Elf Beauty Sales Rise 14% in Q2, Propelled by Rhode

Elf Beauty’s net sales rose 14% year-on-year to $343.9 million in the second quarter of fiscal 2026, the company said on Wednesday. It was the first round to include results from Rhode, which the company acquired just prior to its Q1 earnings in August.

“Our Q2 results, which included 140 basis points of market share gains for our namesake Elf brand and a record-breaking launch of Rhode in Sephora North America, are a continuation of the consistent, category-leading growth we’ve delivered over the past 27 quarters,” Tarang Amin, Elf Beauty chair and CEO, said in a statement. “We remain confident in our strategy to grow market share and capitalize on the significant whitespace ahead of us.”

For the second quarter, US revenues were up 18% and international up 2%. By brand, newly minted Rhode was a standout, CFO Mandy Fields told Vogue Business ahead of today’s earnings call, flagging the brand’s Sephora launch as a highlight. “The launch was [by far] the second best launch that they’ve had in North America, which is incredible to see,” Fields said. “Rhode continues to have momentum behind it.” Elf expects Rhode to deliver $200 million to the company’s net sales this year, post-acquisition (from August through the end of March). “On an annualized basis, $300 million is what we expect Rhode to be for this fiscal year, and that would be 40% year-on-year growth,” she added. “So really just a tremendous performance out of Rhode.”

Rhode will launch in Sephora in the UK on November 10. The company is looking at where to go from there, Fields said. “Rhode has over 70% of its followers outside the US,” she explained. “We’re going to continue to follow where Hailey’s followers are.” As to whether this will be via more international Sephoras, Fields said that it is the “largest global beauty retailer”, and that presents opportunities for the brand.

Whereas last quarter Elf declined to give full-year guidance due to tariff uncertainty, this quarter, the company said it expects an 18% to 20% increase in net sales compared to fiscal 2025, and an adjusted EBITDA of $302 million to $306 million, up 2% to 3% from $297 million in fiscal 2025. “Tariffs have had a huge impact on us this year,” said Fields. “Think about where we’ve been — last year, we were at 25% China tariffs; this year, on a weighted average basis, we’re about 60%. [That’s] more than double the impact, but we’re still able to deliver EBITDA growth.”