European Wax Center, Inc.

Company scope

• Leading franchisor and operator of out-of-home (OOH) waxing services in the United States.
• Focused on a high-quality, hygienic waxing experience delivered by licensed, EWC-trained estheticians (“wax specialists”) at accessible, modern centers.
• Brand assets include EUROPEAN WAX CENTER®, EWC®, WAX PASS®, and COMFORT WAX®.

Scale and footprint (as of early 2026)

• Centers: 1,047 centers across 44 states (as of January 3, 2026).
• Center ownership mix: 1,042 franchised centers and 5 corporate-owned centers.
• Maturation: Approximately 68% of centers were mature as of January 3, 2026.
• Workforce:
  • Approximately 121 full-time employees company-wide (about 6 at corporate-owned centers).
  • Approximately 75 part-time associates (primarily at corporate-owned centers).
• Franchise network: 172 franchisees as of January 3, 2026 (120 franchisees operate multiple European Wax Center locations).

Customer and service metrics

• Waxing services delivered: Approximately 23 million waxing services in fiscal 2025 and fiscal 2024.
• Center design and guest experience: Centers sized 1,200–1,600 square feet, with 6–7 wax suites and typically one wax specialist per suite. In-center guest flow is supported by mobile self-check-in and sample-retail exposure.

Financial performance (historical results)

• System-wide sales: $947 million in fiscal 2025; $951 million in fiscal 2024.
• Total revenue: $207 million in fiscal 2025; $217 million in fiscal 2024.
• Consolidated net income: $12 million in fiscal 2025; $15 million in fiscal 2024.
• Adjusted EBITDA: $73 million in fiscal 2025; $76 million in fiscal 2024.
• Revenue by source (fiscal year ended January 3, 2026):
  • Product sales to franchisees: $112.6 million (56% of total revenue).
  • Franchise royalties: $52.4 million (26%).
  • Marketing fund contributions: $30.1 million (15%).
  • Other sources: $5.7 million (3%).
  • The remainder of revenue came from corporate-owned centers.

Franchise model and economics

• Asset-light platform: Centers are 99% owned and operated by franchisees, enabling capital-efficient growth and strong unit economics.
• Franchise economics (typical center): Initial investment around $514k–$563k; ongoing royalties of 6% of service sales and 3% marketing fund contributions.
• Franchise support: Pre-opening site selection and approval, wax training, hygiene standards, ongoing marketing, procurement, and field support; a franchise advisory council provides feedback.

Services and retail

• Core services: Elevated body and facial waxing services performed exclusively by licensed wax specialists, using EWC’s Comfort Wax formulation.
• Retail: Proprietary EWC-branded skincare products (full-size and travel-size) sold in centers and direct-to-consumer online; products manufactured with two North American co-manufacturers.
• Training and quality: Proprietary six-day wax training for new specialists and ongoing training with strict hygiene protocols (single-use wax sticks, disposable gloves, etc.).

Marketing, technology, and guest experience

• Marketing: Centralized program funded by franchisees; 2025 marketing spend ≈ $31 million (62% on digital channels); 2024 marketing spend ≈ $32 million (62% on digital).
• Wax Pass: Loyalty/pre-paid program with adoption around 62% of transactions in 2025, designed to drive retention and recurring revenue.
• Digital experience: Company-wide app and website for online reservations and contactless check-in; data analytics used to personalize communications and promotions.
• In-center experience: Refined lobby, product wall with take-home sampling, private suites with guest insights available to wax specialists, and optional in-center product recommendations.

Supply, distribution, and partnerships

• Suppliers: Two overseas wax suppliers (Spain and France) for Comfort Wax; two suppliers for branded retail products; one supplier for medical products used in waxing services.
• Distribution: Three third-party distribution centers in Pennsylvania, Tennessee, and Nevada to supply centers nationwide.
• Procurement: Scale enables favorable terms and competitive pricing for franchisees.

Intellectual property

• Trademarks and branding: European Wax Center®, EWC®, Wax Pass®, Comfort Wax®, among others; active protection and enforcement of brand usage standards across franchisees and licensees.

Corporate structure and strategic considerations

• Corporate structure centers on EWC Ventures and related entities; the company is the managing member of EWC Ventures and holds significant equity interests within the group.
• Merger process: An Agreement and Plan of Merger was disclosed in February 2026 involving Glow Midco, LLC (an affiliate of General Atlantic) and related merger subsidiaries, with cash consideration per share outlined in the Merger Agreement. Various closing conditions and potential termination rights apply.
• Risks and dynamics: The company identifies financing, dependence on franchisees, cybersecurity, regulatory compliance, and tax arrangements (including a tax receivable agreement with pre-IPO members) as areas of ongoing attention.

Headquarters

• Corporate headquarters located in Plano, Texas.

Regulatory and legal context

• Operations are subject to federal, state, and local laws governing consumer protection, employment, privacy, data security, and franchising; SEC disclosures and governance requirements apply as a public company.

Summary

European Wax Center operates a large, asset-light franchise network delivering high-volume waxing services across 1,047 centers in the U.S., with recurring revenue from product sales, royalties, and marketing contributions. The business is supported by a centralized marketing program, the Wax Pass loyalty product, a proprietary Comfort Wax formula, in-house training, and a tech-enabled guest experience. In fiscal 2025 it reported system-wide sales of $947 million, total revenue of $207 million, net income of $12 million, and adjusted EBITDA of $73 million, after serving roughly 23 million waxing services.