{"url_path":"/sec/elf/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-05-21","source_url":"https://www.sec.gov/Archives/edgar/data/1600033/0001600033-26-000020-index.html","accession_number":"0001600033-26-000020","cik":"0001600033","ticker":"ELF","issuer_name":"e.l.f. Beauty, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1600033/0001600033-26-000020-index.html","primary_entity_key":"0001600033","primary_entity_name":"e.l.f. Beauty, Inc."},"word_count":1730,"has_tables":true,"body_markdown":"elf-20260331\nfalse2026FY0001600033406465http://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrentiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureelf:segmentelf:distribution_channelelf:claimelf:renewal_option00016000332025-04-012026-03-3100016000332025-09-3000016000332026-05-1400016000332026-01-012026-03-310001600033elf:JoshFranksMember2026-01-012026-03-310001600033elf:JoshFranksMember2026-03-310001600033elf:KoryMarchisottoMember2026-01-012026-03-310001600033elf:KoryMarchisottoMember2026-03-3100016000332026-03-3100016000332025-03-3100016000332024-04-012025-03-3100016000332023-04-012024-03-310001600033us-gaap:CommonStockMember2023-03-310001600033us-gaap:AdditionalPaidInCapitalMember2023-03-310001600033us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001600033us-gaap:RetainedEarningsMember2023-03-3100016000332023-03-310001600033us-gaap:RetainedEarningsMember2023-04-012024-03-310001600033us-gaap:AdditionalPaidInCapitalMember2023-04-012024-03-310001600033us-gaap:CommonStockMember2023-04-012024-03-310001600033us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012024-03-310001600033us-gaap:CommonStockMember2024-03-310001600033us-gaap:AdditionalPaidInCapitalMember2024-03-310001600033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001600033us-gaap:RetainedEarningsMember2024-03-3100016000332024-03-310001600033us-gaap:RetainedEarningsMember2024-04-012025-03-310001600033us-gaap:AdditionalPaidInCapitalMember2024-04-012025-03-310001600033us-gaap:CommonStockMember2024-04-012025-03-310001600033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012025-03-310001600033us-gaap:CommonStockMember2025-03-310001600033us-gaap:AdditionalPaidInCapitalMember2025-03-310001600033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001600033us-gaap:RetainedEarningsMember2025-03-310001600033us-gaap:RetainedEarningsMember2025-04-012026-03-310001600033us-gaap:AdditionalPaidInCapitalMember2025-04-012026-03-310001600033us-gaap:CommonStockMember2025-04-012026-03-310001600033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012026-03-310001600033us-gaap:CommonStockMember2026-03-310001600033us-gaap:AdditionalPaidInCapitalMember2026-03-310001600033us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001600033us-gaap:RetainedEarningsMember2026-03-310001600033elf:CustomerAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310001600033elf:CustomerAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310001600033elf:CustomerAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-04-012024-03-310001600033elf:CustomerBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310001600033elf:CustomerBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310001600033elf:CustomerBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-04-012024-03-310001600033elf:CustomerDMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310001600033elf:CustomerDMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310001600033elf:CustomerEMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310001600033elf:CustomerCMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310001600033elf:CustomerCMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-04-012024-03-310001600033elf:CustomerAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-04-012026-03-310001600033elf:CustomerAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-04-012025-03-310001600033elf:CustomerBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-04-012026-03-310001600033elf:CustomerBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-04-012025-03-310001600033elf:CustomerDMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-04-012026-03-310001600033elf:CustomerDMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-04-012025-03-310001600033srt:MinimumMemberelf:MachineryEquipmentAndSoftwareMember2026-03-310001600033srt:MaximumMemberelf:MachineryEquipmentAndSoftwareMember2026-03-310001600033us-gaap:LeaseholdImprovementsMember2026-03-310001600033srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2026-03-310001600033srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2026-03-310001600033srt:MinimumMemberelf:StoreFixturesMember2026-03-310001600033srt:MaximumMemberelf:StoreFixturesMember2026-03-310001600033elf:RetailProductDisplaysMember2026-03-310001600033elf:RetailProductDisplaysMember2025-03-310001600033elf:RetailProductDisplaysMember2025-04-012026-03-310001600033elf:RetailProductDisplaysMember2024-04-012025-03-310001600033elf:RetailProductDisplaysMember2023-04-012024-03-310001600033us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2026-03-310001600033us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2025-04-012026-03-310001600033us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-04-012025-03-310001600033us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-04-012024-03-310001600033srt:MinimumMember2026-03-310001600033srt:MaximumMember2026-03-310001600033country:US2025-04-012026-03-310001600033country:US2024-04-012025-03-310001600033country:US2023-04-012024-03-310001600033us-gaap:NonUsMember2025-04-012026-03-310001600033us-gaap:NonUsMember2024-04-012025-03-310001600033us-gaap:NonUsMember2023-04-012024-03-310001600033country:US2026-03-310001600033country:US2025-03-310001600033us-gaap:NonUsMember2026-03-310001600033us-gaap:NonUsMember2025-03-310001600033elf:RhodeMember2025-08-050001600033us-gaap:SalesReturnsAndAllowancesMember2023-03-310001600033us-gaap:SalesReturnsAndAllowancesMember2023-04-012024-03-310001600033us-gaap:SalesReturnsAndAllowancesMember2024-03-310001600033us-gaap:SalesReturnsAndAllowancesMember2024-04-012025-03-310001600033us-gaap:SalesReturnsAndAllowancesMember2025-03-310001600033us-gaap:SalesReturnsAndAllowancesMember2025-04-012026-03-310001600033us-gaap:SalesReturnsAndAllowancesMember2026-03-310001600033us-gaap:ShippingAndHandlingMember2025-04-012026-03-310001600033us-gaap:ShippingAndHandlingMember2024-04-012025-03-310001600033us-gaap:ShippingAndHandlingMember2023-04-012024-03-310001600033elf:RhodeMember2025-08-052025-08-0500016000332025-08-050001600033elf:RhodeMember2026-01-012026-03-310001600033elf:RhodeMember2025-04-012026-03-310001600033elf:RhodeMemberus-gaap:RetailMember2025-08-050001600033elf:RhodeMemberus-gaap:TrademarksMember2025-08-050001600033elf:RhodeMember2026-03-310001600033elf:RhodeMember2024-04-012025-03-310001600033elf:NaturiumLLCMember2023-10-042023-10-040001600033elf:NaturiumLLCMember2023-10-040001600033elf:NaturiumLLCMember2024-04-012025-03-310001600033elf:NaturiumLLCMember2025-04-012026-03-310001600033elf:NaturiumLLCMemberus-gaap:RetailMember2023-10-040001600033elf:NaturiumLLCMemberelf:ElectronicCommerceCustomerRelationshipsMember2023-10-040001600033elf:NaturiumLLCMemberus-gaap:TrademarksMember2023-10-040001600033elf:NaturiumLLCMember2023-10-042024-03-310001600033elf:NaturiumLLCMember2023-04-012024-03-310001600033srt:MinimumMemberelf:CustomerRelationshipsRetailersMember2026-03-310001600033srt:MaximumMemberelf:CustomerRelationshipsRetailersMember2026-03-310001600033elf:CustomerRelationshipsRetailersMember2026-03-310001600033elf:ElectronicCommerceCustomerRelationshipsMember2026-03-310001600033srt:MinimumMemberus-gaap:TrademarksMember2026-03-310001600033srt:MaximumMemberus-gaap:TrademarksMember2026-03-310001600033us-gaap:TrademarksMember2026-03-310001600033us-gaap:TrademarksMember2026-03-310001600033elf:CustomerRelationshipsRetailersMember2025-03-310001600033elf:ElectronicCommerceCustomerRelationshipsMember2025-03-310001600033srt:MinimumMemberus-gaap:TrademarksMember2025-03-310001600033srt:MaximumMemberus-gaap:TrademarksMember2025-03-310001600033us-gaap:TrademarksMember2025-03-310001600033us-gaap:TrademarksMember2025-03-310001600033elf:MachineryEquipmentAndSoftwareMember2026-03-310001600033elf:MachineryEquipmentAndSoftwareMember2025-03-310001600033us-gaap:LeaseholdImprovementsMember2025-03-310001600033us-gaap:FurnitureAndFixturesMember2026-03-310001600033us-gaap:FurnitureAndFixturesMember2025-03-310001600033elf:StoreFixturesMember2026-03-310001600033elf:StoreFixturesMember2025-03-310001600033us-gaap:FairValueInputsLevel1Member2026