Ulta Beauty, Inc. (ULTA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$6.2	$6.55	+5.6%	—	$3B	—
Q1 27	$6.89	$7.74	+12.3%	—	$3.2B	—
Q4 26	$8.03	$8.01	-0.2%	—	$3.9B	—
Q3 26	$4.61	$5.14	+11.5%	—	$2.9B	—
Q2 26	$5.1	$5.78	+13.3%	—	$2.8B	—
Q1 26	$5.8	$6.7	+15.5%	—	$2.8B	—
Q4 25	$7.14	$8.46	+18.5%	—	$3.5B	—
Q3 25	$4.52	$5.14	+13.7%	—	$2.5B	—
Q2 25	$5.47	$5.3	-3.1%	—	$2.6B	—
Q1 25	$6.28	$6.47	+3.0%	—	$2.7B	—
Q4 24	$7.54	$8.08	+7.2%	—	$3.6B	—
Q3 24	$4.95	$5.07	+2.4%	—	$2.5B	—
Q2 24	$5.85	$6.02	+2.9%	—	$2.5B	—
Q1 24	$6.87	$6.88	+0.1%	—	$2.6B	—
Q4 23	$5.68	$6.68	+17.6%	—	$3.2B	—
Q3 23	$4.15	$5.34	+28.7%	—	$2.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$25.7	—	—	$12.4B	—
FY25	—	$25.4	—	—	$11.3B	—
FY24	—	$26.2	—	—	$11.2B	—
FY23	—	$24.2	—	—	$10.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$4.9B	$5.9B	$6.7B	$7.4B	$6.2B	$8.6B	$10.2B	$11.2B	$11.3B	$12.4B
YoY change	+23.7%	+21.2%	+14.1%	+10.1%	-16.8%	+40.3%	+18.3%	+9.78%	+0.79%	+9.71%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	4.9B	5.9B	6.7B	7.4B	6.2B	8.6B	10.2B	11.2B	11.3B	12.4B
Cost of revenue	3.1B	3.8B	4.3B	4.7B	4.2B	5.3B	6.2B	6.8B	6.9B	7.5B
Gross profit	1.7B	2.1B	2.4B	2.7B	1.9B	3.4B	4B	4.4B	4.4B	—
Gross margin	36%	35.6%	35.9%	36.2%	31.7%	39%	39.6%	39.1%	38.8%	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.3B	1.5B	1.8B	1.6B	2.1B	2.4B	2.7B	2.8B	3.3B
Operating expenses	1.1B	1.3B	1.6B	1.8B	1.6B	2.1B	2.4B	2.7B	2.8B	3.3B
Operating income	673.4M	809.6M	873.8M	920.3M	366.1M	1.3B	1.6B	1.7B	1.6B	1.5B
Operating margin	13.9%	13.8%	13%	12.4%	5.95%	15.1%	16.2%	15%	14%	12.5%
Non-operating income, net	-18.6M	-24.3M	-19.8M	-19.3M	-129.3M	-9.5M	-10.6M	-8.5M	-13.7M	-15.8M
Pretax income	655.7M	786.9M	859.1M	906.1M	231.1M	1.3B	1.6B	1.7B	1.6B	1.5B
Income tax	246M	231.6M	200.6M	200.2M	55.3M	310M	401.1M	404.6M	378.9M	373.9M
Net income	409.8M	555.2M	658.6M	705.9M	175.8M	985.8M	1.2B	1.3B	1.2B	1.2B
Net margin	8.44%	9.44%	9.8%	9.54%	2.86%	11.4%	12.2%	11.5%	10.6%	9.31%
EBITDA	902.3M	1.1B	1.2B	1.2B	793.2M	1.6B	1.9B	1.9B	1.9B	1.9B
EPS	6.55	9.02	11	12.2	3.12	18.1	24.2	26.2	25.4	25.7
Diluted EPS	6.52	8.96	10.9	12.2	3.11	18	24	26	25.3	25.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	2.5B	3.6B	2.7B	2.6B	2.5B	3.5B	2.8B	2.8B	2.9B	3.9B	3.2B	3B
Cost of revenue	1.5B	2.2B	1.7B	1.6B	1.5B	2.2B	1.7B	1.7B	1.7B	2.4B	1.9B	1.8B
Gross profit	992.1M	1.3B	1.1B	978.2M	1B	1.3B	1.1B	1.1B	1.2B	1.5B	1.3B	1.2B
Gross margin	39.9%	37.7%	39.2%	38.3%	39.7%	38.2%	39.1%	39.2%	40.4%	38.1%	40.1%	39.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	661.4M	820.4M	665.9M	644.8M	682.3M	815.6M	710.6M	741.7M	840.9M	1B	814.7M	802.8M
Operating expenses	661.4M	820.4M	665.9M	644.8M	682.3M	815.6M	710.6M	741.7M	840.9M	1B	814.7M	802.8M
Operating income	330.7M	520.2M	403.9M	333.4M	323.4M	518.1M	403.6M	350M	314.7M	480.5M	452.9M	384.2M
Operating margin	13.3%	14.6%	14.8%	13.1%	12.8%	14.9%	14.2%	12.6%	11%	12.3%	14.3%	12.7%
Non-operating income, net	-3.5M	-3.1M	-2.9M	-4.2M	-4.9M	-1.7M	-1.8M	-5.1M	-5.3M	-3.6M	-4.7M	-4.5M
Pretax income	329.7M	520.4M	407.8M	333.7M	320.2M	518.3M	405.3M	346.3M	305.3M	474.3M	448.9M	376M
Income tax	80.2M	126M	94.7M	81.2M	78M	125M	99.6M	84.8M	73.4M	116M	106.9M	91.9M
Net income	249.5M	394.4M	313.1M	252.6M	242.2M	393.3M	305.1M	260.9M	230.9M	356.7M	340.5M	282M
Net margin	10%	11.1%	11.5%	9.9%	9.57%	11.3%	10.7%	9.36%	8.08%	9.15%	10.8%	9.29%
EBITDA	395.6M	585.9M	471.5M	402.8M	395.3M	589.8M	477.5M	426.2M	390.5M	565.9M	539M	465.5M
EPS	5.09	8.13	6.51	5.32	5.16	8.5	6.72	5.8	5.16	8.05	7.78	6.57
Diluted EPS	5.07	8.08	6.47	5.3	5.14	8.46	6.7	5.78	5.14	8.01	7.74	6.55

