e.l.f. Beauty, Inc. (ELF) financials

NYSE · Consumer Defensive · Household & Personal Products · 849 employees · CEO Tarang Amin

Price: $116.14 +5.73%
Market cap: $6.85B
Enterprise value: $7.42B
Last report: Q2 '27 filed 2026-11-05
Next report: 2027-02-03 EPS est. $0.78

Revenue (TTM)$1.94B+39.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)11.8%+2.0 pp vs a year agoOperating income $230M

Net income (TTM)$86.6M+5.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$276M+94.2% vs a year agoCapex $12.5M

Diluted EPS (TTM)$1.45+2.8% vs a year agoSum of the last 4 quarters

Net cash-$562M+22.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $6.85B
Revenue: $1.94B
Revenue growth: +23%
Profit margin: 4.5%
P/E: 79.5×
P/S: 3.5×
EV / EBITDA: 26.9×
Free cash flow: $276M
Net income: $86.6M
Revenue estimate: $2.01B
Earnings: 2027-02-03
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-11-04): revenue beat by 10.0%, EPS beat by 103.4%Revenue $521M vs $474M expected (+10.0%); EPS $1.21 vs $0.60 (+103.4%).
Revenue growth accelerating: 51.4% year on yearQ2 '27 revenue $521M, against an average of 30.6% over the four quarters before.
Operating margin 11.8% (TTM), +2.0 pp on a year agoOperating income grew 69.1% while revenue grew 39.9%.
75.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $131M vs operating income $230M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 0.6% of revenue (a year ago 2.2%)$12.5M invested in the last 4 quarters (-58.5% on a year earlier). Free cash flow $276M = 318.2% of net income.
Returned $100M to shareholders = 36.3% of free cash flowBuybacks $100M (a year earlier $50M), dividends $0, stock-based pay $91.9M (TTM).
Diluted share count up 0.8% in a year60.1M diluted shares in Q2 '27, 59.6M a year earlier.
Net debt $562MCash + short-term investments $351M, debt incl. leases $913M; a year ago net debt $723M.

Last quarter: Q2 '27

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '27	Year ago	Change
Revenue	$521M	$344M	+51.4%
Gross margin	71.1%	69.4%	+1.6 pp
Operating income	$52.4M	$7.72M	+579.4%
Operating margin	10.1%	2.2%	+7.8 pp
Net income	$30M	$3M	+902.3%
Diluted EPS	$0.50	$0.05	+894.0%
Operating cash flow	$14.6M	$23.4M	-37.5%
Capex	$2.55M	$6.85M	-62.8%
Free cash flow	$12.1M	$16.6M	-27.0%
R&D	$0	$0	–
Stock-based compensation	$24.6M	$29.5M	-16.5%

Reported vs consensus

2026-11-04

	Actual	Consensus	vs consensus
Revenue	$521M	$474M	+10.0%
EPS (as estimated)	$1.21	$0.60	+103.4%

From the report of 2026-11-04 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '27	y/y	Share	TTM	TTM y/y	12 quarters
Reportable Segment	$521M	+51.4%	100.0%	–	–

Revenue by region

share of total

Segment	Q2 '27	y/y	Share	TTM	TTM y/y	12 quarters
United States	$347M	+24.6%	66.6%	$1.44B	+29.1%
Other Non-US	$174M	+165.0%	33.4%	$495M	+85.4%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '27

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	–	–	$52.4M	+579.4%	–	–	$172M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $288M
Capex: -$12.5M
Buybacks: -$100M
Dividends: $0
Acquisitions: -$1.08M
Net debt issued: -$30M
Stock-based compensation: $91.9M
Free cash flow: $276M
Returned to shareholders / FCF: 36.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	79.5×	75.8×	31.6× – 134.7×
EV / EBITDA	26.9×	35.6×	17.9× – 58.6×
EV / Sales	3.8×	5.3×	2.5× – 10.4×
Price / FCF	24.9×	70.0×	18.6× – 168.2×
Price / Book	5.6×	7.8×	3.1× – 16.4×
FCF yield	4.0%	2.5%	0.6% – 5.4%
Return on invested capital	6.9%	9.8%	4.1% – 14.5%
Return on equity	7.4%	11.8%	2.3% – 19.9%

