e.l.f. Beauty (ELF) FY2025 results: revenue $1.3 billion, up 28.3% on the year

e.l.f. Beauty, Inc. (ELF) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 March 2025, up 28.3% on the year before. Net income was $112 million, down 12.2%, and diluted earnings per share $1.92. The figures are the company's own, from the 10-K it filed with the SEC on 29 May 2025.

Revenue

$1.3 billion

+28.3% on the year

FY2020FY2025

Operating margin

12.0%

14.6% a year earlier

FY2020FY2025

Net income

$112 million

-12.2% on the year

FY2020FY2025

Diluted EPS

$1.92

-13.1% on the year

FY2020FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	1,314	1,024	579	+28.3%
Cost of revenue	378	300	188	+26.0%
Gross profit	936	724	390	+29.2%
Gross margin	71.2%	70.7%	67.4%
Selling, general and administrative	778	574	322	+35.4%
Operating income	158	150	68.1	+5.6%
Operating margin	12.0%	14.6%	11.8%
Pre-tax income	145	141	64.1	+3.2%
Income tax	33.4	13.3	2.5	+150.7%
Effective tax rate	23.0%	9.5%	4.0%
Net income	112	128	61.5	-12.2%
Net margin	8.5%	12.5%	10.6%
Diluted EPS	$1.92	$2.21	$1.11	-13.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	134	71.2	102	+88.1%
Capital expenditure	18.5	8.7	1.7	+113.9%
Free cash flow	115	62.5	100	+84.5%
Free cash flow margin	8.8%	6.1%	17.3%
Cash from investing	-19.1	-285	-1.7
Cash from financing	-74.4	201	-22.7
Depreciation and amortisation	44.1	30.2	17.6	+46.2%
Share-based compensation	71.8	40.6	29.1	+76.7%
Buybacks	67.1	0.0	0.0
Diluted shares, weighted	58m	58m	55m	+1.0%
Shares outstanding at period end	56m	56m	54m	+0.3%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	761	643	411	+18.4%
Debt	257	262	66.5	-2.1%
Operating lease liabilities	48.7	21.5	11.2	+127.0%
Finance lease liabilities	n/a	0.0	0.1
Other liabilities	182	203	107	-10.4%
Total liabilities and equity	1,248	1,129	596	+10.5%
Fixed assets	28.8	14.0	7.9	+106.0%
Goodwill	341	341	172	-0.0%
Intangible assets	208	225	78.0	-7.7%
Cash and equivalents	149	108	121	+37.4%
Receivables	126	124	67.9	+1.8%
Inventory	187	191	81.3	-2.3%
Other assets	209	126	68.0	+65.9%
Total assets	1,248	1,129	596	+10.5%

10-K for the year ended 31 March 2025, filed 29 May 2025: the filing.