# OLAPLEX HOLDINGS, INC. (OLPX)

Informational only - not investment advice.

CIK: 0001868726
SIC: 2844 Perfumes, Cosmetics & Other Toilet Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations](/industry/2844/)
Latest 10-K filed: 2026-03-05
SEC page: https://www.sec.gov/edgar/browse/?CIK=1868726
Filing source: https://www.sec.gov/Archives/edgar/data/1868726/000186872626000009/olpx-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-05 · accession 0001868726-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001868726.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 422,960,000 USD | 2025 | verified |
| Net income | -9,252,000 USD | 2025 | verified |
| Assets | 1,497,487,000 USD | 2025 | verified |
| Free cash flow | 58,329,000 USD | 2025 | computed |
| Net margin | -2.19% | 2025 | computed |
| Operating margin | 1.64% | 2025 | computed |
| Revenue YoY | +0.07% | 2025 | computed |
| ROE | -1.05% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | OLPX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -2.2% | 1.6% | 25 | 9 |
| Operating margin | 1.6% | 4.3% | 12 | 9 |
| Revenue growth | 0.1% | 0.1% | 50 | 9 |
| FCF margin | 13.8% | 11.4% | 88 | 9 |
| ROE | -1.1% | 2.0% | 29 | 8 |
| ROA | -0.6% | 1.1% | 25 | 9 |
| Liabilities / equity | 0.70 | 1.52 | 0 | 9 |
| Current ratio | 4.58 | 1.76 | 100 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2844 Perfumes, Cosmetics & Other Toilet Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 422960000 | USD | 2025 | 2026-03-05 |
| Net income | -9252000 | USD | 2025 | 2026-03-05 |
| Assets | 1497487000 | USD | 2025 | 2026-03-05 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001868726.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 282,250,000 | 598,365,000 | 704,274,000 | 458,300,000 | 422,670,000 | 422,960,000 |
| Net income |  | 39,278,000 | 220,784,000 | 244,072,000 | 61,587,000 | 19,522,000 | -9,252,000 |
| Operating income |  | 86,093,000 | 334,154,000 | 364,394,000 | 108,222,000 | 66,936,000 | 6,951,000 |
| Gross profit |  | 179,587,000 | 473,822,000 | 519,553,000 | 318,632,000 | 292,290,000 | 293,646,000 |
| Diluted EPS |  | 0.06 | 0.32 | 0.35 | 0.09 | 0.03 | -0.01 |
| Operating cash flow |  | 128,975,000 | 200,029,000 | 255,324,000 | 177,532,000 | 143,068,000 | 58,660,000 |
| Capital expenditures |  | 27,000 | 875,000 | 650,000 | 375,000 | 1,124,000 | 331,000 |
| Assets |  | 1,332,833,000 | 1,560,422,000 | 1,697,675,000 | 1,740,338,000 | 1,767,723,000 | 1,497,487,000 |
| Liabilities |  | 802,160,000 | 1,036,124,000 | 916,718,000 | 895,370,000 | 893,321,000 | 618,097,000 |
| Stockholders' equity | 0.00 | 530,673,000 | 524,298,000 | 780,957,000 | 844,968,000 | 874,402,000 | 879,390,000 |
| Cash and cash equivalents |  | 10,964,000 | 186,388,000 | 322,808,000 | 466,400,000 | 585,967,000 | 318,731,000 |
| Free cash flow |  | 128,948,000 | 199,154,000 | 254,674,000 | 177,157,000 | 141,944,000 | 58,329,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 13.92% | 36.90% | 34.66% | 13.44% | 4.62% | -2.19% |
| Operating margin |  | 30.50% | 55.84% | 51.74% | 23.61% | 15.84% | 1.64% |
| Return on equity |  | 7.40% | 42.11% | 31.25% | 7.29% | 2.23% | -1.05% |
| Return on assets |  | 2.95% | 14.15% | 14.38% | 3.54% | 1.10% | -0.62% |
| Liabilities / equity |  | 1.51 | 1.98 | 1.17 | 1.06 | 1.02 | 0.70 |
| Current ratio |  | 1.31 | 4.60 | 9.48 | 10.92 | 10.67 | 4.58 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001868726.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.13 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.09 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.03 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  | 20,964,000 |  | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 109,241,000 |  | 0.01 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 6,156,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 123,555,000 |  | 0.03 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 111,717,000 | 14,101,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 98,906,000 | 7,746,000 | 0.01 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 7,746,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 103,943,000 |  | 0.01 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 5,779,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 119,080,000 |  | 0.02 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 100,741,000 | -8,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 96,978,000 | 465,000 | 0.00 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 465,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 106,284,000 |  | -0.01 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -7,742,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 114,579,000 |  | 0.02 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 105,119,000 | -13,102,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 99,369,000 | -5,287,000 | -0.01 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from OLPX's latest 10-K: [/company/OLPX/business/](/company/OLPX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from OLPX's latest 10-K: [/company/OLPX/risk-factors/](/company/OLPX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1868726/000186872626000036/olpx-20260331.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-11
Report date: 2026-03-31

