e.l.f. Beauty Q2 FY2027 earnings review

Net sales rose 51% to $520.8M and beat consensus by 11%.

e.l.f. Beauty · Q2 FY2027 · Published Nov 4, 2026 · By DeepCell AI · Sources

e.l.f. Beauty Q2 FY2027 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · e.l.f. Beauty (ELF) Q2 FY2027 earnings review

Net sales rose 51% to $520.8M and beat consensus by 11%

  1. 1.Net sales of $520.8M were 10.7% above the LSEG consensus
  2. 2.Adjusted EPS of $1.21 was about double the $0.60 consensus
  3. 3.Adjusted EBITDA rose 86% to $123.4M
  4. 4.GAAP net income was $30.0M, or $0.50 per diluted share
  5. 5.FY27 net sales outlook raised to $2,003M to $2,029M
  6. 6.Shares rose 2.5% after hours from the $113.63 Nov 4 close

Note: After-hours price is at 4:27 PM ET, not a close. Consensus is from LSEG (via CNBC) and MarketBeat.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; LSEG consensus via CNBC, Nov 4, 2026; Yahoo Finance prices, Nov 3–4, 2026

2

2 · Executive summary

Q2 net sales beat LSEG consensus by 10.7% and adjusted EPS by 102%

Q2 FY2027 results vs. consensus (LSEG via CNBC; MarketBeat, Nov 4, 2026)

MetricActualConsensusVarianceResult
Net sales (LSEG)$520.8M$470.3M+$50.5M / +10.7%Beat
Adjusted EPS (LSEG)$1.21$0.60+$0.61 / +101.7%Beat
Net sales (MarketBeat)$520.8M$473.5M+$47.3M / +10.0%Beat
Adjusted EPS (MarketBeat)$1.21$0.595+$0.615 / +103.4%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance)

e.l.f. Beauty (NYSE)Nov 3 closeNov 4 closeNov 4 after-hoursAfter-hours move
ELF$111.50$113.63$116.50+2.5%

After-hours price at 4:27 PM ET, Nov 4: after-hours, not a close. Move is versus the Nov 4 close.

Note: Adjusted EPS excludes stock pay, the rhode earnout change and acquired intangible amortization. GAAP diluted EPS was $0.50.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; CNBC (LSEG), Nov 4, 2026; MarketBeat, Nov 4, 2026; Yahoo Finance prices

3

3 · Q2 results vs. consensus

FY27 net sales outlook midpoint rose 3.2% to $2,016M, a strong raise

FY2027 outlook, updated Nov 4, 2026

MetricPriorUpdatedUpdated midpointMidpoint raise
Net sales ($M)$1,938M to $1,968M$2,003M to $2,029M$2,016M+3.2%
Adjusted EBITDA ($M)$401M to $407M$421M to $427M$424M+5.0%
Adjusted net income ($M)$212M to $215M$231M to $233M$232M+8.7%
Adjusted diluted EPS ($)$3.50 to $3.55$3.82 to $3.86$3.84M+8.9%

Implied second half, at updated midpoints

MetricFirst halfImplied second half
Net sales ($M)$1,000M$1,016M
Adjusted EBITDA ($M)$292M$132M
Adjusted diluted EPS ($)$2.96$0.88

Note: Updated net sales growth is 22% to 24%. Tax rate (25% to 26%) and 60.5M shares are unchanged. No FY27 consensus was verified.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

4

4 · FY2027 outlook

Adjusted EBITDA rose 86% to $123.4M on 51% sales growth

  1. Broad sales growthNet sales rose 51%, across retailer and e-commerce channels.
  2. Gross margin roseGross margin rose 164 bps to 71.1%, with about 30 bps from tariff refunds.
  3. Earnout costA $17.7M rhode earnout charge reduced GAAP profit.

