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European Wax Center
European Wax Center (EWCZ) investor relations material
European Wax Center Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
System-wide sales for Q3 were $238.2 million, down 0.8% year-over-year, with same-store sales up 0.2% and Adjusted EBITDA rising 9.6% to $20.2 million, reflecting operational transformation and strategic initiatives.
Total revenue for the quarter was $54.2 million, down 2.2% year-over-year, while net income surged 164% to $5.4 million and adjusted net income increased 14.2% to $10.7 million.
The company operated 1,053 centers at quarter-end, with net closures outpacing openings in 2025; franchisees operate 1,048 centers and corporate owns five.
Leadership focused on driving sales through traffic growth, improving franchisee profitability, and disciplined expansion, supported by enhanced data analytics and marketing initiatives.
Core guest engagement and Wax Pass sales improved year-over-year, with regional performance stable except for some weakness in New York, Philadelphia, and D.C.
Financial highlights
Product sales fell 3.4% to $30.6 million, royalty fees dropped 1.6% to $13.2 million, and marketing fees were flat; other revenue rose 2.9%.
Gross margin for the quarter was 73.3%, with adjusted EBITDA margin at 37.2% and net income margin at 9.9%.
SG&A expenses dropped 25.4% to $13.0 million, and advertising expense was down $0.8 million due to timing.
Cash and cash equivalents at quarter-end were $73.6 million, with $387 million in senior secured notes and $40 million undrawn revolver.
Net leverage ratio at quarter-end was 3.9x trailing twelve months adjusted EBITDA.
Outlook and guidance
Full-year guidance reaffirmed: system-wide sales of $940–$950 million, same-store sales flat to up 1%, Adjusted EBITDA of $69–$71 million, and revenue of $205–$209 million.
Net center closures for 2025 expected to be 23–28, with 12 gross openings and 35–40 closures; return to net center growth targeted by end of 2026.
Adjusted net income for the year expected between $31 million and $33 million, with an effective tax rate of ~23%.
Advertising expenses planned slightly above 3% of system-wide sales.
Strategic focus is on improving existing center profitability, driving traffic, and optimizing advertising spend.
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Next European Wax Center earnings date
Q4 202511 Mar, 2026
European Wax Center
Next European Wax Center earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
European Wax Center, Inc. operates as a holding company for EWC Ventures, LLC that franchises and operates out-of-home waxing services. The Company operates and franchises hair removal salons in the United States. The Company's offerings include waxing services such as Brazilian, brow shaping, upper lip, chin and underarm hair removal, as well as lash extensions. The Company's patented soft touch wax is made with a combination of hard and soft waxes which allows it to lift hair on the first pass by providing flexibility in low to medium apprehension levels while maintaining efficacy in high apprehension levels. European Wax Center, Inc. is based in Plano, Texas.
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