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited, interim Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report and with our audited Consolidated Financial Statements included in the 2025 Form 10-K.

Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business and our proposed acquisition by Henkel US Operations Corporation, includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from management’s expectations as a result of various factors. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section “Special Note Regarding Forward-Looking Statements” in this Quarterly Report and in “Item 1A. - Risk Factors” in this Quarterly Report and in the 2025 Form 10-K.

Company Overview

OLAPLEX is a foundational health and beauty company powered by breakthrough innovation that starts with and is inspired by the professional stylist (“Pro”). Our products are designed to enable Pros and their clients to achieve their best results and to provide consumers with a holistic hair regimen that starts by establishing a foundation for healthy hair.

In 2014, OLAPLEX revolutionized the haircare category through the introduction of our patent-protected bond-building technology, Bis-aminopropyl diglycol dimaleate (“Bis-amino”), in our No. 1 Bond Multiplier® and No. 2 Bond Perfector® products. This new two-part salon treatment allowed Pros around the world to repair disulfide bonds deep inside the hair that are broken during chemical services (such as coloring, perming and straightening). Later in 2014, OLAPLEX launched an at-home version of this signature bond-building treatment, No. 3 Hair Perfector®, allowing consumers to achieve the benefits of OLAPLEX beyond the salon. By the end of 2015, OLAPLEX products were sold globally, demonstrating the relevance of the product and brand proposition around the world. From our original three bond-building products, we expanded to a range of products suitable across hair types for use in the salon and at home.

Since our inception, we have focused on delivering patent-protected technology and proven performance in the prestige haircare category. From our origins of creating the bond-building space, our product portfolio has expanded to approximately 30 products that support the hair health needs of our Pro and consumer communities.

Our synergistic omnichannel model leverages the strength of each of our channels and our strong digital capabilities, which we apply across all of our sales platforms. Our professional channel serves as the foundation for our brand. Through this channel, Pros introduce consumers to our products and, we believe, influence consumer purchasing decisions. Our specialty retail channel allows us to build our brand by reinforcing our relationship with current consumers and accessing new consumers. Our DTC channel, comprised of Olaplex.com and sales through third-party e-commerce platforms, further broadens our access to consumers, while allowing us to directly engage with and educate consumers through our owned platforms.