-03-310001600033us-gaap:FairValueInputsLevel2Member2026-03-310001600033us-gaap:FairValueInputsLevel3Member2026-03-310001600033us-gaap:FairValueInputsLevel1Member2025-03-310001600033us-gaap:FairValueInputsLevel2Member2025-03-310001600033us-gaap:FairValueInputsLevel3Member2025-03-310001600033elf:TermLoanMember2026-03-310001600033elf:TermLoanMember2025-03-310001600033us-gaap:RevolvingCreditFacilityMemberelf:AmendedCreditAgreementMember2021-04-302021-04-300001600033us-gaap:RevolvingCreditFacilityMemberelf:AmendedRevolvingCreditFacilityMember2021-04-300001600033us-gaap:RevolvingCreditFacilityMemberelf:TermLoanFacilityMember2021-04-300001600033elf:IncrementalTermLoanMemberelf:SecondAmendmentMember2023-08-280001600033elf:IncrementalTermLoanMemberelf:FourthAmendmentToAmendedCreditAgreementMember2025-03-030001600033us-gaap:LetterOfCreditMemberelf:FourthAmendmentToAmendedCreditAgreementMember2025-03-030001600033elf:IncrementalTermLoanMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FourthAmendmentToAmendedCreditAgreementMember2025-03-032025-03-030001600033elf:IncrementalTermLoanMemberelf:FifthAmendmentMember2025-08-050001600033elf:IncrementalTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMember2025-08-052025-08-050001600033elf:IncrementalTermLoanMemberus-gaap:BaseRateMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMember2025-08-052025-08-050001600033elf:IncrementalTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMembersrt:MinimumMember2025-08-052025-08-050001600033elf:IncrementalTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMembersrt:MaximumMember2025-08-052025-08-050001600033elf:IncrementalTermLoanMemberus-gaap:BaseRateMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMembersrt:MinimumMember2025-08-052025-08-050001600033elf:IncrementalTermLoanMemberus-gaap:BaseRateMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMembersrt:MaximumMember2025-08-052025-08-050001600033us-gaap:RevolvingCreditFacilityMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMembersrt:MinimumMember2025-08-052025-08-050001600033us-gaap:RevolvingCreditFacilityMemberelf:ConsolidatedTotalNetLeverageRatioLevelsMemberelf:FifthAmendmentMembersrt:MaximumMember2025-08-052025-08-050001600033elf:IncrementalTermLoanMemberelf:FifthAmendmentMember2026-03-310001600033us-gaap:RevolvingCreditFacilityMemberelf:FifthAmendmentMember2026-03-310001600033elf:TermLoanMember2025-04-012026-03-310001600033elf:TermLoanMember2024-04-012025-03-310001600033elf:TermLoanMember2023-04-012024-03-310001600033us-gaap:RevolvingCreditFacilityMember2025-04-012026-03-310001600033us-gaap:RevolvingCreditFacilityMember2024-04-012025-03-310001600033us-gaap:RevolvingCreditFacilityMember2023-04-012024-03-310001600033elf:FinanceLeasesMember2025-04-012026-03-310001600033elf:FinanceLeasesMember2024-04-012025-03-310001600033elf:FinanceLeasesMember2023-04-012024-03-3100016000332025-05-282025-05-2800016000332025-05-192025-05-190001600033country:GB2025-04-012026-03-310001600033us-gaap:ForeignTaxJurisdictionOtherMember2025-04-012026-03-310001600033country:US2025-04-012026-03-310001600033stpr:CA2025-04-012026-03-310001600033us-gaap:StateAndLocalTaxJurisdictionOtherMember2025-04-012026-03-310001600033us-gaap:StateAndLocalJurisdictionMember2025-04-012026-03-310001600033elf:TwoThousandAndSixteenEquityIncentiveAwardPlanMember2026-03-310001600033elf:TwoThousandAndFourteenEquityIncentiveAwardPlanMember2026-03-310001600033elf:ServiceBasedStockOptionsMember2023-03-310001600033elf:ServiceBasedStockOptionsMember2022-04-012023-03-310001600033elf:ServiceBasedStockOptionsMember2023-04-012024-03-310001600033elf:ServiceBasedStockOptionsMember2024-03-310001600033elf:ServiceBasedStockOptionsMember2024-04-012025-03-310001600033elf:ServiceBasedStockOptionsMember2025-03-310001600033elf:ServiceBasedStockOptionsMember2025-04-012026-03-310001600033elf:ServiceBasedStockOptionsMember2026-03-310001600033elf:RestrictedStockUnitsAndRestrictedStockMember2026-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2023-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2022-04-012023-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2023-04-012024-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2024-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2024-04-012025-