EOLS

MKT CAP:$341M

Evolus, Inc.

Market Cap

$341M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$4.93-$1.79 (-26.64%)

Apr 21, 2026

Company Details

Evolus, Inc., a performance beauty company, provides medical aesthetic products for physicians and their patients in the United States. It offers Jeuveau, a proprietary 900 kilodalton purified botulinum toxin type A formulation for the temp...

CEO

David Moatazedi

IPO Date

Feb 8, 2018

Website

www.evolus.com

Key Metrics TTM

Revenue

$286M

+15.1% YoY

Net Income

-$59M

EPS (Diluted)

-$0.92

Free Cash Flow

-$56M

Revenue / Share

$4.42

Gross Margin

65.8%

Operating Margin

-13.7%

Net Margin

-20.5%

FCF Margin

-19.7%

P/S

1.2x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Mar 3, 2026

$297M+11.6%EPS -$0.80

Q3 2025

Nov 5, 2025

$69M+12.9%EPS -$0.24

Q2 2025

Aug 5, 2025

$69M+3.7%EPS -$0.27

Q1 2025

May 7, 2025

$69M+15.5%EPS -$0.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$35M	$19M	-$18M
Q1 22	$34M	$21M	-$15M
Q2 22	$37M	$21M	-$21M
Q3 22	$34M	$20M	-$18M
Q4 22	$44M	$30M	-$11M
Q1 23	$42M	$30M	-$12M
Q2 23	$49M	$35M	-$15M
Q3 23	$50M	$35M	-$13M
Q4 23	$61M	$39M	-$9M
Q1 24	$59M	$41M	-$9M
Q2 24	$67M	$47M	-$8M
Q3 24	$61M	$43M	-$15M
Q4 24	$79M	$50M	-$2M
Q1 25	$69M	$47M	-$15M
Q2 25	$69M	$45M	-$10M
Q3 25	$69M	$46M	-$12M

Valuation

Quarter	P/S	P/E
Q4 21	3.4x	—
Q1 22	2.8x	—
Q2 22	2.6x	—
Q3 22	2.4x	—
Q4 22	2.3x	—
Q1 23	2.2x	—
Q2 23	2.0x	—
Q3 23	1.8x	—
Q4 23	1.7x	—
Q1 24	1.5x	—
Q2 24	1.4x	—
Q3 24	1.4x	—
Q4 24	1.3x	—
Q1 25	1.2x	—
Q2 25	1.2x	—
Q3 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$9M	-$9M
Q1 22	-$38M	-$38M
Q2 22	-$21M	-$21M
Q3 22	-$17M	-$18M
Q4 22	-$9M	-$10M
Q1 23	-$21M	-$21M
Q2 23	-$13M	-$13M
Q3 23	-$924.0K	-$1M
Q4 23	$813.0K	$452.0K
Q1 24	-$11M	-$11M
Q2 24	-$6M	-$8M
Q3 24	-$6M	-$7M
Q4 24	$5M	$3M
Q1 25	-$16M	-$17M
Q2 25	-$25M	-$25M
Q3 25	-$15M	-$17M

