Waldencast (NASDAQ: WALD) posted Q4 2025 revenue of $72.0 million, essentially flat year-over-year, and full-year revenue of $272.1 million. The company reported a Q4 net loss of $33.5 million, dragged down by refinancing costs and impairments. Adjusted EBITDA fell 41% to $6.6 million. No forward guidance was issued due to an ongoing strategic review. Shares traded at $1.58, up roughly 7.5% on March 13, 2026.
About Waldencast
Waldencast plc (NASDAQ: WALD) is a global multi-brand beauty and wellness platform headquartered in White Plains, New York, with a registered office in London. The company was founded by Michel Brousset and Hind Sebti, both former L’Oreal executives, and was incorporated on December 8, 2020. Waldencast went public via a SPAC merger in 2021 and completed its landmark three-way business combination with Obagi Medical and Milk Makeup in July 2022, a deal valued at approximately $1.2 billion.
Waldencast operates through two brand segments. Obagi Medical is an industry-leading, advanced skincare line with over 35 years of heritage, focused on treating hyperpigmentation, premature aging, and sun damage through physician-dispensed and direct-to-consumer channels. Milk Makeup, founded in 2016, is a cult-favorite clean beauty brand popular with Gen-Z consumers, known for its vegan, cruelty-free formulas and products like the viral Hydro Grip Primer.
As of March 13, 2026, Waldencast’s market capitalization stood at approximately $179.5 million, with shares priced at $1.58. The stock carries a negative P/E ratio given the company’s net loss position. Waldencast employs approximately 335 people. As of February 27, 2026, the company had 128,259,872 ordinary shares outstanding, comprising 118,239,889 Class A shares and 10,019,983 Class B shares.
Top Financial Highlights
- Net revenue in the fourth quarter of 2025 reached $72.0 million, reflecting a 0.1% decline compared with $72.1 million in the fourth quarter of 2024.
- Net revenue for fiscal year 2025 totaled $272.1 million, representing a 0.7% decrease compared with $273.9 million in fiscal year 2024.
- Net loss in the fourth quarter of 2025 widened to $33.5 million, compared with a $22.6 million loss recorded in the same quarter of 2024, primarily due to financing costs related to the refinancing of credit facilities.
- Net loss for fiscal year 2025 increased significantly to $248.1 million, compared with $48.6 million in fiscal year 2024, mainly due to $152 million in goodwill impairment charges related to Obagi Medical and Milk Makeup.
- Adjusted EBITDA in the fourth quarter of 2025 reached $6.6 million with a 9.1% margin, declining 41.4% compared with $11.2 million and a 15.5% margin in the fourth quarter of 2024.
- Adjusted EBITDA for fiscal year 2025 totaled $16.1 million with a 5.9% margin, representing a 60.1% decline compared with $40.3 million and a 14.7% margin in fiscal year 2024.
- Gross profit in the fourth quarter of 2025 reached $48.2 million with a 67.0% margin, while adjusted gross profit reached $51.2 million with a 71.2% margin, reflecting a contraction of 180 basis points year over year.
- Gross profit for fiscal year 2025 totaled $183.0 million with a 67.3% margin, while adjusted gross profit reached $194.7 million with a 71.6% margin, reflecting a 270 basis point contraction compared with the previous year.
- Revenue from Obagi Medical in the fourth quarter reached $47.6 million, representing 12.8% growth year over year, while full year revenue totaled $161.6 million with 8.3% growth.
- Milk Makeup recorded $24.4 million in revenue during the fourth quarter, representing an 18.3% decline year over year, while full year revenue reached $110.4 million with an 11.4% decrease.
- Cash and cash equivalents totaled $30.4 million as of December 31, 2025, compared with $14.8 million one year earlier.
- Net debt declined to $121.7 million, compared with $154.2 million at the end of 2024, following the $82.5 million sale of the Obagi Japan trademark.
- A $225 million three year credit facility was secured on November 14, 2025, strengthening the company’s financial flexibility.
- No financial outlook for 2026 was provided as the company continues its strategic review process with Lazard acting as financial advisor.
Beat or Miss?
