EL · Estee Lauder Companies Inc · Financials

$101.59 +1.86 (+1.87%)

S&P 500 member Russell 1000 member Rebalance outlook locked

Market Cap

$36.76B

361.80M

Volume · Oct 14 2.22M Avg daily vol (3M) 3.01M

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

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Revenue

$15.05B +5%

FY2026

Net Income

$182M +116.1%

FY2026

Gross Margin

75.5% +1.5pp

FY2026

Operating Margin

5.18% +10.7pp

FY2026

Diluted EPS

$0.50 +115.9%

FY2026

Operating Cash Flow

$1.77B +39.4%

FY2026

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow Adjusted All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Revenue	-1.8%	-1.5%	+2.9%	—	$15.05B	$14.33B	$15.61B	$15.91B	$17.74B	$16.22B	$14.29B	$14.86B	$13.68B	$11.82B	$11.26B	$10.78B	$10.97B	$10.18B	$9.71B	$8.81B	$7.8B	$7.32B
Cost of Revenue	-6.9%	-0.8%	+5.4%	—	$3.69B	$3.73B	$4.42B	$4.56B	$4.31B	$3.83B	$3.55B	$3.39B	$2.84B	$2.43B	$2.18B	$2.1B	$2.16B	$2.03B	$2B	$1.94B	$1.83B	$1.88B
Gross Profit	0.0%	-1.7%	+2.3%	—	$11.36B	$10.6B	$11.18B	$11.35B	$13.43B	$12.38B	$10.74B	$11.48B	$10.84B	$9.39B	$9.08B	$8.68B	$8.81B	$8.16B	$7.72B	$6.87B	$5.97B	$5.44B
Gross Margin	—	—	—	—	75.5%	73.97%	71.66%	71.31%	75.73%	76.36%	75.15%	77.21%	79.22%	79.41%	80.63%	80.52%	80.32%	80.1%	79.45%	78.01%	76.53%	74.31%
Research & Development	+22.6%	+14.1%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$157.9M	$146.8M	$137.8M	$85.7M	$79.5M	$81.6M
Selling & Marketing	+6.8%	+3.9%	+6.2%	—	—	—	—	—	—	—	—	$3.44B	$3.29B	$2.69B	$2.82B	$2.77B	$2.84B	$2.75B	$2.61B	$2.35B	$2.02B	$1.88B
Selling, General & Administrative	+0.4%	+0.7%	+2.8%	—	$9.69B	$9.46B	$9.62B	$9.58B	$9.89B	$9.37B	$8.64B	$8.86B	$8.55B	$7.46B	$7.34B	$7.07B	$6.99B	$6.6B	$6.32B	$5.7B	$5.07B	$4.88B
Amortization of Intangibles	-10.2%	-0.9%	+20.7%	—	$105M	$131M	$144M	$145M	$160M	$110M	$73M	$51M	$51M	$35M	$16M	$14M	$12.4M	$12.5M	$13.9M	$14.6M	$9.1M	—
Depreciation & Amortization	+2.3%	+4.1%	+6.7%	—	$796M	$829M	$825M	$744M	$727M	$651M	$611M	$557M	$531M	$464M	$415M	$409M	$384.6M	$336.9M	$295.8M	$294.4M	$263.7M	$254M
Restructuring Charges	-18.4%	-12.4%	—	$480M	—	—	$124M	$85M	$144M	$228M	$83M	$241M	$257M	$212M	$134M	—	-$2.9M	$14.6M	$53.6M	$41.1M	$48.8M	$70.3M
Total Operating Expenses	+2.5%	+1.6%	+3.5%	—	$10.58B	$11.38B	$10.21B	$9.84B	$10.26B	$9.76B	$10.14B	$9.16B	$8.78B	$7.69B	$7.47B	$7.07B	$6.98B	$6.63B	$6.41B	$5.78B	$5.18B	$5.02B
