{
 "slug": "elf-beauty-growth-retailer-mix",
 "no": 7,
 "date": "2026-10-31",
 "updated": "2026-10-31",
 "title": "e.l.f. Beauty grew 5.8x in six years. Here's who sells it now",
 "description": "Interactive: e.l.f. Beauty net sales rose from $283M to $1.64B in six fiscal years as Target and Walmart's share fell and Amazon, Sephora and e-commerce rose.",
 "topics": [
  "CPG",
  "Retail",
  "E-commerce"
 ],
 "big": {
  "v": 1.64,
  "f": {
   "d": 2,
   "p": "$",
   "s": "B"
  },
  "l": "e.l.f. Beauty net sales in the fiscal year ended March 31, 2026, up from $282.9 million in fiscal 2020 (company 10-Ks)",
  "src": [
   "k26",
   "k20"
  ]
 },
 "stats": [
  {
   "v": "30",
   "l": "consecutive quarters of net sales growth through June 2026, when sales rose 36% to $479.4 million",
   "src": [
    "q127"
   ]
  },
  {
   "v": "24%",
   "l": "of fiscal 2026 net sales came from e-commerce channels; in fiscal 2020, direct-to-consumer e-commerce was 8%",
   "src": [
    "k26",
    "k20"
   ]
  },
  {
   "v": "11%",
   "l": "of fiscal 2026 net sales came from Amazon, now e.l.f.'s third-largest customer after Target (18%) and Walmart (13%)",
   "src": [
    "k26"
   ]
  }
 ],
 "sources": [
  {
   "id": "k26",
   "t": "e.l.f. Beauty Form 10-K for the fiscal year ended March 31, 2026",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003326000020/elf-20260331.htm"
  },
  {
   "id": "k25",
   "t": "e.l.f. Beauty Form 10-K for the fiscal year ended March 31, 2025",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003325000016/elf-20250331.htm"
  },
  {
   "id": "k24",
   "t": "e.l.f. Beauty Form 10-K for the fiscal year ended March 31, 2024",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2024,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003324000020/elf-20240331.htm"
  },
  {
   "id": "k23",
   "t": "e.l.f. Beauty Form 10-K for the fiscal year ended March 31, 2023",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2023,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003323000016/elf-20230331.htm"
  },
  {
   "id": "k22",
   "t": "e.l.f. Beauty Form 10-K for the fiscal year ended March 31, 2022",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2022,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003322000027/elf-20220331.htm"
  },
  {
   "id": "k21",
   "t": "e.l.f. Beauty Form 10-K for the fiscal year ended March 31, 2021",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2021,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003321000030/elf-20210331.htm"
  },
  {
   "id": "k20",
   "t": "e.l.f. Beauty Form 10-K for the fiscal year ended March 31, 2020",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2020,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003320000023/q42020form10-k.htm"
  },
  {
   "id": "q426",
   "t": "e.l.f. Beauty Announces Fourth Quarter and Full Fiscal 2026 Results (May 20, 2026), Exhibit 99.1",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003326000018/q42026er-991.htm"
  },
  {
   "id": "q127",
   "t": "e.l.f. Beauty Announces First Quarter Fiscal 2027 Results (August 5, 2026), Exhibit 99.1",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003326000036/q12027er-991.htm"
  },
  {
   "id": "q425",
   "t": "e.l.f. Beauty Announces Fourth Quarter and Full Fiscal 2025 Results (May 28, 2025), Exhibit 99.2",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003325000013/q42025er-992.htm"
  },
  {
   "id": "rhode",
   "t": "e.l.f. Beauty Announces Definitive Agreement to Acquire rhode in $1 Billion Deal (May 28, 2025)",
   "pub": "e.l.f. Beauty via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/1600033/000160003325000013/er991glazemasterpressrelea.htm"
  }
 ],
 "notes": [
  "e.l.f. Beauty's fiscal year ends March 31. FY2026 means April 1, 2025 to March 31, 2026. All annual figures are from the company's 10-K filings; where a later 10-K restated an earlier year (fiscal 2021 US and international split), we use the later figure.",
  "Customer shares are only disclosed for customers at 10% or more of net sales. A gap in the line means that retailer was below 10% that year or not separately disclosed, not that it was zero. Ulta Beauty was 12% in fiscal 2025 and below 10% in fiscal 2026.",
  "Dollar figures by customer are XENA estimates: the disclosed percentage (rounded to a whole number) times total net sales. A rounding error of half a point equals about $8 million in fiscal 2026, so small year-to-year changes are within the margin.",
  "The channel split changed wording over time. The fiscal 2020 to 2022 10-Ks describe the non-retailer slice as direct-to-consumer e-commerce; from fiscal 2023 the filings say e-commerce channels. In fiscal 2020 the company also estimated total digital sales, including retailer websites and Amazon.com, at about 11%. Amazon sales may sit in either slice depending on how they are sold, and the filings do not say.",
  "rhode was acquired on August 5, 2025. The 10-K says it made up about 18% of fiscal 2026 net sales; the roughly $295 million figure is our calculation from that percentage."
