ESTEE LAUDER COMPANIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ESTEE LAUDER COMPANIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	11,824	13,683	14,863	14,294	16,215	17,737	15,910	15,608	14,326	15,049
Cost of revenue	2,434	2,844	3,387	3,552	3,834	4,305	4,564	4,424	3,729	3,687
Gross profit	9,390	10,839	11,476	10,742	12,381	13,432	11,346	11,184	10,597	11,362
Selling, general and administrative	7,460	8,553	8,857	8,637	9,371	9,888	9,575	9,621	9,456	9,685
Selling and marketing	2,689	3,287	3,440
Operating expenses	7,686	8,784	9,163	10,136	9,763	10,262	9,837	10,214	11,382	10,582
Operating income	1,704	2,055	2,313	606	2,618	3,170	1,509	970	-785	780
Interest expense	103	128	133	161	173	167	255	378	357	334
Pre-tax income	1,617	1,980	2,307	1,046	3,331	3,036	1,397	772	-1,040	517
Income tax	361	863	513	350	456	628	387	363	93	335
Net income to minority interests	7	9	9	12	12	7	0	0
Net income	1,249	1,108	1,785	684	2,870	2,390	1,006	390	-1,133	182
EBITDA	2,168	2,586	2,870	1,217	3,269	3,897	2,253	1,795	44	1,576
EPS, basic	3.40	3.01	4.91	1.90	7.91	6.64	2.81	1.09	-3.15	0.50
EPS, diluted	3.35	2.95	4.82	1.86	7.79	6.55	2.79	1.08	-3.15	0.50
Shares, basic (weighted)	367	368	364	361	363	360	358	359	360	362
Shares, diluted (weighted)	373	376	370	367	368	365	361	361	360	365
Dividend per share	1.32	1.48	1.67	1.39	2.07	2.33	2.58	2.64	1.71	1.40

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	1,136	2,181	2,987	5,022	4,958	3,957	4,029	3,395	2,921	3,498
Short-term investments	605	534
Receivables	1,395	1,487	1,831	1,194	1,702	1,629	1,452	1,727	1,530	1,518
Inventory	1,479	1,618	2,006	2,062	2,505	2,920	2,979	2,175	2,074	1,999
Other current assets	349	348	388	614	603	792	679	625	544	597
Total current assets	4,964	6,168	7,212	8,892	9,768	9,298	9,139	7,922	7,069	7,612
Property, plant and equipment	1,671	1,823	2,068	2,055	2,280	2,650	3,179	3,136	3,172	2,805
Lease right-of-use assets				2,282	2,190	1,949	1,797	1,833	1,952	1,740
Goodwill	1,916	1,926	1,868	1,401	2,616	2,521	2,486	2,143	2,135	2,107
Intangible assets	1,327	1,276	1,203	2,338	4,095	3,428	5,602	5,183	3,759	3,579
Long-term investments	1,026	843	177
Other non-current assets	664	531	805	813	1,022	1,064	1,212	1,460	1,805	1,919
Total assets	11,568	12,567	13,156	17,781	21,971	20,910	23,415	21,677	19,892	19,762
Accounts payable	835	1,182	1,490	1,177	1,692	1,822	1,670	1,440	1,497	1,578
Deferred revenue		33	314	222	322	312	323	327	314	282
Short-term debt	189	183	516	1,222	32	268	997	504	3	503
Total current liabilities	2,823	3,310	4,605	5,179	5,298	5,815	6,240	5,702	5,435	6,231
Long-term debt	3,383	3,361	2,896	4,914	5,537	5,144	7,117	7,267	7,314	6,803
Lease liabilities				2,278	2,151	1,868	1,698	1,701	1,744	1,541
Other non-current liabilities	960	1,186	1,244	1,448	2,037	1,651	1,943	1,693	1,534	1,381
Total liabilities	7,166	7,857	8,745	13,819	15,880	15,320	17,830	16,363	16,027	15,956
Total debt	3,383	3,361	2,896	4,914	5,537	5,144	7,117	7,267	7,314	6,803
Paid-in capital	3,559	3,972	4,403	4,790	5,335	5,796	6,153	6,685	7,012	7,378
Retained earnings	8,452	9,040	9,984	10,134	12,244	13,912	13,991	13,427	11,672	11,341
Treasury stock	-7,149	-7,896	-9,444	-10,330	-11,058	-13,362	-13,631	-13,664	-13,698	-13,766
Other comprehensive income	-484	-434	-563	-665	-470	-762	-934	-1,140	-1,127	-1,153
Shareholders' equity	4,384	4,688	4,386	3,935	6,057	5,590	5,585	5,314	3,865
Minority interests	18	22	25	27	34	0
Total equity	4,402	4,710	4,411	3,962	6,091	5,590	5,585	5,314	3,865	3,806
Total liabilities and equity	11,568	12,567	13,156	17,781	21,971	20,910	23,415	21,677	19,892	19,762