Operating Income	-19.7%	-21.5%	-7.0%	—	$780M	-$785M	$970M	$1.51B	$3.17B	$2.62B	$606M	$2.31B	$2.06B	$1.7B	$1.61B	$1.61B	$1.83B	$1.53B	$1.31B	$1.09B	$789.9M	$418.4M
Operating Margin	—	—	—	—	5.18%	-5.48%	6.21%	9.48%	17.87%	16.15%	4.24%	15.56%	15.02%	14.41%	14.3%	14.9%	16.66%	14.99%	13.5%	12.37%	10.13%	5.71%
EBITDA	-11.2%	-13.6%	-2.5%	—	$1.58B	$44M	$1.8B	$2.25B	$3.9B	$3.27B	$1.22B	$2.87B	$2.59B	$2.17B	$2.03B	$2.02B	$2.21B	$1.86B	$1.61B	$1.38B	$1.05B	$672.4M
Interest Expense	+9.4%	+14.1%	+16.7%	—	$334M	$357M	$378M	$255M	$167M	$173M	$161M	$133M	$128M	$103M	$71M	$60M	$59.4M	$63.1M	—	—	—	—
Pretax Income	-28.2%	-31.1%	-10.4%	—	$517M	-$1.04B	$772M	$1.4B	$3.04B	$3.33B	$1.05B	$2.31B	$1.98B	$1.62B	$1.56B	$1.56B	$1.78B	$1.48B	$1.26B	$1.03B	$688.3M	$342.7M
Income Tax	-4.7%	-6.0%	-2.6%	—	$335M	$93M	$363M	$387M	$628M	$456M	$350M	$513M	$863M	$361M	$434M	$467M	$567.7M	$451.4M	$400.6M	$321.7M	$205.9M	$115.9M
Net Income	-43.5%	-42.4%	-16.6%	—	$182M	-$1.13B	$409M	$1.01B	$2.41B	$2.88B	$684M	$1.79B	$1.11B	$1.25B	$1.12B	$1.09B	$1.2B	$1.02B	$856.9M	$700.8M	$478.3M	$218.4M
Net Margin	—	—	—	—	1.21%	-7.91%	2.62%	6.35%	13.58%	17.73%	4.79%	12.01%	8.1%	10.56%	9.9%	10.1%	10.98%	10.02%	8.82%	7.95%	6.14%	2.98%
Net Income Attributable to Noncontrolling Interests	—	—	—	—	—	—	$0	$0	$7M	$12M	$12M	$9M	$9M	$7M	$6M	$5M	$5M	$4M	$3.6M	$3M	$4.1M	$8.4M
Net Income Available to Common Stockholders	-43.4%	-42.4%	-16.6%	—	$182M	-$1.13B	$390M	$1.01B	$2.39B	$2.87B	$684M	$1.79B	$1.11B	$1.25B	$1.12B	$1.09B	$1.2B	$1.02B	$856.9M	$700.8M	$478.3M	—
Comprehensive Income	-42.8%	-44.9%	-16.5%	—	$156M	-$1.12B	$257M	$834M	$2.1B	$3.07B	$582M	$1.66B	$1.19B	$1.31B	$951M	$808M	$1.26B	$1.08B	$626.3M	$915.2M	$398.7M	-$9.5M
EPS (Basic) USD/shares	-43.8%	-42.4%	-16.4%	—	$0.50	-$3.15	$1.09	$2.81	$6.64	$7.91	$1.90	$4.91	$3.01	$3.40	$3.01	$2.87	$3.12	$2.63	$2.20	$1.78	$1.21	$1.11
EPS (Diluted) USD/shares	-43.6%	-42.3%	-16.3%	—	$0.50	-$3.15^G	$1.08^G	$2.79^G	$6.55^G	$7.79^G	$1.86	$4.82	$2.95	$3.35	$2.96	$2.82	$3.06	$2.58	$2.16	$1.74	$1.19	$1.10
Shares Outstanding (Basic Avg) shares	+0.4%	0.0%	-0.2%	—	362.3M	360.1M	359M	357.9M	360M	362.9M	360.6M	363.5M	368M	367.1M	370M	379.3M	386.2M	387.6M	388.7M	394M	395.4M	196.3M
Shares Outstanding (Diluted Avg) shares	+0.4%	-0.2%	-0.3%	—	364.8M	360.1M	360.8M	360.9M	364.9M	368.2M	366.9M	370.4M	375.7M	373M	376.6M	385.7M	393.1M	394.9M	397M	402.4M	401.5M	197.7M

