Estée Lauder reported fiscal fourth-quarter revenue of $3.41 billion, narrowly topping analyst estimates, while adjusted earnings of $0.09 a share beat the consensus but were 86% lower than a year earlier. Organic sales fell 13%, dragged down by double-digit declines in its skin-care and makeup divisions. For the full fiscal year ended 30 June, sales slid 8% to $14.33 billion and the company swung to a $1.13 billion net loss from a $390 million profit a year ago. Management forecast fiscal-year 2026 organic revenue growth of 0% to 3% and adjusted earnings of $1.90 to $2.10 a share—below the $2.21 Wall Street expected. The outlook factors in roughly $100 million of tariff-related costs and continued softness in the United States and China, but assumes a return to modest growth in travel-retail and Chinese demand later in the year. To shore up margins, Estée Lauder said it will deepen its Profit Recovery and Growth Plan, cutting as many as 7,000 positions, trimming inventory and, in select cases, lowering prices despite widespread industry price increases. Investors remained unconvinced: the shares dropped as much as 14% in early trading before moderating, erasing part of the stock’s 20% year-to-date gain.