Estee Lauder Companies (EL) Q3 FY26 earnings call

Beauty Reimagined has reached its intended inflection: after four years of erosion Estée Lauder has restored organic growth and is expanding margin together, powered by PRGP cost discipline, fragrance strength and a sequential China/Travel Retail recovery. Confident enough to raise FY26 and pre-announce an accelerating FY27, management is pivoting decisively out of dilutive department-store doors toward online and specialty, with Middle East disruption the main near-term swing factor.