e.l.f. Beauty, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
ELF$116.14+5.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-05.
0001600033-26-000007
Item 2. Management’s discussion and analysis of financial condition and results of operationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001600033-26-000040
Item 2. Management’s discussion and analysis of financial condition and results of operationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 76 current paragraphs.
43 unchanged; 24 reworded; 7 added; 15 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Update on Tariffs
Current report
On July 31, 2025, the US administration issued a formal Executive Order modifying the reciprocal tariff regime under the IEEPA. However, in February 2026, the Supreme Court ruled that the IEEPA does not authorize the US administration to impose tariffs, and the tariffs paid by importers under the Executive Order are subject to refund. As of June 30, 2026, we paid approximately $60.3 million of IEEPA Tariffs. Of this amount, the Company received tariff refunds of approximately $51.1 million ($50.1 million and $1.0 million recognized as a reduction in cost of sales and inventory, respectively) plus $2.1 million in applicable interest (recognized as interest income) during the three months ended June 30, 2026. We are evaluating the impact of the Supreme Court ruling and the subsequent order issued by the CIT, and are monitoring related developments from the CBP regarding its plan to process refunds to importers of record, including the launch on April 20, 2026 of the CBP's Consolidated Administration and Processing of Entries (“CAPE”) system for submitting refund claims, as well as the potential outcome of the administration’s appeal of the CIT’s order.
Current report
Effective February 24, 2026, the US administration imposed a 10% global tariff under Section 122 of the Trade Act of 1974 that could remain in place for up to 150 days, and may, by legislative action, be extended. Multiple legal challenges to the Section 122 tariffs have been filed, and on May 7, 2026, the CIT ruled that the Section 122 tariffs are unlawful; however, the court's injunction applies only to the named plaintiffs, and the tariffs remain in effect for all other importers pending appeal.
Current report
These tariffs, as well as a government’s adoption of “buy national” and similar policies or retaliation by another government against such tariffs or policies, could introduce significant uncertainty into the market and may affect the prices and supply of the products available to us. Tariffs also can impact our or our suppliers’ ability to source products efficiently or create other supply chain disruptions. We may not be able to fully or substantially mitigate the impact of these or future tariffs, pass price increases on to our customers or secure adequate alternative sources of products or materials for our products, which would have a material adverse effect on our business, financial condition and results of operations.
Current report
Change in fair value of contingent consideration
Current report
In connection with the rhode Acquisition, the Company recorded a fair value adjustment of $16.1 million for the three months ended June 30, 2026, driven by the outperformance of rhode's revenue results relative to the earnout thresholds set forth in the merger agreement entered into in connection with the rhode Acquisition.
Current report
Cash provided by operating activities
Removed paragraphs (15)
Previous report
Potential Impact of Tariffs
Previous report
The US tariff policies are continuing to evolve. As a result, our risks and mitigation plans will also continue to evolve as further developments arise. Any alteration of trade agreements and terms between China and the United States, including limiting trade with China, imposing additional tariffs on imports from China and potentially imposing other restrictions on imports from China to the United States may result in further or higher tariffs or retaliatory trade measures by China. We are in the process of determining our incremental tariff cost exposure in light of continuing changes to tariff policies, and the full extent of our potential mitigation plans, as well as the associated timing to implement such plans. To mitigate our risk of ongoing exposure to tariffs, the Company raised prices globally for all products sold as of August 1, 2025. The Company may also seek to shift production outside of China into regions where we expect tariffs to be lower and to source the same products in more than one region, to the extent it is possible and not cost-prohibitive. Moreover, the United States has imposed, increased, or indicated a willingness to continue to impose or increase tariffs on other countries where we source our products or into which we make sales. Such tariffs may lead to retaliatory actions, including counter-tariffs and increased production costs, disruptions to global supply chains and otherwise create operational challenges for us.
Previous report
On August 5, 2025, we entered into the Fifth Amendment to the Amended and Restated Credit Agreement, pursuant to which we borrowed an incremental term loan in a principal amount equal to $600.0 million (the “Incremental Term Loan”), together with available cash from our balance sheet and additional borrowings under our Amended Revolving Credit Facility, to consummate and pay related fees and expenses in connection with our acquisition of rhode.
