Estée Lauder reported fiscal fourth-quarter revenue of $3.41 billion, edging past analyst expectations even as sales fell 12 % from a year earlier. Adjusted earnings were $0.09 a share, ahead of the 7.3-cent consensus, while organic sales dropped 13 %, reflecting continued weakness in Asian travel-retail and softer demand for skin-care and makeup lines. For the year ended 30 June 2025, net sales declined 8 % to $14.33 billion and the company swung to a $1.13 billion loss, weighed down by restructuring costs, goodwill impairments and muted spending in both the United States and China. The skin-care segment led the contraction, offset only partly by fragrance gains. Looking ahead, management guided to flat-to-3 % organic revenue growth and adjusted earnings of $1.90 to $2.10 a share in fiscal 2026, citing an expected $100 million drag from the 145 % U.S. tariff on Chinese goods and broader cost inflation. The profit projection is below Wall Street estimates, even as the new chief executive pursues a turnaround plan aimed at restoring double-digit operating margins. Investors reacted sharply: Estée Lauder shares fell as much as 14 % in early New York trading, trimming a year-to-date gain of about 20 %. The stock slump underscores lingering skepticism over the pace of the company’s recovery and its ability to navigate trade headwinds and a still-uncertain consumer backdrop.