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,256	1,117	1,794	696	2,875	2,408	1,010	409	-1,133	182
Depreciation and amortization	464	531	557	611	651	727	744	825	829	796
Stock-based compensation	219	236	243	213	327	331	267	325	304	310
Deferred income tax	-118	175	-66	-143	-230	-149	-186	-265	-396	-164
Change in receivables	-92	-105	-169	625	-398	-10	185	-285	230	8
Change in inventory	-85	-147	-375	-3	-140	-602	-64	766	184	51
Cash from operations	1,790	2,562	2,517	2,280	3,631	3,040	1,731	2,360	1,272	1,773
Capital expenditures	-504	-629	-744	-623	-637	-1,040	-1,003	-919	-602	-457
Acquisitions	-1,671	0	0	-1,047	-1,065	-3	0	0	0	-5
Purchases of investments	-1,267	-478	-14	-5	-42	-10	-8	-18	-1	-35
Sales and maturities of investments	1,226	749	1,229	0	0			0	0	3
Cash from investing	-2,204	-358	473	-1,698	-1,864	-945	-3,217	-960	-623	-489
Debt issued	1,498
Stock issued	141	182	192	180	215	151	88	40	15	53
Share buybacks	-413	-759	-1,555	-893	-733	-2,309	-271	-35	-35	-70
Dividends paid	-486	-546	-609	-503	-753	-840	-925	-947	-618	-508
Cash from financing	630	-1,172	-2,173	1,461	-1,892	-3,036	1,590	-2,035	-1,144	-712
Exchange rate effect	6	13	-11	-8	61	-60	-32	1	21	5
Net change in cash	222	1,045	806	2,035	-64	-1,001	72	-634	-474	577
Free cash flow	1,286	1,933	1,773	1,657	2,994	2,000	728	1,441	670	1,316
Interest paid	96	128	131	153	166	163	235	395	353	331
Income taxes paid	456	351	588	537	664	760	665	550	630	535

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $94.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.5%	Gross profit / revenue.
Operating margin	5.2%	Operating income / revenue.
EBITDA margin	10.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.4%	Pre-tax income / revenue.
Net margin	1.2%	Net income / revenue.
FCF margin	8.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.8%	Cash from operations / revenue.
Effective tax rate	64.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	0.9%	Net income / average total assets.
SG&A / revenue	64.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-19.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-21.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3,482.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-11.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-13.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-43.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-42.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-43.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-42.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	96.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-15.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-18.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-18.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-7.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.22x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Debt / assets	34.4%	Total debt / total assets.
Liabilities / assets	80.7%	Total liabilities / total assets.
Net debt	$3.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.34x	Operating income / interest expense.
Working capital	$1.38B	Current assets - current liabilities.
Goodwill and intangibles / assets	28.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	5.04x	Revenue / average property, plant and equipment.
Inventory turnover	1.81x	Cost of revenue / average inventory.
Days inventory	202 days	365 x average inventory / cost of revenue.
Receivables turnover	9.87x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	152 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.
FCF conversion	723.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	25.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.50	Net income per basic share, as reported (split-adjusted).
Revenue per share	$41.25	Revenue / diluted weighted shares.
FCF per share	$3.61	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.86	Cash from operations / diluted weighted shares.
Cash per share	$9.59	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.40	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	279.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	38.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	5.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$34.18B	Share price x shares outstanding.
Enterprise value	$37.48B	Market cap + total debt - cash - short-term investments.
P/E	188x	Market cap / net income. Only when net income is positive.
P/S	2.27x	Market cap / revenue.
P/FCF	26.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.3x	Market cap / cash from operations, when positive.
EV/Sales	2.49x	Enterprise value / revenue.
EV/EBIT	48.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	0.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was ESTEE LAUDER COMPANIES INC's revenue in fiscal 2026?

ESTEE LAUDER COMPANIES INC reported revenue of $15.05B for fiscal 2026, 5% higher than the year before.

Was ESTEE LAUDER COMPANIES INC profitable in fiscal 2026?

Yes. Net income was $182.0M, a net margin of 1.2%.

How much free cash flow did ESTEE LAUDER COMPANIES INC generate in fiscal 2026?

Cash from operations of $1.77B minus capital expenditures of $457.0M left free cash flow of $1.32B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to ESTEE LAUDER COMPANIES INC