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2025-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2025-04-012026-03-310001600033elf:PerformanceBasedAndMarketBasedVestingOptionsMember2026-03-310001600033elf:RestrictedStockAwardsAndRestrictedStockUnitsMember2023-03-310001600033elf:RestrictedStockAwardsAndRestrictedStockUnitsMember2023-04-012024-03-310001600033elf:RestrictedStockAwardsAndRestrictedStockUnitsMember2024-03-310001600033elf:RestrictedStockAwardsAndRestrictedStockUnitsMember2024-04-012025-03-310001600033elf:RestrictedStockAwardsAndRestrictedStockUnitsMember2025-03-310001600033elf:RestrictedStockAwardsAndRestrictedStockUnitsMember2025-04-012026-03-310001600033elf:RestrictedStockAwardsAndRestrictedStockUnitsMember2026-03-310001600033us-gaap:CostOfSalesMemberelf:RestrictedStockAwardsAndRestrictedStockUnitsMember2025-04-012026-03-310001600033us-gaap:CostOfSalesMemberelf:RestrictedStockAwardsAndRestrictedStockUnitsMember2024-04-012025-03-310001600033us-gaap:CostOfSalesMemberelf:RestrictedStockAwardsAndRestrictedStockUnitsMember2023-04-012024-03-310001600033us-gaap:SellingGeneralAndAdministrativeExpensesMemberelf:RestrictedStockAwardsAndRestrictedStockUnitsMember2025-04-012026-03-310001600033us-gaap:SellingGeneralAndAdministrativeExpensesMemberelf:RestrictedStockAwardsAndRestrictedStockUnitsMember2024-04-012025-03-310001600033us-gaap:SellingGeneralAndAdministrativeExpensesMemberelf:RestrictedStockAwardsAndRestrictedStockUnitsMember2023-04-012024-03-3100016000332019-05-0800016000332024-07-012024-09-300001600033elf:A2024ShareRepurchaseProgramMember2024-08-270001600033elf:A2024ShareRepurchaseProgramMember2025-01-012025-03-310001600033elf:A2024ShareRepurchaseProgramMember2025-10-012025-12-310001600033elf:A2024ShareRepurchaseProgramMember2026-03-310001600033us-gaap:OperatingSegmentsMemberelf:ReportableSegmentMember2025-04-012026-03-310001600033us-gaap:OperatingSegmentsMemberelf:ReportableSegmentMember2024-04-012025-03-310001600033us-gaap:OperatingSegmentsMemberelf:ReportableSegmentMember2023-04-012024-03-3100016000332025-04-012025-06-3000016000332025-07-012025-09-3000016000332025-10-012025-12-3100016000332024-04-012024-06-3000016000332024-10-012024-12-3100016000332025-01-012025-03-3100016000332023-04-012023-06-3000016000332023-07-012023-09-3000016000332023-10-012023-12-3100016000332024-01-012024-03-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________________________\n\nFORM 10-K\n\n___________________________________________________\n\n☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from              to              \n\nCommission File Number 001-37873\n\n___________________________________________________\n\ne.l.f. Beauty, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n___________________________________________________\n\nDelaware46-4464131\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n601 12th Street, 14th Floor\n\nOakland,\nCA94607\n\n (Address of principal executive offices) (Zip code)\n\n_______________________________________________________________ \n\n(510)\n778-7787\n\n(Registrant’s telephone number, including area code)\n\n_______________________________________________________________ \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, $0.01 par valueELFNew York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act:\n\nNone\n\n___________________________________________________\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.    Yes  ☐    No  ☒\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer☒ Accelerated filer☐\n\nNon-accelerated filer☐Smaller reporting company☐\n\nEmerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ \n\nIndicated by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒\n\nAs of September 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant was approximately $5.2 billion.\n\nThe number of shares of registrant’s common stock outstanding as of May 14, 2026 was 59,440,526 shares.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s Definitive Proxy Statement relating to the registrant’s 2026 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended March 31, 2026.\n\ne.l.f. Beauty, Inc.