Unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n
\n \n Six Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA:<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net earnings<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n42,695<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n39,210<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n88,252<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n100,223<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(11.9<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Add:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n25,280<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n25,359<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n48,912<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n50,924<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4.0<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,165<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,289<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(13.0<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n28,785<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n33,731<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(14.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,071<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,874<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n30,829<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n35,739<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(13.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n EBITDA (non-GAAP)<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n97,211<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n94,732<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n196,778<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n220,617<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(10.8<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Share-based compensation<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,969<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,238<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n40.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,524<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,291<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Fuel for Growth and Other<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,092<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,807<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(71.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,676<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(63.4<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Corporate HQ Relocation<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n207<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(90.8<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,852<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(26,433<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n107.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Asset Impairment<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(100.0<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(100.0<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA (non-GAAP)<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n104,291<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n104,763<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.5<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n215,333<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n214,930<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n Basis Point Change<\/b><\/td>\n \n \n \n \n Basis Point Change<\/b><\/td>\n<\/tr>\n \n Adjusted EBITDA as a percentage of net sales<\/span><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Adjusted EBITDA margin<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(40<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n(10<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Free Cash Flow:<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Percentage Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Cash flows from operating activities<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n73,280<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n51,062<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n43.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n166,519<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n84,521<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n97.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Less: Payments for capital expenditures<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n29,162<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n18,893<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n54.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n64,946<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n38,971<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n66.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Plus: Proceeds from sales of property and equipment (1)<\/sup><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n43,574<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(100.0<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n<\/tr>\n
\n Free cash flow (non-GAAP)<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n44,118<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n32,169<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n37.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n101,573<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n89,124<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1) Represents the proceeds from the sale of our corporate headquarters.<\/td>\n <\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n Supplemental Schedule 5<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n \n Store Count and Comparable Sales<\/td>\n<\/tr>\n \n (Unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n As of March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Number of stores:<\/td>\n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Sally<\/td>\n \n \n \n \n \n \n \n \n3,079<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n3,117<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n(38<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n BSG:<\/td>\n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Company-operated stores<\/td>\n \n \n \n \n \n \n \n \n1,189<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n1,198<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n(9<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Franchise stores<\/td>\n \n \n \n \n \n \n \n \n131<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n131<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total BSG<\/td>\n \n \n \n \n \n \n \n \n1,320<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n1,329<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n(9<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Total consolidated<\/td>\n \n \n \n \n \n \n \n \n4,399<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n4,446<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n(47<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Number of BSG salon business consultants (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n560<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n632<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n(72<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1) BSG salon business consultants (SBC) include 191 sales consultants employed by our franchisees at March 31, 2026 and 2025.<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Basis Point Change<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Basis Point Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Comparable sales growth (decline):<\/td>\n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \nSally<\/p>\n<\/td>\n
\n \n2.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n(0.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n280<\/p>\n<\/td>\n
\n \n \n1.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n0.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n50<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBSG<\/p>\n<\/td>\n
\n \n(0.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n(2.7<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n240<\/p>\n<\/td>\n
\n \n \n(0.2<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n(0.6<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n40<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nConsolidated<\/p>\n<\/td>\n
\n \n1.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n(1.3<\/p>\n<\/td>\n
\n \n)%<\/p>\n<\/td>\n
\n \n \n260<\/p>\n<\/td>\n
\n \n \n0.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n0.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n40<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Our comparable sales include sales from stores that have been operating for 14 months or longer as of the last day of a month and e-commerce revenue. Additionally, our comparable sales include sales to franchisees and full-service sales. Our comparable sales amounts exclude the effect of changes in foreign exchange rates and sales from stores relocated until 14 months after the relocation. Revenue from acquired stores is excluded from our comparable sales calculation until 14 months after the acquisition.<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260511500718\/en\/<\/a><\/span><\/p>\n
- Q2 GAAP Diluted EPS Increased 13%; Adjusted Diluted EPS Increased 5%<\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260511500718\/en\/464674\/3\/Sally_Beauty_Holdingscolor.jpg\")
<\/td>\n<\/tr>\n