UK’s Waldencast posts flat Q4 revenue on Milk Makeup weakness, withholds outlook

Waldencast

13/03/2026 11:02

Overview

UK beauty platform's Q4 revenue flat yr/yr as Obagi growth offset Milk Makeup softness

Adjusted EBITDA for Q4 fell sharply yr/yr due to lower margins and launch investments

Company completed Obagi Japan trademark sale and refinanced credit facility to reduce leverage

Outlook

Company will not provide fiscal 2026 outlook due to ongoing strategic review

Obagi Medical sees continued revenue acceleration from transformation efforts and brand momentum

Company plans increased investment in Milk Makeup's international markets and brand marketing in 2026

Result Drivers

OBAGI MEDICAL GROWTH - Co said Obagi Medical revenue accelerated due to international demand, U.S. direct-to-consumer success, and product innovation

MILK MAKEUP WEAKNESS - Co said Milk Makeup revenue declined due to softer international consumption, despite U.S. distribution expansion

LAUNCH AND SUPPLY CHAIN COSTS - Co said lower margins and profit were partly due to inventory adjustments at Obagi Medical and increased holiday promotions at Milk Makeup, as well as investments in new product launches

Company press release: ID:nGNX36x9yS

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Net Income
-$33.50 mln
Q4 Adjusted EBITDA
$6.6 mln


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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)