Previous report
Comparison of the nine months ended December 31, 2025 to the nine months ended December 31, 2024
Previous report
Net sales
Previous report
Net sales increased $206.3 million, or 21%, to $1,187.2 million for the nine months ended December 31, 2025, compared to $980.9 million for the nine months ended December 31, 2024. The rhode Acquisition contributed $180.6 million to our growth in the three months ended December 31, 2025, with the remaining $25.7 million contributed from our existing business. Net sales growth was driven by both our retailer and e-commerce channels. Net sales increased $109.5 million, or 14%, in our retailer channels and $96.9 million, or 56%, in our e-commerce channels. From a price and mix perspective, higher average item price and mix within retailer and e-commerce orders drove $198.8 million of the increase in sales. A higher volume of units sold drove the remaining $7.5 million increase in net sales as compared to the nine months ended December 31, 2024.
Previous report
Gross profit
Previous report
Gross profit increased $132.2 million, or 19%, to $830.9 million for the nine months ended December 31, 2025, compared to $698.6 million for the nine months ended December 31, 2024. Higher average item price and mix drove $126.9 million increase in gross profit, with the remaining increase of $5.3 million driven by higher unit volume. Gross margin decreased approximately 124 basis points to 70% when compared to the nine months ended December 31, 2024. The decrease in gross margin was primarily driven by tariffs, partially offset by pricing and mix.
Previous report
Selling, general and administrative expenses
Previous report
SG&A expenses were $706.9 million for the nine months ended December 31, 2025, an increase of $122.0 million, or 21%, from $584.9 million for the nine months ended December 31, 2024. The $122.0 million increase was primarily related to an increase in marketing, merchandising and distribution costs of $55.0 million, increased compensation and benefits expense of $30.3 million, increased depreciation and amortization of $21.9 million, and increased professional fees of $10.6 million.
Previous report
Other (expense) income, net
Previous report
Other income, net totaled $1.8 million for the nine months ended December 31, 2025, as compared to other expense of $1.3 million for the nine months ended December 31, 2024. The year-over-year variance is primarily due to an increase in foreign currency gains in the period attributable to currency rate fluctuation.
Previous report
Interest expense, net
Previous report
Income tax provision
Previous report
Cash provided by (used in) operating activities
Reworded paragraphs (24)
Previous wording
The Company's family of brands includes e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People, Keys Soulcare, and rhode. The Company's brands are available online and across leading beauty, mass-market and specialty retailers. The Company has strong relationships with its retail customers such as Target, Walmart, Ulta Beauty, Amazon and other leading retailers that have enabled the Company to expand distribution both domestically and internationally.
Current wording
The Company's family of brands consists of e.l.f. Cosmetics, e.l.f. SKIN, e.l.f. Hair, rhode, Naturium and Well People. The Company's brands are available online and across leading beauty, mass-market and specialty retailers. The Company has strong relationships with its retail customers such as Target, Walmart, Amazon, Sephora and other leading retailers that have enabled the Company to expand distribution both domestically and internationally.
Previous wording
The majority of our products are sourced and manufactured in China and have been subject to a US 25% tariff since May 2019. Furthermore, in March and April 2025, the Trump administration announced a series of additional tariffs on products from countries worldwide. Since then, some of these tariffs have been increased, reduced, or temporarily paused.
Current wording
Many of our products are sourced and manufactured in China and have been subject to a US 25% tariff since May 2019. Throughout 2025, we were subject to a range of tariff rates on imports from China ranging from 25% to as high as 170%.
Previous wording
See the risk factor titled “Additional US tariffs or other restrictions placed on imports, retaliatory trade measures taken by other countries and resulting trade wars may have a material adverse impact on our financial condition and results of operations” included as part of Item 1A. Risk Factors of this Quarterly Report on Form 10-Q for additional information regarding risk related to tariffs.
Current wording
See the risk factor titled “Changes in the US and international trade policies, including tariffs, trade restrictions and retaliatory trade measures taken by other countries and resulting trade wars may have a material adverse impact on our business, financial condition and results of operations” included as part of Item 1A. Risk factors of this Quarterly Report on Form 10-Q for additional information regarding risk related to tariffs.
Previous wording
On August 5, 2025, we consummated the acquisition of HRBeauty LLC (“rhode”), the fast-growing, multi-category lifestyle beauty brand founded by Hailey Bieber for a purchase price of $897.5 million in a combination of cash, equity consideration, and potential earnout.
