Selected Financial Data
since 2005
Income Statement
Estée Lauder Cos. Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income | Net earnings attributable to The Estée Lauder Companies Inc. |
|---|---|---|---|
| Jun 30, 2023 | 15,910) | 1,509) | 1,006) |
| Jun 30, 2022 | 17,737) | 3,170) | 2,390) |
| Jun 30, 2021 | 16,215) | 2,618) | 2,870) |
| Jun 30, 2020 | 14,294) | 606) | 684) |
| Jun 30, 2019 | 14,863) | 2,313) | 1,785) |
| Jun 30, 2018 | 13,683) | 2,052) | 1,108) |
| Jun 30, 2017 | 11,824) | 1,692) | 1,249) |
| Jun 30, 2016 | 11,262) | 1,610) | 1,115) |
| Jun 30, 2015 | 10,780) | 1,606) | 1,089) |
| Jun 30, 2014 | 10,969) | 1,828) | 1,204) |
| Jun 30, 2013 | 10,182) | 1,526) | 1,020) |
| Jun 30, 2012 | 9,714) | 1,312) | 857) |
| Jun 30, 2011 | 8,810) | 1,089) | 701) |
| Jun 30, 2010 | 7,796) | 790) | 478) |
| Jun 30, 2009 | 7,324) | 418) | 218) |
| Jun 30, 2008 | 7,911) | 811) | 474) |
| Jun 30, 2007 | 7,038) | 750) | 449) |
| Jun 30, 2006 | 6,464) | 620) | 244) |
| Jun 30, 2005 | 6,336) | 721) | 406) |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
The financial performance from 2005 to 2023 exhibits a long-term expansion in scale, characterized by a general upward trend in revenue and operating efficiency, punctuated by periods of significant volatility. While the company achieved record highs in sales and operating income during the early 2020s, the most recent fiscal year shows a notable contraction across all primary income statement metrics.
- Revenue Trends
- Net sales grew from 6,336 million USD in 2005 to a peak of 17,737 million USD in 2022. This growth was largely consistent, with a moderate decline observed in 2009 and a brief contraction in 2020. However, 2023 marked a significant reversal, with sales falling to 15,910 million USD, indicating a correction from the previous year's peak.
- Operating Income and Efficiency
- Operating income demonstrated higher volatility than net sales. After fluctuating between 2005 and 2010, a period of sustained growth occurred, peaking at 3,170 million USD in 2022. A sharp contraction occurred in 2020, where operating income dropped to 606 million USD, followed by a rapid recovery in 2021 and 2022. This recovery was offset by a steep decline in 2023, with operating income falling to 1,509 million USD.
- Net Earnings Analysis
- Net earnings attributable to the company followed the trajectory of operating income but exhibited more extreme fluctuations. Earnings reached a historical peak of 2,870 million USD in 2021. Despite the sales peak in 2022, net earnings began a downward trend, culminating in a decrease to 1,006 million USD by 2023, returning net profitability to levels comparable to those observed in the mid-2010s.
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Balance Sheet: Assets
Estée Lauder Cos. Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Jun 30, 2023 | 9,139) | 23,415) |
| Jun 30, 2022 | 9,298) | 20,910) |
| Jun 30, 2021 | 9,768) | 21,971) |
| Jun 30, 2020 | 8,892) | 17,781) |
| Jun 30, 2019 | 7,212) | 13,156) |
| Jun 30, 2018 | 6,168) | 12,567) |
| Jun 30, 2017 | 4,964) | 11,568) |
| Jun 30, 2016 | 4,225) | 9,223) |
| Jun 30, 2015 | 4,469) | 8,239) |
| Jun 30, 2014 | 4,825) | 7,869) |
| Jun 30, 2013 | 4,297) | 7,145) |
| Jun 30, 2012 | 3,855) | 6,593) |
| Jun 30, 2011 | 3,687) | 6,274) |
| Jun 30, 2010 | 3,121) | 5,336) |
| Jun 30, 2009 | 2,913) | 5,177) |
| Jun 30, 2008 | 2,787) | 5,011) |
| Jun 30, 2007 | 2,239) | 4,126) |
| Jun 30, 2006 | 2,177) | 3,784) |
| Jun 30, 2005 | 2,303) | 3,886) |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
A sustained expansion of the asset base is evident from 2005 to 2023, characterized by an overall upward trajectory in both total and current assets.