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2009–FY2026: $11.32B in buybacks, $8.8B in dividends.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balance	As of	Amount	Source
Current debt and lease obligations	2026-06-30	USD 503,000,000	10-K filed 2026-08-19
Finance lease liabilities	2026-06-30	USD 28,000,000	10-K filed 2026-08-19
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current finance lease liabilities USD 3,000,000 Noncurrent finance lease liabilities USD 25,000,000
Noncurrent long-term debt and lease obligations	2026-06-30	USD 6,803,000,000	10-K filed 2026-08-19
Operating lease liabilities	2026-06-30	USD 1,940,000,000	10-K filed 2026-08-19
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current operating lease liabilities USD 399,000,000 Noncurrent operating lease liabilities USD 1,541,000,000

3 filing observations remain unmatched and are excluded from instrument histories.

Instrument and agreement coverage is incomplete. Additional filings are awaiting review.

4 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Some sections could not be verified in 1 agreement document. Other restrictions or tests may apply.

Verified tests, triggers and restrictions appear with each agreement below. A verified term does not establish current compliance.

Loans, facilities and notes

4.375% Senior Notes due 2028

Note · The Estée Lauder Companies Inc.

Reference: 4.375% Senior Notes due 2028

Active

Original principal: USD 700,000,000
Outstanding: —
Commitment: —
Availability: —
Maturity: May 15, 2028

Last reported interest terms: 4.375% Reported 2023-05-12 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history

Issuance · 8-K · 2023-05-12 — FORM 8-K

Issuance · 2023-05-12 Original principal USD 700,000,000 Exact source document Parent 8-K filing · 2023-05-12
On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Issuer evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: The 2028 Notes mature on May 15, 2028, the 2033 Notes mature on May 15, 2033 and the 2053 Notes mature on May 15, 2053.

Supporting evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

2.600% Senior Notes due 2030

Note · The Estée Lauder Companies Inc.

Reference: 2.600% Senior Notes due 2030

Active

Original principal: USD 700,000,000
Outstanding: —
Commitment: —
Availability: —
Maturity: Apr 15, 2030

Last reported interest terms: 2.6% Reported 2020-04-13 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history

Issuance · 8-K · 2020-04-13 — FORM 8-K

Issuance · 2020-04-13 Original principal USD 700,000,000 Exact source document Parent 8-K filing · 2020-04-13
On April 13, 2020, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 2.600% Senior Notes due 2030 (the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Issuer evidence: On April 13, 2020, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 2.600% Senior Notes due 2030 (the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: The Notes mature on April 15, 2030. Interest on the Notes is payable on April 15 and October 15 of each year, commencing October 15, 2020 and accrues from April 13, 2020. The Company may redeem the Notes, in whole or in part, at its option at any time prior to January 15, 2030 (three months prior to the maturity date of the Notes) by paying a make-whole premium, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, the Company may redeem the Notes, in whole or in part, at its option at any time on or after January 15, 2030 (three months prior to the maturity date of the Notes) at 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. The Notes are senior unsecured obligations of the Company and rank equally with all of its other senior unsecured indebtedness.

Supporting evidence: On April 13, 2020, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 2.600% Senior Notes due 2030 (the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

1.950% Senior Notes due 2031

Note · The Estée Lauder Companies Inc.

Reference: 1.950% Senior Notes due 2031

Active

Original principal: USD 600,000,000
Outstanding: —
Commitment: —
Availability: —
Maturity: Mar 15, 2031

Last reported interest terms: 1.95% Reported 2021-03-04 Later filings may not restate these terms; this does not confirm they still apply.