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	17B	13.7B	17.5B	15.5B	15.8B	19.8B	26.4B	24.8B	19.5B	29B	23.5B
Enterprise value	16.6B	13.3B	17.1B	16.9B	16.6B	21.2B	27.6B	25.9B	20.7B	30.7B	25.6B
Shares outstanding	62.5M	61.6M	59.9M	57.8M	56.4M	54.5M	51.4M	49.3M	47.2M	44.8M	44.8M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	41.5	24.6	26.5	22	89.7	20.1	21.3	19.2	16.2	25.2	19.8
P/S	3.51	2.32	2.6	2.09	2.56	2.3	2.59	2.21	1.72	2.34	1.8
P/B	11	7.71	9.6	8.15	7.88	12.9	13.5	10.9	7.82	10.4	8.59
EV/EBITDA	18.4	12.2	14.5	13.7	20.9	13.4	14.5	13.4	11.1	16.5	13.2
EV/Sales	3.42	2.26	2.54	2.29	2.7	2.46	2.7	2.31	1.83	2.48	1.98
Earnings yield	2.41%	4.06%	3.77%	4.56%	1.12%	4.97%	4.7%	5.22%	6.17%	3.97%	5.04%
FCF yield	1.53%	2.48%	3.64%	5.18%	4.18%	4.48%	4.43%	4.21%	4.96%	3.68%	3.89%
PEG	—	—	—	—	—	—	—	—	—	—	1.49

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	36%	35.6%	35.9%	36.2%	31.7%	39%	39.6%	39.1%	38.8%	—	39.1%
Operating margin	13.9%	13.8%	13%	12.4%	5.95%	15.1%	16.2%	15%	14%	12.5%	12.5%
Net margin	8.44%	9.44%	9.8%	9.54%	2.86%	11.4%	12.2%	11.5%	10.6%	9.31%	9.34%
ROE	26.4%	31.3%	36.2%	37.1%	8.79%	64.2%	63.4%	56.6%	48.3%	41.1%	46.1%
ROA	16.1%	19.1%	20.6%	14.5%	3.45%	20.7%	23.1%	22.6%	20%	16.5%	14.8%
ROIC	37.1%	41.5%	47.5%	21.5%	9.77%	33.7%	39.9%	37.5%	32.4%	26.1%	25%
Return on tangible assets	16.1%	19.1%	20.8%	14.6%	3.47%	20.8%	23.2%	22.7%	20.1%	18.8%	19.8%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.9	2.64	2.32	1.81	1.87	1.46	1.61	1.71	1.7	1.41	1.34
Quick ratio	1.12	0.93	0.85	0.67	1	0.5	0.66	0.66	0.6	0.43	0.29
Debt / equity	—	—	0	1.02	0.95	1.2	0.97	0.84	0.77	0.78	0.95
Debt / assets	—	—	0	0.4	0.37	0.39	0.35	0.33	0.32	0.31	0.36
Net debt / EBITDA	—	—	-0.35	1.16	1.07	0.89	0.61	0.59	0.66	0.9	1.18
Effective tax rate	37.5%	29.4%	23.3%	22.1%	23.9%	23.9%	24.4%	23.9%	24%	24.4%	24.2%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	77.7	95.6	112.2	127.9	109.2	158.4	198.6	227.3	239.3	276.4	294.8
EPS (basic)	6.55	9.02	11	12.2	3.12	18.1	24.2	26.2	25.4	25.7	25.7
EPS (diluted)	6.52	8.96	10.9	12.2	3.11	18	24	26	25.3	25.6	27.5
Book value per share	24.8	28.8	30.4	32.9	35.5	28.2	38.1	46.2	52.7	62.5	63.5
FCF per share	4.17	5.5	10.6	13.9	11.7	16.3	22.8	21.1	20.4	23.8	26.7
Cash per share	6.64	6.46	6.84	8.68	18.6	7.92	14.4	15.5	14.9	11	4.99
Capex per share	5.97	7.16	5.34	—	—	—	—	—	—	9.7	9.72

