Waldencast (NASDAQ:WALD) reported a transformative finish to fiscal year 2025, prioritizing balance sheet stability through a series of strategic divestitures and debt restructurings while navigating mixed performance across its core brand portfolio.
The cosmetics and skincare platform posted full-year net revenue of $272.1 million, remaining flat compared to the prior year.
For the fourth quarter ended December 31, 2025, revenue reached $72 million.
While top-line growth stalled, the company demonstrated operational resilience, reporting adjusted EBITDA of $16.1 million for the full year and $6.6 million for the final quarter.
The year was defined by a significant financial overhaul.
Waldencast completed the sale of the Obagi business in Japan for $82.5 million, a move that provided immediate liquidity to address its capital structure.
This was followed by a comprehensive refinancing involving a new $225 million three-year credit facility.
These maneuvers successfully reduced the company’s net debt to $121.7 million, providing a more sustainable runway for its 2026 growth initiatives.
Performance within the company’s two primary segments remained bifurcated.
Obagi Medical emerged as a primary growth driver, benefiting from new FDA approvals and targeted acquisition activity within the high-margin injectables market.
Conversely, Milk Makeup experienced a more volatile year.
While the brand secured market share gains in the United States, those results were tempered by softer demand in international markets.