- Total Asset Progression
- Total assets increased from 3,886 million US$ in 2005 to 23,415 million US$ by 2023. The growth trajectory remained relatively steady until 2016, followed by a period of aggressive acceleration. Notably, total assets grew from 13,156 million US$ in 2019 to a peak of 21,971 million US$ in 2021. Despite a slight contraction in 2022, the asset base reached its highest recorded level in 2023.
- Current Asset Trends
- Current assets rose from 2,303 million US$ in 2005 to 9,139 million US$ in 2023. The growth was consistent through 2014, followed by a brief period of decline between 2015 and 2016. A significant surge occurred between 2017 and 2021, with current assets peaking at 9,768 million US$. A marginal downward trend was observed in the final two years of the period.
- Asset Structure and Composition
- A shift in the composition of the balance sheet is observable over the 18-year period. In 2005, current assets represented approximately 59% of total assets. By 2023, this proportion decreased to approximately 39%. This indicates that while both asset categories grew, total assets expanded at a significantly faster rate than current assets, suggesting a strategic increase in non-current assets such as property, plant, equipment, or intangible assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Estée Lauder Cos. Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity, The Estée Lauder Companies Inc. | |
|---|---|---|---|---|
| Jun 30, 2023 | 6,240) | 16,998) | 8,114) | 5,585) |
| Jun 30, 2022 | 5,815) | 14,478) | 5,412) | 5,590) |
| Jun 30, 2021 | 5,298) | 15,023) | 5,569) | 6,057) |
| Jun 30, 2020 | 5,179) | 13,819) | 6,136) | 3,935) |
| Jun 30, 2019 | 4,605) | 8,745) | 3,412) | 4,386) |
| Jun 30, 2018 | 3,310) | 7,857) | 3,544) | 4,688) |
| Jun 30, 2017 | 2,823) | 7,166) | 3,572) | 4,384) |
| Jun 30, 2016 | 2,681) | 5,636) | 2,242) | 3,572) |
| Jun 30, 2015 | 2,136) | 4,585) | 1,637) | 3,643) |
| Jun 30, 2014 | 2,057) | 3,999) | 1,343) | 3,855) |
| Jun 30, 2013 | 1,935) | 3,843) | 1,344) | 3,287) |
| Jun 30, 2012 | 2,126) | 3,846) | 1,288) | 2,733) |
| Jun 30, 2011 | 1,943) | 3,627) | 1,218) | 2,629) |
| Jun 30, 2010 | 1,572) | 3,370) | 1,228) | 1,948) |
| Jun 30, 2009 | 1,459) | 3,513) | 1,421) | 1,640) |
| Jun 30, 2008 | 1,699) | 3,331) | 1,197) | 1,653) |
| Jun 30, 2007 | 1,501) | 2,905) | 1,089) | 1,199) |
| Jun 30, 2006 | 1,438) | 2,136) | 522) | 1,622) |
| Jun 30, 2005 | 1,498) | 2,177) | 715) | 1,693) |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
The financial data from 2005 to 2023 reveals a substantial expansion of the balance sheet, characterized by a significant increase in both total liabilities and stockholders' equity. While both metrics trended upward over the long term, the growth in liabilities has significantly outpaced the growth in equity, indicating a fundamental shift in the organization's capital structure and an increased reliance on external financing.
- Liability Growth and Composition
- Total liabilities increased from US$ 2,177 million in 2005 to US$ 16,998 million in 2023. A period of relative stability was observed between 2005 and 2015, followed by a sharp acceleration in liabilities starting in 2019. Specifically, total liabilities rose from US$ 8,745 million in 2019 to US$ 13,819 million in 2020. Current liabilities also grew steadily from US$ 1,498 million to US$ 6,240 million over the period; however, as a percentage of total liabilities, current obligations declined, suggesting an increase in long-term liability holdings.
