ODDITY (ODD) Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
ODDITY (ODD) Q3 2026 earnings review
Net revenue fell 2%, ahead of the company outlook, and ODDITY raised its full-year targets.
ODDITY · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources
1 · ODDITY (ODD) Q3 2026 earnings review
Net revenue fell 2%, ahead of the company outlook, and ODDITY raised its full-year targets
- 1.Net revenue was $145.0M, a 2% decline, ahead of the -5% company outlook
- 2.Adjusted EBITDA was $22.0M, above the $18M to $20M outlook
- 3.The company raised its full-year net revenue outlook to a decline of approximately 18.5% and adjusted EBITDA to $32M–$34M
- 4.Adjusted diluted EPS of $0.37 beat the $0.30 Yahoo Finance estimate
- 5.Shares were +2.0% at the Nov 11 regular-session close of $19.90
Note: The company stated a 2% net-revenue decline and rounded net revenue to $145 million. Yahoo Finance EPS consensus is the Nov 11 average of 9 analysts and is compared with official adjusted diluted EPS, which matches the Yahoo year-ago figure of $0.40. Midpoints of outlook ranges are DeepCell calculations.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; Yahoo Finance, Nov 11, 2026 8:50 AM EST; CNBC, Nov 11, 2026 close
2 · Executive summary
Net revenue beat the Yahoo Finance consensus by 3.2%, and adjusted EPS also beat
Q3 2026 results vs. Yahoo Finance consensus (Nov 11, 2026 8:50 AM EST)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 net revenue | $145.0M | $140.5M | +$4.5M / +3.2% | Beat |
| Q3 adjusted EPS | $0.37 | $0.30 | +$0.07 / +23.3% | Beat |
Share price, Nov 10 regular close to Nov 11 regular-session close
| ODDITY (Nasdaq) | Nov 10 close | Nov 11 close, 4:00 PM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| ODD | $19.51 | $19.90 | +$0.39 | +2.0% |
Both prices are from the CNBC quote page. The Nov 11 figure is the regular-session close. CNBC does not state a reason for the move.
Note: The Yahoo Finance EPS estimate of $0.30 is compared with official adjusted diluted EPS of $0.37, because the Yahoo year-ago EPS of $0.40 matches official adjusted diluted EPS for Q3 2025. Official GAAP diluted EPS was $0.23.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; Yahoo Finance, Nov 11, 2026 8:50 AM EST; CNBC, Nov 11, 2026 close
3 · Q3 results vs. consensus
Full-year net revenue is now expected to decline by approximately 18.5%, and adjusted EBITDA is expected at $32M–$34M
Full-year and fourth-quarter outlook, as published Nov 11, 2026
| Metric | Prior view | Current view |
|---|---|---|
| FY2026 net revenue growth | -19.0% | -18.5%, approximately |
| FY2026 adjusted EBITDA | $30M–$32M | $32M–$34M |
| Q4 2026 net revenue growth | Not previously itemized in this release | -11.0% to -10.0% |
| Q4 2026 adjusted EBITDA | Not previously itemized in this release | $4M–$6M |
Note: The company describes the full-year net-revenue outlook as a decrease of approximately 18.5%, raised from a 19.0% decline. Midpoints of the adjusted EBITDA ranges ($33 million current and $31 million prior) are DeepCell calculations. The company does not provide a dollar revenue outlook.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
4 · Guidance vs. prior outlook
Net revenue was $145.0M, down 2% as stated, and gross margin was 67.4%
- Net revenue declinedNet revenue was $145.0M, compared with $147.9M, a decrease of 2% as stated by the company.
- Gross margin narrowedGross profit was $97.7M, and gross margin was 67.4%, compared with 71.6% a year earlier.
- Net income declinedNet income was $11.2M, or $0.23 a share diluted, compared with $17.7M, or $0.28.
