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Sally Beauty Holdings vs Leslie's: SBH and LESL compared
Sally Beauty Holdings is the larger company: $935M of revenue in its latest quarter (Q3 FY26) against $458M for Leslie's (Q3 FY26). Sally Beauty Holdings is growing faster (+0.2% against -8% a year earlier). Leslie's is more profitable, with an operating margin of 13.4% against 9.2%.
Where the money goes: SBH and LESL
Sally Beauty Holdings (SBH) · Q3 FY26
Sally Beauty Holdings, Q3 FY26: revenue $935M (+0.2% year over year), operating margin 9.2%, net earnings $54.1M, operating cash flow $80.9M. The chart follows the revenue to costs, profit and cash.
Leslie's (LESL) · Q3 FY26
Leslie's, Q3 FY26: revenue $458M (-8% year over year), operating margin 13.4%, net earnings $47.8M, operating cash flow $99.0M. The chart follows the revenue to costs, profit and cash.
| Sally Beauty Holdings (SBH) | Leslie's (LESL) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 FY26 |
| Revenue | $935M | $458M |
| Revenue growth, Y/Y | +0.2% | -8% |
| Gross margin | 52.4% | 36.5% |
| Operating margin | 9.2% | 13.4% |
| Net earnings | $54.1M | $47.8M |
| Net margin | 5.8% | 10.4% |
| Operating cash flow | $80.9M | $99.0M |
| Free cash flow | $61.6M | $97.9M |
| Market value | $1.8B | — |
| P/E | 9.3× | — |
| Analysts’ mean target | $17.00 | — |
Questions
Which is bigger, Sally Beauty Holdings or Leslie's?
Sally Beauty Holdings is the larger company: $935M of revenue in its latest quarter (Q3 FY26) against $458M for Leslie's (Q3 FY26).
Is Sally Beauty Holdings or Leslie's growing faster?
Sally Beauty Holdings is growing faster (+0.2% against -8% a year earlier).
Which is more profitable, Sally Beauty Holdings or Leslie's?
Leslie's is more profitable, with an operating margin of 13.4% against 9.2%.
More: Sally Beauty Holdings earnings · how Sally Beauty Holdings makes money · Leslie's earnings · how Leslie's makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 3, 2026; 10-Q filed Aug 12, 2026). Fiscal quarters can end on different dates. Not investment advice.