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ELEstée Lauder Companies

Consumer staples · Cosmetics · NYSE

The Estée Lauder Companies Inc., founded in 1946 by Estée and Joseph Lauder, is one of the world’s leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products. 10-K, Item 1

EL quote by TradingView
Headquarters
New York, NY
CEO
la Faverie Stephane de
Next results
around Feb 4, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.01Sales (ttm)15.3BNet income (ttm)368.0MSales growth+5.0%EPS growth-Sales Q/Q+6.7%
Free cash flow1.5BGross margin76.0%Oper. margin6.7%Net margin2.4%FCF margin9.9%ROE9.1%
ROA1.8%R&D / sales-Dividend1.40Debt/Eq1.67Curr. ratio1.25Cash3.2B
Op. cash flow (ttm)1.9BEBITDA1.6BEBITDA margin10.5%Net debt3.5BQuick ratio0.93Interest cover2.34
ROIC2.5%Payout ratio280.0%Tax rate64.8%Stock pay / sales2.1%Shares out.366.1MShares Y/Y+1.3%
Book / share11.03Cash / share8.74Sales / share41.75Asset turnover0.77Inventory turns1.84Days sales out.37
Sales 3Y CAGR-1.8%Sales 5Y CAGR-1.5%EPS 3Y CAGR-43.6%EPS 5Y CAGR-42.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Free cash flow rose 96%$670.0M → $1.3B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +5.0%-8.2% → +5.0% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 5.2%-5.5% → 5.2% · Operating income / revenue · 10-K ↗
  • Net income turned to a profit−$1.1B → $182.0M · Net income attributable to the company · 10-K ↗
What management wrote about it → · Every company →

EL against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
ELPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
+5.0%10th of 33 · median +2.1%
Net margin
2.4%27th of 33 · median 8.0%
Return on equity
9.1%22nd of 29 · median 18.6%
Free cash flow margin
9.9%19th of 33 · median 10.7%
Debt / equity (less is better)
1.6724th of 29 · median 0.82
EL and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
EL Estée Lauder Companies$15.3B +5.0%76.0%2.4%9.1%9.9%1.67
GIS General Mills$18.3B -5.4%33.6%-4.9%-12.0%8.5%1.83
KMB Kimberly-Clark$16.6B -2.1%36.5%19.9%112.6%11.7%2.21
KVUE Kenvue$15.5B -2.1%58.3%10.9%16.6%15.1%0.81
HSY Hershey$12.3B +4.4%41.9%14.6%36.8%17.3%1.05
HRL Hormel Foods$12.1B +1.6%15.7%2.8%4.4%6.4%0.36

From $17.7B of sales to $2.4B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $13.4BRevenue to Cost of revenue: $4.3BGross profit to Operating profit: $3.2BGross profit to Operating expenses: $10.3BOperating profit to Net profit: $2.4BOperating profit to Tax & other: $780.0M Revenue: $17.7B Revenue$17.7B +9% Y/Y Gross profit: $13.4B · 76% margin Gross profit$13.4B76% margin +8% Y/Y Cost of revenue: $4.3B · 24% of revenue Cost of revenue$4.3B24% of revenue Operating profit: $3.2B · 18% margin Operating profit$3.2B18% margin +21% Y/Y Operating expenses: $10.3B · 58% of revenue Operating expenses$10.3B58% of revenue Net profit: $2.4B · 13% margin Net profit$2.4B13% margin −17% Y/Y Tax & other: $780.0M · 4% of revenue Tax & other$780.0M4% of revenue

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From $15.9B of sales to $1.0B of profit

FY2023, from the 10-K income statement and revenue by region
All other countries to Revenue: $6.1BU.S. to Revenue: $3.8BMainland China to Revenue: $4.4BKorea to Revenue: $1.6BRevenue to Gross profit: $11.3BRevenue to Cost of revenue: $4.6BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $9.8BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $503.0M All other countries: $6.1B · 38% All other countries$6.1B38% U.S.: $3.8B · 24% U.S.$3.8B24% Mainland China: $4.4B · 28% Mainland China$4.4B28% Korea: $1.6B · 10% Korea$1.6B10% Revenue: $15.9B Revenue$15.9B −10% Y/Y Gross profit: $11.3B · 71% margin Gross profit$11.3B71% margin −16% Y/Y Cost of revenue: $4.6B · 29% of revenue Cost of revenue$4.6B29% of revenue Operating profit: $1.5B · 9% margin Operating profit$1.5B9% margin −52% Y/Y Operating expenses: $9.8B · 62% of revenue Operating expenses$9.8B62% of revenue Net profit: $1.0B · 6% margin Net profit$1.0B6% margin −58% Y/Y Tax & other: $503.0M · 3% of revenue Tax & other$503.0M3% of revenue

