RCI HOSPITALITY HOLDINGS, INC. RICK
RCI Hospitality Holdings, Inc. is a holding company that, through its subsidiaries, engages in businesses that offer live adult entertainment and/or high-quality dining experiences to its guests. Our subsidiaries operated 71 establishments in 15 states as of September 30, 2025, including one club that was temporarily closed due to fire damage and one for rebranding. Together with its subsidiaries, RCI Hospitality Holdings, Inc. is collectively referred to as "RCIHH," "RCI," the "Company," "we," "us," or "our" in this report. We also operate a leading business communications company serving the multibillion-dollar adult nightclubs industry. RCIHH was incorporated in the State of Texas in 1994 and became public in 1995.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $279.4M | $295.6M | $293.8M | $267.6M | $195.3M | $132.3M | $181.1M | $165.7M | $144.9M | $134.9M |
| Cost of revenue | — | — | — | — | — | $19.4M | $24.9M | $22.9M | $20.7M | $20.5M |
| Gross profit | — | — | — | — | — | $112.9M | $156.1M | $142.8M | $124.2M | $114.3M |
| SG&A | $107.8M | $99.7M | $93.0M | $78.8M | $54.6M | $51.7M | $59.9M | $53.8M | $46.8M | $43.1M |
| Total operating expenses | $249.2M | $276.8M | $242.3M | $196.2M | $156.7M | $129.6M | $146.4M | $138.2M | $121.8M | $114.2M |
| Operating income | $30.3M | $18.8M | $51.5M | $71.5M | $38.5M | $2.7M | $34.7M | $27.6M | $23.1M | $20.7M |
| Interest expense | $16.4M | $16.7M | $15.9M | $11.9M | $10.0M | $9.8M | $10.2M | $10.0M | $43.0K | $59.0K |
| Pre-tax income | $15.4M | $2.6M | $35.9M | $60.1M | $34.1M | -$6.8M | $24.2M | $17.8M | $14.6M | $12.8M |
| Income tax | $4.6M | $410.0K | $6.8M | $14.1M | $4.0M | $493.0K | $3.7M | $3.1M | $6.4M | $2.4M |
| Net income | $10.8M | $3.0M | $29.1M | $46.1M | $30.1M | -$6.1M | $20.3M | $20.9M | $8.3M | $11.2M |
| EPS, basic | 1.23 | 0.33 | 3.13 | 4.91 | 3.37 | -0.66 | 1.99 | 2.15 | 0.85 | 1.13 |
| EPS, diluted | 1.23 | 0.33 | 3.13 | 4.91 | 3.37 | -0.66 | 2.10 | 2.15 | 0.85 | 1.11 |
| Shares, diluted (wtd. avg.) | $8.8M | $9.3M | $9.3M | $9.4M | $9.0M | $9.2M | $9.7M | $9.7M | $9.7M | $10.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $33.7M | $32.4M | $21.0M | $36.0M | $35.7M | $15.6M | $14.1M | $17.7M | $9.9M | $11.3M |
| Receivables | — | — | $9.8M | $8.5M | $7.6M | $6.8M | $6.1M | $6.7M | $3.2M | $4.4M |
| Inventory | $4.9M | $4.7M | $4.4M | $3.9M | $2.7M | $2.4M | $2.6M | $2.4M | $2.1M | $2.0M |
| Total current assets | $50.9M | $47.3M | $37.5M | $51.2M | $53.0M | $31.4M | $23.7M | $26.2M | $26.2M | $29.4M |
| Property, plant and equipment | $279.0M | $2.0M | $282.7M | $224.6M | $176.0M | $181.4M | $184.0M | $172.4M | $148.4M | $141.1M |
| Goodwill | $62.7M | $61.9M | $70.8M | $67.8M | $39.4M | $45.7M | $53.6M | $43.6M | $495.0K | $45.8M |
| Other intangibles | $171.9M | $163.5M | $23.6M | $26.9M | $400.0K | $530.0K | $1.1M | $1.8M | $1.6M | $917.0K |
| Total assets | $596.9M | $584.4M | $610.9M | $530.7M | $364.6M | $360.9M | $352.0M | $354.8M | $299.9M | $276.1M |
| Accounts payable | $5.8M | $5.6M | $6.1M | $5.5M | $4.4M | $4.8M | $3.8M | $2.8M | $2.1M | $1.7M |
| Short-term debt | $21.2M | $18.9M | $22.8M | $11.9M | $6.4M | $16.3M | $15.8M | $19.0M | $17.4M | $9.9M |
| Total current liabilities | $63.0M | $48.1M | $48.0M | $31.5M | $23.0M | $37.3M | $34.2M | $33.8M | $31.1M | $27.0M |
| Long-term debt | $214.6M | $219.3M | $216.9M | $190.6M | $118.7M | $125.1M | $127.8M | $121.6M | $106.9M | $9.9M |
| Total liabilities | $336.1M | $321.3M | $329.6M | $289.0M | $185.4M | $208.6M | $185.3M | $176.4M | $164.7M | $146.7M |
| Retained earnings | $210.1M | $201.8M | $201.1M | $173.9M | $129.7M | $100.8M | $108.1M | $96.3M | $69.2M | $62.1M |
| Total equity | $261.1M | $263.4M | $281.3M | $241.8M | $179.2M | $152.3M | $169.4M | $153.3M | $135.2M | $129.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $49.4M | $55.9M | $59.1M | $64.5M | $42.0M | $15.6M | $37.2M | $25.8M | $21.1M | $23.0M |
| Depreciation and amortisation | $15.1M | $15.4M | $15.2M | $12.4M | $8.2M | $8.8M | $9.1M | $7.7M | $6.7M | $6.6M |
| Stock-based compensation | $1.4M | $1.9M | $2.6M | $2.4M | $0 | $0 | — | — | — | $360.0K |
| Capital expenditure | $14.5M | $24.6M | $40.4M | $24.0M | $13.5M | $5.7M | $20.7M | $554.0K | $11.2M | $28.1M |
| Investing cash flow | -$24.0M | -$21.0M | -$64.8M | -$67.8M | -$6.8M | -$994.0K | -$27.1M | -$26.3M | -$18.5M | -$24.1M |
| Financing cash flow | -$24.0M | -$23.5M | -$9.3M | $3.6M | -$15.1M | -$13.1M | -$13.7M | $8.4M | -$4.0M | $4.4M |
| Dividends paid | $2.5M | $2.3M | $2.1M | $1.8M | $1.4M | $1.3M | $1.3M | $1.2M | $1.2M | $862.0K |
| Buybacks | $11.9M | $20.6M | $2.2M | $15.1M | $1.8M | $9.5M | $2.9M | — | $1.1M | $7.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-047485.
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