Ulta Beauty Financials
This page shows Ulta Beauty (ULTA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ulta Beauty has an operating margin of 13.9%, meaning the company retains $14 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is down from 15.0% the prior year.
Ulta Beauty's revenue grew a modest 0.8% year-over-year to $11.3B. This slow but positive growth earns a score of 31/100.
Ulta Beauty has a moderate D/E ratio of 1.46. This balance of debt and equity financing earns a leverage score of 57/100.
Ulta Beauty's current ratio of 1.67 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.
Ulta Beauty has a free cash flow margin of 8.5%, earning a moderate score of 43/100. The company generates positive cash flow after capital investments, but with room for improvement.
Ulta Beauty earns a strong 49.4% return on equity (ROE), meaning it generates $49 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 56.1% the prior year.
Ulta Beauty scores 8.50, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($30.7B) relative to total liabilities ($3.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Ulta Beauty passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Ulta Beauty generates $1.11 in operating cash flow ($1.3B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Ulta Beauty generated $11.3B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.
Ulta Beauty's EBITDA was $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.7% from the prior year.
Ulta Beauty generated $964.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.4% from the prior year.
Ulta Beauty reported $1.2B in net income in fiscal year 2025. This represents a decrease of 7.0% from the prior year.
Ulta Beauty earned $25.34 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2.7% from the prior year.
Ulta Beauty held $454.6M in cash against $0 in long-term debt as of fiscal year 2025.
Ulta Beauty had 45M shares outstanding in fiscal year 2025. This represents a decrease of 6.1% from the prior year.
Ulta Beauty's gross margin was 38.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.
Ulta Beauty's operating margin was 13.9% in fiscal year 2025, reflecting core business profitability. This is down 1.1 percentage points from the prior year.
Ulta Beauty's net profit margin was 10.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.
Ulta Beauty's ROE was 49.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.7 percentage points from the prior year.
Ulta Beauty spent $1.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.8% from the prior year.
Ulta Beauty invested $374.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.0% from the prior year.
ULTA Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B+2.5% | $2.8B-2.1% | $2.8B-19.9% | $3.6B+42.8% | $2.5B-1.6% | $2.5B-4.0% | $2.6B-18.4% | $3.2B |
| Cost of Revenue | $1.7B+0.3% | $1.7B-2.2% | $1.7B-21.7% | $2.2B+47.9% | $1.5B-2.6% | $1.5B-2.7% | $1.6B-21.6% | $2.0B |
| Gross Profit | $1.2B+5.9% | $1.1B-2.0% | $1.1B-16.9% | $1.3B+35.1% | $992.1M-0.2% | $993.6M-5.8% | $1.1B-13.0% | $1.2B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $840.9M+13.4% | $741.7M+4.4% | $710.6M-13.4% | $820.4M+24.0% | $661.4M+10.1% | $600.7M-1.9% | $612.1M-19.7% | $762.7M |
