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Estée Lauder Companies (EL) delivered a strong Q2 FY2026 turnaround, with revenue rising 5.6% YoY to $4.23B and operating income swinging to $401M from a prior-year loss of $580M, driven by gross margin expansion and disciplined SG&A control.
营业收入
$4.23B
同比 ++5.62%
每股收益（基本）
$0.45
同比 ++127.44%
毛利率
76.5%
同比 ++0.40%
营业利润
$401M
同比 ++169.14%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Estee Lauder (EL) Q2 FY2026 营收 $4.23B，同比增长 5.6%。 净利润 $162M，稀释每股收益 $0.44。 毛利率 76.5%。
Net sales grew 5.6% YoY to $4.23B in Q2 FY2026 (vs. $4.00B in Q2 FY2025), signaling a meaningful recovery in consumer demand for prestige beauty products after a challenging prior-year period.
来源: Source: 10-Q Income Statement
Operating income surged to $401M from a loss of $580M in the prior year, a YoY improvement of approximately $981M (+169.1%), reflecting both revenue growth and significant reduction in restructuring or impairment charges that weighed on the prior period.
来源: Source: 10-Q Income Statement
Gross margin improved modestly to 76.5% from 76.1% YoY, demonstrating that the company maintained pricing power and cost-of-goods discipline even as revenue scaled, with Cost of Revenue growing only 3.9% vs. revenue growth of 5.6%.
来源: Source: 10-Q Income Statement / Key Ratios
SG&A expenses rose only 1.6% YoY to $2.63B despite a 5.6% revenue increase, indicating meaningful operating leverage and cost discipline that contributed to the operating margin expansion from -14.5% to +9.5%.
来源: Source: 10-Q Income Statement
Fiscal year-to-date operating cash flow more than doubled to $785M (vs. $387M in the prior-year YTD period), reflecting improved profitability and working capital management, while investing outflows narrowed to -$208M from -$294M.
来源: Source: 10-Q Cash Flow Statement
SG&A expenses remain very high at $2.63B, representing approximately 62% of revenue, leaving limited room for error if revenue growth slows. Any demand softness could quickly erode the operating margin that was only recently restored to positive territory.
来源: Source: 10-Q Income Statement
Despite the dramatic operating income turnaround, net margin stands at only 3.8%, suggesting significant below-the-line costs such as interest expense, taxes, or non-operating items are absorbing a large portion of operating profit. This leaves net income vulnerable to interest rate changes or tax adjustments.
来源: Source: 10-Q Income Statement / Key Ratios
Stockholders' equity declined 3.3% YoY to $4.03B, and ROE stands at only 4.0%, indicating that the company is not yet generating returns commensurate with its equity base. Continued equity erosion could signal ongoing retained earnings deficits.
来源: Source: 10-Q Balance Sheet / Key Ratios
Total assets declined slightly to $19.63B while current liabilities grew 4.8% to $5.27B, compressing the current ratio to 1.36. While still above 1.0, the tightening liquidity cushion warrants monitoring, especially given the company's large debt load implied by the asset-to-equity gap.
来源: Source: 10-Q Balance Sheet / Key Ratios
The prior-year Q2 FY2025 operating loss of $580M and net loss of $590M suggest the company took large impairment or restructuring charges. If underlying business conditions that triggered those charges have not fully resolved, similar charges could recur and disrupt the current recovery trajectory.
来源: Source: 10-Q Income Statement (YoY comparison)
Q2 FY2026 实际 EPS $0.89，分析师一致预期 $0.86，超预期 +3.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.23B | $4B | +5.62% |
营业成本 | $994M | $957M | +3.87% |
毛利润 | $3.23B | $3.05B | +6.17% |
营业利润 | $401M | $-580M | +169.14% |
净利润 | $162M | $-590M | +127.46% |
每股收益（基本） | $0.45 | $-1.64 | +127.44% |
每股收益（稀释） | $0.44 | $-1.64 | +126.83% |
销售及管理费用 | $2.63B | $2.58B | +1.62% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $19.63B | $19.76B | -0.64% |
流动资产 | $7.16B | $6.9B | +3.80% |
流动负债 | $5.27B | $5.03B | +4.77% |
股东权益 | $4.03B | $4.17B | -3.31% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $785M | $387M | +102.84% |
投资活动现金流YTD | $-208M | $-294M | +29.25% |
筹资活动现金流YTD | $-419M | $-878M | +52.28% |
股票回购YTD | $67M | $35M | +91.43% |
折旧及摊销 | $197M | $207M | -4.83% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 76.5% | 76.1% | +0.40% |
营业利润率 | 9.5% | -14.5% | +23.97% |
净利率 | 3.8% | — | — |
净资产收益率 | 4.0% | — | — |
总资产收益率 | 0.8% | — | — |
流动比率 | $1.358 | — | — |
EL reported basic EPS of $0.45 in Q2 FY2026, a dramatic improvement from -$1.64 in Q2 FY2025. While consensus estimate comparisons are not available in the filing, the company's return to profitability and strong revenue growth of 5.6% to $4.23B suggest a materially better-than-feared result.
The headline story is EL's turnaround: operating income swung from -$580M to +$401M YoY, and net income recovered to $162M from -$590M. Revenue grew 5.6% to $4.23B while SG&A grew only 1.6%, demonstrating meaningful operating leverage and cost discipline.
EL's revenue grew 5.6% YoY to $4.23B in Q2 FY2026, up from $4.00B in Q2 FY2025. Gross profit grew even faster at 6.2% to $3.24B, as cost of revenue increased at a slower 3.9% pace, reflecting improved product mix or supply chain efficiency.
Key risks include EL's very high SG&A cost base (~62% of revenue), a thin net margin of only 3.8% despite strong gross margins of 76.5%, and a balance sheet with significant leverage implied by $19.6B in assets against only $4.0B in equity. The prior-year large impairment charges also raise questions about whether structural headwinds have been fully resolved.
EL's financial health is improving but still in recovery mode: the company returned to profitability with $162M net income and generated $785M in YTD operating cash flow, but ROE is only 4.0%, ROA is 0.83%, and the current ratio of 1.36 provides only modest liquidity headroom. The balance sheet carries substantial implied debt relative to its $4.03B equity base.