Key figures

$M unless notedQ2 FY2026Q2 FY2027YoY
Net sales$343.9M$520.8M51.4%
Gross profit$238.9M$370.2M55.0%
Adjusted EBITDA$66.2M$123.4M86.2%
Adjusted net income$40.7M$72.7M78.4%
Adjusted diluted EPS$0.68$1.2177.9%

Note: The rhode earnout charge reflects rhode revenue running ahead of earnout thresholds.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

5

5 · Q2 key financials

6 · Sales and cost lines

Gross profit added $131.4M, lifting operating income to $52.4M

Operating income bridge

$M, Q2 FY2026 to Q2 FY2027

$M · Q2 FY2026: $7.7M$M · Gross profit: $131.4M$M · Selling, admin: -$69.0M$M · Earnout change: -$17.7M$M · Q2 FY2027: $52.4MQ2 FY2026Gross profitSelling, adminEarnout changeQ2 FY2027$0.0M$50.0M$100.0M$160.0M$7.7M$131.4M-$69.0M-$17.7M$52.4M
Higher SG&A took $69.0M

Note: Steps are each line’s change. Totals are reported operating income.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

7

7 · Operating income bridge

First-half Adjusted EBITDA rose 90% to $291.6M, a strong half

Six months ended September 30

$M unless noted

Metric6M FY20266M FY2027YoY
Net sales$697.7M$1,000.2M+43.4%
Adjusted EBITDA$153.3M$291.6M+90.2%
Adjusted diluted EPS$1.57$2.96+88.5%
Operating cash flow$50.6M$126.3M+149.4%
First-half gross margin was 77%, helped by tariff refunds

Note: About 520 bps of the first-half gross margin gain came from IEEPA tariff refunds.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

8

8 · First-half results

Stock pay and the earnout lift net income of $30.0M to $123.4M Adjusted EBITDA

Net income to Adjusted EBITDA

$M, Q2 FY2027

$M · Net income: $30.0M$M · Tax, interest: $23.0M$M · D and A: $24.1M$M · Stock pay: $24.6M$M · Earnout: $17.7M$M · Other items: $4.0M$M · Adj. EBITDA: $123.4MNet incomeTax,interestD and AStock payEarnoutOtheritemsAdj.EBITDA$0.0M$25.0M$50.0M$75.0M$100.0M$125.0M$140.0M$30.0M$23.0M$24.1M$24.6M$17.7M$4.0M$123.4M
Stock pay fell to $24.6M from $29.5M

Note: D and A is depreciation and amortization. Other items are cloud software amortization, acquisition and ERP costs.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

9

9 · Net income to EBITDA

Adjusted EBITDA margin rose 443 bps to 23.7%, a strong gain

Margins to net sales

%, Q2 FY2026 vs. Q2 FY2027

Gross margin · Q2 FY26: 69.4%Gross margin · Q2 FY27: 71.1%Adjusted EBITDA margin · Q2 FY26: 19.3%Adjusted EBITDA margin · Q2 FY27: 23.7%Adjusted net margin · Q2 FY26: 11.8%Adjusted net margin · Q2 FY27: 14.0%Q2 FY26Q2 FY270%25%50%80%69.4%71.1%19.3%23.7%11.8%14.0%
Gross margin rose 164 bps to 71.1%

Note: Adjusted EBITDA margin is Adjusted EBITDA divided by net sales.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

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10 · Margin analysis

First-half operating cash flow rose 149% to $126.3M, a strong cash half

Operating cash flow to change in cash

$M, 6M FY2027

$M · Operating cash flow: $126.3M$M · Investing: -$4.2M$M · Buybacks: -$50.0M$M · Debt repayment: -$15.0M$M · Stock issued, FX: $4.0M$M · Cash change: $61.1MOperatingcash flowInvestingBuybacksDebtrepaymentStockissued, FXCash change$0.0M$25.0M$50.0M$75.0M$100.0M$125.0M$140.0M$126.3M-$4.2M-$50.0M-$15.0M$4.0M$61.1M
Buybacks used $50.0M

Note: The release gives cash flows for six months only, not for Q2 alone.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

11

11 · First-half cash flow

Adjusted SG&A fell to 53% of net sales from 56%, on faster sales

Cost lines to net sales

%, Q2 FY2026 vs. Q2 FY2027

SG&A · Q2 FY26: 67.2%SG&A · Q2 FY27: 57.6%Adjusted SG&A · Q2 FY26: 56.2%Adjusted SG&A · Q2 FY27: 52.8%Stock pay · Q2 FY26: 8.6%Stock pay · Q2 FY27: 4.7%Q2 FY26Q2 FY270%25%50%80%67.2%57.6%56.2%52.8%8.6%4.7%
Stock pay fell to 5% of net sales

Note: Adjusted SG&A excludes stock pay, ERP and acquisition costs.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