Current wording
On August 5, 2025, we consummated the acquisition of rhode, the fast-growing, multi-category lifestyle beauty brand founded by Hailey Bieber for a purchase price of $897.5 million in a combination of cash, shares of our common stock, and a potential earnout. See Note 3, “Acquisition,” in the Notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details.
Previous wording
On August 5, 2025, we entered into the Fifth Amendment to Amended and Restated Credit Agreement (the “Fifth Amendment”). The Fifth Amendment, among other things, established a term loan facility in an aggregate original principal amount of $600.0 million (the “Term Facility”), made customary changes in connection with adding a term loan facility, increased the maximum permitted consolidated total net leverage ratio financial covenant, increased the interest rate margin for loans under our existing Revolving Credit Facility and increased the unused line fee under our existing Revolving Credit Facility. The proceeds of the Term Facility were made available to e.l.f. Cosmetics and certain of our other subsidiaries to pay a portion of the consideration for the acquisition of rhode. The maturity date of the Term Facility is March 3, 2030.
Current wording
On August 5, 2025, we entered into the Fifth Amendment to the Amended and Restated Credit Agreement (the “Fifth Amendment”). The Fifth Amendment, among other things, established a term loan facility in an aggregate original principal amount of $600.0 million (the “Term Facility”), made customary changes in connection with adding a term loan facility, increased the maximum permitted consolidated total net leverage ratio financial covenant, increased the interest rate margin for loans under our existing Revolving Credit Facility and increased the unused line fee under our existing Revolving Credit Facility. The proceeds of the Term Facility were made available to e.l.f. Cosmetics and certain of our other subsidiaries to pay a portion of the consideration for the rhode Acquisition. The maturity date of the Term Facility is March 3, 2030.
Previous wording
Net sales increased $134.2 million, or 38%, to $489.5 million for the three months ended December 31, 2025, compared to $355.3 million for the three months ended December 31, 2024. Net sales growth was driven by both our retailer and e-commerce channels. The rhode Acquisition contributed $128.2 million to our growth in the three months ended December 31, 2025, with the remaining $6.0 million contributed from our existing business. Net sales increased $67.5 million, or 101%, in our e-commerce channels and $66.8 million, or 23%, in our retailer channels. From a price and mix perspective, higher average item price and mix drove $136.0 million increase in net sales as compared to the three months ended December 31, 2024. This was partially offset by lower volume impacting sales by $1.8 million.
Current wording
Net sales increased $125.6 million, or 36%, to $479.4 million for the three months ended June 30, 2026, compared to $353.7 million for the three months ended June 30, 2025. Net sales growth was driven by strong performance in both our retailer and e-commerce channels. Net sales increased $80.0 million, or 129%, in our e-commerce channels and $45.6 million, or 16%, in our retailer channels. From a price and mix perspective, higher average item price and mix drove $137.4 million increase in net sales as compared to the three months ended June 30, 2025. This was partially offset by lower volume reducing net sales by $11.7 million.
Previous wording
Gross profit increased $94.2 million, or 37%, to $347.5 million for the three months ended December 31, 2025, compared to $253.3 million for the three months ended December 31, 2024. Higher average item price and mix drove an increase of $95.5 million, offset by lower volume impacting gross profit by $1.3 million. Gross margin decreased approximately 30 basis points to 71% when compared to the three months ended December 31, 2024. The decrease in gross margin was primarily driven by tariffs, partially offset by pricing and mix.
Current wording
Gross profit increased $154.3 million, or 63%, to $398.8 million for the three months ended June 30, 2026, compared to $244.5 million for the three months ended June 30, 2025. This growth was inclusive of the benefit from a $50.1 million IEEPA tariff refund recognized as a reduction in cost of sales during the three months ended June 30, 2026. The remaining growth was primarily driven by a higher average item price and mix which drove an increase of $112.3 million, offset by lower volume impacting gross profit by $8.1 million. Gross margin increased approximately 1,400 basis points to 83% when compared to the three months ended June 30, 2025, including approximately 1,050 basis points benefit from the IEEPA tariff refunds, with the remaining increase primarily driven by pricing and lower year-over-year tariff rates.
