Ulta Beauty (ULTA)

Nasdaq Consumer Discretionary Other Specialty Retail S&P 500

$644.76

-5.04 (-0.78%)

Close of Nov 06, 2026 · end-of-day data

Source: Ulta Beauty's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 03, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	$4.85B	$5.88B	$6.72B	$7.40B	$6.15B	$8.63B	$10.21B	$11.21B	$11.30B	$12.39B
Cost of revenue	$3.11B	$3.79B	$4.31B	$4.72B	$4.20B	$5.26B	$6.16B	$6.83B	$6.91B	$7.55B
Gross profit	$1.75B	$2.10B	$2.41B	$2.68B	$1.95B	$3.37B	$4.04B	$4.38B	$4.39B	$4.85B
Selling, general & admin	$1.07B	$1.29B	$1.54B	$1.76B	$1.58B	$2.06B	$2.40B	$2.69B	$2.81B	$3.30B
Operating income	$654.82M	$785.29M	$854.08M	$901.09M	$236.82M	$1.30B	$1.64B	$1.68B	$1.56B	$1.53B
Pre-tax income	$655.71M	$786.86M	$859.14M	$906.15M	$231.09M	$1.30B	$1.64B	$1.70B	$1.58B	$1.53B
Income tax	$245.95M	$231.62M	$200.58M	$200.21M	$55.25M	$309.99M	$401.14M	$404.65M	$378.95M	$373.87M
Net income	$409.76M	$555.23M	$658.56M	$705.95M	$175.84M	$985.84M	$1.24B	$1.29B	$1.20B	$1.15B
EBITDA	$865.12M	$1.04B	$1.13B	$1.20B	$534.59M	$1.57B	$1.88B	$1.92B	$1.83B	$1.83B
EPS (basic)	$6.55	$9.02	$11.00	$12.21	$3.12	$18.09	$24.17	$26.18	$25.44	$25.72
EPS (diluted)	$6.52	$8.96	$10.94	$12.15	$3.11	$17.98	$24.01	$26.03	$25.34	$25.64
Diluted shares	62.85M	61.98M	60.18M	58.10M	56.56M	54.84M	51.74M	49.60M	47.40M	44.99M
Gross margin	36.0%	35.6%	35.9%	36.2%	31.7%	39.0%	39.6%	39.1%	38.8%	39.1%
Operating margin	13.5%	13.3%	12.7%	12.2%	3.8%	15.0%	16.1%	15.0%	13.9%	12.4%
Net margin	8.4%	9.4%	9.8%	9.5%	2.9%	11.4%	12.2%	11.5%	10.6%	9.3%

Balance sheet

fiscal years · USD

Fiscal year	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash & equivalents	$385.01M	$277.44M	$409.25M	$392.32M	$1.05B	$431.56M	$737.88M	$766.59M	$703.20M	$424.24M
Short-term investments	$30.00M	$120.00M	$0	$110.00M	$0	—	—	—	—	$70.00M
Receivables	$88.63M	$99.72M	$136.17M	$139.34M	$193.11M	$233.68M	$199.42M	$207.94M	$223.33M	$296.22M
Total current assets	$1.54B	$1.69B	$1.91B	$2.06B	$2.51B	$2.28B	$2.71B	$2.84B	$3.03B	$3.14B
Goodwill	—	$0	$10.87M	$10.87M	$10.87M	$10.87M	$10.87M	$10.87M	$10.87M	$226.42M
Total assets	$2.55B	$2.91B	$3.19B	$4.86B	$5.09B	$4.76B	$5.37B	$5.71B	$6.00B	$7.00B
Total current liabilities	$529.34M	$642.17M	$823.74M	$1.14B	$1.34B	$1.56B	$1.68B	$1.66B	$1.78B	$2.22B
Short-term debt	—	—	—	—	—	—	—	—	—	$62.29M
Total debt	—	—	—	—	—	—	—	—	—	$62.29M
Total liabilities	$1.00B	$1.13B	$1.37B	$2.96B	$3.09B	$3.23B	$3.41B	$3.43B	$3.51B	$4.20B
Shareholders' equity	$1.55B	$1.77B	$1.82B	$1.90B	$2.00B	$1.54B	$1.96B	$2.28B	$2.49B	$2.80B