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	7.69%	7.49%	4.76%	—	—	—	—	—	—	3.51%	3.23%
Capex / operating cash flow	64.5%	54.2%	33.2%	—	—	—	—	—	—	28.9%	26.7%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$1.00

ex-dividend Mar 16, 2012

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 16, 2012	$1.00

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$2.5B	$3.6B	$2.7B	$2.6B	$2.5B	$3.5B	$2.8B	$2.8B	$2.9B	$3.9B	$3.2B	$3B
YoY change	+6.42%	+10.2%	+3.48%	+0.88%	+1.65%	-1.88%	+4.49%	+9.26%	+12.9%	+11.8%	+11.1%	+8.87%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	415M	397.4M	409.3M	502.3M	1B	431.6M	737.9M	766.6M	703.2M	494.2M
Receivables	88.6M	99.7M	136.2M	139.3M	193.1M	233.7M	199.4M	—	—	—
Inventory	944M	1.1B	1.2B	1.3B	1.2B	1.5B	1.6B	1.7B	2B	2.2B
Total current assets	1.5B	1.7B	1.9B	2.1B	2.5B	2.3B	2.7B	2.8B	3B	3.1B
Property, plant & equipment	1B	1.2B	1.2B	2.7B	2.5B	2.4B	2.6B	2.8B	2.8B	3.2B
Goodwill & intangibles	—	0	30.4M	28.5M	26.7M	24.8M	24.4M	22.8M	22.1M	859.4M
Total assets	2.6B	2.9B	3.2B	4.9B	5.1B	4.8B	5.4B	5.7B	6B	7B
Accounts payable	259.5M	325.8M	404M	414M	477.1M	552.7M	559.5M	544M	563.8M	685.9M
Short-term debt	—	—	—	239.6M	253.4M	274.1M	283.3M	283.8M	288.1M	369M
Total current liabilities	529.3M	642.2M	823.7M	1.1B	1.3B	1.6B	1.7B	1.7B	1.8B	2.2B
Long-term debt	—	—	0	1.7B	1.6B	1.6B	1.6B	1.6B	1.6B	1.8B
Total liabilities	1B	1.1B	1.4B	3B	3.1B	3.2B	3.4B	3.4B	3.5B	4.2B
Shareholders' equity	1.6B	1.8B	1.8B	1.9B	2B	1.5B	2B	2.3B	2.5B	2.8B
Total debt	—	—	0	1.9B	1.9B	1.8B	1.9B	1.9B	1.9B	2.2B
Net debt	—	—	-409.3M	1.5B	850.8M	1.4B	1.2B	1.1B	1.2B	1.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	121.8M	766.6M	524.6M	414M	177.8M	703.2M	454.6M	242.7M	204.9M	494.2M	221.3M	213.5M
Receivables	202.9M	—	203.5M	200.9M	213.6M	—	225.1M	224.4M	237.4M	—	248.2M	249.3M
Inventory	2.3B	1.7B	1.9B	2B	2.4B	2B	2.1B	2.4B	2.7B	2.2B	2.4B	2.4B
Total current assets	2.8B	2.8B	2.8B	2.8B	3B	3B	2.9B	3.1B	3.4B	3.1B	3B	3.1B
Property, plant & equipment	2.7B	2.8B	2.8B	2.8B	2.9B	2.8B	2.9B	3B	3.1B	3.2B	3.3B	3.3B
Goodwill & intangibles	22.9M	22.8M	22.6M	22.5M	22.3M	22.1M	21.7M	796.1M	797.4M	859.4M	852.4M	846.7M
Total assets	5.6B	5.7B	5.6B	5.7B	6B	6B	6B	6.6B	7B	7B	6.9B	7B
Accounts payable	597.4M	544M	463.8M	566.9M	593.2M	563.8M	537.5M	708.7M	759M	685.9M	713.8M	646.2M
Short-term debt	483.2M	283.8M	284.8M	281.3M	484.7M	288.1M	285.8M	571.7M	842.4M	369M	454.5M	652.2M
Total current liabilities	1.8B	1.7B	1.6B	1.6B	1.8B	1.8B	1.8B	2.2B	2.5B	2.2B	2.3B	2.3B