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From $15.6B of sales to $390.0M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $11.2BRevenue to Cost of revenue: $4.4BGross profit to Operating profit: $970.0MGross profit to Operating expenses: $10.2BOperating profit to Net profit: $390.0MOperating profit to Tax & other: $580.0M Revenue: $15.6B Revenue$15.6B −2% Y/Y Gross profit: $11.2B · 72% margin Gross profit$11.2B72% margin −1% Y/Y Cost of revenue: $4.4B · 28% of revenue Cost of revenue$4.4B28% of revenue Operating profit: $970.0M · 6% margin Operating profit$970.0M6% margin −36% Y/Y Operating expenses: $10.2B · 65% of revenue Operating expenses$10.2B65% of revenue Net profit: $390.0M · 2% margin Net profit$390.0M2% margin −61% Y/Y Tax & other: $580.0M · 4% of revenue Tax & other$580.0M4% of revenue

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From $15.0B of sales to $182.0M of profit

FY2026, from the 10-K income statement and revenue by region
All other countries to Revenue: $7.4BChina to Revenue: $3.9BU.S. to Revenue: $3.7BRevenue to Gross profit: $11.4BRevenue to Cost of revenue: $3.7BGross profit to Operating profit: $780.0MGross profit to Operating expenses: $10.6BOperating profit to Net profit: $182.0MOperating profit to Tax & other: $598.0M All other countries: $7.4B · 49% All other countries$7.4B49% China: $3.9B · 26% China$3.9B26% U.S.: $3.7B · 25% U.S.$3.7B25% Revenue: $15.0B Revenue$15.0B +5% Y/Y Gross profit: $11.4B · 76% margin Gross profit$11.4B76% margin +7% Y/Y Cost of revenue: $3.7B · 24% of revenue Cost of revenue$3.7B24% of revenue Operating profit: $780.0M · 5% margin Operating profit$780.0M5% margin Operating expenses: $10.6B · 70% of revenue Operating expenses$10.6B70% of revenue Net profit: $182.0M · 1% margin Net profit$182.0M1% margin Tax & other: $598.0M · 4% of revenue Tax & other$598.0M4% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 4
  • !
    Net margin below the peer median2.4% vs 8.0%
  • !
    Gross margin down over 5 years76.4% → 75.5%
  • !
    Return on equity below 15%9.1%
  • !
    A profit in 9 of 10 years
Net margin, FY2017 to FY2026: 10.6% → 1.2%

Balance sheet

2 of 4
  • !
    Interest covered less than 5 timesOperating income is 2.3× interest expense
  • !
    Debt larger than equityDebt / equity 1.67 on the latest balance sheet (peer median 0.82)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.25
  • ✓
    Net debt under 3 years of free cash flow$3.5B net debt, 2.3 years
Debt / equity at each year end, FY2017 to FY2026: 0.81 → 1.92
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.3B last year
  • ✓
    Share count down over 5 years−0.9%
  • !
    Dividend per share not up over 5 years$2.07 → $1.40
  • ✓
    Cash from operations above net income$1.8B vs $182.0M
Free cash flow, FY2017 to FY2026: 1.3B → 1.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $6.7B Debt$6.7B Long-term debt: $6.7B · 93% Long-term debt$6.7B · 93% Short-term debt: $503.0M · 7% Short-term debt$503.0M · 7%

The debt note's own lines, 2026-06-30

Line, as the company names itKindRateFixed or floatingAmount
4.650% Senior Notes, due May 15, 2033 ("May 2033 Senior Notes")Notes and bonds4.65–4.66%not stated$700.0M
4.375% Senior Notes, due May 15, 2028 ("2028 Senior Notes")Notes and bonds4.38–4.40%not stated$700.0M
2.600% Senior Notes, due April 15, 2030 ("2030 Senior Notes")Notes and bonds2.60–2.62%not stated$700.0M
5.000% Senior Notes, due February 14, 2034 ("2034 Senior Notes")Notes and bonds5.00–5.04%not stated$650.0M
3.125% Senior Notes, due December 1, 2049 (“2049 Senior Notes”)Notes and bonds3.12–3.19%not stated$650.0M
2.375% Senior Notes, due December 1, 2029 (“2029 Senior Notes”)Notes and bonds2.38–2.48%not stated$650.0M
5.150% Senior Notes, due May 15, 2053 ("2053 Senior Notes")Notes and bonds5.15–5.19%not stated$600.0M
1.950% Senior Notes, due March 15, 2031 (“2031 Senior Notes”)Notes and bonds1.95–2.02%not stated$600.0M
4.150% Senior Notes, due March 15, 2047 (“2047 Senior Notes”)Notes and bonds4.15–4.17%not stated$500.0M
3.150% Senior Notes, due March 15, 2027 (“2027 Senior Notes”)Notes and bonds3.15%not stated$500.0M
4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”)Notes and bonds4.38–4.50%not stated$300.0M
6.000% Senior Notes, due May 15, 2037 (“2037 Senior Notes”)Notes and bonds6.00–6.09%not stated$300.0M
3.700% Senior Notes, due August 15, 2042 (“2042 Senior Notes”)Notes and bonds3.70–3.72%not stated$250.0M
5.75% Senior Notes, due October 15, 2033 (“October 2033 Senior Notes”)Notes and bonds5.75–5.85%not stated$200.0M
4.375% Senior Notes, due June 15, 2045 ("2045 Senior Notes")Notes and bonds3.75%not stated$150.0M
All 15 lines