Cash flow

fiscal years · USD

Fiscal year	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Operating cash flow	$634.38M	$779.37M	$956.13M	$1.10B	$810.36M	$1.06B	$1.48B	$1.48B	$1.34B	$1.50B
Capital expenditures	$373.45M	$440.71M	$319.40M	$298.53M	$151.87M	$172.19M	$312.13M	$435.27M	$374.46M	$434.83M
Free cash flow	$260.94M	$338.65M	$636.73M	$802.76M	$658.49M	$887.08M	$1.17B	$1.04B	$964.15M	$1.07B
Investing cash flow	-$273.45M	-$530.71M	-$215.11M	-$471.48M	-$48.75M	-$176.48M	-$314.58M	-$441.43M	-$383.09M	-$931.35M
Financing cash flow	-$321.77M	-$356.22M	-$609.21M	-$646.74M	-$107.93M	-$1.50B	-$861.01M	-$1.01B	-$1.02B	-$850.67M
Share buybacks	$344.27M	$367.58M	$616.19M	$680.98M	$114.89M	$1.52B	$900.03M	$995.74M	$1.00B	$901.39M
Stock-based compensation	$19.34M	$24.40M	$27.49M	$25.64M	$27.58M	$47.26M	$43.04M	$48.25M	$42.79M	$37.43M
Depreciation & amortization	$210.29M	$252.71M	$279.47M	$295.60M	$297.77M	$268.46M	$241.37M	$243.84M	$267.04M	$300.77M

Income statement

quarters · USD

Quarter ended	Oct 2023	Feb 2024	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Jan 2026	May 2026	Aug 2026
Revenue	$2.49B	$3.55B	$2.73B	$2.55B	$2.53B	$3.49B	$2.85B	$2.79B	$2.86B	$3.90B	$3.16B	$3.04B
Cost of revenue	$1.50B	$2.21B	$1.66B	$1.57B	$1.52B	$2.15B	$1.73B	$1.70B	$1.70B	$2.41B	$1.90B	$1.85B
Gross profit	$992.07M	$1.34B	$1.07B	$978.18M	$1.01B	$1.33B	$1.11B	$1.09B	$1.16B	$1.48B	$1.27B	$1.19B
Selling, general & admin	$661.38M	$820.36M	$665.91M	$644.82M	$682.26M	$815.60M	$710.61M	$741.74M	$840.92M	$1.00B	$814.70M	$802.78M
Operating income	$327.23M	$517.09M	$400.95M	$329.20M	$318.50M	$516.32M	$401.78M	$344.85M	$309.42M	$476.94M	$448.26M	$379.64M
Pre-tax income	$329.72M	$520.42M	$407.85M	$333.73M	$320.18M	$518.32M	$405.32M	$346.27M	$305.30M	$474.32M	$448.91M	$375.96M
Income tax	$80.24M	$126.05M	$94.73M	$81.17M	$78.00M	$125.05M	$99.64M	$84.80M	$73.44M	$115.99M	$106.86M	$91.88M
Net income	$249.48M	$394.37M	$313.11M	$252.56M	$242.18M	$393.27M	$305.05M	$260.88M	$230.88M	$356.68M	$340.47M	$282.01M
EBITDA	$388.64M	$579.66M	$465.69M	$394.51M	$385.52M	$586.29M	$473.81M	$416.02M	$385.21M	$558.73M	$529.65M	$460.97M
EPS (basic)	$5.09	$8.10	$6.51	$5.32	$5.16	$8.44	$6.72	$5.80	$5.16	$8.02	$7.78	$6.57
EPS (diluted)	$5.07	$8.04	$6.47	$5.30	$5.14	$8.41	$6.70	$5.78	$5.14	$7.99	$7.74	$6.55
Diluted shares	49.23M	-250.00K	48.38M	47.67M	47.09M	-306.00K	45.51M	45.11M	44.90M	-160.00K	43.96M	43.06M
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%
Operating margin	13.1%	14.5%	14.7%	12.9%	12.6%	14.8%	14.1%	12.4%	10.8%	12.2%	14.2%	12.5%
Net margin	10.0%	11.1%	11.5%	9.9%	9.6%	11.3%	10.7%	9.4%	8.1%	9.1%	10.8%	9.3%