Waldencast’s Q4 2025 revenue of $72.0 million reportedly exceeded market expectations by approximately $4.2 million, based on available estimates. Due to limited analyst coverage (5 analysts) and the company’s micro-cap status, consensus estimates for EPS and other metrics are sparse.
| Metric | Q4 2025 Reported | Estimated / Consensus | Difference |
| Net Revenue | $72.0 million | ~$67.8 million | Beat by ~$4.2 million |
| Net Loss | ($33.5 million) | N/A | N/A |
| Adjusted EBITDA | $6.6 million | N/A | N/A |
| EPS | ~($0.26) implied | ~($1.80) forward annual | Limited coverage; earnings comparisons unreliable |
| FY 2025 Revenue | $272.1 million | Broadly in line with FY 2024 (guided) | Met expectations |
The company had previously updated its FY 2025 outlook in November 2025, guiding for full-year revenue “broadly in line with 2024” and an adjusted EBITDA margin in the “high single digits.” The reported 5.9% adjusted EBITDA margin came in at the lower end of that range.
What Leadership Is Saying?
“Fiscal 2025 was a defining year of transformation for Waldencast, as we focused on strengthening our operating platform and sharpening our strategic focus to support long-term, profitable growth. While our fourth-quarter performance reflected this transition with mixed results across our portfolio, we have successfully expanded our addressable market, increased the reach and effectiveness of our brand marketing, and significantly strengthened our balance sheet.”– Michel Brousset, Founder and CEO
“Obagi Medical continues to demonstrate exceptional momentum, with revenue acceleration driven by robust international demand and U.S. direct-to-consumer success. While reported earnings reflect the intentional, incremental investments made to power our entry into the aesthetics category, the brand’s underlying performance remains strong. The Q1 2026 launch of Obagi saypha MagIQ is a pivotal milestone that doubles our addressable market and cements our leadership in integrated skincare and medical aesthetics.”– Michel Brousset, Founder and CEO
Historical Performance
Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Net Revenue | $72.0M | $72.1M | -0.1% |
| Net Loss | ($33.5M) | ($22.6M) | -48.3% (widened) |
| Adjusted EBITDA | $6.6M | $11.2M | -41.4% |
| Gross Profit | $48.2M | $49.5M | -2.5% |
| Adjusted Gross Margin | 71.20% | 73.00% | -180 bps |
| Obagi Medical Revenue | $47.6M | $42.2M | +12.8% |
| Milk Makeup Revenue | $24.4M | $29.9M | -18.30% |
Full-year comparisons
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Net Revenue | $272.1M | $273.9M | -0.7% |
| Net Loss | ($248.1M) | ($48.6M) | -410.1% (widened) |
| Adjusted EBITDA | $16.1M | $40.3M | -60.1% |
| Adjusted Gross Margin | 71.60% | 74.30% | -270 bps |
| Obagi Medical Revenue | $161.6M | $149.3M | +8.3% |
| Milk Makeup Revenue | $110.4M | $124.6M | -11.40% |
Competitor Comparison
Given Waldencast’s position as a micro-cap multi-brand beauty platform, its closest comparables include The Beauty Health Company (SKIN) and e.l.f. Beauty (ELF), though these companies differ significantly in scale. Below is a comparison of the most recent available quarterly and annual data.
| Category | Waldencast (WALD) Q4 2025 | Beauty Health (SKIN) Q4 2025 | e.l.f. Beauty (ELF) Q2 FY2026 (Sep 2025) |
| Quarterly Revenue | $72.0M | $82.4M | $343.9M |
| Revenue YoY Change | -0.1% | -1.3% | +14% |
| Quarterly EPS | ~($0.26) implied | ($0.06) | $0.05 |
| Gross Margin (GAAP) | 67.0% | 64.4% | 69% |
| Category | Waldencast (WALD) FY 2025 | e.l.f. Beauty (ELF) FY 2025 (Mar 2025) | Coty FY 2025 |
| Annual Revenue | $272.1M | $1.33B (implied from 28% growth) | $5.89B |
| Revenue YoY Change | -0.7% | +28% | -4% |
| Adj. EBITDA Margin | 5.9% | ~23% | 18.40% |
Waldencast notably lags its beauty peers in both revenue growth and profitability metrics, reflecting its ongoing transformation and heavy investment cycle, including approximately $5.3 million in Obagi injectables launch costs that compressed reported EBITDA.
How the Market Reacted?
Waldencast shares traded at $1.58 on March 13, 2026, up approximately 7.5% from the prior close of $1.46. This was a notable positive reaction given that the stock had been trading near its 52-week low of $1.41 heading into the report. Trading volume remained below average, with approximately 37,806 shares changing hands against a 20-day average of 65,921.
The modest rally suggests that the revenue beat and improved cash position provided some relief to investors, though the stock remains well below its 52-week high of $3.50 and its 200-day moving average of roughly $1.99. Analysts maintain a “Strong Buy” consensus rating with an average 12-month price target of $4.30, implying over 170% upside from current levels, though coverage remains thin at just 5 analysts.
