Waldencast’s revenue remained flat in 2025, in what the beauty company described as a “transformational” year that has set it up with a “strong foundation” for growth in 2026.
Net revenue was US$272.1m for the full year to 31 December 2025, and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) were $16.1m.
The Milk Makeup and Obagi owner’s Q4 revenue of $72m was also flat on the same period a year earlier, and adjusted EBITDA was $6.6m in the three-month period.
“Fiscal 2025 was a defining year of transformation for Waldencast, as we focused on strengthening our operating platform and sharpening our strategic focus to support long-term, profitable growth,” said Michel Brousset, Waldencast founder and CEO.
“While our fourth-quarter performance reflected this transition with mixed results across our portfolio, we have successfully expanded our addressable market, increased the reach and effectiveness of our brand marketing, and significantly strengthened our balance sheet.”
Milk Makeup’s sales grew in the US via distribution expansion, launching at Ulta Beauty and on Amazon Premium.
However, this was offset by softer international markets.
In 2026, Waldencast said it will prioritise investment in this area, along with brand marketing, innovation pace and the brand’s operational platform.
“At Milk Makeup, our team’s disciplined execution delivered in Q4 higher year-over-year Adjusted EBITDA, even as we navigated softer international consumption.
“We are entering 2026 with a strengthened leadership team and a focused investment strategy for our flagship Hydro Grip franchise.
“Following the success of the Hydro Grip Gel Tint in 2025, we are excited to debut the Hydro Grip Gel concealer in Q1.
“With a reinforced financial foundation and two powerhouse brands poised for innovation, Waldencast enters 2026 with the favourable momentum necessary to win in the global beauty market.”
Mazdack Rassi, co-founder of Milk Makeup, was appointed President of Milk Makeup in November 2025 to lead the brand’s growth in 2026.
Revenue for Obagi Medical continued to accelerate as a result of its transformation effort, plus the recent launch of its injectables platform.
Last year, Waldencast sold Obagi Japan trademark rights for $82.5m and refinanced its credit facilities, both of which reduced the company's leverage and strengthened its balance sheet.
The sale was part of a turnaround plan to get the business back on track amid falling sales.
Waldencast recorded a net loss for the year of $248.1m, driven by impairment charges related to both brands, as well as financing costs, which included those incurred as a result of the refinancing.
A strategic review of the business remains ongoing, and Waldencast did not issue an outlook for 2026 due to the review.
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