Revenue growth has decelerated sharply to 6.2% as of 2026Q1, while persistent SG&A expenses exceeding $50 million per quarter continue to suppress operating margins into negative territory.
| Sales/Revenue | 301.4M | 297.18M | 266.27M | 202.09M | 148.62M | 99.67M | 56.54M | 34.92M | 0 | 0 | 0 | 0 |
| Revenue Growth % | 9.42% | 11.61% | 31.76% | 35.98% | 49.1% | 76.29% | 61.89% | - | - | - | - | - |
| Cost of Goods Sold | 106.4M | 104.41M | 83.97M | 61.56M | 58.84M | 43.53M | 18.3M | 8.01M | 9K | 218K | 326K | 416K |
| COGS % of Revenue | - | 35.14% | 31.54% | 30.46% | 39.59% | 43.68% | 32.36% | 22.95% | - | - | - | - |
| Gross Profit | 197.9M | 192.76M | 182.3M | 140.53M | 89.77M | 56.14M | 38.24M | 26.91M | -9K | -218K | -326K | -416K |
| Gross Margin % | 65.66% | 64.86% | 68.46% | 69.54% | 60.41% | 56.32% | 67.64% | 77.05% | - | - | - | - |
| Gross Profit Growth % | - | 5.74% | 29.73% | 56.53% | 59.91% | 46.8% | 42.1% | 299111.11% | 95.87% | 33.13% | 21.63% | - |
| Operating Expenses | 225.23M | 230.36M | 216.72M | 189.76M | 155.1M | 100.54M | 191.31M | 125.86M | 35.64M | 11.73M | 19.97M | 30.98M |
| OpEx % of Revenue | - | 77.52% | 81.39% | 93.9% | 104.37% | 100.87% | 338.36% | 360.37% | - | - | - | - |
| Selling, General & Admin | 216.13M | 220.79M | 198.03M | 164.94M | 141.84M | 112.07M | 98.19M | 113.59M | 29.15M | 4.82M | 7.03M | 9.88M |
| SG&A % of Revenue | - | 74.29% | 74.37% | 81.62% | 95.44% | 112.44% | 173.66% | 325.25% | - | - | - | - |
| Research & Development | 9.6M | 9.58M | 9.17M | 15.43M | 6.74M | 2.06M | 1.72M | 3.97M | 6.49M | 6.69M | 12.61M | 20.68M |
| R&D % of Revenue | - | 3.22% | 3.44% | 7.63% | 4.54% | 2.07% | 3.05% | 11.38% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 9.52M | 9.39M | 6.52M | -13.59M | 91.4M | 8.29M | 0 | -5K | -6K | -39K |
| Operating Income | -28.85M | -37.6M | -34.41M | -49.23M | -65.33M | -44.41M | -153.07M | -98.95M | -46.14M | -11.73M | -19.97M | -30.98M |
| Operating Margin % | -9.57% | -12.65% | -12.92% | -24.36% | -43.96% | -44.55% | -270.73% | -283.31% | - | - | - | - |
| Operating Income Growth % | - | -9.27% | 30.11% | 24.64% | -47.12% | 70.99% | -54.7% | -114.44% | -293.5% | 41.27% | 35.55% | - |
| EBITDA | -20.72M | -28.86M | -28.39M | -43.37M | -61.61M | -38.09M | -145.39M | -93.94M | -46.13M | -11.51M | -19.64M | -30.56M |
| EBITDA Margin % | -6.88% | -9.71% | -10.66% | -21.46% | -41.45% | -38.22% | -257.14% | -268.98% | - | - | - | - |
| EBITDA Growth % | 40.12% | -1.64% | 34.53% | 29.61% | -61.74% | 73.8% | -54.76% | -103.63% | -300.88% | 41.41% | 35.74% | - |
| D&A (Non-Cash Add-back) | 8.13M | 8.74M | 6.02M | 5.87M | 3.72M | 6.31M | 7.68M | 5M | 9K | 218K | 326K | 416K |
| EBIT | -21.65M | -37.6M | -31.02M | -47.68M | -57.58M | -45.37M | -152.43M | -97.11M | -45.94M | -11.73M | -19.97M | -30.98M |
| Net Interest Income | -14.06M | -17.76M | -15.47M | -12.97M | -8.98M | -1.4M | -9.87M | -6.11M | -660K | 0 | 0 | 0 |
| Interest Income | 1.51M | 1.93M | 3.26M | 860K | 119K | 1K | 635K | 1.84M | 203K | 0 | 0 | 0 |
| Interest Expense | 11.3M | 19.69M | 18.73M | 13.83M | 9.1M | 1.4M | 10.5M | 7.95M | 863K | 0 | 0 | 0 |
| Other Income/Expense | -13.71M | -13.36M | -15.35M | -12.28M | -8.99M | -2.36M | -9.87M | -6.11M | -660K | -5K | -6K | -39K |
| Pretax Income | -42.56M | -50.96M | -49.76M | -61.51M | -74.32M | -46.77M | -162.94M | -105.06M | -46.8M | -11.73M | -19.97M | -31.02M |
| Pretax Margin % | -14.12% | -17.15% | -18.69% | -30.44% | -50.01% | -46.92% | -288.18% | -300.82% | - | - | - | - |
| Income Tax | 349K | 677K | 664K | 176K | 95K | 42K | 77K | -15.03M | 65K | -7.25M | 93K | 93K |
| Effective Tax Rate % | -0.82% | -1.33% | -1.33% | -0.29% | -0.13% | -0.09% | -0.05% | 14.3% | -0.14% | 61.81% | -0.47% | -0.3% |
| Net Income | -43.42M | -51.64M | -50.42M | -61.69M | -74.41M | -46.81M | -163.01M | -90.03M | -46.87M | -4.48M | -20.07M | -31.11M |
| Net Margin % | -14.41% | -17.38% | -18.94% | -30.52% | -50.07% | -46.96% | -288.31% | -257.79% | - | - | - | - |
| Net Income Growth % | 22.74% | -2.42% | 18.26% | 17.1% | -58.97% | 71.28% | -81.06% | -92.11% | -946.14% | 77.67% | 35.51% | - |
| Net Income (Continuing) | -43.42M | -51.64M | -50.42M | -61.69M | -74.41M | -46.81M | -163.01M | -90.03M | -46.87M | -4.48M | -20.07M | -31.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | -0.80 | -0.81 | -1.08 | -1.33 | -0.94 | -4.83 | -3.19 | -1.92 | -0.19 | -1.08 | -1.67 |
| EPS Growth % | 24.94% | 1.23% | 25% | 18.8% | -41.49% | 80.54% | -51.41% | -66.15% | -910.53% | 82.41% | 35.33% | - |