| Operating Income | $309.4M-10.3% | $344.9M-14.2% | $401.8M-22.3% | $517.1M+58.0% | $327.2M-16.4% | $391.6M-11.4% | $442.1M-1.2% | $447.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $73.4M-13.4% | $84.8M-14.9% | $99.6M-20.9% | $126.0M+57.1% | $80.2M-16.4% | $96.0M-6.2% | $102.4M-8.0% | $111.2M |
| Net Income | $230.9M-11.5% | $260.9M-14.5% | $305.1M-22.6% | $394.4M+58.1% | $249.5M-16.9% | $300.1M-13.5% | $347.1M+1.8% | $340.8M |
| EPS (Diluted) | $5.14-11.1% | $5.78-13.7% | $6.70-16.9% | $8.06+59.0% | $5.07-15.8% | $6.02-12.5% | $6.88+3.1% | $6.67 |
ULTA Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.0B+5.8% | $6.6B+10.8% | $6.0B+4.9% | $5.7B+2.0% | $5.6B+6.6% | $5.2B-2.4% | $5.4B+0.1% | $5.4B |
| Current Assets | $3.4B+9.8% | $3.1B+4.4% | $2.9B+3.6% | $2.8B+1.6% | $2.8B+10.8% | $2.5B-6.2% | $2.7B-0.9% | $2.7B |
| Cash & Equivalents | $204.9M-15.6% | $242.7M-46.6% | $454.6M-40.7% | $766.6M+529.3% | $121.8M-68.7% | $388.6M-38.9% | $636.4M-13.7% | $737.9M |
| Inventory | $2.7B+14.0% | $2.4B+13.5% | $2.1B+21.8% | $1.7B-25.0% | $2.3B+27.9% | $1.8B+3.7% | $1.8B+9.2% | $1.6B |
| Accounts Receivable | $223.3M | N/A | N/A | $207.9M | N/A | N/A | N/A | $199.4M |
| Goodwill | $392.6M0.0% | $392.6M+3511.8% | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M |
| Total Liabilities | $4.4B+8.8% | $4.0B+13.2% | $3.6B+3.8% | $3.4B-3.9% | $3.6B+11.6% | $3.2B-4.8% | $3.4B-1.6% | $3.4B |
| Current Liabilities | $2.5B+15.3% | $2.2B+24.8% | $1.8B+6.4% | $1.7B-9.7% | $1.8B+23.2% | $1.5B-8.7% | $1.6B-2.8% | $1.7B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.6B+1.1% | $2.6B+7.1% | $2.4B+6.6% | $2.3B+12.4% | $2.0B-1.1% | $2.1B+1.7% | $2.0B+3.0% | $2.0B |
| Retained Earnings | $1.6B+0.4% | $1.6B+10.7% | $1.4B+10.4% | $1.3B+22.3% | $1.1B-3.0% | $1.1B+2.3% | $1.1B+6.4% | $995.8M |
ULTA Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.6M-94.2% | $96.5M-56.1% | $220.0M-80.3% | $1.1B+1679.5% | -$70.8M-157.1% | $123.9M-59.4% | $304.9M-66.4% | $908.5M |
| Capital Expenditures | $87.3M+13.4% | $77.0M-2.6% | $79.0M-36.4% | $124.2M+16.9% | $106.3M+11.9% | $95.0M-13.5% | $109.8M+1.5% | $108.2M |
| Free Cash Flow | -$81.6M-517.2% | $19.6M-86.1% | $141.0M-85.8% | $994.0M+661.3% | -$177.1M-712.2% | $28.9M-85.2% | $195.1M-75.6% | $800.3M |
| Investing Cash Flow | -$95.6M+79.8% | -$473.5M-448.2% | -$86.4M+31.2% | -$125.5M-14.7% | -$109.5M-13.6% | -$96.4M+12.5% | -$110.1M-2.3% | -$107.6M |
| Financing Cash Flow | $52.1M-68.4% | $165.1M+143.2% | -$382.2M-9.8% | -$347.9M-302.0% | -$86.6M+68.6% | -$275.4M+7.0% | -$296.2M+5.6% | -$313.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $224.7M+105.3% | $109.5M-70.4% | $369.8M+138.3% | $155.2M-44.9% | $281.5M+2.2% | $275.5M-2.8% | $283.5M-13.6% | $328.1M |
ULTA Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.4%+1.3pp | 39.1%+0.0pp | 39.1%+1.4pp | 37.7%-2.1pp | 39.9%+0.6pp | 39.3%-0.8pp | 40.0%+2.5pp | 37.6% |
| Operating Margin | 10.8%-1.5pp | 12.4%-1.7pp | 14.1%-0.4pp | 14.5%+1.4pp | 13.2%-2.3pp | 15.5%-1.3pp | 16.8%+2.9pp | 13.9% |
| Net Margin | 8.1%-1.3pp | 9.4%-1.3pp | 10.7%-0.4pp | 11.1%+1.1pp | 10.0%-1.8pp | 11.9%-1.3pp | 13.2%+2.6pp | 10.6% |
| Return on Equity | 8.8%-1.2pp | 10.0%-2.5pp | 12.6%-4.7pp | 17.3%+5.0pp | 12.3%-2.3pp | 14.6%-2.6pp | 17.2%-0.2pp | 17.4% |
| Return on Assets | 3.3%-0.6pp | 3.9%-1.2pp | 5.1%-1.8pp | 6.9%+2.4pp | 4.5%-1.3pp | 5.7%-0.7pp | 6.5%+0.1pp | 6.3% |