From the debt note in the 10-K's XBRL (0001001250-26-000041), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 15.0B Net income 182.0M
FY2017 revenue 11.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-19-047085 FY2017 net income 1.2B · NetIncomeLoss, 0001104659-18-053494 11.8B FY2017 FY2018 revenue 13.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-20-000065 FY2018 net income 1.1B · NetIncomeLoss, 0001001250-20-000065 13.7B FY2018 FY2019 revenue 14.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-21-000127 FY2019 net income 1.8B · NetIncomeLoss, 0001001250-20-000065 14.9B FY2019 FY2020 revenue 14.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-22-000122 FY2020 net income 684.0M · NetIncomeLoss, 0001001250-20-000065 14.3B FY2020 FY2021 revenue 16.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-23-000112 FY2021 net income 2.9B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001001250-23-000112 16.2B FY2021 FY2022 revenue 17.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-24-000116 FY2022 net income 2.4B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001001250-24-000116 17.7B FY2022 FY2023 revenue 15.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-25-000099 FY2023 net income 1.0B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001001250-25-000099 15.9B FY2023 FY2024 revenue 15.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-26-000041 FY2024 net income 390.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001001250-26-000041 15.6B FY2024 FY2025 revenue 14.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-26-000041 FY2025 net income -1.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001001250-26-000041 14.3B FY2025 FY2026 revenue 15.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001001250-26-000041 FY2026 net income 182.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001001250-26-000041 15.0B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

EL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue15.0B
FY2017: 11.8BFY2018: 13.7BFY2019: 14.9BFY2020: 14.3BFY2021: 16.2BFY2022: 17.7BFY2023: 15.9BFY2024: 15.6BFY2025: 14.3BFY2026: 15.0B FY2018FY2020FY2022FY2024FY2026
Net income182.0M
FY2017: 1.2BFY2018: 1.1BFY2019: 1.8BFY2020: 684.0MFY2021: 2.9BFY2022: 2.4BFY2023: 1.0BFY2024: 390.0MFY2025: -1.1BFY2026: 182.0M FY2018FY2020FY2022FY2024FY2026
Free cash flow1.3B
FY2017: 1.3BFY2018: 1.9BFY2019: 1.8BFY2020: 1.7BFY2021: 3.0BFY2022: 2.0BFY2023: 728.0MFY2024: 1.4BFY2025: 670.0MFY2026: 1.3B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)0.50
FY2017: 3.35FY2018: 2.95FY2019: 4.82FY2020: 1.86FY2021: 7.79FY2022: 6.55FY2023: 2.79FY2024: 1.08FY2025: -3.15FY2026: 0.50 FY2018FY2020FY2022FY2024FY2026
Dividend per share1.40
FY2017: 1.32FY2018: 1.48FY2019: 1.67FY2020: 1.39FY2021: 2.07FY2022: 2.33FY2023: 2.58FY2024: 2.64FY2025: 1.71FY2026: 1.40 FY2018FY2020FY2022FY2024FY2026
Diluted shares364.8M
FY2017: 373.0MFY2018: 375.7MFY2019: 370.4MFY2020: 366.9MFY2021: 368.2MFY2022: 364.9MFY2023: 360.9MFY2024: 360.8MFY2025: 360.1MFY2026: 364.8M FY2018FY2020FY2022FY2024FY2026

Revenue by region

year to Jun 30, 2026
RevenueSharevs year before
All other countries 7.4B49.0% +6.6%
China 3.9B26.1% +7.6%
U.S. 3.7B24.9% -0.3%

