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EL (Estée Lauder) posted Q3 FY2026 revenue of $3.71B (+4.6% YoY) but net income fell 44% to $89M as higher operating costs and elevated SG&A compressed margins significantly.
营业收入
$3.71B
同比 ++4.56%
每股收益（基本）
$0.25
同比 -43.18%
毛利率
76.4%
同比 ++1.44%
营业利润
$249M
同比 -18.63%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Estee Lauder (EL) Q3 FY2026 营收 $3.71B，同比增长 4.6%。 净利润 $89M，同比下降 44.0%，稀释每股收益 $0.24。 毛利率 76.4%。
Net sales rose to $3.71B in Q3 FY2026 from $3.55B a year ago, a 4.6% YoY increase, suggesting some demand recovery across the company's prestige beauty portfolio despite a challenging macro environment.
来源: Source: 10-Q Income Statement
Gross margin improved 140 basis points YoY to 76.4%, aided by a 1.5% decline in cost of revenue to $876M. However, operating income dropped 18.6% to $249M as SG&A remained elevated at $2.28B, consuming the gross profit gains.
来源: Source: 10-Q Income Statement
Net income fell 44% YoY to $89M, with diluted EPS dropping from $0.44 to $0.24, reflecting higher below-the-line costs (interest, restructuring, or other charges) beyond the operating line that significantly eroded profitability.
来源: Source: 10-Q Income Statement
Cumulative fiscal year-to-date operating cash flow surged 78.4% YoY to $1.20B, indicating meaningful improvement in working capital management and cash conversion despite weaker reported earnings.
来源: Source: 10-Q Cash Flow Statement (YTD)
Current liabilities grew 19.1% YoY to $5.91B while current assets rose only 6.8% to $7.50B, compressing the current ratio to 1.27 and signaling tighter near-term liquidity. Stockholders' equity also declined 8.1% YoY to $3.99B.
来源: Source: 10-Q Balance Sheet
Net income declined 44% YoY to $89M even as revenue grew 4.6%, indicating that cost structures — particularly SG&A at $2.28B — are growing faster than the company can convert top-line gains into bottom-line results. This margin compression risk could persist if restructuring or investment spending remains elevated.
来源: Source: 10-Q Income Statement
Current liabilities surged 19.1% YoY to $5.91B, outpacing the 6.8% growth in current assets, resulting in a current ratio of only 1.27. This tightening liquidity position could constrain financial flexibility if operating conditions deteriorate.
来源: Source: 10-Q Balance Sheet
Stockholders' equity fell 8.1% YoY to $3.99B, reflecting accumulated losses or distributions exceeding earnings. A continued decline could weaken the company's leverage profile and increase borrowing costs over time.
来源: Source: 10-Q Balance Sheet
Operating margin contracted nearly 2 percentage points YoY to 6.7%, a relatively thin margin for a prestige beauty company with a 76.4% gross margin. The wide gap between gross and operating margins highlights the heavy fixed-cost burden of SG&A, leaving limited buffer against revenue softness.
来源: Source: 10-Q Income Statement
Year-to-date share buybacks doubled YoY to $70M even as net income fell sharply, raising questions about capital allocation priorities when profitability is under pressure and liquidity is tightening.
来源: Source: 10-Q Cash Flow Statement (YTD)
Q3 FY2026 实际 EPS $0.91，分析师一致预期 $0.67，超预期 +36.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.71B | $3.55B | +4.56% |
营业成本 | $876M | $889M | -1.46% |
毛利润 | $2.84B | $2.66B | +6.58% |
营业利润 | $249M | $306M | -18.63% |
净利润 | $89M | $159M | -44.03% |
每股收益（基本） | $0.25 | $0.44 | -43.18% |
每股收益（稀释） | $0.24 | $0.44 | -45.45% |
销售及管理费用 | $2.28B | $2.26B | +0.93% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $19.66B | $19.89B | -1.12% |
流动资产 | $7.5B | $7.02B | +6.83% |
流动负债 | $5.91B | $4.96B | +19.08% |
股东权益 | $3.99B | $4.34B | -8.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $1.2B | $671M | +78.39% |
投资活动现金流YTD | $-304M | $-408M | +25.49% |
筹资活动现金流YTD | $-682M | $-1.02B | +32.87% |
股票回购YTD | $70M | $35M | +100.00% |
折旧及摊销 | $201M | $204M | -1.47% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 76.4% | 75.0% | +1.44% |
营业利润率 | 6.7% | 8.6% | -1.91% |
净利率 | 2.4% | — | — |
净资产收益率 | 2.2% | — | — |
总资产收益率 | 0.5% | — | — |
流动比率 | $1.268 | — | — |
EL reported Q3 FY2026 revenue of $3.71B (+4.6% YoY) with gross margin expanding to 76.4%, but net income fell sharply by 44% to $89M due to elevated SG&A costs of $2.28B. Diluted EPS dropped from $0.44 to $0.24, disappointing investors despite the top-line improvement.
Despite revenue growing 4.6% and gross profit rising 6.6% to $2.84B, net income fell 44% YoY to $89M because SG&A expenses remained high at $2.28B and additional below-the-line costs (such as interest or restructuring charges) further eroded profitability. The wide gap between gross margin (76.4%) and net margin (2.4%) illustrates how much of EL's revenue is consumed by operating and non-operating costs.
EL's year-to-date operating cash flow improved dramatically, rising 78.4% YoY to $1.20B, suggesting strong working capital management even as reported earnings declined. This divergence between cash flow and net income may reflect non-cash charges or timing differences in working capital.
Key risks include the 44% drop in net income despite revenue growth, tightening liquidity as current liabilities surged 19.1% YoY to $5.91B (pushing the current ratio down to 1.27), and declining stockholders' equity of $3.99B (-8.1% YoY). The persistently high SG&A cost base relative to operating income also poses a risk if revenue growth slows.
Yes, EL's revenue grew 4.6% YoY to $3.71B in Q3 FY2026, up from $3.55B in the same quarter last year. However, this top-line growth did not translate into bottom-line improvement, as net income fell 44% to $89M due to cost pressures.