<SEC-DOCUMENT>0001140361-18-031803.txt : 20180706
<SEC-HEADER>0001140361-18-031803.hdr.sgml : 20180706
<ACCEPTANCE-DATETIME>20180706172419
ACCESSION NUMBER:		0001140361-18-031803
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180705
FILED AS OF DATE:		20180706
DATE AS OF CHANGE:		20180706

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bailey John P.
		CENTRAL INDEX KEY:			0001684319

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37873
		FILM NUMBER:		18943060

	MAIL ADDRESS:	
		STREET 1:		570 10TH STREET
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94607

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			e.l.f. Beauty, Inc.
		CENTRAL INDEX KEY:			0001600033
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				464464131
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		570 10TH STREET
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94607
		BUSINESS PHONE:		(510) 778-7787

	MAIL ADDRESS:	
		STREET 1:		570 10TH STREET
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	J.A. Cosmetics Holdings, Inc.
		DATE OF NAME CHANGE:	20140212
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2018-07-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001600033</issuerCik>
        <issuerName>e.l.f. Beauty, Inc.</issuerName>
        <issuerTradingSymbol>ELF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001684319</rptOwnerCik>
            <rptOwnerName>Bailey John P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O E.L.F. BEAUTY, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>570 10TH STREET</rptOwnerStreet2>
            <rptOwnerCity>OAKLAND</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94607</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CFO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $0.01 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2018-07-05</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>43300</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.2648</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>191050</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By the Bailey Family Trust dated April 3, 2015</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.01 par value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>360493</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person's family trust.</footnote>
        <footnote id="F2">This transaction was executed in multiple trades in prices ranging from $15.99 to $16.54, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.</footnote>
        <footnote id="F3">Reflects the transfer of 46,955 shares of common stock previously held directly by the Reporting Person into the Reporting Person's trust.</footnote>
        <footnote id="F4">Includes 49,963 Restricted Stock Units (&quot;RSUs&quot;). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Scott K. Milsten, Attorney-in-Fact for John P. Bailey</signatureName>
        <signatureDate>2018-07-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