Proposed Acquisition by Henkel US Operations Corporation

On March 26, 2026, Olaplex Holdings entered into an Agreement and Plan of Merger (as it may be amended, modified or supplemented from time to time, the “Merger Agreement”), by and among Olaplex Holdings, Henkel US Operations Corporation, a Delaware corporation (“Parent”), and Margot Acquisition Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”). Upon the terms and subject to the conditions of the Merger Agreement, Merger Sub will merge with and into Olaplex Holdings, with Olaplex Holdings continuing as the surviving corporation and as a wholly owned subsidiary of Parent (the “Merger”). If the Merger is completed, each share of common stock, par value $0.001 per share, of Olaplex Holdings (the “Common Stock”) issued and outstanding immediately prior to the effective time of the Merger (the “Effective Time”) (subject to certain exceptions described in “Note 1 – Nature of Operations and Basis of Presentation – Proposed Acquisition by Henkel US Operations Corporation” to the Company’s Condensed Consolidated Financial Statements of this Quarterly Report) will be converted into the right to receive $2.06 per share in cash, without interest, subject to applicable withholding taxes.

The Merger Agreement contains customary representations, warranties and covenants that we must observe, including certain interim operating covenants that may restrict our operations during the pendency of the Merger, subject to certain exceptions. In addition, the Merger Agreement contains certain termination rights that may require us to pay Parent a $40,440,000 termination fee under certain circumstances. For additional details of the Merger and the terms thereof, refer to the Merger Agreement, a copy of which is incorporated by reference as an exhibit to this Quarterly Report.

21

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The Merger is presently expected to close as soon as the second half of 2026, subject to customary closing conditions, including, without limitation, (i) twenty calendar days having elapsed since we mailed to our stockholders the information statement as contemplated by Regulation 14C of the Exchange Act, (ii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and approvals under the laws of Germany, Australia and the United Kingdom, and (iii) the absence of any law or governmental order prohibiting the Merger. The initial outside date for completion of the Merger is March 31, 2027, which may be extended to September 30, 2027 if, as of such initial date, all conditions to the closing of the Merger other than conditions relating to the HSR Act or other applicable antitrust and foreign direct investment laws have been satisfied or waived. We cannot predict with certainty, however, whether or when all the required closing conditions will be satisfied or if the Merger will close at all.

Our Strategy

Following the initial implementation of our “Bonds and Beyond” vision in 2025, we are focused on the following three strategic priorities in 2026 aimed at accelerating our transformation.

Energize our “Hero” Products

We seek to implement our 360-degree marketing engine to maximize the productivity of our core products, which are significant contributors to our brand health and business. In addition, we are upgrading and expanding the assortment of our core products. Through targeted marketing strategies and enhanced storytelling, we are focused on continuing to elevate our brand and enhancing brand loyalty to generate demand.

Fuel Science-based Innovation

Olaplex’s heritage includes a focus on bringing technical solutions to real-world hair concerns, and in 2026, we remain focused on expanding our product portfolio with science-based innovation. We have refined our research and development and new product development processes to prioritize innovation that seeks to address specific, meaningful consumer and Pro needs. We seek to deliver targeted, science-backed solutions that simplify the user experience and achieve visible results, and we expect to launch more innovations in 2026 than in 2025. In addition, we are pursuing growth in new verticals that we consider natural extensions of our existing product portfolio.

Expand our Diversified, Scalable Go-to-market Model

We are focused on sharpening our execution to support our Bonds and Beyond vision. We seek to capitalize on renewed momentum in our Professional channel, providing our Pro partners with tools and support to serve as powerful ambassadors for our brand. We are also deepening our point-of-sale partnerships, tailoring our brand marketing strategies and utilizing key promotional windows aimed at driving visibility while protecting our premium positioning. We will continue to focus on executing our three-tiered international strategy, prioritizing high-potential regions and improving local execution as we seek to scale our global reach in a disciplined, repeatable way. Finally, we aim to optimize our points of access to meet our consumers where they shop and maintain brand integrity as we extend our global footprint.

Business Environment & Trends

We continue to monitor the effects of the global macro-economic environment, including the risk of recession, inflationary pressures, competitive products and discounting, currency volatility, high interest rates, social and political issues, geopolitical tensions, regulatory matters and changes to tariffs and trade policies of the United States and other countries. Based on policies in place as of the date of filing of this Quarterly Report, we expect the most recent changes in tariffs and trade policies will have a relatively modest impact on our business since the vast majority of our products sold in the U.S. are sourced and manufactured domestically. However, related uncertainties could impact consumer discretionary spending, demand for our products, and ordering patterns and inventory practices at our customers. We also are mindful of inflationary pressures on our consumers amidst an increasingly competitive industry, and we are monitoring the impact that consumer confidence may have on consumer spending at our customers.

22

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Competition in the beauty industry is based on a variety of factors, including innovation, product efficacy, pricing, brand recognition and loyalty, service to the consumer, promotional activities, advertising, special events, new product introductions, e-commerce initiatives, sustainability and other activities. We have seen increased competitive activity including discounting in the prestige haircare category. We believe we have a well-recognized and strong reputation within the beauty industry, from our customers to the end-consumer, and that the quality and performance of our products, our emphasis on science-based innovation, our asset-light operating model, and our engagement with our Pro and consumer communities position us to compete effectively.

Results of operations

Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025

The following table sets forth our consolidated results for each of the periods presented:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1868726/000186872626000009/olpx-20251231.htm
Complete FY 2025 MD&A: /company/OLPX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-05
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from management’s expectations as a result of various factors. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the “Special Note Regarding Forward-Looking Statements” section and in the “Risk Factors” section in this Annual Report.

Company Overview

OLAPLEX is a foundational health and beauty company powered by breakthrough innovation that starts with and is inspired by the Pro. Our products are designed to enable Pros and their clients to achieve their best results and to provide consumers with a holistic hair regimen that starts by establishing a foundation for healthy hair.

In 2014, OLAPLEX revolutionized the haircare category through the introduction of our patent-protected bond-building technology, Bis-aminopropyl diglycol dimaleate (“Bis-amino”), in our No. 1 Bond Multiplier® and No. 2 Bond Perfector® products. This new two-part salon treatment allowed Pros around the world to repair disulfide bonds deep inside the hair that are broken during chemical services (such as coloring, perming and straightening). Later in 2014, OLAPLEX launched an at-home version of this signature bond-building treatment, No. 3 Hair Perfector®, allowing consumers to achieve the benefits of OLAPLEX beyond the salon. By the end of 2015, OLAPLEX products were sold globally, demonstrating the relevance of the product and brand proposition around the world. From our original three bond-building products, we expanded to a range of products suitable across hair types for use in the salon and at home.

Since our inception, we have focused on delivering patent-protected technology and proven performance in the prestige haircare category. From our origins of creating the bond-building space, our product portfolio has expanded to approximately 30 products that support the hair health needs of our Pro and consumer communities.

Our synergistic omnichannel model leverages the strength of each of our channels and our strong digital capabilities, which we apply across all of our sales platforms. Our professional channel serves as the foundation for our brand. Through this channel, Pros introduce consumers to our products and, we believe, influence consumer purchasing decisions. Our specialty retail channel allows us to build our brand by reinforcing our relationship with current consumers and accessing new consumers. Our DTC channel, comprised of Olaplex.com and sales through third-party e-commerce platforms, further broadens our access to consumers, while allowing us to directly engage with and educate consumers through our owned platforms.

Our Strategy

Following the initial implementation of our “Bonds and Beyond” vision in 2025, we are focused on the following three strategic priorities in 2026 aimed at accelerating our transformation.

Energize our “Hero” Products

We seek to implement our 360-degree marketing engine to maximize the productivity of our core products, which are significant contributors to our brand health and business. In addition, we are upgrading and expanding the assortment of our core products. Through targeted marketing strategies and enhanced storytelling, we are focused on continuing to elevate our brand and enhancing brand loyalty to generate demand.