12

12 · Operating cost ratios

13 · Balance sheet

Guidance implies second-half Adjusted EBITDA of $132M, 55% below the first half

Indicator
What to watch
Implication
Latest reading
Tariff refunds
Gross margin
First half had about 520 bps of refunds
71% Q2 gross margin
rhode earnout
GAAP profit
Charges rise if rhode keeps outperforming
$17.7M in Q2
Marketing spend
Margin
Adjusted SG&A grew fast
+42.4% YoY
Second-half margin
Profit path
Implied H2 margin is 13%
29% in first half

Note: These are analytical watch points, not company targets.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: profit and non-GAAP detail

ClaimEvidenceCalculation
Operating margin rose2.2% to 10.1%Operating income to sales
Adjusted net margin rose11.8% to 14.0%Adjusted net income to sales
GAAP diluted EPS rose$0.05 to $0.50Statements of operations
Adjusted net income rose$40.7M to $72.7MNon-GAAP reconciliation
Acquired intangible amortization$8.9M to $11.1MNon-GAAP reconciliation
Income tax($7.0M) to $13.0MPrior year was a benefit

Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

15

15 · Appendix: Profit detail

16 · Appendix: First half

Appendix: guidance detail

ClaimEvidenceCalculation
Updated net sales growth22% to 24%Prior was 18% to 20%
Adjusted EBITDA midpoint raise+5.0%Updated vs prior
Adjusted net income midpoint$232MUpdated outlook
Implied H2 adjusted net income$54.8MMidpoint less first half
Implied H2 net sales$1,015.8MMidpoint less first half
Diluted shares outlook60.5MUnchanged

Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

17

17 · Appendix: Guidance detail

18 · Appendix: Balance detail

Appendix: income statement and Adjusted EBITDA detail

Income statement lines, $M and YoY %

$M unless notedQ2 FY2026Q2 FY2027YoY
Net sales$343.9M$520.8M51.4%
Gross profit$238.9M$370.2M55.0%
SG&A$231.1M$300.1M29.8%
Operating income$7.7M$52.4M579.4%
Net income$3.0M$30.0M902.3%

Net income to Adjusted EBITDA, $M

$MQ2 FY2026Q2 FY2027
Net income$3.0M$30.0M
Interest and taxes$2.2M$23.0M
Depreciation and amortization$18.3M$24.1M
Stock-based compensation$29.5M$24.6M
Adjusted EBITDA$66.2M$123.4M

Note: Adjusted EBITDA also adds back the earnout change, debt extinguishment loss and other items.Source: e.l.f. Beauty Form 8-K press release, Nov 4, 2026; analysis of company data

19

19 · Appendix: P&L and EBITDA

Appendix: sources

  • Filing: e.l.f. Beauty Form 8-K, Nov 4, 2026 (accepted 4:11 PM ET) — https://www.sec.gov/Archives/edgar/data/1600033/000160003326000048/0001600033-26-000048-index.htm
  • Press release, Q2 FY2027 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1600033/000160003326000048/q22027er-991.htm
  • Press release on Business Wire — https://www.businesswire.com/news/home/20261104156328/en/e.l.f.-Beauty-Announces-Second-Quarter-Fiscal-2027-Results
  • Q2 consensus: LSEG, via CNBC, Nov 4, 2026 — https://www.cnbc.com/2026/11/04/elf-beauty-elf-q2-2027-earnings.html
  • Q2 consensus check: MarketBeat, Nov 4, 2026 — https://www.marketbeat.com/earnings/reports/2026-11-4-elf-beauty-inc-stock/
  • Share price: Yahoo Finance ELF, Nov 3 and Nov 4 closes; Nov 4 after-hours at 4:27 PM ET — https://finance.yahoo.com/quote/ELF/
  • Release: published after the US close on Nov 4, 2026.
  • Gaps: no channel or brand split, no Q2-only cash flow and no verified FY27 consensus.
  • Times are US Eastern. The after-hours price is not a close.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from e.l.f. Beauty's Form 8-K of November 4, 2026 (Exhibit 99.1). Consensus estimates (LSEG via CNBC, MarketBeat) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the quarters ended September 30, 2026 and 2025, in US dollars. e.l.f. Beauty's fiscal year ends March 31.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, adjusted SG&A, adjusted net income and adjusted EPS follow e.l.f. Beauty's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by e.l.f. Beauty, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available shortly after the November 4, 2026 release. The after-hours price is not a close.

Built with DeepCell / deepcell.net

21

21 · Disclosures

Sources

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