Balance sheet

quarters · USD

Quarter ended	Oct 2023	Feb 2024	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Jan 2026	May 2026	Aug 2026
Cash & equivalents	$121.81M	$766.59M	$524.60M	$413.96M	$177.78M	$703.20M	$454.63M	$242.75M	$204.92M	$424.24M	$166.30M	$158.45M
Short-term investments	—	—	—	—	—	—	—	—	—	$70.00M	$55.00M	$55.00M
Receivables	$202.87M	$207.94M	$203.46M	$200.86M	$213.62M	$223.33M	$225.15M	$224.41M	$237.35M	$296.22M	$248.24M	$249.29M
Total current assets	$2.79B	$2.84B	$2.76B	$2.80B	$2.95B	$3.03B	$2.94B	$3.07B	$3.37B	$3.14B	$3.02B	$3.07B
Goodwill	$10.87M	$10.87M	$10.87M	$10.87M	$10.87M	$10.87M	$10.87M	$392.61M	$392.61M	$226.42M	$224.63M	$223.15M
Total assets	$5.60B	$5.71B	$5.63B	$5.74B	$5.96B	$6.00B	$5.99B	$6.63B	$7.01B	$7.00B	$6.90B	$6.96B
Total current liabilities	$1.84B	$1.66B	$1.57B	$1.59B	$1.82B	$1.78B	$1.76B	$2.20B	$2.54B	$2.22B	$2.30B	$2.28B
Short-term debt	$195.40M	—	—	—	$199.70M	—	—	$289.10M	$551.72M	$62.29M	$144.90M	$339.58M
Total debt	$195.40M	—	—	—	$199.70M	—	—	$289.10M	$551.72M	$62.29M	$144.90M	$339.58M
Total liabilities	$3.57B	$3.43B	$3.33B	$3.39B	$3.63B	$3.51B	$3.56B	$4.03B	$4.38B	$4.20B	$4.31B	$4.32B
Shareholders' equity	$2.03B	$2.28B	$2.30B	$2.35B	$2.33B	$2.49B	$2.43B	$2.60B	$2.63B	$2.80B	$2.58B	$2.64B

Cash flow

quarters · USD

Quarter ended	Oct 2023	Feb 2024	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Jan 2026	May 2026	Aug 2026
Operating cash flow	-$70.80M	$1.12B	$159.34M	$199.54M	-$56.84M	$1.04B	$220.02M	$96.52M	$5.64M	$1.18B	$261.89M	$119.70M
Capital expenditures	$106.28M	$124.24M	$91.02M	$95.28M	$114.23M	$73.92M	$79.03M	$76.96M	$87.27M	$191.57M	$58.28M	$81.26M
Free cash flow	-$177.08M	$994.02M	$68.32M	$104.26M	-$171.07M	$962.64M	$140.99M	$19.57M	-$81.63M	$989.03M	$203.62M	$38.44M
Investing cash flow	-$109.47M	-$125.53M	-$93.59M	-$97.81M	-$115.25M	-$76.44M	-$86.38M	-$473.53M	-$95.59M	-$275.85M	-$48.23M	-$85.75M
Financing cash flow	-$86.55M	-$347.95M	-$307.75M	-$212.37M	-$64.09M	-$434.70M	-$382.22M	$165.13M	$52.12M	-$685.70M	-$471.42M	-$41.49M
Share buybacks	$281.54M	$155.19M	$289.43M	$212.34M	$263.62M	$237.94M	$369.79M	$109.46M	$224.72M	$197.43M	$545.30M	$247.88M
Depreciation & amortization	$61.41M	$62.57M	$64.74M	$65.31M	$67.02M	$69.97M	$72.03M	$71.17M	$75.79M	$81.79M	$81.40M	$81.33M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.