Key figures
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Net revenue | $147.9M | $145.0M | 2% as stated |
| Gross profit | $105.9M | $97.7M | (7.7%) |
| Operating income | $17.4M | $10.1M | (41.8%) |
| Adjusted EBITDA | $28.9M | $22.0M | (23.8%) |
| Adjusted diluted EPS ($) | $0.40 | $0.37 | (7.5%) |
Note: The company rounded net revenue to $145 million and $148 million and stated a decrease of 2%. Official gross margins are 67.4% and 71.6%. Computed net-revenue change from the income statement is a 2.0% decline.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
5 · Q3 key financials
Online direct-to-consumer revenue was $138.7M, or 95.7% of net revenue
Net revenue by sales channel
$M, Q3 2025 vs Q3 2026
| Channel | Q3 2025 | Q3 2026 | Share, Q3 2026 |
|---|---|---|---|
| Online direct-to-consumer | $140.5M | $138.7M | 95.7% |
| Other (Israel retail, marketing affiliates) | $7.4M | $6.3M | 4%, as stated |
| Net revenue | $147.9M | $145.0M | 100% |
The company said SpoiledChild delivered strong double-digit net revenue growth and is on track to grow at least 35% and approach $350 million of net revenue in 2026. METHODIQ remains on track to deliver first-year net revenue ahead of SpoiledChild’s first year.“We made further progress stabilizing our business and delivered strong results for SpoiledChild and METHODIQ. We continue to work in close collaboration with our largest advertising partner to solve the IL MAKIAGE account dislocation and are hopeful we are on a path to normalization.” Oran Holtzman, co-founder and CEO
Note: The 96% and 4% shares for Q3 2026, and the 95% and 5% shares for Q3 2025, are as stated in the supplemental table. Brand-level revenue is not itemized in the release.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
6 · Revenue by sales channel
Net revenue fell $2.9M year on year, a 2% decline as stated
Net revenue
$M, Q3 2025 vs Q3 2026
The CFO said the decline was better than the company’s outlook and a substantial sequential improvement from the second quarter
Note: The column chart uses the income-statement totals of $145.0 million and $147.9 million. The company rounded these to $145 million and $148 million.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
7 · Revenue bridge
Adjusted EBITDA was $22.0M, above the $18M–$20M company outlook
Adjusted EBITDA
$M, Q3 2025 vs Q3 2026
The Q3 outlook issued on September 9, 2026 was $18 million to $20 million. The actual result was $22 million as rounded by the company, or $22.0 million in the reconciliation table.
Note: Adjusted EBITDA is a non-GAAP measure. The reconciliation starts from net income and adds back financial income, net, taxes, depreciation and amortization, and share-based compensation.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
8 · Adjusted EBITDA
GAAP operating income fell to $10.1M from $17.4M
Note: The SG&A bar is shown as a reduction, so a decline in SG&A is a positive contribution to operating income. Bridge values are DeepCell calculations from the income statement.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
9 · Operating income bridge
Gross margin was 67.4%, compared with 71.6% a year earlier
Gross margin and adjusted EBITDA margin
Q3 2025 vs Q3 2026
Official gross margins are 67.4% in Q3 2026 and 71.6% in Q3 2025, as stated in the highlights
Note: Computed gross margin from the income statement is 67.4% versus 71.6%, matching the official figures. Computed adjusted EBITDA margin is a DeepCell calculation.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
10 · Margin analysis
Cash, cash equivalents and investments were $560.7M at Sep 30, 2026
- Liquidity remained largeThe company reported cash, cash equivalents and investments of $560.7M, and said $350 million of credit facilities remain undrawn.
- Nine-month free cash flow was modestFree cash flow for the nine months was $2.5M, compared with $89.6M a year earlier.
- Operating cash flow slowedOperating cash flow for the nine months was $4.9M, compared with $92.5M.
Liquidity and nine-month cash flow
| $M | Prior period | Current |
|---|---|---|
| Cash, cash equivalents and investments | $776.0M at Dec 31, 2025 | $560.7M at Sep 30, 2026 |
| Operating cash flow, nine months | $92.5M | $4.9M |
| Purchases of property and equipment, nine months | $3.0M | $2.4M |
| Free cash flow, nine months | $89.6M | $2.5M |
Note: The company does not publish a quarterly cash-flow statement in this release. Free cash flow is official (operating cash flow less purchases of property and equipment) for the nine months ended September 30. Cash and investments of $560.7 million rounds to the official $561 million highlight.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
11 · Cash flow and liquidity
Approximately $86M remained under the $200 million 2026 buyback plan at Sep 30, 2026
- The buyback plan still has capacityApproximately $86M remained under the $200 million 2026 Buyback Plan, subject to market conditions and legal and regulatory constraints.