Analysts

Consensus target $108.27 (-6.8%)
range $65.00 – $132.00 · rating Buy

Strong buy1

Buy13

Hold13

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$2.01B	+22.9%	$3.79	+760.6%	30.7×	7
FY2028	$2.19B	+9.1%	$4.08	+7.7%	28.5×	11
FY2029	$2.39B	+8.8%	$4.60	+12.9%	25.2×	1
FY2030	$2.48B	+4.1%	$5.39	+17.1%	21.5×	1
FY2031	$2.69B	+8.2%	$5.91	+9.6%	19.7×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 229 figures e.l.f. Beauty, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	$53K	–	–
	–	–	–	0.1%	–	–
	–	–	–	$1.99M	–	–
	–	–	–	4.9%	–	–
	–	–	–	$14.4M	–	–
	–	–	–	$3.43M	–	–
	–	–	–	$3.49M	–	–
Accounts Payable, Current	$124M	$109M	+13.5%	$97.5M	$72.2M	+35.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$246M	$155M	+59.2%	$175M	$126M	+38.6%
Accounts Receivable, Allowance for Credit Loss, Current	$900K2026-03-31	$1.3M	-30.8%	$900K	$1.3M	-30.8%
Accrued Liabilities, Current	$196M	$130M	+50.8%	$182M	$105M	+74.0%
Accrued Marketing Costs, Current	$25M	$17.7M	+41.4%	$43.3M	$13.5M	+220.7%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$23.4M2026-03-31	$27.5M	-14.9%	$23.4M	$27.5M	-14.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$985K	$971K	+1.4%	$882K	$521K	+69.3%
Additional Paid in Capital, Common Stock	$1.28B	$1.28B	0.0%	$1.28B	$942M	+36.4%
Advertising Expense	–	–	–	$361M	$282M	+28.3%
Amortization of Debt Issuance Costs	–	–	–	$1.43M	$545K	+162.9%
Amortization of Debt Issuance Costs and Discounts	$475K	$353K	+34.6%	$1.43M	$545K	+162.9%
Amortization of Intangible Assets	$11.1M	$8.9M	+24.7%	$35.5M	$17.4M	+104.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	458K	263K	+74.4%	602K	274K	+120.1%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$24.6M	$29.5M	-16.4%	$86.9M	$71.7M	+21.2%
Asset Impairment Charges	–	–	–	$0	$0	–
AssetAcquisitionConsiderationTransferredTransactionCost	$100K	$3.6M	-97.2%	$7.7M	$400K	+1,825.0%
Assets	$2.57B	$2.32B	+10.7%	$2.39B	$1.25B	+91.8%
Assets, Current	$978M	$707M	+38.2%	$789M	$541M	+46.0%
Business Combination, Acquisition Related Costs	$3.6M2025-09-30	–	–	–	–	–
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$17.7M	$0	–	$57.6M	$0	–
Business Combination, Contingent Consideration, Liability	$64.7M2026-03-31	–	–	$64.7M	–	–
Business Combination, Contingent Consideration, Liability, Current	$30M	$0	–	$26.2M	$0	–
Business Combination, Contingent Consideration, Liability, Noncurrent	$68.5M	$0	–	$38.5M	$0	–
Capital Expenditures Incurred but Not yet Paid	–	–	–	$423K	$2.63M	-83.9%
Capitalized Computer Software, Gross	$62.8M2026-03-31	$50.9M	+23.4%	$62.8M	$50.9M	+23.4%
Cash and Cash Equivalents, at Carrying Value	$351M	$194M	+80.4%	$290M	$149M	+94.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$351M	$199M	+75.9%	$290M	$149M	+94.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$6.56M	$29.4M	-77.7%	$141M	$40.5M	+248.1%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	250M	250M	0.0%	250M	250M	0.0%
Common Stock, Shares, Issued	59.1M	59.4M	-0.6%	59.1M	55.7M	+6.0%
Common Stock, Shares, Outstanding	59.1M	59.4M	-0.6%	59.1M	55.7M	+6.0%
Common Stock, Value, Issued	$590K	$593K	-0.5%	$590K	$556K	+6.1%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$30.1M	$2.76M	+990.2%	$26.7M	$113M	-76.3%
Cost of Goods and Services Sold	$151M	$105M	+43.3%	$479M	$378M	+26.8%
Current Federal Tax Expense (Benefit)	–	–	–	$11.2M	$26.5M	-57.9%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.82M	$44K	+4,034.1%
Current Income Tax Expense (Benefit)	–	–	–	$17.7M	$32.9M	-46.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$4.69M	$6.29M	-25.4%
Debt Instrument, Fair Value Disclosure	$842M2026-03-31	$257M	+227.9%	$842M	$257M	+227.9%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$2.03M	$2.63M	-22.7%	–	–	–
Debt Issuance Costs, Net	$2.03M	$2.63M	-22.7%	$2.33M	$0	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$5.11M	-$2.66M	-92.2%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$3.48M	$3.68M	-5.6%
Deferred Income Tax Assets, Net	$7.46M2026-03-31	$1.54M	+384.7%	$7.46M	$1.54M	+384.7%
Deferred Income Tax Expense (Benefit)	–	–	–	-$3.54M	$533K	-763.4%
Deferred Income Tax Liabilities, Net	$6.23M	$20.9M	-70.2%	$6.2M	$3.81M	+62.6%
Deferred Income Taxes and Tax Credits	-$8.54M	$4.5M	-289.7%	-$3.52M	$446K	-890.1%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$1.9M	-$491K	-287.4%
Deferred Tax Assets, Gross	$53.2M2026-03-31	$45.5M	+16.8%	$53.2M	$45.5M	+16.8%
Deferred Tax Assets, Net	$1.27M2026-03-31	$44.8M	-97.2%	$1.27M	$44.8M	-97.2%
Deferred Tax Assets, Net of Valuation Allowance	$52.4M2026-03-31	$44.8M	+17.0%	$52.4M	$44.8M	+17.0%
Deferred Tax Assets, Operating Loss Carryforwards	$31K2026-03-31	$403K	-92.3%	$31K	$403K	-92.3%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-K 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-K 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-09