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Arphra AIPlain-English read on The Estée Lauder Companies Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $16.22B | $17.74B | $15.91B | $15.61B | $14.29B | $14.96B | $15.58B | $16.26B | $17.06B |
| Cost of revenue | $3.83B | $4.31B | $4.56B | $4.42B | $3.73B | $4.25B | $4.23B | $4.54B | $4.67B |
| Gross profit | $12.38B | $13.43B | $11.35B | $11.18B | $10.56B | $10.86B | $11.05B | $11.85B | $12.38B |
| Gross margin | +76.36% | +75.73% | +71.31% | +71.66% | +73.89% | +72.54% | +70.95% | +72.87% | +72.55% |
| Operating | |||||||||
| Research & development | $243M | $0 | $0 | $0 | $316M | $107.76M | $116.5M | $117.64M | $122.03M |
| Selling, general & administrative | $9.37B | $9.89B | $9.58B | $9.62B | $9.28B | $9.46B | $9.68B | $10.08B | $10.47B |
| Total operating expenses | $9.76B | $10.26B | $9.84B | $10.21B | $9.6B | $9.96B | $10.12B | $10.58B | $11.2B |
| Operating income | $2.62B | $3.17B | $1.51B | $970M | $958M | $1.14B | $1.16B | $1.23B | $1.24B |
| Operating margin | +16.15% | +17.87% | +9.48% | +6.21% | +6.70% | +7.60% | +7.47% | +7.57% | +7.25% |
| EBITDA | $4.16B | $3.93B | $2.4B | $1.98B | $193M | $1.48B | $1.52B | $1.56B | $1.62B |
| EBIT | $3.5B | $3.2B | $1.65B | $1.15B | -$636M | $647.2M | $686.76M | $731.91M | $758.97M |
| Below the line | |||||||||
| Interest expense | $173M | $167M | $255M | $378M | $404M | $336.49M | $356.69M | $379.92M | $391.72M |
| Interest income | $51M | $30M | $131M | $167M | $114M | $136.71M | $136.75M | $148.36M | $157M |
| Other income / expense | $713M | -$134M | -$112M | -$198M | -$2B | — | — | — | — |
| Pre-tax income | $3.33B | $3.04B | $1.4B | $772M | -$1.04B | $317.85M | $344.22M | $341.49M | $376.9M |
| Income tax expense | $456M | $628M | $387M | $363M | $93M | $123.51M | $125.17M | $130.27M | $140.64M |
| Earnings | |||||||||
| Net income | $2.87B | $2.39B | $1.01B | $390M | -$1.13B | $44.59M | $47.69M | $48.03M | $50.63M |
| Net income · continuing ops | $2.88B | $2.41B | $1.01B | $409M | -$1.13B | $51.14M | $52.69M | $57.95M | $60.69M |
| Net margin | +17.70% | +13.47% | +6.32% | +2.50% | -7.93% | +0.30% | +0.31% | +0.30% | +0.30% |
| EPS · basic | $7.91 | $6.64 | $2.81 | $1.09 | $-3.15 | $2.46 | $3.17 | $3.88 | $4.62 |
| EPS · diluted | $7.79 | $6.55 | $2.79 | $1.08 | $-3.15 | $2.43 | $3.17 | $3.86 | $4.57 |
| EPS · low estimate | — | — | — | — | — | $2.15 | $3.04 | $3.40 | $4.45 |
| EPS · high estimate | — | — | — | — | — | $2.53 | $3.40 | $4.44 | $4.65 |
| Shares · basic | 362.9M | 360M | 357.9M | 359M | 360.1M | 361.27M | 362.59M | 359.77M | 362.12M |
| Shares · diluted | 368.2M | 364.9M | 360.9M | 360.8M | 360.1M | 358.87M | 358.59M | 356.57M | 357.33M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 18 | 16 | 8 |
| Analysts (EPS) | — | — | — | — | — | 15 | 15 | 8 | 5 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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