e.l.f. Beauty (ELF) Q2 FY2027 earnings: revenue $521 million, up 51.4% on the year

e.l.f. Beauty, Inc. (ELF) reported revenue of $521 million for Q2 FY2027, the quarter ended 30 September 2026, up 51.4% on the same quarter a year earlier. Net income was $30 million, up 902.3% on the year, and diluted earnings per share $0.50. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$521 million

+51.4% on the year · +8.6% on the quarter

Q3 FY2025Q2 FY2027

Operating margin

10.1%

2.2% a year earlier

Q3 FY2025Q2 FY2027

Net income

$30 million

+902.3% on the year · -54.9% on the quarter

Q3 FY2025Q2 FY2027

Diluted EPS

$0.50

+900.0% on the year · -55.4% on the quarter

Q3 FY2025Q2 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 raised, 2 kept.

Net sales rose 51% in quarter: The company reported net sales of $520.8 million for the three months ended September 30, 2026, up 51%, its 31st consecutive quarter of net sales growth.
Adjusted EBITDA up 86%: Adjusted EBITDA for the quarter was $123.4 million, or 24% of net sales, up 86% year over year; the six-month figure was $291.6 million, or 29% of net sales.
SG&A up on marketing and people: SG&A rose $69.0 million to $300.1 million in the quarter, which management attributed to marketing, merchandising and distribution, compensation and benefits, and depreciation and amortization.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Revenue	521	479	344	+8.6%	+51.4%
Cost of revenue	151	80.5	105	+87.0%	+43.3%
Gross profit	370	399	239	-7.2%	+55.0%
Gross margin	71.1%	83.2%	69.4%
Selling, general and administrative	300	280	231	+7.1%	+29.8%
Operating income	52.4	102	7.7	-48.8%	+579.4%
Operating margin	10.1%	21.4%	2.2%
Pre-tax income	43.0	94.3	-4.0	-54.4%
Income tax	13.0	27.7	-7.0	-53.1%
Effective tax rate	30.2%	29.4%	n/a
Net income	30.0	66.6	3.0	-54.9%	+902.3%
Net margin	5.8%	13.9%	0.9%
Diluted EPS	$0.50	$1.12	$0.05	-55.4%	+900.0%

$ 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	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Operating cash flow	14.6	112	23.4	-86.9%	-37.5%
Capital expenditure	2.5	1.4	6.8	+78.2%	-62.8%
Free cash flow	12.1	110	16.6	-89.0%	-27.0%
Free cash flow margin	2.3%	23.0%	4.8%
Cash from investing	-2.5	-1.7	-587
Cash from financing	-5.6	-55.5	595
Depreciation and amortisation	24.1	26.1	18.3	-7.8%	+31.6%
Share-based compensation	24.6	19.7	29.5	+25.2%	-16.5%
Buybacks	0.0	50.0	0.0
Diluted shares, weighted	60m	60m	60m	+0.6%	+0.8%
Shares outstanding at period end	59m	59m	59m	+0.2%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Shareholders' equity	1,226	1,169	1,139	+4.8%	+7.6%
Debt	827	834	857	-0.9%	-3.5%
Operating lease liabilities	88.1	89.7	55.6	-1.7%	+58.4%
Other liabilities	427	368	267	+16.0%	+59.6%
Total liabilities and equity	2,567	2,461	2,319	+4.3%	+10.7%
Fixed assets	37.7	39.7	44.4	-4.9%	-15.0%
Goodwill	853	853	852	0.0%	+0.2%
Intangible assets	531	542	575	-2.1%	-7.7%
Cash and equivalents	351	344	194	+1.9%	+80.4%
Receivables	246	175	155	+41.1%	+59.2%
Inventory	261	247	247	+5.6%	+5.3%
Other assets	288	260	251	+10.6%	+14.7%
Total assets	2,567	2,461	2,319	+4.3%	+10.7%

Questions

What was e.l.f. Beauty's revenue in Q2 FY2027?

e.l.f. Beauty (ELF) reported revenue of $521 million for Q2 FY2027, the quarter ended 30 September 2026, up 51.4% on the same quarter a year earlier.

How much did e.l.f. Beauty earn in Q2 FY2027?

Net income for Q2 FY2027 was $30 million, up 902.3% on the year, and diluted earnings per share $0.50.

When did e.l.f. Beauty report Q2 FY2027 results?

e.l.f. Beauty filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027	Q2 FY2027
Revenue	98.1	105	123	122	147	187	216	216	271	321	324	301	355	333	354	344	490	449	479	521
Cost of revenue	33.8	37.6	39.6	42.8	47.8	58.2	63.8	63.1	79.0	93.9	93.2	87.0	102	95.6	109	105	142	123	80.5	151
Gross profit	64.3	67.5	83.0	79.6	98.7	129	153	152	192	227	231	214	253	237	245	239	347	326	399	370
Gross margin	66%	64%	68%	65%	67%	69%	71%	71%	71%	71%	71%	71%	71%	71%	69%	69%	71%	73%	83%	71%
SG&A	55.4	65.3	61.6	64.2	75.4	121	91.9	112	160	210	181	186	218	193	196	231	280	319	280	300
Operating income	9.0	2.2	21.4	15.4	23.3	8.0	60.6	40.2	31.8	17.0	50.7	27.9	35.1	44.3	48.7	7.7	67.5	-50.3	102	52.4
Operating margin	9%	2%	17%	13%	16%	4%	28%	19%	12%	5%	16%	9%	10%	13%	14%	2%	14%	-11%	21%	10%
Pre-tax income	8.3	1.2	19.1	13.3	23.4	8.3	59.7	39.7	30.4	11.2	47.2	27.9	26.3	44.0	51.1	-4.0	53.9	-60.5	94.3	43.0
Tax rate	25%	-33%	24%	12%	18%	-97%	11%	16%	12%	-30%	-1%	32%	34%	36%	35%	n/a	27%	n/a	29%	30%
Net income	6.2	1.6	14.5	11.7	19.1	16.2	53.0	33.3	26.9	14.5	47.6	19.0	17.3	28.3	33.3	3.0	39.4	-49.4	66.6	30.0
Net margin	6%	1%	12%	10%	13%	9%	24%	15%	10%	5%	15%	6%	5%	8%	9%	1%	8%	-11%	14%	6%
Diluted EPS	$0.12	$0.03	$0.27	$0.21	$0.34	$0.29	$0.93	$0.58	$0.46	$0.25	$0.81	$0.33	$0.30	$0.49	$0.58	$0.05	$0.65	-$0.82	$1.12	$0.50
Operating cash flow	7.1	11.7	30.6	12.5	26.0	32.9	23.4	27.9	-17.1	37.0	1.3	11.2	-14.7	136	27.2	23.4	59.4	102	112	14.6
Capital expenditure	0.9	0.2	0.2	0.5	1.0	0.1	0.6	0.8	4.5	2.7	0.8	1.6	5.1	11.1	7.1	6.8	6.6	1.9	1.4	2.5
Free cash flow	6.1	11.5	30.3	12.0	25.0	32.8	22.7	27.1	-21.6	34.3	0.5	9.5	-19.8	125	20.1	16.6	52.8	101	110	12.1
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	0.0	0.0	50.0	0.0	50.0	0.0
Shares outstanding	52m	52m	52m	53m	53m	54m	54m	55m	55m	56m	56m	56m	56m	56m	57m	59m	59m	59m	59m	59m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.