- Tax withholding was treated as a repurchaseDuring the third quarter, ODDITY withheld approximately $0.5 million of Class A ordinary shares to satisfy tax withholding obligations that were settled in the fourth quarter.
- Exchangeable notes were reducedExchangeable notes were $538.0M at Sep 30, 2026, compared with $584.4M at year-end. The nine-month cash flow includes a $13.5 million gain on repurchase of the notes.
Capital returns and notes
| Metric | Amount |
|---|---|
| Buyback remaining, approximately | $86M |
| Exchangeable notes, Sep 30, 2026 | $538.0M |
| Nine-month share repurchases (cash flow) | $162.8 million |
Note: The $162.8 million cash used to repurchase and retire Class A ordinary shares is from the nine-month cash-flow statement ($162,778 thousand). The $13.5 million gain is as stated in the non-GAAP footnote for the second quarter of 2026.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
12 · Capital returns
Total assets were $940.3M at Sep 30, 2026, and shareholders equity was $258.1M
- Cash on the balance sheet declinedCash and cash equivalents were $168.3M, compared with $402.2M at Dec 31, 2025. Most liquidity sits in marketable securities.
- Inventory increasedInventories rose to $157.5M from $135.2M.
- The exchangeable notes remain the main liabilityExchangeable notes of $538.0M were the largest liability. Total liabilities were $682.2M.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $402.2M | $168.3M |
| Inventories | $135.2M | $157.5M |
| Exchangeable notes | $584.4M | $538.0M |
| Total shareholders equity | $396.5M | $258.1M |
| Total assets | $1,137.8M | $940.3M |
Note: A footnote to the balance sheet says retained earnings in 2026 were reduced by $70.2 million of share repurchase costs in excess of additional paid-in capital.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
13 · Balance sheet and debt
The IL MAKIAGE advertising dislocation and the path back to growth are the main watch items
Indicator
What to watch
Implication
Latest reading
IL MAKIAGE account dislocation
Management is working with its largest advertising partner and is hopeful of a path to normalization
A slower fix would keep net revenue under pressure in 2027
Cited in the CEO commentary
Fourth-quarter revenue path
Q4 net revenue is expected to decline by between 10% and 11%
A weaker holiday period would also pressure the $4 million to $6 million Q4 adjusted EBITDA range
Regulatory risk in peptides
The release discusses HHS enforcement discretion and FDA status for compounded peptide products
Changes here could affect METHODIQ’s planned 2027 injectable and peptide therapies
Forward-looking statements in the release
Liquidity versus notes
Cash and investments were $561 million, against $538 million of exchangeable notes
The notes remain the principal claim on the balance sheet
Notes $538.0M
14 · Key risks to outlook
Appendix: sales-channel detail
| Claim | Evidence | Calculation |
|---|---|---|
| Online direct-to-consumer | $140.5M to $138.7M | -1.2% year on year |
| Other net revenue | $7.4M to $6.3M | -15.8% year on year |
| Online DTC share of net revenue | 95.7% | 96%, as stated |
| Net revenue | $145.0M | Decrease of 2%, as stated |
Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
15 · Appendix: Channel detail
Appendix: profit and margins
| Claim | Evidence | Calculation |
|---|---|---|
| Adjusted EBITDA | $28.9M to $22.0M | -23.8% year on year |
| Adjusted net income | $25.0M to $17.7M | -28.9% year on year |
| Gross margin, as stated | 67.4% | Compared with 71.6% |
| GAAP diluted EPS | $0.28 to $0.23 | -17.9% year on year |
Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
16 · Appendix: Profit and margins
Appendix: outlook detail
| Claim | Evidence | Calculation |
|---|---|---|
| FY2026 net revenue growth, current | Approximately -18.5% | Raised from a 19.0% decline |
| FY2026 adjusted EBITDA | $32M–$34M | Raised from $30 million to $32 million |
