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e.l.f. Beauty (ELF) FY2026 results: revenue $1.6 billion, up 24.6% on the year

e.l.f. Beauty, Inc. (ELF) reported revenue of $1.6 billion for fiscal 2026, the year ended 31 March 2026, up 24.6% on the year before. Net income was $26 million, down 76.5%, and diluted earnings per share $0.44. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2026.

Revenue
$1.6 billion
+24.6% on the year
FY2020FY2026
Operating margin
4.5%
12.0% a year earlier
FY2020FY2026
Net income
$26 million
-76.5% on the year
FY2020FY2026
Diluted EPS
$0.44
-77.1% on the year
FY2020FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 7 new.

  • Fourth quarter net sales rose 35%: Net sales rose 35% to $449.3 million in the three months to March 31, 2026, driven by retailer and e-commerce growth in the US and internationally.
  • Fourth quarter GAAP net loss: The company reported a GAAP net loss of $49.4 million, or $0.82 per diluted share, against adjusted net income of $19.4 million, or $0.32 adjusted diluted EPS.
  • Fourth quarter gross margin rose: Gross margin rose about 140 basis points to 73%, which the company attributed mainly to pricing, partly offset by higher tariffs.
  • Fourth quarter adjusted EBITDA down 28%: Adjusted EBITDA was $58.8 million, or 13% of net sales, down 28% from a year earlier.
  • Fourth quarter SG&A increased $126.4 million: SG&A reached $319.1 million and adjusted SG&A reached $300.0 million, with higher marketing, merchandising, distribution, compensation, depreciation and professional fees.
Read the Q4 FY2026 earnings call summary

From this 10-K

e.l.f. Beauty sells cosmetics and skin care at prices below most of its competition, through retailers and online. Its brands are e.l.f. Cosmetics, e.l.f. SKIN, rhode, Naturium and Well People, and it describes its products as clean, vegan and cruelty free. It transferred the Keys Soulcare brand to Alicia Keys in May 2026.

e.l.f. Beauty, Inc., the 10-K for 2026

e.l.f. Beauty sells cosmetics and skin care at prices below most of its competition, through retailers and online. Its brands are e.l.f. Cosmetics, e.l.f. SKIN, rhode, Naturium and Well People, and it describes its products as clean, vegan and cruelty free. It transferred the Keys Soulcare brand to Alicia Keys in May 2026.

The brands

e.l.f. Cosmetics and e.l.f. SKIN are certified cruelty-free by both Leaping Bunny and PETA, and some products are made in Fair Trade Certified facilities. Citing Nielsen, the company states that its flagship cosmetics brand has an average product price in the US of approximately $7, against $10 for other leading mass cosmetics brands and $30 for prestige brands. Many of its products are modelled on prestige items the company calls "holy grails", such as a lip oil sold at $9 against a prestige item at $42. The rhode brand is a skincare line founded by Hailey Rhode Bieber, which the company acquired on August 5, 2025. Naturium, a skincare brand acquired on October 4, 2023, sells dermatologist-tested face and body products. Well People makes plant-based color cosmetics and is free from sulfates, parabens and synthetic fillers.

Where it sells

Its products cover eye, lip and face makeup, beauty tools and accessories, and skin care. In the United States they are sold mainly through mass, drug store, food, dollar and specialty retailers, and online through its own websites and apps and through sites such as Amazon and TikTok Shop. Outside the U.S. its main markets are the United Kingdom, Canada and Germany. Its largest customers are Target, Walmart, Amazon and Sephora, and like other customers in the industry none is obliged to keep buying. The company states that its flagship brand, which started as digitally native, is the only top five mass cosmetics brand with its own direct-to-consumer e-commerce site, and it uses data from that site and from its Beauty Squad loyalty program to change part of its retail assortment each year.

Marketing and competition

The company reaches consumers mainly through digital and social media rather than magazines, newspapers and television. It competes with large multinational companies that own several beauty brands each, such as L'Oréal, Estee Lauder, Coty, Unilever, LVMH, Shiseido, Beiersdorf and Procter & Gamble, and with small independent brands.

Supply chain

Products are made by third-party manufacturers, mainly in China, with others in the United States, Italy, South Korea and other countries. Third-party logistics providers run its distribution centers: one in California serves national retailers, and others in Ohio, Georgia, Utah, Pennsylvania, Texas, California and New Jersey serve e-commerce customers. Outside the U.S. it uses logistics providers in the UK, the Netherlands, Canada and China.

People

As of March 31, 2026 it had 849 full-time employees. Every full-time employee receives a base salary, the same bonus plan and an annual equity award in company stock.

From e.l.f. Beauty's annual report on Form 10-K for the year ended 31 March 2026. The filing

Written from the 10-K filed 21 May 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue1,6361,3141,024+24.6%
Cost of revenue479378300+26.8%
Gross profit1,157936724+23.7%
Gross margin70.7%71.2%70.7%
Selling, general and administrative1,026778574+31.9%
Operating income73.6158150-53.4%
Operating margin4.5%12.0%14.6%
Pre-tax income40.5145141-72.2%
Income tax14.133.413.3-57.7%
Effective tax rate35.0%23.0%9.5%
Net income26.3112128-76.5%
Net margin1.6%8.5%12.5%
Diluted EPS$0.44$1.92$2.21-77.1%
$ million except per share.
Read moreFree 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow21313471.2+58.8%
Capital expenditure22.418.58.7+21.2%
Free cash flow19011562.5+64.8%
Free cash flow margin11.6%8.8%6.1%
Cash from investing-605-19.1-285
Cash from financing534-74.4201
Depreciation and amortisation79.444.130.2+79.9%
Share-based compensation86.971.840.6+21.1%
Buybacks50.067.10.0-25.5%
Diluted shares, weighted59m58m58m+1.7%
Shares outstanding at period end59m56m56m+6.0%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity1,131761643+48.6%
Debt842257262+227.9%
Operating lease liabilities69.948.721.5+43.5%
Finance lease liabilitiesn/an/a0.0
Other liabilities352182203+93.5%
Total liabilities and equity2,3941,2481,129+91.8%
Fixed assets41.528.814.0+44.1%
Goodwill853341341+150.6%
Intangible assets553208225+166.3%
Cash and equivalents290149108+94.8%
Receivables175126124+38.6%
Inventory220187191+17.7%
Other assets262209126+25.0%
Total assets2,3941,2481,129+91.8%

10-K for the year ended 31 March 2026, filed 21 May 2026: the filing.