Capital Expenditures

Quarter	CapEx
Q4 21	$393.0K
Q1 22	$261.0K
Q2 22	$388.0K
Q3 22	$899.0K
Q4 22	$1M
Q1 23	$511.0K
Q2 23	$8.0K
Q3 23	$539.0K
Q4 23	$361.0K
Q1 24	$797.0K
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$2M
Q2 25	$688.0K
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+68.4%	-59.0%
Q1 22	+177.0%	+1071.0%
Q2 22	+42.4%	+41.4%
Q3 22	+27.1%	+13.1%
Q4 22	+25.9%	+3.0%
Q1 23	+23.0%	+8.9%
Q2 23	+32.8%	+10.2%
Q3 23	+47.6%	+22.5%
Q4 23	+39.8%	+28.3%
Q1 24	+42.2%	+27.0%
Q2 24	+35.6%	+15.7%
Q3 24	+22.1%	+20.6%
Q4 24	+29.4%	+16.7%
Q1 25	+15.5%	+22.6%
Q2 25	+3.7%	+6.7%
Q3 25	+12.9%	+5.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$3M	8.7%
Q2 22	$3M	8.0%
Q3 22	$2M	7.3%
Q4 22	$2M	5.5%
Q1 23	$3M	7.9%
Q2 23	$4M	8.5%
Q3 23	$5M	9.2%
Q4 23	$4M	7.2%
Q1 24	$5M	8.6%
Q2 24	$6M	8.6%
Q3 24	$5M	8.5%
Q4 24	$6M	7.8%
Q1 25	$6M	8.7%
Q2 25	$4M	6.5%
Q3 25	$5M	7.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$423.0K	—	—	—
Q1 22	$468.0K	—	—	—
Q2 22	$4M	—	—	—
Q3 22	$1M	—	—	$35M
Q4 22	$1M	$25M	$12M	—
Q1 23	$1M	—	—	$37M
Q2 23	$6M	—	—	$41M
Q3 23	$2M	—	—	$43M
Q4 23	$7M	$36M	$7M	—
Q1 24	$2M	—	—	$45M
Q2 24	$2M	—	—	$50M
Q3 24	$2M	—	—	$53M
Q4 24	$2M	$42M	$9M	—
Q1 25	$2M	—	—	$57M
Q2 25	$2M	—	—	$57M
Q3 25	$2M	—	—	$53M

Revenue Segments

Quarter	Product	Service
Q4 21	$35M	—
Q1 22	$33M	—
Q2 22	$37M	—
Q3 22	$33M	$684.0K
Q4 22	$43M	$658.0K
Q1 23	$41M	$674.0K
Q2 23	$49M	$666.0K
Q3 23	$49M	$696.0K
Q4 23	$61M	$328.0K
Q1 24	$59M	$369.0K
Q2 24	$66M	$687.0K
Q3 24	$60M	$921.0K
Q4 24	$79M	—
Q1 25	$68M	$448.0K
Q2 25	$69M	$688.0K
Q3 25	$69M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$107M	$0	$107M
Q2 22	$84M	$0	$84M
Q3 22	$66M	$0	$66M
Q4 22	$54M	$0	$54M
Q1 23	$31M	$0	$31M
Q2 23	$42M	$0	$42M
Q3 23	$39M	$0	$39M
Q4 23	$63M	$0	$63M
Q1 24	$97M	$0	$97M
Q2 24	$94M	$0	$94M
Q3 24	$85M	$0	$85M
Q4 24	$87M	$0	$87M
Q1 25	$68M	$0	$68M
Q2 25	$62M	$0	$62M
Q3 25	$44M	$0	$44M
Q4 25	$54M	$0	$54M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	56M	+1.0%	+64.7%
Q1 22	56M	+0.3%	+35.6%
Q2 22	56M	+0.6%	+9.6%
Q3 22	56M	+0.2%	+2.1%
Q4 22	56M	+0.2%	+1.2%
Q1 23	56M	+0.4%	+1.3%
Q2 23	57M	+0.8%	+1.5%
Q3 23	57M	+0.2%	+1.5%
Q4 23	57M	+0.4%	+1.7%
Q1 24	59M	+2.7%	+4.1%
Q2 24	63M	+6.7%	+10.2%
Q3 24	63M	+0.7%	+10.7%
Q4 24	63M	+0.3%	+10.7%
Q1 25	64M	+0.5%	+8.3%
Q2 25	65M	+1.3%	+2.9%
Q3 25	65M	+0.3%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$207.5K	167
Q1 22	$203.0K	167
Q2 22	$222.5K	167
Q3 22	$203.0K	167
Q4 22	$203.0K	215
Q1 23	$194.1K	215
Q2 23	$229.5K	215
Q3 23	$232.6K	215
Q4 23	$223.4K	273
Q1 24	$217.3K	273
Q2 24	$245.1K	273
Q3 24	$223.8K	273
Q4 24	$237.8K	332
Q1 25	$206.4K	332
Q2 25	$209.0K	332
Q3 25	$207.7K	332

Revenue / Employee