| EPS (Basic) | - | -0.80 | -0.81 | -1.08 | -1.33 | -0.94 | -4.83 | -3.19 | -1.92 | -0.19 | -1.08 | -1.67 |
| Diluted Shares Outstanding | 65.19M | 64.47M | 62.02M | 56.92M | 56.07M | 49.77M | 33.74M | 28.24M | 24.4M | 23.59M | 18.59M | 18.59M |
| Basic Shares Outstanding | 65.19M | 64.47M | 62.02M | 56.92M | 56.07M | 49.77M | 33.74M | 28.24M | 24.4M | 23.59M | 18.59M | 18.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Single-product revenue concentration
As reported in recent financial statements, Evolus experienced a notable deceleration in top-line expansion, with year-over-year revenue growth falling to 6.2% in 2026Q1 from the 42.2% peak observed in 2024Q1, suggesting that the initial market penetration phase for Jeuveau is facing significant competitive headwinds.
The sharp decline in growth rates indicates that the company's ability to capture new accounts may be reaching a saturation point or encountering increased resistance from entrenched incumbents. Investors should monitor whether the recent pivot toward dermal fillers can successfully re-accelerate the top line or if the core neurotoxin business has entered a mature, low-growth phase.
Based on reported figures, gross margins have fluctuated within a narrow 63% to 70% range over the last ten quarters, reflecting the inherent limitations of a third-party supply agreement that prevents the company from achieving the economies of scale typically seen in vertically integrated pharmaceutical peers.
The inability to consistently expand gross margins suggests that the cost of goods sold is largely fixed by external manufacturing contracts, leaving little room for margin improvement through operational efficiency. This structural reality implies that any path to profitability must rely almost exclusively on operating leverage rather than improvements in the cost of production.
According to the provided income statement data, SG&A expenses have remained stubbornly high, frequently exceeding $50 million per quarter, which has prevented the company from scaling operating income despite the consistent growth in gross profit generated by the Jeuveau product line over the past two years.
The persistent gap between gross profit and operating expenses suggests that the company is trapped in a high-cost customer acquisition cycle that requires continuous, heavy investment in sales and marketing. Without a clear inflection point where revenue growth significantly outpaces these fixed overheads, the company appears to remain structurally dependent on external capital to fund its operations.
Analysis of the income statement reveals that stock-based compensation, which averaged over $5 million per quarter throughout 2024 and 2025, represents a meaningful non-cash expense that obscures the true underlying cash burn and complicates the assessment of the company's path toward sustainable, GAAP-positive net income.
The reliance on equity-based incentives suggests that management is prioritizing talent retention and cash preservation, yet this practice dilutes existing shareholders and masks the true cost of operations. Investors should scrutinize the impact of these non-cash charges when evaluating the company's progress toward achieving a positive net margin, as the reported figures may overstate the company's operational efficiency.
While the company emphasizes its digital-first loyalty platform, the persistent negative operating margins and the reliance on a single product suggest that the current business model may be unsustainable without significant changes to the cost structure or a successful expansion into a broader aesthetic product suite.
Short-term volatility in quarterly results, combined with the high sensitivity to consumer discretionary spending, warrants caution regarding the company's long-term terminal value. The market may be underestimating the risk that the current high-spend marketing strategy is merely a defensive measure against competitors rather than a sustainable driver of long-term, profitable market share.
Quick answers to the most common questions about buying EOLS stock.
For fiscal year 2025, Evolus, Inc. (EOLS) reported total revenue of $297.2M.
Evolus, Inc. (EOLS) reported a net loss of $51.6M for the fiscal year ending 2025.
Evolus, Inc. (EOLS) reported an operating income of $-37.6M, resulting in an operating profit margin of -12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Evolus, Inc. (EOLS) generated $192.8M in gross profit for the year, representing a gross profit margin of 64.9%. This demonstrates the company's core pricing power and production efficiency.