Fuel Science-based Innovation

Olaplex’s heritage includes a focus on bringing technical solutions to real-world hair concerns, and in 2026, we remain focused on expanding our product portfolio with science-based innovation. We have refined our research and development and new product development processes to prioritize innovation that seeks to address specific, meaningful consumer and Pro needs. We seek to deliver targeted, science-backed solutions that simplify the user experience and achieve visible results, and we expect to launch more innovations in 2026 than in 2025. In addition, we are pursuing growth in new verticals that we consider natural extensions of our existing product portfolio.

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Table of Contents

Expand our Diversified, Scalable Go-to-market Model

We are focused on sharpening our execution to support our Bonds and Beyond vision. We seek to capitalize on renewed momentum in our Professional channel, providing our Pro partners with tools and support to serve as powerful ambassadors for our brand. We are also deepening our point-of-sale partnerships, tailoring our brand marketing strategies and utilizing key promotional windows aimed at driving visibility while protecting our premium positioning. We will continue to execute our three-tiered international strategy, prioritizing high-potential regions and improving local execution as we seek to scale our global reach in a disciplined, repeatable way. Finally, we aim to optimize our points of access to meet our consumers where they shop and maintain brand integrity as we extend our global footprint.

Business Environment & Trends

We continue to monitor the effects of the global macro-economic environment, including the risk of recession, inflationary pressures, competitive products and discounting, currency volatility, high interest rates, social and political issues, geopolitical tensions, regulatory matters and changes to tariffs and trade policies of the United States and other countries. Based on policies in place as of the date of filing of this Annual Report, we expect the most recent changes in tariffs and trade policies will have a relatively modest impact on our business since the vast majority of our products sold in the U.S. are sourced and manufactured domestically. However, related uncertainties could impact consumer discretionary spending, demand for our products, and ordering patterns and inventory practices at our customers. We also are mindful of inflationary pressures on our consumers amidst an increasingly competitive industry, and we are monitoring the impact that consumer confidence may have on consumer spending at our customers.

Competition in the beauty industry is based on a variety of factors, including innovation, product efficacy, pricing, brand recognition and loyalty, service to the consumer, promotional activities, advertising, special events, new product introductions, e-commerce initiatives, sustainability and other activities. We have seen increased competitive activity including discounting in the prestige haircare category. We believe we have a well-recognized and strong reputation within the beauty industry, from our customers to the end-consumer, and that the quality and performance of our products, our emphasis on science-based innovation, our asset-light operating model, and our engagement with our Pro and consumer communities position us to compete effectively.

40

Table of Contents

Results of operations for the years ended December 31, 2025, 2024 and 2023

Set forth below are our results of operations for our fiscal year ended December 31, 2025 (“fiscal year 2025”) compared to our fiscal year ended December 31, 2024 (“fiscal year 2024”). For discussion of our results of operations for our fiscal year 2024 versus our fiscal year ended December 31, 2023 (“fiscal year 2023”), see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for our fiscal year 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 4, 2025.

