$ELF elf Beauty Inc | Understand Stock

What Do They Do?

Sells cosmetics and skin care products to consumers through retailers and online stores.

How Do They Make Money?

Retailers and consumers buy the company’s beauty products. The company is paid when goods ship or are delivered, depending on the arrangement; online orders are placed through its own sites or other e-commerce retailers.

FY2026 revenue

Who Are Their Customers?

Retail customers such as mass-market, drug, food, dollar and specialty retailers sell the products in stores; consumers can also buy through the company’s own online channels and other e-commerce sites.

Customers above 10% of revenue, FY2026

of revenue from four customers (18%, 13%, 11%, 10%)

FY2023: 60% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2026 and turned 12 cents into free cash flow.

Operating income, FY2026

4% of revenue

▼ −53% vs FY2025 ($158M, 12%)

Net income, FY2026

2% of revenue

▼ −77% vs FY2025 ($112.1M, 9%)

Free cash flow, FY2026

12% of revenue

▲ +65% vs FY2025 ($115.3M, 9%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +36%; vs $353.7M in Q1 FY2026
Net income: ▲ +100%; vs $33.3M in Q1 FY2026

Growing. Revenue grew 4.2x in 4 years, from $392.2M in FY2022 to $1.6B in FY2026, about 43% a year.

Expanded brand portfolio The latest report includes rhode and Naturium in the brand family, while the older report listed Keys Soulcare instead; Keys Soulcare has since left the portfolio.

Who Do They Compete With?

Competes with L’Oréal, Estee Lauder, Coty, Unilever, LVMH, Shiseido, Beiersdorf, Procter & Gamble, Revlon, and Johnson & Johnson