Evolus (EOLS) Q4 2025 earnings summary

Executive summary

• Achieved sixth consecutive year of double-digit revenue growth, with 2025 net revenue up 12% year-over-year to $297.2M and Q4 revenue up 14% to $90.3M, despite a rare decline in U.S. injectable procedural volumes.

• Reached GAAP operating profitability in Q4 2025, with $4.2M operating income and $7.1M non-GAAP operating income, exceeding guidance.

• Expanded from a single-product to a multi-product aesthetics portfolio, including JeuveauⓇ neurotoxin and Evolysse™ HA gels, with strong adoption and international revenue nearly doubling year-over-year.

• Implemented structural expense reductions and improved operating leverage, positioning for sustainable annual profitability and free cash flow beginning in 2026.

• Grew customer base to over 17,700 cumulative accounts and 1.4M loyalty program members, with digital engagement and repeat treatments increasing.

Financial highlights

• Full-year 2025 global net revenue: $297.2M (+12% YoY); Q4 2025 net revenue: $90.3M (+14% YoY), with $83.1M from Jeuveau and $7.2M from Evolysse.

• Q4 gross profit margin: 65.7% reported, 66.6% adjusted; full-year gross margin: 66.3% reported, 67.4% adjusted.

• Q4 non-GAAP operating income: $7.1M; full-year non-GAAP operating loss: $9.4M.

• Ended Q4 with $53.8M in cash, up from $43.5M at Q3 end.

• Full-year GAAP operating expenses: $229.8M; non-GAAP: $209.7M.

Outlook and guidance

• 2026 net revenue guidance: $327M–$337M (10–13% YoY growth).

• Adjusted gross profit margin for 2026 expected between 65.5% and 67%.

• Non-GAAP operating expenses for 2026 expected at $210M–$216M (0–3% YoY growth).

• Injectable HA gels expected to contribute 10–12% of 2026 revenue.

• 2028 outlook: $450M–$500M net revenue and 13–15% adjusted EBITDA margin.