| Current Ratio | 1.33-0.1 | 1.39-0.3 | 1.67-0.0 | 1.71+0.2 | 1.52-0.2 | 1.69+0.0 | 1.64+0.0 | 1.61 |
| Debt-to-Equity | 1.66+0.1 | 1.55+0.1 | 1.46-0.0 | 1.50-0.3 | 1.76+0.2 | 1.56-0.1 | 1.66-0.1 | 1.74 |
| FCF Margin | -2.9%-3.6pp | 0.7%-4.3pp | 5.0%-23.0pp | 28.0%+35.1pp | -7.1%-8.2pp | 1.1%-6.3pp | 7.4%-17.4pp | 24.8% |
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Frequently Asked Questions
What is Ulta Beauty's annual revenue?
Ulta Beauty (ULTA) reported $11.3B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ulta Beauty's revenue growing?
Ulta Beauty (ULTA) revenue grew by 0.8% year-over-year, from $11.2B to $11.3B in fiscal year 2025.
Is Ulta Beauty profitable?
Yes, Ulta Beauty (ULTA) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 10.6%.
What is Ulta Beauty's earnings per share (EPS)?
Ulta Beauty (ULTA) reported diluted earnings per share of $25.34 for fiscal year 2025. This represents a -2.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Ulta Beauty's EBITDA?
Ulta Beauty (ULTA) had EBITDA of $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ulta Beauty's gross margin?
Ulta Beauty (ULTA) had a gross margin of 38.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ulta Beauty's operating margin?
Ulta Beauty (ULTA) had an operating margin of 13.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ulta Beauty's net profit margin?
Ulta Beauty (ULTA) had a net profit margin of 10.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ulta Beauty's return on equity (ROE)?
Ulta Beauty (ULTA) has a return on equity of 49.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ulta Beauty's free cash flow?
Ulta Beauty (ULTA) generated $964.1M in free cash flow during fiscal year 2025. This represents a -7.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ulta Beauty's operating cash flow?
Ulta Beauty (ULTA) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ulta Beauty's total assets?
Ulta Beauty (ULTA) had $6.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ulta Beauty's capital expenditures?
Ulta Beauty (ULTA) invested $374.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Ulta Beauty buy back shares?
Yes, Ulta Beauty (ULTA) spent $1.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Ulta Beauty have outstanding?
Ulta Beauty (ULTA) had 45M shares outstanding as of fiscal year 2025.
What is Ulta Beauty's current ratio?
Ulta Beauty (ULTA) had a current ratio of 1.67 as of fiscal year 2025, which is generally considered healthy.
What is Ulta Beauty's debt-to-equity ratio?
Ulta Beauty (ULTA) had a debt-to-equity ratio of 1.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ulta Beauty's return on assets (ROA)?
Ulta Beauty (ULTA) had a return on assets of 20.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ulta Beauty's Altman Z-Score?
Ulta Beauty (ULTA) has an Altman Z-Score of 8.50, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ulta Beauty's Piotroski F-Score?
Ulta Beauty (ULTA) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ulta Beauty's earnings high quality?
Ulta Beauty (ULTA) has an earnings quality ratio of 1.11x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Ulta Beauty?
Ulta Beauty (ULTA) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.