Verified covenant terms

Limitation on Liens · Limitation on Liens it shall not, nor shall it permit any Consolidated Subsidiary to, create or assume any Indebtedness for money borrowed which is secured by a pledge, mortgage, lien, charge, encumbrance or security interest Exceptions: except that the foregoing restriction shall not apply to (a) liens on any assets of any corporation or other business entity existing at the time such Person becomes a Consolidated Subsidiary; Defined terms:
- Consolidated Subsidiary: The term “Consolidated Subsidiary” shall mean any Subsidiary substantially all the property of which is located, and substantially all the operations of which are conducted, in the United States of America whose financial statements are consolidated with those of the Company in accordance with generally accepted accounting principles, excluding any Subsidiary substantially all the assets of which consist of stock or other securities of any Subsidiary substantially all the property of which and substantially all the operations of which are conducted outside the United States of America.
  Source evidence: The term “Consolidated Subsidiary” shall mean any Subsidiary substantially all the property of which is located, and substantially all the operations of which are conducted, in the United States of America whose financial statements are consolidated with those of the Company in accordance with generally accepted accounting principles, excluding any Subsidiary substantially all the assets of which consist of stock or other securities of any Subsidiary substantially all the property of which and substantially all the operations of which are conducted outside the United States of America.
- Indebtedness: all items classified as indebtedness on the most recent publicly available consolidated balance sheet of the Company and its Consolidated Subsidiaries, in accordance with generally accepted accounting principles.
  Source evidence: The term “Indebtedness” shall mean all items classified as indebtedness on the most recent publicly available consolidated balance sheet of the Company and its Consolidated Subsidiaries, in accordance with generally accepted accounting principles.
- Subsidiary: any corporation, association, partnership, joint venture, limited liability company or other business entity of which at least a majority of the total voting power of the equity interest under ordinary circumstances for the election of the board of directors, managers or trustees thereof shall at the time be owned by the Company or by the Company and one or more Subsidiaries or by one or more Subsidiaries.
  Source evidence: The term “Subsidiary” shall mean any corporation, association, partnership, joint venture, limited liability company or other business entity of which at least a majority of the total voting power of the equity interest under ordinary circumstances for the election of the board of directors, managers or trustees thereof shall at the time be owned by the Company or by the Company and one or more Subsidiaries or by one or more Subsidiaries.
*Limitation on Liens*.

Full wording and supporting evidence

Source evidence: *Limitation on Liens*. The Company covenants that, so long as any of the Notes remain outstanding, it shall not, nor shall it permit any Consolidated Subsidiary to, create or assume any Indebtedness for money borrowed which is secured by a pledge, mortgage, lien, charge, encumbrance or security interest (“liens”) of or upon any assets, whether now owned or hereafter acquired, of the Company or any such Consolidated Subsidiary without equally and ratably securing the Notes by a lien ranking ratably with and equal to (or at the option of the Company, senior to) such secured Indebtedness for as long as such Indebtedness remains outstanding and is so secured, except that the foregoing restriction shall not apply to (a) liens on any assets of any corporation or other business entity existing at the time such Person becomes a Consolidated Subsidiary;

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”) and to pay interest thereon at the rate per annum equal to 1.950% (the “Interest Rate”) until the principal hereof is fully paid or duly made available for payment.

Target identity evidence: OFFICERS’ CERTIFICATE

Target identity evidence: March 4, 2021

Target identity evidence: The Securities shall be entitled the “1.950% Senior Notes due 2031” (the “Notes”).

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”)

Target identity evidence: **OFFICERS’ CERTIFICATE**

Target identity evidence: to which Indenture and all indentures or officers’ certificates, as applicable, supplemental thereto (including without limitation that certain Officers’ Certificate dated March 4, 2021 relating to the Company’s 1.950% Senior Notes due 2031)