\n\nTable of Contents\n\n \n\n  Page\n\n[PART I](#i659dcc8163664f489be20f9606926825_13)\n  \n\n[Item 1.](#i659dcc8163664f489be20f9606926825_16)\n\n[Business](#i659dcc8163664f489be20f9606926825_16)\n\n[2](#i659dcc8163664f489be20f9606926825_16)\n\n[Item 1A.](#i659dcc8163664f489be20f9606926825_19)\n\n[Risk factors](#i659dcc8163664f489be20f9606926825_19)\n\n[10](#i659dcc8163664f489be20f9606926825_19)\n\n[Item 1B.](#i659dcc8163664f489be20f9606926825_22)\n\n[Unresolved staff comments](#i659dcc8163664f489be20f9606926825_22)\n\n[43](#i659dcc8163664f489be20f9606926825_22)\n\n[Item 1C.](#i659dcc8163664f489be20f9606926825_25)\n\n[Cybersecurity](#i659dcc8163664f489be20f9606926825_25)\n\n[43](#i659dcc8163664f489be20f9606926825_25)\n\n[Item 2.](#i659dcc8163664f489be20f9606926825_28)\n\n[Properties](#i659dcc8163664f489be20f9606926825_28)\n\n[45](#i659dcc8163664f489be20f9606926825_28)\n\n[Item 3.](#i659dcc8163664f489be20f9606926825_31)\n\n[Legal proceedings](#i659dcc8163664f489be20f9606926825_31)\n\n[45](#i659dcc8163664f489be20f9606926825_31)\n\n[Item 4.](#i659dcc8163664f489be20f9606926825_34)\n\n[Mine safety disclosures](#i659dcc8163664f489be20f9606926825_34)\n\n[45](#i659dcc8163664f489be20f9606926825_34)\n\n   \n\n[PART II](#i659dcc8163664f489be20f9606926825_37)\n  \n\n[Item 5.](#i659dcc8163664f489be20f9606926825_40)\n\n[Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities](#i659dcc8163664f489be20f9606926825_40)\n\n[46](#i659dcc8163664f489be20f9606926825_40)\n\n[Item 6.](#i659dcc8163664f489be20f9606926825_43)\n\n[[Reserved]](#i659dcc8163664f489be20f9606926825_43)\n\n[47](#i659dcc8163664f489be20f9606926825_43)\n\n[Item 7.](#i659dcc8163664f489be20f9606926825_46)\n\n[Management’s discussion and analysis of financial condition and results of operations](#i659dcc8163664f489be20f9606926825_46)\n\n[48](#i659dcc8163664f489be20f9606926825_46)\n\n[Item 7A.](#i659dcc8163664f489be20f9606926825_67)\n\n[Quantitative and qualitative disclosures about market risk](#i659dcc8163664f489be20f9606926825_67)\n\n[57](#i659dcc8163664f489be20f9606926825_67)\n\n[Item 8.](#i659dcc8163664f489be20f9606926825_70)\n\n[Financial statements and supplementary data](#i659dcc8163664f489be20f9606926825_70)\n\n[59](#i659dcc8163664f489be20f9606926825_70)\n\n[Item 9.](#i659dcc8163664f489be20f9606926825_73)\n\n[Changes in and disagreements with accountants on accounting and financial disclosure](#i659dcc8163664f489be20f9606926825_73)\n\n[59](#i659dcc8163664f489be20f9606926825_73)\n\n[Item 9A.](#i659dcc8163664f489be20f9606926825_76)\n\n[Controls and procedures](#i659dcc8163664f489be20f9606926825_76)\n\n[59](#i659dcc8163664f489be20f9606926825_76)\n\n[Item 9B.](#i659dcc8163664f489be20f9606926825_79)\n\n[Other information](#i659dcc8163664f489be20f9606926825_79)\n\n[61](#i659dcc8163664f489be20f9606926825_79)\n\n[Item 9C.](#i659dcc8163664f489be20f9606926825_82)\n\n[Disclosure regarding foreign jurisdictions that prevent inspections](#i659dcc8163664f489be20f9606926825_82)\n\n[61](#i659dcc8163664f489be20f9606926825_82)\n\n   \n\n[PART III](#i659dcc8163664f489be20f9606926825_85)\n  \n\n[Item 10.](#i659dcc8163664f489be20f9606926825_88)\n\n[Directors, executive officers and corporate governance](#i659dcc8163664f489be20f9606926825_88)\n\n[62](#i659dcc8163664f489be20f9606926825_88)\n\n[Item 11.](#i659dcc8163664f489be20f9606926825_91)\n\n[Executive compensation](#i659dcc8163664f489be20f9606926825_91)\n\n[62](#i659dcc8163664f489be20f9606926825_91)\n\n[Item 12.](#i659dcc8163664f489be20f9606926825_94)\n\n[Security ownership of certain beneficial owners and management and related stockholder matters](#i659dcc8163664f489be20f9606926825_94)\n\n[62](#i659dcc8163664f489be20f9606926825_94)\n\n[Item 13.](#i659dcc8163664f489be20f9606926825_97)\n\n[Certain relationships and related transactions, and director independence](#i659dcc8163664f489be20f9606926825_97)\n\n[62](#i659dcc8163664f489be20f9606926825_97)\n\n[Item 14.](#i659dcc8163664f489be20f9606926825_100)\n\n[Principal accounting fees and services](#i659dcc8163664f489be20f9606926825_100)\n\n[62](#i659dcc8163664f489be20f9606926825_100)\n\n   \n\n[PART IV](#i659dcc8163664f489be20f9606926825_103)\n  \n\n[Item 15.](#i659dcc8163664f489be20f9606926825_106)\n\n[Exhibits, financial statement schedules](#i659dcc8163664f489be20f9606926825_106)\n\n[63](#i659dcc8163664f489be20f9606926825_106)\n\n[Item 16.](#i659dcc8163664f489be20f9606926825_112)\n\n[Form 10-K summary](#i659dcc8163664f489be20f9606926825_112)\n\n[68](#i659dcc8163664f489be20f9606926825_112)\n\n \n[Signatures](#i659dcc8163664f489be20f9606926825_115)\n\n[69](#i659dcc8163664f489be20f9606926825_115)\n\n \n\n[Table of Contents](#i659dcc8163664f489be20f9606926825_7)\n\nCAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS\n\nThis Annual Report on Form 10-K (“Annual Report”) contains forward-looking statements within the meaning of the federal securities laws concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about our business and the industry in which we operate and management’s beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, our actual results and the timing of selected events may differ materially. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under Part I, Item 1A. “Risk factors” and elsewhere in this Annual Report. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date of this Annual Report. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.\n\nSUMMARY OF MATERIAL RISKS ASSOCIATED WITH OUR BUSINESS\n\nThe principal risks and uncertainties affecting our business include the following:\n\n•The beauty industry is highly competitive, and if we are unable to compete effectively our results will suffer.\n\n•Our new product introductions may not be as successful as we anticipate.\n\n•Any damage to our reputation or brands may materially and adversely affect our business, financial condition and results of operations.\n\n•Our success depends, in part, on the quality, performance and safety of our products.\n\n•We may not be able to successfully implement our growth strategy.\n\n•Our growth and profitability are dependent on a number of factors, and our historical growth may not be indicative of our future growth.\n\n•We may be unable to continue to grow our business effectively or efficiently, which would harm our business, financial condition and results of operations.\n\n•We have significant operations in China, which exposes us to risks inherent in doing business in that country.\n\n•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.\n\n•A disruption in our operations, including a disruption in the supply chain for our products, could materially and adversely affect our business.\n\n•We rely on a number of third-party suppliers, manufacturers, distributors and other vendors, and they may not continue to produce products or provide services that are consistent with our standards or applicable regulatory requirements, which could harm our brands, cause consumer dissatisfaction, and require us to find alternative suppliers of our products or services.\n\n1\n\n[Table of Contents](#i659dcc8163664f489be20f9606926825_7)\n\n•Adverse economic conditions in the United States or any of the other countries in which we conduct significant business could negatively affect our business, financial condition and results of operations.\n\n•We depend on a limited number of retailers for a large portion of our net sales, and the loss of one or more of these retailers, or business challenges at one or more of these retailers, could adversely affect our results of operations.\n\n•We are subject to international business uncertainties.\n\n•Acquisitions or investments could disrupt our business and harm our financial condition.\n\n•If we are unable to protect our intellectual property, the value of our brands and other intangible assets may be diminished, and our business may be adversely affected.\n\n•Our success depends on our ability to operate our business without infringing, misappropriating or otherwise violating the trademarks, patents, copyrights and other proprietary rights of third parties.\n\nThe summary risk factors described above should be read together with the text of the full risk factors below in the section titled “Risk factors” and the other information set forth in this Annual Report, including our consolidated financial statements and the related notes, as well as in other documents that we file with the US Securities and Exchange Commission (the “SEC”). The risks summarized above or described in the section titled “Risk factors” are not the only risks that we face. Additional risks and uncertainties not precisely known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, results of operations, and future growth prospects.\n\nPART I"}