10-K · April 27, 2026
European Wax Center’s amended 2025 Form 10-K/A highlights an asset-light, largely franchised model with 1,047 centers (1,042 franchised) and system-wide sales of $947 million, while reporting FY2025 revenue of $207.0…
Earnings analysis · 10-Q
EWCZ earnings analysis
Filed May 13, 2026 · Our reading of the company's report
The latest report
European Wax Center, Inc. reported a slight decline in total revenue to $51.1 million for Q1 2026, down 0.6% year-over-year, while net income dropped 37.2% to $1.6 million. Management highlighted challenges including…
Read full summary
European Wax Center, Inc. reported a slight decline in total revenue to $51.1 million for Q1 2026, down 0.6% year-over-year, while net income dropped 37.2% to $1.6 million. Management highlighted challenges including net center closures impacting revenues; however, they anticipate stabilizing operations in response to economic trends.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.613
- Operating margin
- 17.9%
What stood out
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Revenue Slight Decline
Total revenue for Q1 2026 decreased by $0.3 million, or 0.6%, to $51.1 million compared to Q1 2025.
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Net Income Reduction
Net income fell by 37.2% to $1.6 million from $2.6 million in the same quarter last year.
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Operating Expenses Decrease
Selling, General and Administrative expenses decreased by 11.1% to $13.6 million, down from $15.3 million.
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Royalty Fees Growth
Royalty fees increased by 2.2% to $12.7 million for Q1 2026 compared to $12.4 million for Q1 2025.
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Advertising Expenses Increased
Advertising expenses rose by 28.0% to $9.3 million due to various initiatives.
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Cash Position
As of April 4, 2026, cash and cash equivalents stood at $71.7 million.
What to watch
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Net Center Closures
The number of system-wide centers decreased from 1,067 to 1,044, reflecting a net closure of 25 centers.
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Impact of Economic Trends
Management acknowledged that economic trends may continue to influence guest spending patterns.
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Contractual Obligations and Debt Risks
Payments under the Tax Receivable Agreement are expected to be $202 million and may impact liquidity if not properly managed.
Management's outlook
No numeric forward guidance was provided in the filing.
Earlier filings 4
10-K · March 4, 2026
European Wax Center reported FY2025 total revenue of $207.0 million (down from $217.0 million in FY2024) with consolidated net income of $12.0 million and Adjusted EBITDA of $73.0 million. The company operates an…
10-Q · November 12, 2025
European Wax Center reported Q3 revenue of $54,185,000 (13 weeks ended October 4, 2025), down modestly from $55,430,000 in the year-ago quarter, while operating income improved to $13,897,000 (operating margin ~25.7%)…
10-Q · May 14, 2025
European Wax Center reported quarterly revenue of $51,427,000 for the thirteen weeks ended April 5, 2025, down slightly from $51,874,000 a year ago while gross margin remained steady at ~74.2% (revenue $51,427k; cost of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.