Target identity evidence: This Note is one of a series of the Securities designated as 1.950% Senior Notes due 2031 (the “Notes”).
Limitation on Sale and Lease-Back Transactions · Limitation on Sale and Lease-Back Transactions the Company shall not, nor shall the Company permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect to any assets Exceptions: other than any sale lease-back transaction (involving a lease for a term of not more than three years) Defined terms:
- Attributable Debt: in connection with a sale and lease-back transaction shall mean, as of the date of determination, the lesser of (a) the fair value of the assets subject to such transaction, as determined by the Company’s Board of Directors, or (b) the present value of the obligations of the lessee for net rental payments during the term of any lease discounted at the rate of interest set forth or implicit in the terms of such lease or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the debt securities outstanding pursuant to the Indenture and subject to limitations on sale and lease-back transaction covenants, compounded semi-annually in either case as determined by the Company’s principal accounting or financial officer.
  Source evidence: The term “Attributable Debt” in connection with a sale and lease-back transaction shall mean, as of the date of determination, the lesser of (a) the fair value of the assets subject to such transaction, as determined by the Company’s Board of Directors, or (b) the present value of the obligations of the lessee for net rental payments during the term of any lease discounted at the rate of interest set forth or implicit in the terms of such lease or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the debt securities outstanding pursuant to the Indenture and subject to limitations on sale and lease-back transaction covenants, compounded semi-annually in either case as determined by the Company’s principal accounting or financial officer.
- Consolidated Subsidiary: any Subsidiary substantially all the property of which is located, and substantially all the operations of which are conducted, in the United States of America whose financial statements are consolidated with those of the Company in accordance with generally accepted accounting principles, excluding any Subsidiary substantially all the assets of which consist of stock or other securities of any Subsidiary substantially all the property of which and substantially all the operations of which are conducted outside the United States of America.
  Source evidence: The term “Consolidated Subsidiary” shall mean any Subsidiary substantially all the property of which is located, and substantially all the operations of which are conducted, in the United States of America whose financial statements are consolidated with those of the Company in accordance with generally accepted accounting principles, excluding any Subsidiary substantially all the assets of which consist of stock or other securities of any Subsidiary substantially all the property of which and substantially all the operations of which are conducted outside the United States of America.
- Exempted Debt: the sum of the following as of the date of determination: (i) Indebtedness of the Company and its Consolidated Subsidiaries incurred after the date of initial issuance of the Notes and secured by liens not permitted to be created or assumed pursuant to the covenant with respect to “Limitation on Liens” above, and (ii) Attributable Debt of the Company and its Consolidated Subsidiaries in respect of every sale and lease-back transaction entered into after the date of initial issuance of the Notes, other than leases expressly permitted by the covenant with respect to “Limitation on Sale and Lease-Back Transactions” above.
  Source evidence: The term “Exempted Debt” shall mean the sum of the following as of the date of determination: (i) Indebtedness of the Company and its Consolidated Subsidiaries incurred after the date of initial issuance of the Notes and secured by liens not permitted to be created or assumed pursuant to the covenant with respect to “Limitation on Liens” above, and (ii) Attributable Debt of the Company and its Consolidated Subsidiaries in respect of every sale and lease-back transaction entered into after the date of initial issuance of the Notes, other than leases expressly permitted by the covenant with respect to “Limitation on Sale and Lease-Back Transactions” above.
- Indebtedness: all items classified as indebtedness on the most recent publicly available consolidated balance sheet of the Company and its Consolidated Subsidiaries, in accordance with generally accepted accounting principles.
  Source evidence: The term “Indebtedness” shall mean all items classified as indebtedness on the most recent publicly available consolidated balance sheet of the Company and its Consolidated Subsidiaries, in accordance with generally accepted accounting principles.
*Limitation on Sale and Lease-Back Transactions*.

Full wording and supporting evidence

Source evidence: *Limitation on Sale and Lease-Back Transactions*. The Company covenants that, so long as any of the Notes remain outstanding, the Company shall not, nor shall the Company permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect to any assets, other than any sale lease-back transaction (involving a lease for a term of not more than three years), unless either (a) the Company or such Consolidated Subsidiary would be entitled to incur Indebtedness secured by a lien on the assets to be leased in an amount at least equal to the Attributable Debt in respect of such transaction without equally and ratably securing the Notes pursuant to clauses (a) through (l) inclusive of the covenant with respect to “Limitation on Liens” above, or (b) the proceeds of the sale of the assets to be leased are at least equal to their fair market value (as determined by the Board of Directors of the Company) and the proceeds are applied to the purchase or acquisition (or, in the case of real property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or mandatory redemption provision) of Indebtedness.

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”) and to pay interest thereon at the rate per annum equal to 1.950% (the “Interest Rate”) until the principal hereof is fully paid or duly made available for payment.

