Shares of e.l.f. Beauty Inc. (ELF) surged 8.07% in pre-market trading, driven by the company's impressive third-quarter fiscal 2026 financial results that significantly exceeded Wall Street expectations.

The cosmetics maker reported adjusted earnings of $1.24 per share, beating analyst estimates that ranged from 72 cents to 79 cents. Revenue jumped 38% year-over-year to $489.5 million, also surpassing projections. Management attributed the strong performance to resilient consumer demand for affordable beauty products, successful retail and e-commerce expansion, and better-than-expected contributions from the recently acquired Rhode brand, founded by Hailey Bieber.

Furthermore, e.l.f. Beauty raised its full-year outlook, now expecting revenue of $1.60 billion to $1.61 billion and adjusted earnings per share of $3.05 to $3.10, up from previous forecasts. The positive momentum was further supported by analyst actions, including JP Morgan and Jefferies raising their price targets on the stock following the earnings release.