elf Beauty Financials
This page shows elf Beauty (ELF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
e.l.f. Beauty is scaling through high gross margins, but selling spend is absorbing more of the growth.
Even with gross margin at71.2% in the latest year, operating margin fell from the prior year's14.6% , showing that stronger product economics were outweighed by heavier selling and administrative spend. Meanwhile, free cash flow rose to$115.3M while net income slipped to$112.1M , a reversal from the prior year that points to better cash conversion even as reported profitability softened.
The latest year looks more liquid: cash climbed to
This remains an asset-light operating model: free cash flow reached
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of elf Beauty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
elf Beauty has an operating margin of 4.5%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is down from 12.0% the prior year.
elf Beauty's revenue surged 24.6% year-over-year to $1.6B, reflecting rapid business expansion. This strong growth earns a score of 77/100.
elf Beauty carries a low D/E ratio of 0.74, meaning only $0.74 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
elf Beauty's current ratio of 2.35 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.
elf Beauty has a free cash flow margin of 11.6%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.
elf Beauty's ROE of 2.3% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 14.7% the prior year.
elf Beauty scores 2.54, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($3.4B) relative to total liabilities ($1.3B). This signals moderate financial risk that warrants monitoring.
elf Beauty passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, elf Beauty generates $8.07 in operating cash flow ($212.5M OCF vs $26.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
elf Beauty earns $3.0 in operating income for every $1 of interest expense ($73.6M vs $24.8M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
elf Beauty generated $1.6B in revenue in fiscal year 2026. This represents an increase of 24.6% from the prior year.
elf Beauty's EBITDA was $153.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.3% from the prior year.
elf Beauty reported $26.3M in net income in fiscal year 2026. This represents a decrease of 76.5% from the prior year.
elf Beauty earned $0.44 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 77.1% from the prior year.
Cash & Balance Sheet
elf Beauty generated $190.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 64.8% from the prior year.
elf Beauty held $289.7M in cash against $841.7M in long-term debt as of fiscal year 2026.
elf Beauty had 59M shares outstanding in fiscal year 2026. This represents an increase of 5.5% from the prior year.
Margins & Returns
elf Beauty's gross margin was 70.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.
elf Beauty's operating margin was 4.5% in fiscal year 2026, reflecting core business profitability. This is down 7.5 percentage points from the prior year.
elf Beauty's net profit margin was 1.6% in fiscal year 2026, showing the share of revenue converted to profit. This is down 6.9 percentage points from the prior year.
elf Beauty's ROE was 2.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 12.4 percentage points from the prior year.
Capital Allocation
elf Beauty spent $50.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 25.5% from the prior year.
elf Beauty invested $22.4M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 21.2% from the prior year.