Previous wording
SG&A expenses were $280.0 million for the three months ended December 31, 2025, an increase of $61.7 million, or 28%, from $218.2 million for the three months ended December 31, 2024. The $61.7 million increase was primarily related to an increase in marketing, merchandising and distribution costs of $24.7 million, increased compensation and benefits expense of $22.0 million, increased depreciation and amortization of $9.9 million, and increased professional fees $2.1 million.
Current wording
SG&A expenses were $280.3 million for the three months ended June 30, 2026, an increase of $84.5 million, or 43%, from $195.8 million for the three months ended June 30, 2025. The $84.5 million increase was primarily related to increases in marketing, merchandising and distribution costs of $49.9 million, increased compensation and benefits expense of $18.6 million, and increased depreciation and amortization of $12.9 million.
Previous wording
Other expense, net totaled $1.3 million for the three months ended December 31, 2025, as compared to other expense, net of $5.3 million for the three months ended December 31, 2024. The year-over-year variance is primarily due to an decrease in foreign currency exchange loss in the period primarily attributable to foreign currency rate fluctuation between the British pound and US dollar.
Current wording
Other expense, net totaled $0.3 million for the three months ended June 30, 2026, as compared to other income, net of $5.0 million for the three months ended June 30, 2025. The year-over-year variance was primarily due to a decrease in foreign currency exchange gain in the period primarily attributable to foreign currency rate fluctuation between the British pound and US dollar.
Previous wording
Interest expense, net was $12.4 million for the three months ended December 31, 2025, as compared to $3.5 million for the three months ended December 31, 2024. The year-over-year variance was primarily due to the Fifth Amendment which established the Term Facility and increased debt. See Note 6, “Debt,” in the Notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details on our debt.
Current wording
Interest expense, net was $7.8 million for the three months ended June 30, 2026, as compared to $2.6 million for the three months ended June 30, 2025. The year-over-year variance was primarily due to the Fifth Amendment which established the Term Facility and increased our outstanding debt. See Note 6, “Debt,” in the Notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details on our debt. The increase was partially offset by $2.1 million of interest income associated with the IEEPA refunds received during the three months ended June 30, 2026.
Previous wording
The income tax provision was $14.5 million, or an effective rate of 26.9%, for the three months ended December 31, 2025, as compared to a provision of $9.0 million, or an effective rate of 34.3%, for the three months ended December 31, 2024. The change in the income tax provision was primarily driven by the tax effects of an increase in income before taxes of $27.6 million, which was partially offset by an increase in discrete tax benefits of $4.2 million, primarily related to stock-based compensation.
Current wording
The income tax provision was $27.7 million, or an effective rate of 29.4%, for the three months ended June 30, 2026, as compared to a provision of $17.8 million, or an effective rate of 34.8%, for the three months ended June 30, 2025. The change in the income tax provision was primarily driven by the tax effects of an increase in income before taxes of $43.2 million, and a decrease in discrete tax benefits of $17.3 million, primarily related to stock-based compensation and the tax effects of IEEPA tariff refunds and associated interest.
Previous wording
As of December 31, 2025, we had $196.8 million of cash and cash equivalents. In addition, as of December 31, 2025, we had borrowing capacity of $243.3 million under our Amended Revolving Credit Facility.
Current wording
As of June 30, 2026, we had $344.2 million of cash and cash equivalents. In addition, as of June 30, 2026, we had borrowing capacity of $243.3 million under our Amended Revolving Credit Facility.
Previous wording
Our primary cash needs are for working capital, fixturing, retail product displays, digital investments and debt service. We have also used cash for acquisitions. Cash needs typically vary depending on strategic initiatives selected for the fiscal year, including investments in infrastructure, digital capabilities and expansion within or to additional retailer store locations. We expect to fund ongoing cash needs from existing cash and cash equivalents, cash generated from operations and, if necessary, draws on our Amended Revolving Credit Facility.
Current wording
Our primary cash needs are for working capital, fixturing, retail product displays and digital investment. We have also used cash for acquisitions. Cash needs typically vary depending on strategic initiatives selected for the fiscal year, including investments in infrastructure, digital capabilities and expansion within or to additional retailer store locations. We expect to fund ongoing cash needs from existing cash and cash equivalents, cash generated from operations and, if necessary, draws on our Amended Revolving Credit Facility.