The following table sets forth our Consolidated Statements of Operations data for each of the periods presented:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","2023"],["","(in thousands)","","% of Net sales","","(in thousands)","","% of Net sales","","(in thousands)","","% of Net sales"],["Net sales","$","422,960","","","100.0","%","","$","422,670","","","100.0","%","","$","458,300","","","100.0","%"],["Cost of sales:"],["Cost of product (excluding amortization)","119,329","","","28.2","","","121,038","","","28.6","","","131,323","","","28.7"],["Amortization of patented formulations","9,985","","","2.4","","","9,342","","","2.2","","","8,345","","","1.8"],["Total cost of sales","129,314","","","30.6","","","130,380","","","30.8","","","139,668","","","30.5"],["Gross profit","293,646","","","69.4","","","292,290","","","69.2","","","318,632","","","69.5"],["Operating expenses:"],["Selling, general, and administrative","243,113","","","57.5","","","181,685","","","43.0","","","168,942","","","36.9"],["Amortization of other intangible assets","43,582","","","10.3","","","43,669","","","10.3","","","41,468","","","9.0"],["Total operating expenses","286,695","","","67.8","","","225,354","","","53.3","","","210,410","","","45.9"],["Operating income","6,951","","","1.6","","","66,936","","","15.8","","","108,222","","","23.6"],["Interest expense","41,342","","","9.8","","","59,585","","","14.1","","","57,954","","","12.6"],["Interest income","(14,828)","","","(3.5)","","","(25,379)","","","(6.0)","","","(18,828)","","","(4.1)"],["Other (income) expense, net:"],["Tax Receivable Agreement liability adjustment","(12,118)","","","(2.9)","","","3,915","","","0.9","","","(7,404)","","","(1.6)"],["Other (income) expense, net","(1,268)","","","(0.3)","","","1,903","","","0.5","","","(220)","","","\u2014"],["Total other (income) expense, net","(13,386)","","","(3.2)","","","5,818","","","1.4","","","(7,624)","","","(1.7)"],["(Loss) income before income taxes","(6,177)","","","(1.5)","","","26,912","","","6.4","","","76,720","","","16.7"],["Income tax provision","3,075","","","0.7","","","7,390","","","1.7","","","15,133","","","3.3"],["Net (loss) income","$","(9,252)","","","(2.2)","%","","$","19,522","","","4.6","%","","$","61,587","","","13.4","%"]]
[[/GREPCENT_TABLE]]

41

Table of Contents

Fiscal year 2025 compared to fiscal year 2024:

Net Sales

We distribute products in the U.S. and internationally through professional distributors in salons, directly to retailers for sale in their physical stores and e-commerce sites, and DTC through sales to third party e-commerce customers and through our Olaplex.com websites. As such, net sales by our three sales channels consisting of professional, specialty retail and DTC were as follows:

[[GREPCENT_TABLE]]
[["(in thousands)","Year Ended December 31,"],["","2025","","2024","","$ Change","","% Change"],["Net sales by Channel:"],["Professional","$","153,251","","","$","145,327","","","$","7,924","","","5.5","%"],["Specialty retail","130,441","","","142,307","","","(11,866)","","","(8.3)"],["DTC","139,268","","","135,036","","","4,232","","","3.1"],["Total net sales","$","422,960","","","$","422,670","","","$","290","","","0.1","%"]]
[[/GREPCENT_TABLE]]

Total net sales increased 0.1% for the year ended December 31, 2025 compared to the same period in 2024. By channel, professional and DTC net sales increased 5.5% and 3.1%, respectively, while specialty retail net sales decreased 8.3% for the year ended December 31, 2025, as compared to the previous year. U.S. and international net sales represented 48% and 52% of total net sales, respectively, for the year ended December 31, 2025. U.S. and international net sales each represented 50% of total net sales for the year ended December 31, 2024.

Cost of Sales and Gross Profit

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/OLPX/mda/fy2025/
All MD&A years: /company/OLPX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/OLPX/mda/fy2024/): filed 2025-03-04; accession 0001868726-25-000013 (https://www.sec.gov/Archives/edgar/data/1868726/000186872625000013/olpx-20241231.htm)
- [FY 2023 MD&A](/company/OLPX/mda/fy2023/): filed 2024-02-29; accession 0001868726-24-000010 (https://www.sec.gov/Archives/edgar/data/1868726/000186872624000010/olpx-20231231.htm)
- [FY 2022 MD&A](/company/OLPX/mda/fy2022/): filed 2023-02-28; accession 0001868726-23-000021 (https://www.sec.gov/Archives/edgar/data/1868726/000186872623000021/olpx-20221231.htm)
- [FY 2021 MD&A](/company/OLPX/mda/fy2021/): filed 2022-03-08; accession 0001868726-22-000017 (https://www.sec.gov/Archives/edgar/data/1868726/000186872622000017/olpx-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2844 Perfumes, Cosmetics & Other Toilet Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/OLPX.md · JSON record: /company/OLPX.json · verified financials: /company/OLPX/financials.json / /company/OLPX/financials.csv · machine TOC for the whole site: /llms.txt