10-K · May 20, 2026
e.l.f. Beauty delivered strong growth in fiscal 2026, with net sales increasing 25% year-over-year to $1,636.5 million, bolstered by acquisitions and strong retailer performance. However, margins tightened due to higher…
Earnings analysis · 10-Q
ELF earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
e.l.f. Beauty delivered revenue of $520.816 million, a 10.1% beat versus consensus, with gross margin of 71.0% and adjusted EBITDA up 86% to $123.4 million. International growth and rhode were identified as key drivers,…
Read full summary
e.l.f. Beauty delivered revenue of $520.816 million, a 10.1% beat versus consensus, with gross margin of 71.0% and adjusted EBITDA up 86% to $123.4 million. International growth and rhode were identified as key drivers, while management raised fiscal 2027 sales-growth, EBITDA, net-income, and adjusted EPS expectations. The principal offsets are $826.7 million of debt, a rhode earnout liability remeasured to $98.5 million, and continuing tariff and geopolitical exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.21
- Gross margin
- 71.0%
- Segment
- International and rhode were identified as growth drivers, but segment revenue amounts were not disclosed in the provided filing text.
What stood out
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Revenue Beat Consensus by 10.1%
Revenue was $520.816 million, exceeding the $473.026 million consensus estimate by approximately $47.790 million, or 10.1%.
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Gross Margin and EBITDA Improved
Gross margin expanded to 71.0%, while adjusted EBITDA increased 86% to $123.4 million, indicating strong operating leverage before acquisition-related items.
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Fiscal 2027 Outlook Raised
Management raised fiscal 2027 net sales growth guidance to 22%-24% from 18%-20% and increased adjusted EBITDA guidance to $421-$427 million from $401-$407 million.
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rhode Continues to Outperform
The rhode acquisition continued to outperform expectations: contingent consideration was remeasured to $98.5 million from an initial valuation of $7.1 million.
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Tariff Refunds Provide Cash Benefit
The company reported $51.7 million of tariff refunds received to date following the February 20, 2026 Supreme Court ruling invalidating tariffs imposed under IEEPA.
What to watch
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Elevated Debt and Limited Liquidity
Total indebtedness was $826.7 million as of September 30, 2026, with only $243.3 million of availability under the Revolving Credit Facility. Variable-rate borrowings increase exposure to interest-rate and refinancing risk.
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rhode Earnout Liability Increased
The rhode contingent-consideration liability reached $98.5 million, versus an initial valuation of $7.1 million, reflecting a substantial increase in the expected earnout obligation.
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China Sourcing and Tariff Exposure
A portion of products is sourced and manufactured in China, where products have been subject to a 25% US tariff since May 2019; the company also notes uncertainty around additional tariffs and supply-chain costs.
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Geopolitical Disruption to Sales
The company states that a Middle Eastern retail partner temporarily shuttered stores in Bahrain during regional attacks in February 2026, affecting retail sales in the region.
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Tariff Refund Timing Is Uncertain
The company had received approximately $51.7 million of tariff refunds, but explicitly states that the availability, timing, and total amount of future refunds remain uncertain.
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Repurchases Compete with Capital Needs
The 2024 share-repurchase authorization has $350.0 million remaining, but repurchases are subject to leverage-ratio covenants and could reduce cash available for operations, debt service, or investment.
Management's outlook
Fiscal 2027 outlook was raised: net sales growth to 22%-24% from 18%-20%, adjusted EBITDA to $421-$427 million from $401-$407 million, adjusted net income to $231-$233 million from $212-$215 million, and adjusted diluted EPS to $3.82-$3.86 from $3.50-$3.55. Revenue guidance was $2.0 billion-$2.03 billion.
Earlier filings 4
10-Q · November 10, 2025
Revenue rose to $343,936 (as reported) for the quarter, driven by U.S. strength and the recently closed rhode acquisition (rhode contributed $52.4 million of net sales). However, gross margin compressed to 69.5% and…
10-Q · August 7, 2025
e.l.f. Beauty reported quarterly net sales of $353,739,000 (up from $324,477,000 a year ago) and GAAP diluted EPS of $0.58 (down from $0.81 a year ago). Gross profit was $244,541,000, producing a gross margin of ~69.15%…
10-K · May 29, 2025
e.l.f. Beauty positions itself as a digitally-native, value-oriented multi-brand beauty company focused on premium-quality, clean, vegan products at accessible price points (e.g., e.l.f. Cosmetics average product price…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.