Evolus Q2 2026 Earnings: Revenue Rises 21% as Adjusted EBITDA Stays Positive

For the quarter ended June 30, 2026, Evolus (NASDAQ: EOLS) reported net revenue of $84.1 million, up 21% from $69.4 million a year earlier, while its diluted GAAP loss per share narrowed to $0.12 from $0.27. Gross-margin expansion and controlled non-GAAP expenses helped adjusted EBITDA reach positive $4.7 million for a third consecutive quarter, although GAAP losses and negative operating cash flow continued.

Core financial results

Revenue growth outpaced the increase in cost of goods sold, lifting gross profit by approximately 26% and expanding GAAP gross margin to 68.0% from 65.3%. A tariff refund added approximately 120 basis points to the quarter’s gross margin, meaning part of the improvement came from a specific benefit recognized during the period.

GAAP operating expenses increased to $61.7 million, but non-GAAP operating expenses declined slightly year over year to $53.3 million. The difference primarily reflects items excluded from the non-GAAP measure, including contingent royalty obligation revaluation, stock-based compensation, and depreciation and amortization. Interest expense of $4.2 million also contributed to the difference between the operating loss and net loss.

Revenue mix and commercial performance

Global toxin revenue was $75.2 million, while injectable hyaluronic acid, or HA, gels contributed $8.9 million. HA therefore represented approximately 10.6% of quarterly revenue, giving Evolus an additional revenue source beyond its established toxin products.

Management attributed the quarter’s momentum to double-digit growth for Jeuveau and accelerating adoption of Evolysse. It also said the broader neurotoxin market grew at a mid-single-digit rate as consumer demand improved and treatment intervals remained stable, while the HA category returned to growth after two years of declines.

Evolus added approximately 600 purchasing accounts during the quarter. More than 18,600 customers have purchased from the company since launch, including over 4,000 Evolysse customers, and reported U.S. account penetration exceeded 60%. The company’s cumulative customer reorder rate was above 70%.

Evolus Rewards membership increased by more than 77,000 during the quarter to over 1.5 million, up 25% from the second quarter of 2025. Quarterly redemptions reached a record of more than 270,000, while existing patients received repeat treatments at an approximately 71% rate.

The portfolio also expanded geographically. Evolus launched all four Estyme HA gels in Europe and extended its licensing agreement to Canada, Australia, and New Zealand, where commercialization is expected in 2028. Profhilo is expected to enter the U.S. market in 2030, while Evolysse Sculpt remains under FDA review.

Positive adjusted EBITDA has not yet translated into positive cash flow

Adjusted EBITDA was approximately 5.6% of revenue, but the non-GAAP measure excludes interest, stock-based compensation, depreciation and amortization, and other specified items. Evolus consequently still recorded an $8.1 million GAAP net loss and used $3.6 million of cash in operating activities during the quarter.

Cash and cash equivalents declined from $49.8 million on March 31 to $45.2 million on June 30. Compared with year-end 2025, inventory increased from $27.0 million to $40.9 million and accounts receivable rose from $54.7 million to $62.4 million. Accounts payable and accrued expenses also increased to $82.2 million from $59.0 million, while long-term debt rose to $156.7 million from $146.1 million.

The company said it had approximately $120 million of additional non-dilutive capacity. That provides financing flexibility, but the combination of negative operating cash flow, higher debt, and a $30.9 million stockholders’ deficit remains relevant when assessing the path from adjusted profitability to sustainable cash generation.

Full-year guidance

Evolus raised the lower end of its 2026 revenue range and increased both ends of its adjusted gross-margin outlook. Non-GAAP operating expense guidance was narrowed by raising the lower end, rather than by reducing expected spending, while adjusted EBITDA margin guidance was reaffirmed.

The guidance assumes no 2026 revenue from Evolysse Sculpt, even though the company anticipates potential FDA approval in the fourth quarter. Evolus also reaffirmed its 2028 outlook for revenue of $450 million to $500 million and an adjusted EBITDA margin of 13% to 15%, representing a projected three-year revenue CAGR of 15% to 19%.

Recent insider transactions

The supplied six-month insider summary recorded 833,702 shares under purchases and 163,504 shares under sales, resulting in net purchases of 670,198 shares across 14 transactions. Because the underlying entries include stock awards, the purchase total should not automatically be interpreted as open-market buying.

The latest fully specified sale records involved CEO David Moatazedi and officer Rui L. Avelar. These transactions provide no stated explanation for the sellers’ motives.

Risks investors should monitor

• Cash conversion remains incomplete: Three consecutive quarters of positive adjusted EBITDA have not yet produced positive operating cash flow, and cash declined by $4.6 million sequentially.
• Part of the margin improvement was nonrecurring: A tariff refund added approximately 120 basis points to Q2 gross margin. Future margins may not receive the same benefit, while tariffs remain a disclosed risk.
• HA growth depends on adoption and execution: Evolus expects HA gels to generate 10% to 12% of 2026 revenue, making customer adoption and successful commercialization increasingly important to the revenue mix.
• Regulatory and launch timing affect the longer-term portfolio: Evolysse Sculpt remains under FDA review. Although 2026 guidance assumes no Sculpt revenue, approval timing still matters for future growth plans.
• Leverage remains material: Long-term debt reached $156.7 million while the company continued to report a GAAP loss and a stockholders’ deficit.

Conclusion

Evolus combined 21% revenue growth with higher gross margins and another quarter of positive adjusted EBITDA, supported by Jeuveau growth and the developing HA portfolio. The raised revenue and margin guidance indicates greater confidence in 2026 execution, but the next phase will depend on converting non-GAAP profitability into positive cash flow, sustaining HA adoption, and managing debt and portfolio expansion without losing expense discipline.