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Sally Beauty Holdings cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$61.6M in Q3 FY26 · $241M over twelve months

Operating cash flow$80.9M
Capital spending−$19.3M
Free cash flow+$61.6M
Cash / net income1.5×
Cash conversion cycle160 days

Analysis

In Q3 FY26, Sally Beauty Holdings generated $80.9M of operating cash flow and spent $19.3M on capital projects, leaving free cash flow of $61.6M. That is $12.5M more than in Q3 FY25 ($49.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $368M; the largest uses were capital spending ($127M), buybacks ($92.6M), net borrowing (+) / repaid (−) ($81.0M); besides operations, cash came from other financing ($1.8M); the cash balance rose by $60.3M.

Operating cash flow was $80.9M against net income of $54.1M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$26.2M, inventory −$8.5M, payables −$4.6M.

Its cash conversion cycle was 160 days (receivables 3 + inventory 203 − payables 46).

Free cash flow

Sally Beauty Holdings: free cash flow by quarterSally Beauty Holdings: free cash flow by quarter$73.3MQ4 FY24$13.4MQ1 FY25$32.2MQ2 FY25$49.1MQ3 FY25$78.0MQ4 FY25$57.5MQ1 FY26$44.1MQ2 FY26$61.6MQ3 FY26
Operating cash flow less capital spending.
Sally Beauty Holdings: operating cash flow against capital spendingSally Beauty Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$111M$37.4MQ4 FY24$33.5M$20.1MQ1 FY25$51.1M$18.9MQ2 FY25$69.4M$20.3MQ3 FY25$121M$42.9MQ4 FY25$93.2M$35.8MQ1 FY26$73.3M$29.2MQ2 FY26$80.9M$19.3MQ3 FY26
Latest (Q3 FY26): Operating cash flow $80.9M, Capital spending $19.3M.

Capital allocation, year by year

Sally Beauty Holdings: where the cash came from (up) and went (down), by fiscal yearSally Beauty Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY21: Operating cash flow $382MFY21: Net borrowing −$422MFY21: Shares issued $3.6MFY21: Asset sales $235KFY21: Capital spending −$73.9MFY21: Acquisitions −$2.4M$386MFY21FY22: Operating cash flow $156MFY22: Net borrowing −$250MFY22: Shares issued $8.1MFY22: Capital spending −$99.2MFY22: Acquisitions −$3.2MFY22: Buybacks −$130M$165MFY22FY23: Operating cash flow $249MFY23: Net borrowing −$81.4MFY23: Shares issued $1.9MFY23: Capital spending −$90.7MFY23: Acquisitions −$9.0MFY23: Buybacks −$15.2M$251MFY23FY24: Operating cash flow $247MFY24: Net borrowing −$84.3MFY24: Shares issued $1.8MFY24: Capital spending −$101MFY24: Acquisitions −$7.7MFY24: Buybacks −$60.4M$248MFY24FY25: Operating cash flow $275MFY25: Net borrowing −$119MFY25: Shares issued $1.5MFY25: Asset sales $43.6MFY25: Capital spending −$102MFY25: Acquisitions −$2.8MFY25: Buybacks −$54.0M$320MFY25
Over these 5 years operating cash flow totalled $1.3B; the largest uses were net borrowing ($958M) and capital spending ($467M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$173M
Debt$815M
Net debt$642M
Due within a year$4.0M

Sally Beauty Holdings funds itself: free cash flow was $241M over the last twelve months, and $173M of cash and investments stands against $815M of debt ($4.0M due within a year, 43.3× covered by cash).

Sally Beauty Holdings: debt maturities by year (FY25)Sally Beauty Holdings: debt maturities by year (FY25)$4.0MYear 1$4.0MYear 2$4.0MYear 3$4.0MYear 4$259MYear 5$600MAfter year 5
Principal due in each year as disclosed in the annual report, against $173M of cash and investments now.

Where the cash came from and went

Sally Beauty Holdings: sources (+) and uses (−) of cash, Q3 FY26Sally Beauty Holdings: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$80.9MBuybacks−$25.6MNet borrowing (+) / repaid (−)−$20.0MCapital spending−$19.3MCash drawn (+) / kept (−)−$15.7MExchange rates−$764KOther financing$420K
Sally Beauty Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Sally Beauty Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$368MCapital spending−$127MBuybacks−$92.6MNet borrowing (+) / repaid (−)−$81.0MCash drawn (+) / kept (−)−$60.3MTaxes on employees’ shares−$7.4MAcquisitions−$2.5MOther financing$1.8MExchange rates$705K

From profit to cash

Sally Beauty Holdings: net income to operating cash flow, Q3 FY26Sally Beauty Holdings: net income to operating cash flow, Q3 FY26Net income$54.1MDepreciation & amortization$26.2MStock-based pay$4.6MReceivables−$269KInventory−$8.5MPayables−$4.6MPrepaid and other assets$938KOther liabilities−$176KIncome taxes payable$424KOperating cash flow$80.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26320346160
Q2 FY26320745164
Q1 FY26319743156
Q4 FY25320242163
Q3 FY25320241164
Q2 FY25321346170
Q1 FY25320449158
Q4 FY24320851160

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$80.9M−$19.3M—−$25.6M−$20.0M—−$15.7M$61.6M
Q2 FY26$73.3M−$29.2M—−$25.6M−$20.0M$71K−$216K$44.1M
Q1 FY26$93.2M−$35.8M—−$20.8M−$20.0M$207K−$8.0M$57.5M
Q4 FY25$121M−$42.9M−$2.5M−$20.7M−$21.0M$1.1M−$36.4M$78.0M
Q3 FY25$69.4M−$20.3M—−$13.2M−$21.0M—−$20.6M$49.1M
Q2 FY25$51.1M−$18.9M—−$10.2M−$36.0M$322K$13.4M$32.2M
Q1 FY25$33.5M−$20.1M−$371K−$9.9M−$41.0M$81K$2.4M$13.4M
Q4 FY24$111M−$37.4M−$7.5M−$9.9M−$46.0M$109K−$10.6M$73.3M

Sally Beauty Holdings: income statement and cash flow

Sally Beauty Holdings, Q3 FY26: revenue $935M (+0.2% year over year), operating margin 9.2%. The chart follows the revenue to costs, profit and cash.

Sally Beauty Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.