The prospect of performance recovery is unclear, as Morgan Stanley released a bearish research report on the beauty giant Estee Lauder.

Zhijou Finance APP learned that Estee Lauder (EL.US), one of the world's largest skincare, beauty and fragrance companies, experienced a decline in performance in the 2025 fiscal year, with net sales for the full year down by about 8% year-on-year, with Q4 sales totaling approximately $3.41 billion, down 12% year-on-year, but still better than market expectations. However, the beauty and skincare giant's profit guidance for the 2026 fiscal year is far below expectations, and the company also expects a increase in U.S. tariff rates to result in a decrease in profit of about $100 million.