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ELF · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is e.l.f. Beauty, Inc. (ELF) stock moving?
Q2 FY27 results (reported Nov 4) were the main driver: net sales rose 51% to $520.8M versus a $470.3M estimate, adjusted EPS was $1.21 versus $0.59 expected, and FY27 guidance was raised to adjusted EPS of $3.82-$3.86 (from $3.50-$3.55, versus a $3.63 estimate) and sales of $2.003B-$2.029B (versus a $1.976B estimate). The stock rallied intraday to $123.13 on Nov 5 but closed at $109.85 on heavy volume of 3.17M, a sharp reversal that shows supply near the $120-123 area. It then recovered to $116.14 on Nov 6 and $119.35 on Nov 9 (2.34M shares), before closing at $118.51 on Nov 10 on lighter volume of 1.10M. That close is about 6% above the $111.50 level before the results. Analyst activity was broadly positive: six listed price targets range from $110 (Piper Sandler, Neutral) to $139 (Citigroup, Buy), averaging about $125.50, with Morgan Stanley, UBS, JP Morgan and Citigroup all raising targets. Brand news (Lip Oil award, Well People at Sprouts, Art Basel activation, RIVET partnership) supports brand momentum but is not financially material. The Nov 5 10-Q is noted, but its contents were not provided. The beat-and-raise is already reflected in the price, and the average target sits only modestly above the current price.
News behind the analysis
- Morgan Stanley Maintains Equal-Weight on e.l.f. Beauty, Raises Price Target to $125Morgan Stanley kept its Equal-Weight rating and raised its price target to $125 after the Q2 results.
- e.l.f. Cosmetics Named Lip Oil Product of the Year at 2026 Beauty Innovation Awardse.l.f. Cosmetics received the Lip Oil Product of the Year award at the 2026 Beauty Innovation Awards.
- e.l.f. Beauty Glows Up: Revenue Jumps 51% to $520.8M, Guides FY27 Above EstimatesShares traded higher after Q2 results beat expectations and FY27 guidance was raised above estimates.
- e.l.f. Beauty Raises FY2027 Adj EPS Guidance from $3.50-$3.55 to $3.82-$3.86 vs $3.63 Est; Raises FY2027 Sales Guidance from $1.938B-$1.968B to $2.003B-$2.029B vs $1.976B EstThe company raised FY2027 adjusted EPS guidance to $3.82-$3.86 and sales guidance to $2.003B-$2.029B, both above consensus.
- CORRECTION: e.l.f. Beauty Q2 Adj. EPS $1.21 Beats $0.59 Estimate, Sales $520.816M Beat $470.303M EstimateQ2 adjusted EPS of $1.21 beat the $0.59 estimate, and sales of $520.8M beat the $470.3M estimate.
- e.l.f. Beauty Announces Second Quarter Fiscal 2027 ResultsThe company reported Q2 fiscal 2027 results with a 51% increase in net sales and raised its full-year net sales guidance.
- Citigroup Maintains Buy on e.l.f. Beauty, Raises Price Target to $139Citigroup kept its Buy rating and raised its price target to $139 after the results.
- JP Morgan Maintains Overweight on e.l.f. Beauty, Raises Price Target to $135JP Morgan kept its Overweight rating and raised its price target to $135 following the earnings report.
- UBS Maintains Neutral on e.l.f. Beauty, Raises Price Target to $129UBS kept its Neutral rating and raised its price target to $129.
About e.l.f. Beauty, Inc.
e.l.f. Beauty is an Oakland, California-based beauty company. It sells low-cost, vegan, cruelty-free makeup and skincare under e.l.f. Cosmetics and e.l.f. SKIN, along with higher-priced brands it bought, including Naturium and Hailey Bieber's rhode. It is known for fast product launches and social-media-driven marketing, and has grown net sales for about 31 straight quarters, with fiscal 2026 (ended March 2026) sales of roughly $1.6 billion.
How it makes money
Almost all revenue comes from selling cosmetics and skincare products. Most sales go through large retailers such as Target, Walmart, Ulta and Sephora, and the rest come from its own e-commerce sites. Its main markets are the US and a growing list of international markets. Products are mostly made by third-party manufacturers, largely in China, so tariffs affect costs. Gross margins are high, at about 71%, but heavy marketing spending and acquisition costs have kept net profit margins much lower.
What usually moves ELF
- Market-share gains in US mass-market cosmetics
- Growth of acquired brands like rhode and its expansion into new retail markets
- Tariffs and costs of sourcing from China
- International expansion
- Quarterly sales growth versus guidance