Target identity evidence: OFFICERS’ CERTIFICATE

Target identity evidence: March 4, 2021

Target identity evidence: The Securities shall be entitled the “1.950% Senior Notes due 2031” (the “Notes”).

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”)

Target identity evidence: **OFFICERS’ CERTIFICATE**

Target identity evidence: to which Indenture and all indentures or officers’ certificates, as applicable, supplemental thereto (including without limitation that certain Officers’ Certificate dated March 4, 2021 relating to the Company’s 1.950% Senior Notes due 2031)

Target identity evidence: This Note is one of a series of the Securities designated as 1.950% Senior Notes due 2031 (the “Notes”).
Purchase of Notes Upon a Change of Control Repurchase Event · Purchase of Notes Upon a Change of Control Repurchase Event the Company shall make an offer to each holder of Notes to repurchase all or any part Springing Trigger: If a Change of Control Repurchase Event (defined below) occurs Exceptions: unless the Company has exercised its right to redeem the Notes as described in paragraph 6 above Defined terms:
- Below Investment Grade Rating Event: the Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).
  Source evidence: “Below Investment Grade Rating Event” means the Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).
- Change of Control: the occurrence of any of the following:
  Source evidence: “Change of Control” means the occurrence of any of the following:
- Change of Control Repurchase Event: the occurrence of both a Change of Control and a Below Investment Grade Rating Event.
  Source evidence: “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.
*Purchase of Notes Upon a Change of Control Repurchase Event*.

Full wording and supporting evidence

Source evidence: *Purchase of Notes Upon a Change of Control Repurchase Event*. If a Change of Control Repurchase Event (defined below) occurs, unless the Company has exercised its right to redeem the Notes as described in paragraph 6 above, the Company shall make an offer to each holder of Notes to repurchase all or any part (in multiples of $2,000 principal amount) of that holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of repurchase.

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”) and to pay interest thereon at the rate per annum equal to 1.950% (the “Interest Rate”) until the principal hereof is fully paid or duly made available for payment.

Target identity evidence: OFFICERS’ CERTIFICATE

Target identity evidence: March 4, 2021

Target identity evidence: The Securities shall be entitled the “1.950% Senior Notes due 2031” (the “Notes”).

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”)

Target identity evidence: **OFFICERS’ CERTIFICATE**

Target identity evidence: to which Indenture and all indentures or officers’ certificates, as applicable, supplemental thereto (including without limitation that certain Officers’ Certificate dated March 4, 2021 relating to the Company’s 1.950% Senior Notes due 2031)

Target identity evidence: This Note is one of a series of the Securities designated as 1.950% Senior Notes due 2031 (the “Notes”).
If any Event of Default · may declare the principal of all the Notes due and payable If any Event of Default (as defined in the Indenture) with respect to the Notes shall occur and be continuing, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Notes due and payable If any Event of Default (as defined in the Indenture) with respect to the Notes shall occur and be continuing

Full wording and supporting evidence

Source evidence: If any Event of Default (as defined in the Indenture) with respect to the Notes shall occur and be continuing, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Notes due and payable in the manner and with the effect provided in the Indenture.

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”) and to pay interest thereon at the rate per annum equal to 1.950% (the “Interest Rate”) until the principal hereof is fully paid or duly made available for payment.

Target identity evidence: OFFICERS’ CERTIFICATE

Target identity evidence: March 4, 2021

Target identity evidence: The Securities shall be entitled the “1.950% Senior Notes due 2031” (the “Notes”).

Target identity evidence: The Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”)

Target identity evidence: **OFFICERS’ CERTIFICATE**

Target identity evidence: to which Indenture and all indentures or officers’ certificates, as applicable, supplemental thereto (including without limitation that certain Officers’ Certificate dated March 4, 2021 relating to the Company’s 1.950% Senior Notes due 2031)

Target identity evidence: This Note is one of a series of the Securities designated as 1.950% Senior Notes due 2031 (the “Notes”).

