Net Product Sales was Waldencast’s largest product and service line in fiscal 2025, bringing in $268.18M of $272.07M (99%).
| Product and Service | FY 2020 | FY 2021 | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Net Product Sales | $70.73M | $90.39M | $213.12M | $269.37M | $268.18M | ||
| Royalty | $3.03M | $1.99M | $5.02M | $4.50M | $3.89M | ||
| Royalties | — | — | — | — | — | ||
| Total | $73.76M | $92.37M | $218.14M | $273.87M | $272.07M |
Waldencast brought in $272.07M from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 0.7% from $273.87M in fiscal 2024. Net Product Sales was the largest at $268.18M (98.6%), ahead of Royalty at $3.89M (1.4%).
From fiscal 2022 to 2025, combined revenue from these lines grew from $73.76M to $272.07M, a compound annual growth rate of 54.5%. Net Product Sales' share of the total rose from 95.9% to 98.6%.
Obagi Medical was Waldencast’s largest segment in fiscal 2025, bringing in $161.63M of $272.07M (59%).
| Segment | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Obagi Medical | $73.76M | $61.09M | $117.65M | $149.27M | $161.63M |
| Milk Makeup | — | $31.28M | $100.49M | $124.60M | $110.44M |
| Total | $73.76M | $92.37M | $218.14M | $273.87M | $272.07M |
Waldencast brought in $272.07M from its two segments in fiscal 2025, the year ended December 31, 2025. That was down 0.7% from $273.87M in fiscal 2024. Obagi Medical was the largest at $161.63M (59.4%), ahead of Milk Makeup at $110.44M (40.6%).
Compared with fiscal 2024, Obagi Medical grew 8.3% to $161.63M, while Milk Makeup fell 11.4% to $110.44M.
Sales Channel, Directly To Consumer was Waldencast’s largest revenue line in fiscal 2025, bringing in $217.37M of $268.18M (81%).
| Contract with Customer, Sales Channel | FY 2024 | FY 2025 |
|---|---|---|
| Sales Channel, Directly To Consumer | $223.53M | $217.37M |
| Sales Channel, Through Intermediary | $45.84M | $50.81M |
| Total | $269.37M | $268.18M |
Waldencast brought in $268.18M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 0.4% from $269.37M in fiscal 2024. Sales Channel, Directly To Consumer was the largest at $217.37M (81.1%), ahead of Sales Channel, Through Intermediary at $50.81M (18.9%).
Compared with fiscal 2024, Sales Channel, Through Intermediary grew 10.8% to $50.81M, while Sales Channel, Directly To Consumer fell 2.8% to $217.37M.
Waldencast (MLKMF) reports its revenue by product and service, by segment and by contract with customer, sales channel. In fiscal 2025, Net Product Sales was its largest product and service line, bringing in $268.18M (98.6% of the total), followed by Royalty at $3.89M (1.4%).
Net Product Sales was Waldencast's largest product and service line in fiscal 2025, bringing in $268.18M, or 98.6% of the $272.07M total across its two product and service lines.
Obagi Medical was Waldencast's largest segment in fiscal 2025, bringing in $161.63M, or 59.4% of the $272.07M total across its two segments.
Sales Channel, Directly To Consumer was Waldencast's largest revenue line in fiscal 2025, bringing in $217.37M, or 81.1% of the $268.18M total across its two revenue lines.
Obagi Medical grew faster than Milk Makeup in fiscal 2025, up 8.3% from $149.27M to $161.63M. Milk Makeup fell 11.4% to $110.44M.
Every figure comes from Waldencast's annual financial filings, as reported. Each line keeps the name Waldencast gives it, and years follow its fiscal calendar.
Waldencast's revenue by product and service goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.