Estée Lauder Companies (The)

As of December 31, 2025, cash and equivalents were about 3.08 billion dollars and long term debt about 7.32 billion dollars, implying net debt near 4.24 billion dollars. Interest expense for the first half was 171 million dollars, comfortably covered by cash flow from operations of 785 million dollars in the same period.

Free cash flow for the first half was 581 million dollars and capital expenditures were reduced to 204 million dollars. Liquidity is good and debt maturities are manageable, but leverage remains non trivial until free cash flow sustains above 1.5 billion dollars annually and restructuring cash runs off.