Q2 FY2025 delivered category-leading growth for elf Beauty Inc (ELF), underscored by aggressive international expansion and a strengthening value-based brand proposition. Net sales rose 40% year over year to $301.1 million, driven by a 91% increase in international net sales, which now represent 21% of total net sales. The company continued to outperform the color cosmetics category with U.S. market-share gains of 195 basis points in the quarter, supported by strength in Halo Glow and Power Grip franchises and broader digital/loyalty-driven engagement. ELF also achieved a strong profitability trajectory, with gross margin at 71.0% (up ~40 bps YoY) and adjusted EBITDA of $69.0 million (margin 23%). The combination of international momentum, ongoing product innovation, a disruptive marketing engine, and a digital-first go-to-market approach enabled ELF to raise its full-year net sales growth outlook to 28-30% (from 25-27%), with second-half net sales growth expected at 16-20%. Management highlighted strategic investments (NATURIUM integration, ERP transition to SAP, distribution capacity) and capital allocation actions (new $500 million share repurchase program) as key levers for sustaining growth and shareholder value.