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Possible new EL shares

ELDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($26.0B float, Dec 31, 2025)
How this is worked out

Shelf room on the S-3ASR of Nov 4, 2025: not limited by the baby-shelf rule, because the $26.0B public float stated as of Dec 31, 2025 is $75M or more. Sources: S-3ASR Nov 4, 2025, effective Nov 4, 2025 · public float, as of Dec 31, 2025.

What could become new Estee Lauder Companies (EL) shares: options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

EL dilution ladder

Every source of new shares on record, from the filings that created it.

362.3M outstanding; up to 371.5M fully diluted, +3%

  1. Outstandingas of Oct 26, 2026 (10-Q filed Nov 2) · share count on the cover page
    362.3M
  2. Options and RSUs8.3M options, 900K RSUs10-Q Nov 2, 2026 · securities left out of diluted EPS
    +9.2M

Not stated in the filings we read: an ATM program, warrants, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Nov 2, 2026.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.