The 38-year-old pregnant actress revealed the news while being honored at the 2013 Beauty Inc Awards in New York City on Wednesday.
Barrymore, who is already mom to 14-month-old Olive, was awarded with the "Newcomer of the Year: Mass" prize for her Walmart beauty brand, FLOWER.
"Thank you to WWD Beauty Inc for awarding FLOWER Beauty," Barrymore told the crowd during her acceptance speech. "I am so proud to accept this in celebration of women, including my daughter and my future daughter."
"I have grown up in a make-up chair. I loved watching women in this aspirational environment," the star continued. "It was and always will be important to me to send messages of empowerment. And on a business level, I wanted to give women the finest formulas. They deserve to have that level of quality, and I wanted to be the brand that delivers that to them."
Barrymore, who was joined by her husband Will Kopelman, 36, at the ceremony, launched FLOWER in January 2013.