Waldencast (WALD) Q4 2025 earnings summary

Executive summary

• FY 2025 net revenue was $272.1 million, flat year-over-year, with Adjusted EBITDA of $16.1 million; Q4 2025 net revenue was $72.0 million, also flat, and Adjusted EBITDA was $6.6 million.

• Obagi Medical saw continued revenue acceleration, driven by transformation efforts and investments in its new injectables platform.

• Milk Makeup maintained U.S. consumption growth through expanded distribution, but international softness led to a decline in overall net revenue.

• Strategic priorities advanced with entry into medical aesthetics, sale of the Obagi Japan trademark, and refinancing of credit facilities, strengthening financial flexibility.

Financial highlights

• FY 2025 net revenue decreased 0.7% year-over-year to $272.1 million; Q4 2025 net revenue decreased 0.1% to $72.0 million.

• FY 2025 Adjusted EBITDA was $16.1 million (5.9% margin), down 60.1% year-over-year; Q4 2025 Adjusted EBITDA was $6.6 million (9.1% margin), down 41.4%.

• FY 2025 net loss was $248.1 million, primarily due to impairment charges, depreciation, amortization, and financing costs.

• Gross margin contracted to 67.3% for FY 2025 and 67.0% for Q4 2025; Adjusted Gross Margin was 71.6% for FY 2025 and 71.2% for Q4 2025.

• As of December 31, 2025, cash and cash equivalents were $30.4 million, with net debt at $121.7 million.

Outlook and guidance

• No fiscal 2026 outlook provided due to the ongoing strategic review.