 ],
 "blocks": [
  {
   "id": "growth",
   "type": "bar",
   "title": "e.l.f. Beauty net sales by fiscal year",
   "sub": "Fiscal years end March 31. Toggle US and international, drag the slider or press play. Tap a bar for the exact figure.",
   "x": [
    "FY2020",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "scrub": 1,
   "yoy": 1,
   "modes": [
    {
     "key": "tot",
     "label": "Total",
     "f": {
      "d": 1,
      "p": "$",
      "s": "M"
     },
     "series": [
      {
       "name": "Net sales, $ millions",
       "color": "#F8157F",
       "v": [
        282.9,
        318.1,
        392.2,
        578.8,
        1023.9,
        1313.5,
        1636.5
       ]
      }
     ]
    },
    {
     "key": "us",
     "label": "United States",
     "f": {
      "d": 1,
      "p": "$",
      "s": "M"
     },
     "series": [
      {
       "name": "US net sales, $ millions",
       "color": "#7733FF",
       "v": [
        255.3,
        282.3,
        347.5,
        506.8,
        868.1,
        1064.0,
        1292.4
       ]
      }
     ]
    },
    {
     "key": "intl",
     "label": "International",
     "f": {
      "d": 1,
      "p": "$",
      "s": "M"
     },
     "series": [
      {
       "name": "International net sales, $ millions",
       "color": "#A98BFF",
       "v": [
        27.6,
        35.8,
        44.7,
        72.1,
        155.9,
        249.5,
        344.1
       ]
      }
     ]
    }
   ],
   "src": [
    "k20",
    "k21",
    "k22",
    "k23",
    "k24",
    "k25",
    "k26"
   ],
   "note": "From the geographic net sales table in each 10-K. Fiscal 2021 uses the restated split from the fiscal 2022 and 2023 10-Ks (international $35.8M; the fiscal 2021 10-K showed $33.9M). Fiscal 2026 includes rhode from August 5, 2025."
  },
  {
   "id": "cust",
   "type": "line",
   "title": "Share of e.l.f. net sales by retailer",
   "sub": "Only customers at 10% or more are disclosed, so gaps mean below 10%. Tap the legend to hide a line, or switch to estimated dollars.",
   "x": [
    "FY2020",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "modes": [
    {
     "key": "pct",
     "label": "% of net sales",
     "f": {
      "d": 0,
      "s": "%"
     },
     "series": [
      {
       "name": "Target",
       "color": "#F8157F",
       "v": [
        22,
        22,
        23,
        25,
        25,
        23,
        18
       ]
      },
      {
       "name": "Walmart",
       "color": "#7733FF",
       "v": [
        31,
        26,
        26,
        20,
        17,
        16,
        13
       ]
      },
      {
       "name": "Ulta Beauty",
       "color": "#A98BFF",
       "v": [
        null,
        null,
        12,
        15,
        16,
        12,
        null
       ]
      },
      {
       "name": "Amazon",
       "color": "#8C415C",
       "v": [
        null,
        null,
        null,
        null,
        null,
        12,
        11
       ]
      },
      {
       "name": "Sephora",
       "color": "#FA649B",
       "v": [
        null,
        null,
        null,
        null,
        null,
        null,
        10
       ]
      }
     ]
    },
    {
     "key": "usd",
     "label": "Est. $ millions",
     "f": {
      "d": 0,
      "p": "$",
      "s": "M"
     },
     "series": [
      {
       "name": "Target",
       "color": "#F8157F",
       "v": [
        62,
        70,
        90,
        145,
        256,
        302,
        295
       ]
      },
      {
       "name": "Walmart",
       "color": "#7733FF",
       "v": [
        88,
        83,
        102,
        116,
        174,
        210,
        213
       ]
      },
      {
       "name": "Ulta Beauty",
