e.l.f. Beauty is expected to post another quarter of top-line growth when it reports fourth-quarter fiscal 2026 earnings on May 20, with Wall Street looking for revenue of $425.8 million. That estimate would mark a 28% increase from a year earlier, while earnings are seen at 29 cents per share, unchanged over the past 30 days but down 62.8% from the same quarter last year.
The market will be watching whether e.l.f. Beauty can keep converting strong demand into results after a run of outsized beats. Over the trailing four quarters, the company has delivered an average earnings surprise of 25.5%, helped by a value proposition that keeps drawing consumers, a steady innovation pipeline and engagement that has supported market-share gains across cosmetics and skincare.
That momentum has been tied closely to Rhode, which management described as a major growth driver heading into the quarter. In the fiscal third quarter, Rhode significantly exceeded expectations, helped by strong Sephora sell-through trends and successful international launches. Management also said there was strong global demand for the brand, and expansion into Australia and New Zealand through Mecca was underway.
e.l.f. Beauty has not relied on Rhode alone. On its last earnings call, management pointed to several spring 2026 product launches and continued innovation across Rhode, Naturium and e.l.f. SKIN as key supports for the business. It also said spring resets and those launches were expected to have helped consumption trends through March, giving the company a late-quarter tailwind as it heads into the report.
The tension is that the company’s outlook has been moving in the right direction, but not without a shift. Management earlier expected fiscal fourth-quarter organic sales growth to be negative, then later guided to flat to 2% growth. That change leaves investors focused on whether Rhode and the broader innovation slate did enough to sustain demand after a strong third quarter and whether growth is holding up as the year closes.
For elf stock, the next milestone is straightforward: May 20 will show whether the company can turn a still-healthy consumer response into another quarter of revenue growth, or whether the pace is starting to normalize after an extended run of gains.
