| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | August 19, 2026 | 7/12 | 1 high, 4 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q3'26 | May 1, 2026 | 10/12 | 1 high, 3 medium, 2 low flags | 2 | 0 | Call sheet → |
| Q2'26 | February 5, 2026 | 10/12 | 2 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q1'26 | 2025-10-30 | 11/12 | 1 medium, 5 low flags | 2 | 0 | Call sheet → |
| Q4'25 | August 20, 2025 | 11/12 | 1 high, 3 medium, 2 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q4'26 | Delivered | "We will accelerate growth in North America" (Q3) Q4 comment that North America returned to organic growth and mid‑single‑digit retail sales |
| Q3'26 | Pending | Complete PRGP business case approvals by end of FY26 Expanded program scope but maintained timeline commitment |
| Q3'26 | Delivered | China ecosystem including travel retail to improve to mid-single digit China posted high single-digit growth, travel retail showed sequential improvement |
| Q3'26 | Pending | Americas sales expected to be flat for FY26 Still guiding flat despite Q3 decline, implies Q4 needs to accelerate |
| Q3'26 | Pending | Innovation to represent at least 25% of sales in FY26 Not specifically updated this quarter, still tracking to this target |
| Q3'26 | Exceeded | Operating margin between 9.8-10.2% for FY26 Raised guidance to 10.7-11%, significant beat on margin expansion |
| Q3'26 | Pending | Back half of FY26 would see low single-digit growth with Q4 stronger than Q3 Q3 delivered 2% growth, in line with expectation. Q4 strength still to be determined |
| Q2'26 | Delivered | Expand Amazon Premium Beauty presence Now 12 brands across 10 markets, added TikTok Shop |
| Q2'26 | Delivered | Strengthen ties in specialty multi with MAC at Sephora MAC entering US Sephora announced in Q2 |
| Q2'26 | Exceeded | Increase innovation launched in <1 year from 10% to 30% Already at 19% vs 16% expected, ahead of pace |
| Q2'26 | Pending | Online to exceed 31% of reported sales in FY26 On track per management but no specific percentage given |
| Q2'26 | Pending | Innovation to represent at least 25% of sales On track according to management, but no Q2 specific disclosure |
| Q2'26 | Delivered | Operating margin expansion for first time in four years Expanded 290 bps in Q2, raised full-year guidance |
| Q2'26 | Delivered | Return to organic sales growth for fiscal 2026 Delivered 4% growth in Q2 after 3% in Q1 |
| Q1'26 | Delivered | Travel Retail inventory rightsized for forecasted demand Management confirmed back to right level and managing based on demand |
| Q1'26 | Pending | New R&D leader announcement in coming weeks Still pending from Q4 call, now saying 'coming weeks' again |
| Q1'26 | Pending | Innovation representing over 25% of sales in fiscal 2026 Reiterated target, pipeline appears on track but execution still ahead |
| Q1'26 | Delivered | Online to reach higher mix beyond 31% in fiscal 2025 Double-digit online growth in Q1 suggests continued mix expansion |
| Q1'26 | Pending | Significantly reduce discounts as part of sales growth strategy Mentioned continued progress but no specific metrics provided on discount reduction |
| Q1'26 | Pending | Return to growth in fiscal 2026 and pursuit of solid double-digit operating margin On track with 3% Q1 growth and 7.3% operating margin, but full year still to be delivered |
| Q4'25 | Delivered | Sequential improvement in retail sales growth ex-travel retail Continued sequential improvement with share gains in key markets |
| Q4'25 | Pending | Innovation back to representing over 25% of sales Targeting 25%+ for fiscal 2026, with 16% launched within year vs historical 10% |
| Q4'25 | Exceeded | Over 2,600 net position reductions through restructuring Now over 60% of expected gross benefits approved, ahead of schedule |
| Q4'25 | Exceeded | Continued gross margin expansion through PRGP benefits Achieved 230 bps expansion, better than expected despite volume deleverage |
| Q4'25 | Delivered | Maintain appropriate trade inventory levels in travel retail Ended fiscal 2025 with healthier trade inventory for forecasted demand |
| Q4'25 | Pending | Return to sales growth in fiscal 2026 if meaningful tariff resolution Reaffirmed growth commitment for FY26, now with specific low single-digit range |
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