       "color": "#A98BFF",
       "v": [
        null,
        null,
        47,
        87,
        164,
        158,
        null
       ]
      },
      {
       "name": "Amazon",
       "color": "#8C415C",
       "v": [
        null,
        null,
        null,
        null,
        null,
        158,
        180
       ]
      },
      {
       "name": "Sephora",
       "color": "#FA649B",
       "v": [
        null,
        null,
        null,
        null,
        null,
        null,
        164
       ]
      }
     ]
    }
   ],
   "ann": [
    {
     "i": 5,
     "t": "Amazon passes 10%",
     "d": "Amazon is disclosed at 12% of net sales for the first time"
    },
    {
     "i": 6,
     "t": "Sephora joins",
     "d": "Sephora reaches the 10% disclosure line for the first time; Ulta Beauty falls below it"
    }
   ],
   "src": [
    "k20",
    "k21",
    "k22",
    "k23",
    "k24",
    "k25",
    "k26"
   ],
   "note": "Percentages are from the concentration-of-risk note in each 10-K. Estimated dollars are a XENA calculation (share times total net sales) and carry rounding error of roughly half a point of sales."
  },
  {
   "id": "chan",
   "type": "donut",
   "title": "Retailers vs. e-commerce",
   "sub": "Share of net sales by channel. Drag the year slider or press play.",
   "x": [
    "FY2020",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "f": {
    "d": 0,
    "s": "%"
   },
   "segs": [
    {
     "name": "National and international retailers",
     "color": "#7733FF",
     "v": [
      92,
      86,
      90,
      88,
      84,
      83,
      76
     ]
    },
    {
     "name": "E-commerce channels",
     "color": "#F8157F",
     "v": [
      8,
      14,
      10,
      12,
      16,
      17,
      24
     ]
    }
   ],
   "hl": "E-commerce channels",
   "src": [
    "k20",
    "k21",
    "k22",
    "k23",
    "k24",
    "k25",
    "k26"
   ],
   "note": "FY2020 to FY2022 10-Ks call the second slice direct-to-consumer e-commerce; FY2023 onward say e-commerce channels."
  },
  {
   "id": "cmp",
   "type": "compare",
   "title": "Compare any two fiscal years",
   "sub": "How many times bigger is e.l.f. Beauty?",
   "x": [
    "FY2020",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "v": [
    282.9,
    318.1,
    392.2,
    578.8,
    1023.9,
    1313.5,
    1636.5
   ],
   "f": {
    "d": 1,
    "p": "$",
    "s": "M"
   },
   "a": 0,
   "b": 6,
   "unit": "x",
   "src": [
    "k20",
    "k21",
    "k22",
    "k23",
    "k24",
    "k25",
    "k26"
   ]
  },
  {
   "id": "quiz",
   "type": "choice",
   "q": "Which retailer was e.l.f. Beauty's biggest customer in fiscal 2026?",
   "opts": [
    "Walmart",
    "Target",
    "Amazon",
    "Ulta Beauty"
   ],
   "a": 1,
   "reveal": "Target, at 18% of net sales, per the fiscal 2026 10-K. Walmart was 13%, Amazon 11% and Sephora 10%. Ulta Beauty, at 16% two years earlier, fell below the 10% disclosure line.",
   "src": [
    "k26",
    "k24"
   ]
  },
  {
   "id": "guess",
   "type": "guess",
   "q": "Guess: how much did rhode sell in the 12 months before e.l.f. agreed to buy it?",
   "min": 0,
   "max": 600,
   "step": 1,
   "start": 80,
   "a": 212,
   "f": {
    "d": 0,
    "p": "$",
    "s": "M"
   },
   "reveal": "$212 million in net sales in the 12 months ended March 31, 2025, per e.l.f.'s May 2025 deal announcement. At the time rhode sold through its own site, rhodeskin.com. e.l.f. agreed to pay up to $1 billion: $800 million at closing plus up to $200 million in earnout.",
   "src": [
    "rhode"
   ]
  }
 ],
 "url": "https://xenaintelligenceapp.com/xenalytics/elf-beauty-growth-retailer-mix",
 "publisher": "XENA Intelligence (Xenalytics)"
}