ODDITY Q1 2025 earnings report shows IL MAKIAGE and SpoiledChild fueling record growth

ODDITY Q1 2025 earnings report IL MAKIAGE SpoiledChild revenue growth — Brief update for modelers and investors: here’s what the public releases show, where the gaps are, and recommended next steps to firm up forecasts.

Quick take and quarter clarification

You asked for ODDITY’s Q1 2025 detail focused on IL MAKIAGE and SpoiledChild. Important: the inputs available are inconsistent across sources. Global Cosmetics (May 2) reported Q1 (quarter ended March 31, 2025) figures; a separate company release summarized in the scrap covers the quarter ended June 30, 2025 (Q2 FY). Before updating models, verify which quarter you intend to use — the two releases report materially different consolidated numbers and cash positions.

Transition: below I lay out the headline figures from each reported quarter, highlight disclosure gaps (brand-level splits, GAAP-to-adjusted bridge, QoQ growth), and give concise modeler actions and valuation implications.

Headline numbers (company-reported)

Two different quarter datapoints appear in public reporting. I list both so you can pick the correct input for your model.

Note: the scrap explicitly calls out that it covers the quarter ended June 30 (Q2 FY) and recommends verifying quarter labels before inputting numbers into models.

What’s missing for IL MAKIAGE and SpoiledChild modeling

The core pain points you flagged are present in both releases:

• No brand-level revenue splits published (no dollars/percent breakdown IL MAKIAGE vs. SpoiledChild).
• No sequential (QoQ) growth percentages provided in the scrap release and limited QoQ context in the media report.
• No detailed GAAP-to-adjusted reconciliation table included in the provided text (stock comp, M&A costs, one‑offs not fully broken out).
• Management raised full‑year guidance but did not disclose precise updated numeric guidance in the scrap; Global Cosmetics quoted a 22–23% FY revenue forecast but the scrap’s raise lacked a specific figure.

These gaps increase forecasting uncertainty and make direct brand-level trend extrapolation unreliable without further disclosure.

Transition: with those gaps in mind, here are practical steps and modeling recommendations.

Practical steps and immediate modelling actions

Follow these prioritized actions to resolve gaps quickly and get defensible inputs for your model.

• Download the company press release, Form 8-K and the Q1/Q2 10-Q for exact quarter labeling, GAAP vs adjusted reconciliations, and any post-close updates to cash/debt.
• Get the earnings call transcript (or read prepared remarks). Management (Co-founder & CEO Oran Holtzman) is quoted as stressing momentum, multiple growth engines, and a Brand 3 rollout — the transcript often contains brand-level color not in the press release.
• If brand splits remain undisclosed, proxy using the last quarter with brand disclosure or apply a sensitivity approach (run three scenarios: IL MAKIAGE = high-share, even split, SpoiledChild = high-share) and stress-test margins and CAC assumptions.

Recommended quick model assumptions (temporary until brand splits are obtained):

• Use company-reported consolidated revenue growth consistent with the quarter you choose (if using Q1 inputs, start from $268M; if using Q2, start from $241M).
• For near-term margins, assume adjusted EBITDA margin between 25% and 29% to reflect the reported 28.8% in the scrap but allow for one-time marketing/R&D noise; treat one-time investments separately when calculating normalized EBITDA.
• Use the latest quarter cash balance from audited filings; the scrap shows $815M cash (Q2), Global Cosmetics showed $257M (Q1) — reconcile via filings before assuming available liquidity for M&A or buybacks.

Valuation and share-movement implications (concise)

Management beat and a guidance raise are positive catalysts, but missing brand granularity and one-time investments alter near-term conviction.

• Positive: reported beats and a raised full-year outlook historically support multiple expansion; strong cash and zero reported debt provide M&A optionality or downside protection.
• Caution: one-time marketing and increased R&D compressed YoY margins — treat margin recovery as conditional on proving incremental ROAS and retention improvement.
• Modeling tip: until brand-level revenue and CAC/LTV are disclosed, maintain conservative margin roll-forwards and perform scenario valuation with a lower-growth/lower-margin downside case.

Conclusion

You have two different company datapoints in public reporting: a Q1 (ended March 31) media summary showing $268M revenue and $257M cash, and a corporate/Q2 summary (ended June 30) showing $241M revenue and $815M cash with stronger adjusted EBITDA margin commentary. Crucially, neither source provides IL MAKIAGE and SpoiledChild dollar splits or a full GAAP-to-adjusted bridge. For immediate use, pick the quarter you intend to model, pull the corresponding 8-K/10-Q and the earnings transcript to reconcile cash and adjustments, and use sensitivity scenarios for brand-level allocations. That approach keeps your model defensible while you wait for more granular disclosure.