- Debt Accumulation Trends
- Total debt exhibited a general upward trajectory, rising from US$ 715 million in 2005 to US$ 8,114 million in 2023. Notable spikes in debt levels occurred in 2020, where debt reached US$ 6,136 million, and again in 2023. The rapid increase in total debt during the latter part of the timeframe suggests a strategic shift toward leveraging borrowed capital to support business activities or acquisitions.
- Stockholders' Equity Evolution
- Stockholders' equity showed more volatility than liabilities, with an initial dip to US$ 1,199 million in 2007 before entering a consistent growth phase. Equity peaked at US$ 6,057 million in 2021, followed by a moderate decline to US$ 5,585 million by 2023. Although equity increased by more than three times its 2005 value, its growth rate remained lower than that of the total debt and total liabilities.
- Financial Leverage and Risk Profile
- A comparative analysis of debt and equity reveals a significant increase in financial leverage. In 2005, total debt represented approximately 42% of stockholders' equity. By 2023, this ratio escalated to approximately 145%. This transition indicates a move from a conservative financial position toward a more leveraged balance sheet, which increases the financial risk profile of the entity while potentially amplifying returns on equity.
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Cash Flow Statement
Estée Lauder Cos. Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash flows provided by operating activities | Net cash flows (used for) provided by investing activities | Net cash flows provided by (used for) financing activities |
|---|---|---|---|
| Jun 30, 2023 | 1,731) | (3,217) | 1,590) |
| Jun 30, 2022 | 3,040) | (945) | (3,036) |
| Jun 30, 2021 | 3,631) | (1,864) | (1,892) |
| Jun 30, 2020 | 2,280) | (1,698) | 1,461) |
| Jun 30, 2019 | 2,517) | 473) | (2,173) |
| Jun 30, 2018 | 2,573) | (369) | (1,172) |
| Jun 30, 2017 | 1,800) | (2,214) | 630) |
| Jun 30, 2016 | 1,789) | (1,269) | (605) |
| Jun 30, 2015 | 1,943) | (1,616) | (895) |
| Jun 30, 2014 | 1,535) | (512) | (857) |
| Jun 30, 2013 | 1,226) | (466) | (612) |
| Jun 30, 2012 | 1,127) | (428) | (585) |
| Jun 30, 2011 | 1,027) | (607) | (313) |
| Jun 30, 2010 | 957) | (281) | (406) |
| Jun 30, 2009 | 696) | (340) | 126) |
| Jun 30, 2008 | 690) | (479) | (78) |
| Jun 30, 2007 | 667) | (374) | (412) |
| Jun 30, 2006 | 727) | (303) | (595) |
| Jun 30, 2005 | 479) | (237) | (300) |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
The financial data reveals a long-term trajectory of expansion in operational cash generation, followed by a period of increased volatility and a significant contraction in the most recent fiscal years. While the company maintained a consistent growth profile for over a decade, the relationship between operating, investing, and financing activities shifted notably after 2021.
- Operating Cash Flow Trends
- Net cash flows provided by operating activities exhibited a sustained upward trend from 2005 to 2021. Starting at 479 million USD in 2005, operating cash flows grew steadily, surpassing the 1 billion USD threshold in 2012 and peaking at 3,631 million USD in 2021. However, a sharp reversal occurred thereafter, with cash flows declining to 3,040 million USD in 2022 and further dropping to 1,731 million USD by 2023, representing a reduction of approximately 52% from the 2021 peak.
- Investing Activity Patterns
- Investing activities were characterized by consistent net outflows for the majority of the period, indicating ongoing capital expenditures or acquisitions. Outflows remained relatively stable between 2005 and 2014, followed by a period of intensified investment, notably in 2015 and 2017. A brief anomaly occurred in 2019, which was the only year in the sequence to record a positive net cash flow from investing activities (473 million USD). The period concluded with a substantial increase in investing outflows, reaching a record high of 3,217 million USD in 2023.