10-K 0001001250-26-000041, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue11.8B13.7B14.9B14.3B16.2B17.7B15.9B15.6B14.3B15.0B
Cost of revenue2.4B2.8B3.4B3.6B3.8B4.3B4.6B4.4B3.7B3.7B
Gross profit9.4B10.8B11.5B10.7B12.4B13.4B11.3B11.2B10.6B11.4B
SG&A7.5B8.6B8.9B8.6B9.4B9.9B9.6B9.6B9.5B9.7B
Operating income1.7B2.1B2.3B606.0M2.6B3.2B1.5B970.0M-785.0M780.0M
Interest expense103.0M128.0M133.0M161.0M173.0M167.0M255.0M378.0M357.0M334.0M
Pretax income1.6B2.0B2.3B1.0B3.3B3.0B1.4B772.0M-1.0B517.0M
Income tax361.0M863.0M513.0M350.0M456.0M628.0M387.0M363.0M93.0M335.0M
Net income1.2B1.1B1.8B684.0M2.9B2.4B1.0B390.0M-1.1B182.0M
EPS (diluted)3.352.954.821.867.796.552.791.08-3.150.50
Diluted shares373.0M375.7M370.4M366.9M368.2M364.9M360.9M360.8M360.1M364.8M
Depreciation & amortization464.0M531.0M557.0M611.0M651.0M727.0M744.0M825.0M829.0M796.0M
EBITDA2.2B2.6B2.9B1.2B3.3B3.9B2.3B1.8B44.0M1.6B
Gross margin79.4%79.2%77.2%75.2%76.4%75.7%71.3%71.7%74.0%75.5%
Operating margin14.4%15.0%15.6%4.2%16.1%17.9%9.5%6.2%-5.5%5.2%
Net margin10.6%8.1%12.0%4.8%17.7%13.5%6.3%2.5%-7.9%1.2%
Revenue growth-+15.7%+8.6%-3.8%+13.4%+9.4%-10.3%-1.9%-8.2%+5.0%
EPS growth--11.9%+63.4%-61.4%+319%-15.9%-57.4%-61.3%-392%-

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash1.1B2.2B3.0B5.0B5.0B4.0B4.0B3.4B2.9B3.5B
Short-term investments605.0M534.0M--------
Receivables1.4B1.5B1.8B1.2B1.7B1.6B1.5B1.7B1.5B1.5B
Inventory1.5B1.6B2.0B2.1B2.5B2.9B3.0B2.2B2.1B2.0B
Current assets5.0B6.2B7.2B8.9B9.8B9.3B9.1B7.9B7.1B7.6B
Property & equipment1.7B1.8B2.1B2.1B2.3B2.6B3.2B3.1B3.2B2.8B
Goodwill1.9B1.9B1.9B1.4B2.6B2.5B2.5B2.1B2.1B2.1B
Total assets11.6B12.6B13.2B17.8B22.0B20.9B23.4B21.7B19.9B19.8B
Current liabilities2.8B3.3B4.6B5.2B5.3B5.8B6.2B5.7B5.4B6.2B
Total debt3.6B3.5B3.4B6.1B5.6B5.4B8.1B7.8B7.3B7.3B
Total liabilities--8.7B-------
Shareholders' equity4.4B4.7B4.4B3.9B6.1B5.6B5.6B5.3B3.9B3.8B
Retained earnings8.5B9.0B10.0B10.1B12.2B13.9B14.0B13.4B11.7B11.3B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow1.8B2.6B2.5B2.3B3.6B3.0B1.7B2.4B1.3B1.8B
Capital spending504.0M629.0M744.0M623.0M637.0M1.0B1.0B919.0M602.0M457.0M
Free cash flow1.3B1.9B1.8B1.7B3.0B2.0B728.0M1.4B670.0M1.3B
Stock-based pay (added back)219.0M236.0M243.0M213.0M327.0M331.0M267.0M325.0M304.0M310.0M
Dividends paid486.0M546.0M609.0M503.0M753.0M840.0M925.0M947.0M618.0M508.0M
Buybacks413.0M759.0M1.6B893.0M733.0M2.3B271.0M35.0M35.0M70.0M
Acquisitions1.7B001.0B1.1B3.0M0005.0M
Debt raised1.5B---------
Investing cash flow-2.2B-358.0M473.0M-1.7B-1.9B-945.0M-3.2B-960.0M-623.0M-489.0M
Financing cash flow630.0M-1.2B-2.2B1.5B-1.9B-3.0B1.6B-2.0B-1.1B-712.0M
Dividend per share1.321.481.671.392.072.332.582.641.711.40

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)219.0M236.0M243.0M213.0M327.0M331.0M267.0M325.0M304.0M310.0M
Stock-based pay / revenue1.9%1.7%1.6%1.5%2.0%1.9%1.7%2.1%2.1%2.1%
Operating lease cost---625.0M470.0M465.0M444.0M458.0M496.0M520.0M
Operating lease cash paid---426.0M451.0M506.0M463.0M489.0M515.0M505.0M
Finance lease principal paid---12.0M12.0M18.0M15.0M10.0M5.0M3.0M
Right-of-use assets--2.6B2.3B2.2B1.9B1.8B1.8B2.0B1.7B
Operating lease liabilities--2.8B2.7B2.5B2.2B2.1B2.1B2.1B1.9B
Finance lease liabilities---13.0M45.0M23.0M42.0M32.0M31.0M28.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on EL in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/EL/export.csv") into a cell.