A skin care composition includes a gel stabilized emulsion comprising a combination of actives that include azelaic acid, at least one hydroquinone derivative, and niacinamide, at least one anionic polymer thickener, and at least one fatty compound. The provides a hydrating formula that is comfortable for the wearer and is oil free, without appearing shiny or greasy on the skin, and includes actives to treat the appearance of dark spots and inflammatory lesions, including acne, for all skin types. The skin care composition is free or essentially free of monoalcohols, silicones, silicone oils, and oils other than fatty compounds that comprise emollient esters, hydrogenated polyisobutene, and squalane.