Long-term debt	1.6B	1.6B	1.6B	1.6B	1.7B	1.6B	1.7B	1.7B	1.7B	1.8B	1.8B	1.9B
Total liabilities	3.6B	3.4B	3.3B	3.4B	3.6B	3.5B	3.6B	4B	4.4B	4.2B	4.3B	4.3B
Shareholders' equity	2B	2.3B	2.3B	2.3B	2.3B	2.5B	2.4B	2.6B	2.6B	2.8B	2.6B	2.6B
Total debt	2.1B	1.9B	1.9B	1.9B	2.1B	1.9B	2B	2.3B	2.6B	2.2B	2.3B	2.5B
Net debt	2B	1.1B	1.4B	1.5B	2B	1.2B	1.5B	2B	2.4B	1.8B	2.1B	2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	409.8M	555.2M	658.6M	705.9M	175.8M	985.8M	1.2B	1.3B	1.2B	1.2B
Depreciation & amortization	210.3M	252.7M	279.5M	295.6M	297.8M	268.5M	241.4M	243.8M	267M	300.8M
Stock-based compensation	19.3M	24.4M	26.6M	25M	27.6M	47.3M	43M	48.2M	42.8M	37.4M
Change in working capital	-87.1M	7.3M	-35.3M	-252.9M	-68.5M	-553.4M	-398M	-434M	-444M	-434.4M
Operating cash flow	579.3M	812.6M	963.4M	1.1B	676.8M	998.7M	1.4B	1.5B	1.3B	1.5B
Capital expenditure	-373.4M	-440.7M	-319.4M	—	—	—	—	—	—	-434.8M
Investing cash flow	-273.4M	-530.7M	-215.1M	-172.9M	103.1M	-4.3M	-2.5M	—	—	-931.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-347.1M	-371.8M	-622.3M	-690.5M	-118.2M	-1.5B	-907M	-1B	-1B	-915M
Financing cash flow	-347.1M	-371.8M	-622.3M	-690.5M	-118.2M	-1.5B	-907M	-1B	-1B	-3.1B
Net change in cash	-41.2M	-90M	126M	194.5M	661.6M	-543.2M	536.9M	494.1M	303M	-2.5B
Free cash flow	260.9M	338.7M	636.7M	802.8M	658.5M	887.1M	1.2B	1B	964.1M	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	249.5M	394.4M	313.1M	252.6M	242.2M	393.3M	305.1M	260.9M	230.9M	356.7M	340.5M	282M
Depreciation & amortization	61.4M	62.6M	64.7M	65.3M	67M	70M	72M	71.2M	75.8M	81.8M	81.4M	81.3M
Stock-based compensation	11.9M	14.8M	10.1M	9.2M	8.4M	15.1M	11.4M	8.9M	10M	7.1M	10.5M	10.6M
Change in working capital	-537.9M	538M	-258.4M	-218.9M	-436.6M	469.9M	-222.5M	-356.5M	-406M	550.6M	-162.2M	-339.1M
Operating cash flow	-134.3M	1.1B	211.1M	192.6M	-43.3M	973.8M	260.5M	96.5M	5.6M	1.2B	261.9M	119.7M
Capital expenditure	—	—	—	—	—	—	—	-77M	-87.3M	-191.6M	-58.3M	-81.3M
Investing cash flow	—	—	-2.6M	-2.5M	—	—	-7.3M	-77M	-87.3M	-191.6M	-48.2M	-85.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-282.1M	-155.4M	-312.7M	-212.5M	-263.7M	-238.1M	-382.7M	-109.8M	-225M	-197.6M	-556.1M	-248M
Financing cash flow	-282.1M	-155.4M	-316.7M	-212.7M	-263.8M	-238.1M	-382.7M	-182.3M	-747.9M	-1.8B	-505M	-1.1B
Net change in cash	-416.4M	983.3M	-108.1M	-22.6M	-307.1M	735.7M	-129.5M	-162.8M	-829.6M	-762.8M	-291.4M	-1.1B
Free cash flow	-177.1M	994M	68.3M	104.3M	-171.1M	962.6M	141M	19.6M	-81.6M	989M	203.6M	38.4M

Ulta Beauty, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement