European Wax Center, Inc. Financials

EWCZ

Source SEC Filings (10-K/10-Q) Updated Jan 3, 2026 Currency USD FYE January

This page shows European Wax Center, Inc. (EWCZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EWCZ FY2026 2026-04-27

Low-capex cash generation dominates, while shareholder payouts and buybacks keep the balance sheet more leveraged than profits suggest.

From FY2024 to FY2026, operating cash flow stayed above $50M while net income remained below $11M, so cash generation was far steadier than earnings headlines imply. Because capex stayed modest, free cash flow closely tracked operating cash flow, which helps explain how the company could repurchase stock despite a thin equity base.

In FY2025, debt-to-equity reached 4.0x even though long-term debt slipped to $390M, showing leverage was driven more by equity shrinkage than by new borrowing. That balance-sheet mechanic means the same cash generation sits on less book equity, making leverage ratios look heavier without a comparable rise in debt.

Reinvestment needs look light: FY2026 capex was only $2.9M against free cash flow of $50.1M. With financing cash flow still at -$23.8M, most internally generated cash appears to be directed to debt service, repurchases, or other owner-directed uses rather than maintaining the operating base.

Financial Health Signals

Financial Profile 9/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of European Wax Center, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Returns

European Wax Center, Inc.'s ROE of 8.3% shows moderate profitability relative to equity, earning a score of 31/100. This is down from 10.6% the prior year.

Earnings Quality Cash-Backed

6.10x

For every $1 of reported earnings, European Wax Center, Inc. generates $6.10 in operating cash flow ($53.0M OCF vs $8.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$8.7M

YoY-17.0%

European Wax Center, Inc. reported $8.7M in net income in fiscal year 2026. This represents a decrease of 17.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$50.1M

YoY-10.5%

European Wax Center, Inc. generated $50.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 10.5% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$3.30

YoY+0.0%

European Wax Center, Inc. paid $3.30 per share in dividends in fiscal year 2026. This represents an increase of 0.0% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

8.3%

YoY-2.3pp

5Y CAGR+18.8pp

European Wax Center, Inc.'s ROE was 8.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 2.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$6.1M

YoY-84.8%

European Wax Center, Inc. spent $6.1M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 84.8% from the prior year.

Capital Expenditures

$2.9M

YoY+458.9%

5Y CAGR+6.2%

European Wax Center, Inc. invested $2.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 458.9% from the prior year.

EWCZ Income Statement

Metric	FY26	FY25	FY24	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$4.7M+116.2%	$2.2M-64.4%	$6.2M+111.5%	-$53.5M	N/A	$0
Net Income	$8.7M-17.0%	$10.5M+20.2%	$8.7M+19.6%	$7.3M	N/A	-$21.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	$14.3M+27.7%	$11.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	$1.7M+42.0%	$1.2M
Net Income	N/A	$3.8M+0.8%	$3.8M+116.3%	$1.7M	N/A	$1.5M-65.2%	$4.2M+53.7%	$2.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EWCZ Balance Sheet

Metric	FY26	FY25	FY24	FY22	FY21	FY20
Total Assets	N/A	N/A	$734.1M	N/A	$100	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	$100	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$39.1M0.0%	$39.1M0.0%	$39.1M-88.1%	$328.6M	N/A	$328.6M
Total Liabilities	N/A	N/A	$615.7M	N/A	-$340.0M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	$390.0M-1.0%	$394.0M-1.0%	$398.0M+121.1%	$180.0M	N/A
Total Equity	$104.9M+6.5%	$98.5M-16.8%	$118.4M-8.1%	$128.9M-62.1%	$340.0M+66.8%	$203.9M
Retained Earnings	N/A	N/A	-$110.9M	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$39.1M	N/A	N/A	N/A	$39.1M	N/A	N/A	N/A
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	$390.0M	N/A	N/A	N/A
Total Equity	$104.9M+0.1%	$104.8M-1.0%	$105.9M+7.5%	$98.5M+7.6%	$91.6M-6.4%	$97.9M-15.1%	$115.3M-2.7%	$118.4M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EWCZ Cash Flow Statement

Metric	FY26	FY25	FY24	FY22	FY21	FY20
Operating Cash Flow	$53.0M-6.2%	$56.5M+1.6%	$55.6M+25.4%	$44.4M	N/A	$1.4M
Capital Expenditures	$2.9M+458.9%	$521K-33.6%	$785K+220.4%	$245K	N/A	$2.2M
Free Cash Flow	$50.1M-10.5%	$56.0M+2.1%	$54.8M+24.3%	$44.1M	N/A	-$761K
Investing Cash Flow	-$2.9M-654.4%	-$386K+50.8%	-$785K-220.4%	-$245K	N/A	-$36.8M
Financing Cash Flow	-$23.8M+59.8%	-$59.2M-27.5%	-$46.4M-26.7%	-$36.6M	N/A	$61.9M
Dividends Paid	N/A	$0	$0-100.0%	$122.2M	$0	$0
Share Buybacks	$6.1M-84.8%	$40.1M+34.2%	$29.9M+196.8%	$10.1M	$0	$0

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$7.8M-55.0%	$17.3M+13.9%	$15.2M+19.6%	$12.7M-23.2%	$16.6M+11.7%	$14.8M+2.9%	$14.4M+34.3%	$10.7M
Capital Expenditures	$739K-8.8%	$810K+15.2%	$703K+6.5%	$660K+169.4%	$245K+301.6%	$61K-67.0%	$185K+516.7%	$30K
Free Cash Flow	$7.1M-57.2%	$16.5M+13.8%	$14.5M+20.3%	$12.0M-26.1%	$16.3M+10.5%	$14.8M+3.8%	$14.2M+33.0%	$10.7M
Investing Cash Flow	-$739K+8.8%	-$810K-15.2%	-$703K-6.5%	-$660K-169.4%	-$245K-301.6%	-$61K+67.0%	-$185K-276.2%	$105K
Financing Cash Flow	-$4.6M+32.4%	-$6.8M+24.0%	-$8.9M-158.4%	-$3.5M+76.3%	-$14.6M+34.7%	-$22.4M-18.3%	-$18.9M-494.6%	-$3.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$4.6M+1112.8%	$383K-64.0%	$1.1M-89.4%	$10.0M-50.4%	$20.1M+101.4%	$10.0M	$0

EWCZ Financial Ratios

Metric	FY26	FY25	FY24	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	8.3%-2.3pp	10.6%+3.3pp	7.3%+1.7pp	5.6%	N/A	-10.5%
Return on Assets	N/A	N/A	1.2%	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	N/A	3.96+0.6	3.33+0.2	3.09+2.6	0.53	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	3.6%+0.1pp	3.5%+1.8pp	1.8%	N/A	1.5%-2.2pp	3.7%+1.4pp	2.3%
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	N/A	N/A	N/A	N/A	4.26	N/A	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is European Wax Center, Inc. profitable?

Yes, European Wax Center, Inc. (EWCZ) reported a net income of $8.7M in fiscal year 2026.

Does European Wax Center, Inc. pay dividends?

Yes, European Wax Center, Inc. (EWCZ) paid $3.30 per share in dividends during fiscal year 2026.

What is European Wax Center, Inc.'s return on equity (ROE)?

European Wax Center, Inc. (EWCZ) has a return on equity of 8.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is European Wax Center, Inc.'s free cash flow?

European Wax Center, Inc. (EWCZ) generated $50.1M in free cash flow during fiscal year 2026. This represents a -10.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is European Wax Center, Inc.'s operating cash flow?

European Wax Center, Inc. (EWCZ) generated $53.0M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are European Wax Center, Inc.'s capital expenditures?

European Wax Center, Inc. (EWCZ) invested $2.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does European Wax Center, Inc. buy back shares?

Yes, European Wax Center, Inc. (EWCZ) spent $6.1M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Are European Wax Center, Inc.'s earnings high quality?

European Wax Center, Inc. (EWCZ) has an earnings quality ratio of 6.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is European Wax Center, Inc.?

European Wax Center, Inc. (EWCZ) scores 9 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.