Previous wording
Our primary working capital requirements are for product and product-related costs, compensation and benefits, rent, distribution costs and marketing. Fluctuations in working capital are primarily driven by the timing of when a retailer rearranges or restocks its products, expansion of space within our existing retailer base, expansion to new retailers and the general seasonality of our business. As of December 31, 2025, we had working capital, excluding cash and cash equivalents, of $250.5 million, compared to $214.8 million as of March 31, 2025. Working capital, excluding cash and cash equivalents and debt, was $280.5 million and $214.8 million as of December 31, 2025 and March 31, 2025, respectively.
Current wording
Our primary working capital requirements are for product and product-related costs, payroll, rent, distribution costs and marketing. Fluctuations in working capital are primarily driven by the timing of when a retailer rearranges or restocks its products, expansion of space within our existing retailer base, expansion to new retailers and the general seasonality of our business. As of June 30, 2026, we had working capital, excluding cash and cash equivalents, of $177.9 million, compared to $163.5 million as of March 31, 2026. Working capital, excluding cash and cash equivalents and debt, was $207.9 million and $193.5 million as of June 30, 2026 and March 31, 2026, respectively.
Previous wording
Our ability to meet our operating, investing and financing needs depends to a significant extent on our future financial performance, which will be subject in part to general economic, competitive, financial, regulatory and other factors that are beyond our control, including those described elsewhere in Part II, Item 1A “Risk factors.” In addition to these general economic and industry factors, the principal factors in determining whether our cash flows will be sufficient to meet our liquidity requirements will be based on our ability to provide innovative products to our customers, manage production and our supply chain.
Current wording
Our ability to meet our operating, investing and financing needs depends to a significant extent on our future financial performance, which will be subject in part to general economic, competitive, financial, regulatory and other factors that are beyond our control, including those described elsewhere in Part II, Item 1A. Risk factors. In addition to these general economic and industry factors, the principal factors in determining whether our cash flows will be sufficient to meet our liquidity requirements will rely on our ability to provide innovative products to our consumers, manage production and our supply chain.
Previous wording
For the nine months ended December 31, 2025, net cash provided by operating activities was $110.1 million. This included net income as adjusted for depreciation, amortization and other non-cash items of $225.3 million, partially offset by acquisition-related seller expenses of $47.1 million in connection with the rhode Acquisition, and an increase in working capital of $68.1 million. The change in working capital was primarily driven by a $53.5 million increase in prepaid expense and other assets, a $32.6 million increase in accounts receivable, partially offset by a $9.8 million increase in accounts payable and accrued expenses, a $7.4 million decrease in inventory, and a $0.8 million increase related to other liabilities.
Current wording
For the three months ended June 30, 2026, net cash provided by operating activities was $111.7 million. This included net income as adjusted for depreciation, amortization and other non-cash items of $133.9 million, which is inclusive of $52.1 million benefit from IEEPA tariff refunds, partially offset by an increase in working capital of $22.2 million. The increase in working capital was primarily driven by a $26.5 million increase in inventory, a $2.4 million decrease in accounts payable and accrued expenses, and a $1.7 million decrease related to other liabilities, partially offset by an $8.2 million decrease in prepaid expense and other assets, and a $0.2 million decrease in accounts receivable.
Previous wording
For the nine months ended December 31, 2024, net cash used in operating activities was $2.3 million. This included an increase in working capital of $178.1 million, partially offset by net income as adjusted for depreciation, amortization and other non-cash items of $175.8 million. The increase in working capital was primarily driven by a $77.5 million increase in prepaid expense and other assets, a $65.1 million increase in accounts receivable, a $23.7 million increase in inventory, a $6.1 million decrease related to other liabilities, and a $5.7 million decrease in accounts payable and accrued expenses.
Current wording
For the three months ended June 30, 2025, net cash provided by operating activities was $27.2 million. This included net income as adjusted for depreciation, amortization and other non-cash items of $74.5 million, partially offset by an increase in working capital of $47.2 million. The increase in working capital was primarily driven by a $46.2 million increase in accounts receivable, a $16.3 million increase in prepaid expense and other assets, a $1.5 million decrease in accounts payable and accrued expenses, and a $1.9 million decrease related to other liabilities, partially offset by an $18.7 million decrease in inventory.
Previous wording
For the nine months ended December 31, 2024, net cash used in investing activities was $7.7 million consisting of capital expenditures related to fixturing, equipment and software.