- Financing Activity Dynamics
- Financing cash flows demonstrated significant volatility, alternating between net outflows and inflows. For much of the 2005-2016 period, the company maintained net outflows, suggesting debt repayment or shareholder distributions. Significant financing inflows were recorded in 2017, 2020, and 2023, indicating periods of external capital raising or increased borrowing. A particularly aggressive period of financing outflows occurred between 2018 and 2022, peaking in 2022 with a net outflow of 3,036 million USD.
- Inter-segment Cash Flow Correlation
- Analysis of the combined flows indicates that the company historically relied on operating cash flows to fund its investing activities. However, in 2023, a divergence is observed: the simultaneous decline in operating cash flows (1,731 million USD) and the surge in investing outflows (3,217 million USD) created a funding gap. This gap was partially bridged by a financing inflow of 1,590 million USD, signaling a shift toward external funding to support strategic investments during a period of weakened operational cash generation.
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Per Share Data
Estée Lauder Cos. Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jun 30, 2023 | 2.81 | 2.79 | 2.58 |
| Jun 30, 2022 | 6.64 | 6.55 | 2.33 |
| Jun 30, 2021 | 7.91 | 7.79 | 2.07 |
| Jun 30, 2020 | 1.90 | 1.86 | 1.39 |
| Jun 30, 2019 | 4.91 | 4.82 | 1.67 |
| Jun 30, 2018 | 3.01 | 2.95 | 1.48 |
| Jun 30, 2017 | 3.40 | 3.35 | 1.32 |
| Jun 30, 2016 | 3.01 | 2.96 | 1.14 |
| Jun 30, 2015 | 2.87 | 2.82 | 0.92 |
| Jun 30, 2014 | 3.12 | 3.06 | 0.78 |
| Jun 30, 2013 | 2.63 | 2.58 | 1.08 |
| Jun 30, 2012 | 2.20 | 2.16 | 0.53 |
| Jun 30, 2011 | 1.78 | 1.74 | 0.38 |
| Jun 30, 2010 | 1.21 | 1.19 | 0.28 |
| Jun 30, 2009 | 0.56 | 0.55 | 0.28 |
| Jun 30, 2008 | 1.22 | 1.20 | 0.28 |
| Jun 30, 2007 | 1.10 | 1.08 | 0.25 |
| Jun 30, 2006 | 0.57 | 0.56 | 0.20 |
| Jun 30, 2005 | 0.90 | 0.89 | 0.20 |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance over the analyzed period exhibits a long-term growth trajectory characterized by significant volatility in earnings and a consistent upward trend in dividend distributions.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share followed a similar path, showing modest volatility between 2005 and 2010, with notable lows in 2006 (0.57 basic) and 2009 (0.56 basic). A period of sustained growth occurred between 2011 and 2019, with basic EPS rising from 1.78 to a peak of 4.91. This trend was interrupted by a sharp contraction in 2020, where basic EPS fell to 1.90, followed by a historic surge to 7.91 in 2021. However, a significant downward trend emerged thereafter, with basic EPS declining to 6.64 in 2022 and further dropping to 2.81 by 2023.
- Dividend Distribution Patterns
- Dividend per share demonstrates a highly stable and progressive increase compared to the volatility of earnings. Starting at 0.20 in 2005, dividends grew incrementally, with a substantial increase observed between 2012 (0.53) and 2013 (1.08). Despite minor fluctuations in 2014 and 2020, the dividend per share maintained a general upward trajectory, reaching 2.58 by 2023. This suggests a corporate policy focused on maintaining consistent shareholder returns regardless of short-term earnings fluctuations.
- Correlation Between Earnings and Dividends
- A divergence is observed between the volatility of earnings and the stability of dividend payments. While earnings experienced extreme peaks and troughs—particularly between 2020 and 2023—dividend growth remained relatively linear. By 2023, the gap between diluted EPS (2.79) and dividend per share (2.58) narrowed significantly, indicating a substantially higher payout ratio relative to the earnings levels seen during the 2021 peak.
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