Documents and filing history

GoverningAgreement · EX-4.1 · 2021-03-04 — EXHIBIT 4.1
Issuance · 8-K · 2021-03-04 — FORM 8-K

Issuance · 2021-03-04 Original principal USD 600,000,000 Exact source document Parent 8-K filing · 2021-03-04
On March 4, 2021, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $600,000,000 aggregate principal amount of its 1.950% Senior Notes due 2031 (the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Issuer evidence: On March 4, 2021, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $600,000,000 aggregate principal amount of its 1.950% Senior Notes due 2031 (the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: The Notes mature on March 15, 2031. Interest on the Notes is payable on March 15 and September 15 of each year, commencing September 15, 2021 and accrues from March 4, 2021. The Company may redeem the Notes, in whole or in part, at its option at any time prior to December 15, 2030 (three months prior to the maturity date of the Notes) by paying a make-whole premium, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, the Company may redeem the Notes, in whole or in part, at its option at any time on or after December 15, 2030 (three months prior to the maturity date of the Notes) at 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. The Notes are senior unsecured obligations of the Company and rank equally with all of its other senior unsecured indebtedness.

Supporting evidence: On March 4, 2021, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $600,000,000 aggregate principal amount of its 1.950% Senior Notes due 2031 (the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: On March 4, 2021, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $600,000,000 aggregate principal amount of its 1.950% Senior Notes due 2031 (the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

4.650% Senior Notes due 2033

Note · The Estée Lauder Companies Inc.

Reference: 4.650% Senior Notes due 2033

Active

Original principal: USD 700,000,000
Outstanding: —
Commitment: —
Availability: —
Maturity: May 15, 2033

Last reported interest terms: 4.65% Reported 2023-05-12 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history

Issuance · 8-K · 2023-05-12 — FORM 8-K

Issuance · 2023-05-12 Original principal USD 700,000,000 Exact source document Parent 8-K filing · 2023-05-12
On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Issuer evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: The 2028 Notes mature on May 15, 2028, the 2033 Notes mature on May 15, 2033 and the 2053 Notes mature on May 15, 2053.

Supporting evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

5.150% Senior Notes due 2053

Note · The Estée Lauder Companies Inc.

Reference: 5.150% Senior Notes due 2053

Active

Original principal: USD 600,000,000
Outstanding: —
Commitment: —
Availability: —
Maturity: May 15, 2053

Last reported interest terms: 5.15% Reported 2023-05-12 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history

Issuance · 8-K · 2023-05-12 — FORM 8-K

Issuance · 2023-05-12 Original principal USD 600,000,000 Exact source document Parent 8-K filing · 2023-05-12
On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Issuer evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: The 2028 Notes mature on May 15, 2028, the 2033 Notes mature on May 15, 2033 and the 2053 Notes mature on May 15, 2053.

Supporting evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Supporting evidence: On May 12, 2023, The Estée Lauder Companies Inc. (the “Company”) completed a public offering of $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2028 (the “2028 Notes”), $700,000,000 aggregate principal amount of its 4.650% Senior Notes due 2033 (the “2033 Notes”) and $600,000,000 aggregate principal amount of its 5.150% Senior Notes due 2053 (the “2053 Notes” and, together with the 2028 Notes and the 2033 Notes, the “Notes”). The Notes are governed by the Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company, as trustee.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

2.70×

Peer median 3.80×

EV/EBIT

52.00×

Peer median 21.50×

P/E (TTM)

203.18×

Peer median 32.68×

Peer medians compare against the 7 similar-size Household & Personal Products companies (of 29 listed).

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Geography (USD)

Component	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Other Countries	$7,370,000,000	$6,912,000,000	$7,702,000,000	$6,124,000,000	—	—	—	—
China	$3,930,000,000	$3,652,000,000	$4,019,000,000	$4,380,000,000	—	—	—	—
United States	$3,749,000,000	$3,762,000,000	$3,887,000,000	$3,848,000,000	$4,009,000,000	$3,356,000,000	$3,449,000,000	$4,295,000,000
South Korea	—	—	—	$1,558,000,000	—	—	—	—

By Product & Service (USD)

Component	FY2026	FY2025	FY2024	FY2023
Product And Service Other	$103,000,000	$100,000,000	$115,000,000	$53,000,000

Key facts CIK 1001250 CUSIP 518439104 13F (30d) 89 filings 61 filers Visit website Investor relations