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e.l.f. Beauty (ELF) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · e.l.f. Beauty (ELF) Q2 FY27 earnings results →

Q2 FY27 Revenue up 51% year over year to $521M · 6¢ of every $1 of revenue kept as net profit · operating margin 10.1%

e.l.f. Beauty made $521M in Q2 FY27 (+51% Y/Y). Operating margin 10.1%, net earnings $30.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$521M
Year over year+51%
Operating margin10.1%
Net earnings$30.0M
Operating cash flow$14.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $520.8M in Q2 FY27, up 51% year over year and up 9% from the previous quarter.

Gross margin was 71.1%, up 1.6 points from Q2 FY26. Operating profit was $52.4M, a 10.1% margin (up 7.8 points year over year). Of the extra revenue versus Q2 FY26, 25% reached operating profit, above the 2% margin then. Operating expenses grew 37% against revenue growth of 51%. Net earnings were $30.0M, up 902% year over year. The effective tax rate was 30.2%.

Operating cash flow was $14.6M (down 37% year over year), 49% of net earnings. Non-cash charges added back $24.1M of depreciation and amortization and $24.6M of share-based compensation. Working capital and other items used $64.1M. Capital expenditures of $2.5M left free cash flow of $12.1M.

Quarterly history

e.l.f. Beauty revenue by quartere.l.f. Beauty revenue by quarter$333MQ4 FY25$354MQ1 FY26$344MQ2 FY26$490MQ3 FY26$449MQ4 FY26$479MQ1 FY27$521MQ2 FY27
e.l.f. Beauty net earnings by quartere.l.f. Beauty net earnings by quarter$28.3MQ4 FY25$33.3MQ1 FY26$3.0MQ2 FY26$39.4MQ3 FY26−$49.4MQ4 FY26$66.6MQ1 FY27$30.0MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$521M+51%10.1%$30.0M$14.6M
Q1 FY2710-QAug 6, 2026$479M+36%21.4%$66.6M$112M
Q4 FY2610-KMay 21, 2026$449M+35%-11.2%−$49.4M$102M
Q3 FY2610-QFeb 5, 2026$490M+38%13.8%$39.4M$59.4M
Q2 FY2610-QNov 10, 2025$344M+14%2.2%$3.0M$23.4M
Q1 FY2610-QAug 7, 2025$354M+9%13.8%$33.3M$27.2M
Q4 FY2510-KMay 29, 2025$333M+4%13.3%$28.3M$136M

Charts

e.l.f. Beauty: revenue growth, year over year and quarter over quartere.l.f. Beauty: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q4 FY25+9%+6%Q1 FY26+14%-3%Q2 FY26+38%+42%Q3 FY26+35%-8%Q4 FY26+36%+7%Q1 FY27+51%+9%Q2 FY27
Latest (Q2 FY27): Y/Y +51%, Q/Q +9%.
e.l.f. Beauty: where the cash came from (+) and went (−), TTM to Q2 FY27e.l.f. Beauty: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$288MCash drawn (+) / kept (−)−$151MBuybacks−$100MNet borrowing (+) / repaid (−)−$30.0MCapital spending−$12.5MShares issued$8.0MAcquisitions−$1.1MOther investing−$893KExchange rates−$300K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
e.l.f. Beauty: profit against cash, quarter by quartere.l.f. Beauty: profit against cash, quarter by quarterNet incomeOperating cash flow$17.3M−$14.7MQ3 FY25$28.3M$136MQ4 FY25$33.3M$27.2MQ1 FY26$3.0M$23.4MQ2 FY26$39.4M$59.4MQ3 FY26−$49.4M$102MQ4 FY26$66.6M$112MQ1 FY27$30.0M$14.6MQ2 FY27
Latest (Q2 FY27): Net income $30.0M, Operating cash flow $14.6M.
e.l.f. Beauty: diluted shares by fiscal yeare.l.f. Beauty: diluted shares by fiscal year52MFY2154MFY2255MFY2358MFY2458MFY2559MFY26
+14.2% since FY21: more shares outstanding (issuance, stock pay).
e.l.f. Beauty: long-term debt falling due (FY26)e.l.f. Beauty: long-term debt falling due (FY26)$30.0M2027$30.0M2028$37.5M2029$744M2030
Cash $290M, short-term investments —, long-term debt $842M at 2026-03-31.
e.l.f. Beauty in its industry: growth against margin (15 companies, SIC 2844)e.l.f. Beauty in its industry: growth against margin (15 companies, SIC 2844)revenue growth, year over year →↑ operating marginmedian +3%median 7%CLKVUEELCOTYEPCIPARSLSNAXILYCBDUGBNKKDQWSKARXSHFHELF (+51%, 10%)
Perfumes, Cosmetics & Other Toilet Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About e.l.f. Beauty

e.l.f. Beauty, Inc. (“e.l.f. Beauty” and together with our subsidiaries, the “Company,” or “we”) is a multi-brand beauty company that offers inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products. • Our Vision . To be a different kind of beauty company by building brands that disrupt industry norms, shape culture and connect communities through positivity, inclusivity and accessibility.

In its own words, from its 10-K, filed May 21, 2026.

e.l.f. Beauty against its Perfumes, Cosmetics & Other Toilet Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +51% against the peers' median +2%. Operating margin: 10.1% against the peers' median 11.0%.

CompanyQuarterRevenueY/YOp. margin
ELF e.l.f. BeautyQ2 FY27$521M+51%10.1%
CL Colgate PalmoliveQ3 2026$5.4B+5%20.3%
KVUE KenvueQ3 2026$3.9B+3%18.2%
EL Estee Lauder CompaniesQ1 FY27$3.7B+7%11.0%
COTY CotyQ1 FY27$1.6B-1%11.0%
EPC Edgewell Personal CareQ3 FY26$570M+2%4.4%
IPAR InterparfumsQ3 2026$430M0%27.4%
SLSN SolesenceQ2 2026$15.3M-25%0.8%
AXIL Axil BrandsQ1 FY27$6.1M-11%7.2%

Source: e.l.f. Beauty 10-Q on SEC EDGAR · CIK 1600033 · Perfumes, Cosmetics & Other Toilet Preparations

Guidance and outlook

e.l.f. Beauty Revenue: guidance against what was reportede.l.f. Beauty Revenue: guidance against what was reportedguided rangereported (above / within / below)FY26$1.6BFY27
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
e.l.f. Beauty: what its forward-looking statements are about (10-Q filed 2026-11-05)e.l.f. Beauty: what its forward-looking statements are about (10-Q filed 2026-11-05)Demand2Financing2Supply chain1The economy1
6 statements; tone +0.50 (−1 all cautious, +1 all confident); 2 hedged.
e.l.f. Beauty: outlook statements against the filing beforee.l.f. Beauty: outlook statements against the filing beforeConfident3

13F: who owns ELF and who is buying

Largest holders of ELF (13F)Largest holders of ELF (13F)Baillie Gifford$522MBlackRock$428MVanguard Group$417MVanguard Portfolio Management LLC$204MVanguard Capital Management LLC$191MGoldman Sachs Group$142MState Street$139MEnsign Peak Advisors$118MHolocene Advisors, LP$100MDimensional Fund Advisors LP$82.7M
Funds' net buying of ELF by quarter (13F)Funds' net buying of ELF by quarter (13F)$260M2024-09$565M2024-12−$7.6M2025-03−$18.7M2025-06$102M2025-09$28.9M2025-12−$135M2026-03−$431M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ELF

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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