Current wording
For the three months ended June 30, 2026, net cash used in investing activities was $1.7 million primarily consisting of capital expenditures related to fixturing, equipment and software.
Previous wording
For the nine months ended December 31, 2025, net cash used in investing activities was $603.0 million primarily related to the rhode Acquisition and capital expenditures related to fixturing, equipment and software.
Current wording
For the three months ended June 30, 2025, net cash used in investing activities was $7.6 million primarily consisting of capital expenditures related to fixturing, equipment and software.
Previous wording
For the nine months ended December 31, 2025, net cash provided by financing activities was $540.9 million primarily driven by proceeds from the Fifth Amendment which established the Term Facility and increased debt, partially offset by the repurchase of our common stock.
Current wording
Cash (used in) provided by financing activities
Previous wording
For the nine months ended December 31, 2024, net cash used in financing activities was $24.3 million primarily driven by repurchases of our common stock of $17.1 million and repayment on the Amended Term Loan Facility of $8.1 million, partially offset by cash received from the exercise of stock options.
Current wording
For the three months ended June 30, 2026, net cash used in financing activities was $55.5 million primarily driven by repurchases of our common stock of $50.0 million and repayments on the Amended Term Loan Facility of $7.5 million, partially offset by cash received from the exercise of stock options.
Previous wording
On August 28, 2023, we entered into the Second Amendment to Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, we borrowed incremental term loans in an aggregate original principal amount of $115.0 million under the Amended Credit Agreement (the “Incremental Term Loan”). We used the Incremental Term Loan, together with cash from our balance sheet and additional borrowings under our Amended Revolving Credit Facility, to consummate the Acquisition of Naturium (as defined in Note 3, “Acquisitions,” in the Notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q) and to pay related fees and expenses in connection with the Acquisition of Naturium and Second Amendment.
Current wording
On August 28, 2023, we entered into the Second Amendment to Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, we borrowed incremental term loans in an aggregate original principal amount of $115.0 million under the Amended Credit Agreement (the “Incremental Term Loan”). We used the Incremental Term Loan, together with cash from our balance sheet and additional borrowings under our Amended Revolving Credit Facility, to consummate the acquisition of Naturium and to pay related fees and expenses in connection with the acquisition of Naturium and Second Amendment.
Previous wording
The interest rate as of December 31, 2025 for the Term Facility was approximately 5.9%.
Current wording
The interest rate as of June 30, 2026 for the Amended Credit Agreement was approximately 5.4%.
Previous wording
The interest rate as of December 31, 2025 for the Revolving Credit Facility was approximately 5.8%. The unused balance of the Revolving Credit Facility as of December 31, 2025 was $243.3 million.
Current wording
The interest rate as of June 30, 2026 for the Revolving Credit Facility was approximately 5.4%. The unused balance of the Revolving Credit Facility as of June 30, 2026 was $243.3 million.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three months ended June 30, 2025, net cash provided by financing activities was $0.1 million related to cash received from the exercise of stock options.
Current report — wording carried from elsewhere
On August 5, 2025, we entered into the Fifth Amendment. The Fifth Amendment, among other things, established the Term Facility, made customary changes in connection with adding a term loan facility, increased the maximum permitted consolidated total net leverage ratio financial covenant, increased the interest rate margin for loans under our existing Revolving Credit Facility and increased the unused line fee under our existing Revolving Credit Facility. The proceeds of the Term Facility were made available to e.l.f. Cosmetics and certain of our other subsidiaries to pay a portion of the consideration for the rhode Acquisition. The maturity date of the Term Facility is March 3, 2030.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Interest expense, net was $24.1 million for the nine months ended December 31, 2025, as compared to interest expense, net of $11.0 million for the nine months ended December 31, 2024. The year-over-year variance was primarily due to the Fifth Amendment which established the Term Facility and increased debt. See Note 6, “Debt,” in the Notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details on our debt.
Previous report — wording carried elsewhere
The income tax provision was $25.3 million, or an effective rate of 25.1%, for the nine months ended December 31, 2025, as compared to a provision of $17.6 million, or an effective rate of 17.4%, for the nine months ended December 31, 2024. The change in the income tax provision was primarily driven by a decrease in discrete tax benefits of $5.9 million, primarily related to stock-based compensation.
Previous report — wording carried elsewhere
Cash provided by (used in) financing activities