ELF Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $449.3M-8.2% | $489.5M+42.3% | $343.9M-2.8% | $353.7M+6.3% | $332.6M-6.4% | $355.3M+18.0% | $301.1M-7.2% | $324.5M |
| Cost of Revenue | N/A | $142.0M+35.1% | $105.1M-3.8% | $109.2M | N/A | $102.0M+17.2% | $87.0M-6.6% | $93.2M |
| Gross Profit | $326.5M-6.1% | $347.5M+45.5% | $238.9M-2.3% | $244.5M+3.2% | $237.0M-6.4% | $253.3M+18.3% | $214.1M-7.4% | $231.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $280.0M+21.1% | $231.1M+18.0% | $195.8M | N/A | $218.2M+17.2% | $186.1M+3.1% | $180.6M |
| Operating Income | N/A | $67.5M+775.3% | $7.7M-84.2% | $48.7M | N/A | $35.1M+25.7% | $27.9M-44.9% | $50.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $14.5M+307.4% | -$7.0M-139.2% | $17.8M | N/A | $9.0M+1.0% | $8.9M+2847.1% | -$325K |
| Net Income | -$49.4M-225.4% | $39.4M+1214.3% | $3.0M-91.0% | $33.3M+17.9% | $28.3M+63.7% | $17.3M-9.2% | $19.0M-60.0% | $47.6M |
| EPS (Diluted) | $-0.82-226.2% | $0.65+1200.0% | $0.05-91.4% | $0.58+18.4% | $0.49+63.3% | $0.30-9.1% | $0.33-59.3% | $0.81 |
ELF Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+3.0% | $2.3B+0.2% | $2.3B+76.3% | $1.3B+5.3% | $1.2B-1.3% | $1.3B+2.2% | $1.2B+2.7% | $1.2B |
| Current Assets | $789.4M+12.5% | $701.6M-0.8% | $707.2M+17.4% | $602.5M+11.5% | $540.6M-3.3% | $559.1M+0.9% | $554.0M+4.4% | $530.5M |
| Cash & Equivalents | $289.7M+47.2% | $196.8M+1.2% | $194.4M+14.3% | $170.0M+14.3% | $148.7M+101.4% | $73.8M-23.7% | $96.8M-11.2% | $109.0M |
| Inventory | $220.2M-0.2% | $220.6M-10.8% | $247.4M+45.2% | $170.4M-9.0% | $187.2M-12.9% | $214.8M-10.1% | $238.8M+19.7% | $199.6M |
| Accounts Receivable | $174.6M-8.2% | $190.3M+23.0% | $154.7M-10.8% | $173.4M+37.6% | $126.0M-32.9% | $187.7M+28.1% | $146.6M-5.9% | $155.7M |
| Goodwill | $853.5M+0.1% | $852.8M+0.1% | $851.8M+150.1% | $340.6M0.0% | $340.6M0.0% | $340.6M0.0% | $340.6M0.0% | $340.6M |
| Total Liabilities | $1.3B+8.8% | $1.2B-1.5% | $1.2B+131.3% | $510.0M+4.7% | $487.3M-2.0% | $497.4M-2.3% | $509.3M+1.6% | $501.2M |
| Current Liabilities | $336.2M+32.2% | $254.3M-2.9% | $261.9M+41.8% | $184.7M+4.3% | $177.1M-39.8% | $293.9M-5.5% | $310.9M+3.7% | $299.8M |
| Long-Term Debt | $841.7M-0.9% | $849.2M-0.9% | $856.7M+233.8% | $256.7M0.0% | $256.7M+66.6% | $154.1M-1.7% | $156.6M-1.6% | $159.2M |
| Total Equity | $1.1B-2.7% | $1.2B+2.0% | $1.1B+41.5% | $804.9M+5.8% | $760.9M-0.9% | $767.4M+5.5% | $727.7M+3.4% | $703.6M |
| Retained Earnings | -$155.9M-46.3% | -$106.6M+27.0% | -$145.9M+2.0% | -$148.9M+18.3% | -$182.2M+13.4% | -$210.5M+7.6% | -$227.8M+7.7% | -$246.8M |
ELF Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $102.5M+72.5% | $59.4M+153.7% | $23.4M-14.0% | $27.2M-80.0% | $136.1M+1025.3% | -$14.7M-231.7% | $11.2M+771.8% | $1.3M |
| Capital Expenditures | $1.9M-71.5% | $6.6M-3.3% | $6.8M-3.5% | $7.1M-35.8% | $11.1M+118.9% | $5.1M+211.3% | $1.6M+106.5% | $786K |
| Free Cash Flow | $100.6M+90.5% | $52.8M+218.6% | $16.6M-17.7% | $20.1M-83.9% | $125.0M+732.8% | -$19.8M-307.0% | $9.5M+1828.3% | $495K |
| Investing Cash Flow | -$2.3M+71.1% | -$7.9M+98.6% | -$587.5M-7671.6% | -$7.6M+33.4% | -$11.4M-116.9% | -$5.2M-222.7% | -$1.6M-84.6% | -$879K |
| Financing Cash Flow | -$7.0M+87.0% | -$54.0M-109.1% | $594.8M+491436.4% | $121K+100.2% | -$50.2M-2079.5% | -$2.3M+89.7% | -$22.4M-5586.3% | $408K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $50.0M | N/A | N/A | $50.0M | $0 | N/A | N/A |
ELF Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.7%+1.7pp | 71.0%+1.5pp | 69.5%+0.3pp | 69.1%-2.1pp | 71.3%-0.0pp | 71.3%+0.2pp | 71.1%-0.2pp | 71.3% |
| Operating Margin | N/A | 13.8%+11.6pp | 2.2%-11.5pp | 13.8% | N/A | 9.9%+0.6pp | 9.3%-6.4pp | 15.6% |
