Oddity Tech (ODD) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with net revenue of $810 million, up 25% year-over-year, and exceeded financial guidance across all key metrics.

• Adjusted EBITDA reached $163 million, up 9% year-over-year, with a margin of 20.2%.

• Q4 2025 net revenue was $153 million, up 24% from Q4 2024, surpassing guidance.

• Launched METHODIQ, expanding into medical-grade and telehealth, with strong early traction.

• Continued investment in ODDITY Labs and technology infrastructure.

Financial highlights

• FY 2025 gross margin was 72.7%, up 30 bps year-over-year; Q4 gross margin was 70.5%.

• Full-year adjusted EBITDA was $163 million; Q4 adjusted EBITDA was $13 million, with an 8.2% margin.

• Adjusted diluted EPS for FY 2025 was $2.21, up 12% year-over-year; Q4 adjusted EPS was $0.20.

• Free cash flow for 2025 was $84 million; net operating cash flow was $88 million.

• Ended 2025 with $776 million in cash, cash equivalents, and investments.

Outlook and guidance

• Not issuing full-year 2026 guidance yet due to uncertainty around user acquisition cost normalization.

• Q1 2026 revenue expected to decline approximately 30% year-over-year due to increased acquisition costs; Q2 also likely to decline.

• Management expects material improvement in H2 2026 and will provide FY 2026 guidance in coming months.

• Continued investment in growth initiatives, including ODDITY Labs, new brands, and tech infrastructure.