ELF · PEAD → 0

e.l.f. Beauty reported Q4 FY2026 EPS of $0.32 on 2026-05-20, beating the $0.29 consensus by $0.03 (+10.3%).

Print-day reaction was -4.3% versus the prior close, a sharp sell-the-news move despite the earnings beat. The overnight gap to the next open reversed course, adding +6.6%, suggesting buyers stepped in after the initial washout. Over the following two trading sessions the price drifted +1.9%, a modest continuation of the overnight recovery with no decisive follow-through. Cumulative abnormal return of -0.1% versus SPY.US is essentially flat, placing this firmly in PEAD neutral territory; the documented drift pattern yields no directional read through 2026-08-17.