| Net Margin | -11.0%-19.0pp | 8.0%+7.2pp | 0.9%-8.6pp | 9.4%+0.9pp | 8.5%+3.6pp | 4.9%-1.5pp | 6.3%-8.3pp | 14.7% |
| Return on Equity | -4.4%-7.8pp | 3.4%+3.1pp | 0.3%-3.9pp | 4.1%+0.4pp | 3.7%+1.5pp | 2.3%-0.4pp | 2.6%-4.1pp | 6.8% |
| Return on Assets | -2.1%-3.8pp | 1.7%+1.6pp | 0.1%-2.4pp | 2.5%+0.3pp | 2.3%+0.9pp | 1.4%-0.2pp | 1.5%-2.4pp | 4.0% |
| Current Ratio | 2.35-0.4 | 2.76+0.1 | 2.70-0.6 | 3.26+0.2 | 3.05+1.2 | 1.90+0.1 | 1.78+0.0 | 1.77 |
| Debt-to-Equity | 0.74+0.0 | 0.73-0.0 | 0.75+0.4 | 0.32-0.0 | 0.34+0.1 | 0.20-0.0 | 0.22-0.0 | 0.23 |
| FCF Margin | 22.4%+11.6pp | 10.8%+6.0pp | 4.8%-0.9pp | 5.7%-31.9pp | 37.6%+43.1pp | -5.6%-8.7pp | 3.2%+3.0pp | 0.1% |
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Frequently Asked Questions
What is elf Beauty's annual revenue?
elf Beauty (ELF) reported $1.6B in total revenue for fiscal year 2026. This represents a 24.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is elf Beauty's revenue growing?
elf Beauty (ELF) revenue grew by 24.6% year-over-year, from $1.3B to $1.6B in fiscal year 2026.
Is elf Beauty profitable?
Yes, elf Beauty (ELF) reported a net income of $26.3M in fiscal year 2026, with a net profit margin of 1.6%.
What is elf Beauty's EBITDA?
elf Beauty (ELF) had EBITDA of $153.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does elf Beauty have?
As of fiscal year 2026, elf Beauty (ELF) had $289.7M in cash and equivalents against $841.7M in long-term debt.
What is elf Beauty's gross margin?
elf Beauty (ELF) had a gross margin of 70.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is elf Beauty's operating margin?
elf Beauty (ELF) had an operating margin of 4.5% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is elf Beauty's net profit margin?
elf Beauty (ELF) had a net profit margin of 1.6% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is elf Beauty's return on equity (ROE)?
elf Beauty (ELF) has a return on equity of 2.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is elf Beauty's free cash flow?
elf Beauty (ELF) generated $190.1M in free cash flow during fiscal year 2026. This represents a 64.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is elf Beauty's operating cash flow?
elf Beauty (ELF) generated $212.5M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are elf Beauty's total assets?
elf Beauty (ELF) had $2.4B in total assets as of fiscal year 2026, including both current and long-term assets.
What are elf Beauty's capital expenditures?
elf Beauty (ELF) invested $22.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is elf Beauty's current ratio?
elf Beauty (ELF) had a current ratio of 2.35 as of fiscal year 2026, which is generally considered healthy.
What is elf Beauty's debt-to-equity ratio?
elf Beauty (ELF) had a debt-to-equity ratio of 0.74 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is elf Beauty's return on assets (ROA)?
elf Beauty (ELF) had a return on assets of 1.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is elf Beauty's Altman Z-Score?
elf Beauty (ELF) has an Altman Z-Score of 2.54, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is elf Beauty's Piotroski F-Score?
elf Beauty (ELF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are elf Beauty's earnings high quality?
elf Beauty (ELF) has an earnings quality ratio of 8.07x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can elf Beauty cover its interest payments?
elf Beauty (ELF) has an interest coverage ratio of 3.0x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is elf Beauty?
elf Beauty (ELF) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.