| Q4 net revenue growth | -11.0% to -10.0% | As stated in the release |
| Q4 adjusted EBITDA | $4M–$6M | As stated in the release |
Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
17 · Appendix: Guidance detail
Appendix: liquidity and notes
| Claim | Evidence | Calculation |
|---|---|---|
| Cash and investments, Sep 30 | $560.7M | Official highlight of $561 million |
| Exchangeable notes | $538.0M | Sep 30, 2026 |
| Buyback remaining, approximately | $86M | Under the $200 million 2026 plan |
| Free cash flow, nine months | $2.5M | Operating cash flow less capex |
Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
18 · Appendix: Liquidity and notes
Appendix: income statement detail
Revenue and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Net revenue | $147.9M | $145.0M | (2.0%) |
| Gross profit | $105.9M | $97.7M | (7.7%) |
| Selling, general and administrative | $88.5M | $87.6M | (1.1%) |
| Operating income | $17.4M | $10.1M | (41.8%) |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Net income | $17.7M | $11.2M | (36.9%) |
| Diluted EPS ($) | $0.28 | $0.23 | (17.9%) |
| Adjusted EBITDA | $28.9M | $22.0M | (23.8%) |
| Adjusted diluted EPS ($) | $0.40 | $0.37 | (7.5%) |
Note: Share-based compensation in Q3 2026 was $8.0 million, compared with $8.9 million a year earlier, from the non-GAAP reconciliation.Source: ODDITY Tech Q3 2026 press release, Nov 11, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Results release: ODDITY Tech Ltd., Nov 11, 2026 07:00 ET (GlobeNewswire, Source: Oddity Tech Ltd.) — https://www.globenewswire.com/news-release/2026/11/11/3400591/0/en/oddity-tech-reports-third-quarter-2026-results-ahead-of-plan-raises-full-year-net-revenue-and-adjusted-ebitda-outlook.html
- Investor relations — https://investors.oddity.com/
- A Form 6-K for this release was not yet posted on EDGAR at the time of this review. Figures were taken from the company-issued press release, including the income statement, balance sheet, cash-flow statement and non-GAAP reconciliations.
- Consensus: Yahoo Finance, Nov 11, 2026 8:50 AM EST — https://finance.yahoo.com/quote/ODD/analysis/
- Share price: CNBC ODD quote, Nov 10, 2026 regular close $19.51 and Nov 11, 2026 regular-session close $19.90 at 4:00 PM EST — https://www.cnbc.com/quotes/ODD
- Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. Non-GAAP figures follow the company's reconciliation tables. Official rounded highlights and percentage changes are used where the company states them; recomputed figures and outlook midpoints are labelled as DeepCell calculations.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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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 the ODDITY Tech Ltd. press release issued on November 11, 2026. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data. A Form 6-K was not yet on EDGAR at the time of this review.
Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and September 30, 2025.
Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.
Date of analysis. Share prices are the CNBC regular-session closes on November 10, 2026 and November 11, 2026.
Built with DeepCell / deepcell.net
21 · Disclosures
Sources
- ODDITY Tech Ltd. press release, Nov 11, 2026 07:00 ET — https://www.globenewswire.com/news-release/2026/11/11/3400591/0/en/oddity-tech-reports-third-quarter-2026-results-ahead-of-plan-raises-full-year-net-revenue-and-adjusted-ebitda-outlook.html Filing
- ODDITY investor relations — https://investors.oddity.com/ Filing
- Yahoo Finance ODD analysis, Nov 11, 2026 8:50 AM EST — https://finance.yahoo.com/quote/ODD/analysis/ Filing
- CNBC ODD quote: Nov 10, 2026 regular close $19.51; Nov 11, 2026 regular-session close $19.90 at 4:00 PM EST — https://www.cnbc.com/quotes/ODD Filing
Not investment advice; no rating or price target.
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