STOCK TITAN

Ulta Beauty Financials

ULTA
Source SEC Filings (10-K/10-Q) Updated Nov 1, 2025 Currency USD FYE February

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

Profitability Growth Leverage Liquidity Cash Flow Returns 56 / 100
Financial Profile 56/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
53

Ulta Beauty has an operating margin of 13.9%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 53/100, indicating healthy but not exceptional operating efficiency. This is down from 15.0% the prior year.

Growth
35

Ulta Beauty's revenue grew a modest 0.8% year-over-year to $11.3B. This slow but positive growth earns a score of 35/100.

Leverage
72

Ulta Beauty carries a low D/E ratio of 1.46, meaning only $1.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
29

Ulta Beauty's current ratio of 1.67 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 29/100, which could limit financial flexibility.

Cash Flow
46

Ulta Beauty has a free cash flow margin of 8.5%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
100

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.

Altman Z-Score Safe
7.28

Ulta Beauty scores 7.28, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($23.5B) relative to total liabilities ($3.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
4/9

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.

Earnings Quality Cash-Backed
1.11x

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

Export CSV

Earnings & Revenue

Revenue
$11.3B
YoY+0.8%
5Y CAGR+8.8%
10Y CAGR+13.3%

Ulta Beauty generated $11.3B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.

EBITDA
$1.8B
YoY-4.7%
5Y CAGR+8.9%
10Y CAGR+12.9%

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.

Net Income
$1.2B
YoY-7.0%
5Y CAGR+11.2%
10Y CAGR+16.7%

Ulta Beauty reported $1.2B in net income in fiscal year 2025. This represents a decrease of 7.0% from the prior year.

EPS (Diluted)
$25.34
YoY-2.7%
5Y CAGR+15.8%
10Y CAGR+20.3%

Ulta Beauty earned $25.34 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$964.1M
YoY-7.4%
5Y CAGR+3.7%
10Y CAGR+20.7%

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.

Cash & Debt
$454.6M
YoY-13.3%
5Y CAGR-15.3%
10Y CAGR+1.6%

Ulta Beauty held $454.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
45M
YoY-6.1%
5Y CAGR-4.3%
10Y CAGR-3.4%

Ulta Beauty had 45M shares outstanding in fiscal year 2025. This represents a decrease of 6.1% from the prior year.

Margins & Returns

Gross Margin
38.8%
YoY-0.3pp
5Y CAGR+2.6pp
10Y CAGR+3.8pp

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.

Operating Margin
13.9%
YoY-1.1pp
5Y CAGR+1.7pp
10Y CAGR+1.2pp

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.

Net Margin
10.6%
YoY-0.9pp
5Y CAGR+1.1pp
10Y CAGR+2.7pp

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.

Return on Equity
49.4%
YoY-6.7pp
5Y CAGR+9.2pp
10Y CAGR+29.7pp

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.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$1.0B
YoY+0.8%
5Y CAGR+8.1%
10Y CAGR+38.0%

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.

Capital Expenditures
$374.5M
YoY-14.0%
5Y CAGR+4.6%
10Y CAGR+4.2%

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 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Revenue $2.9B+2.5% $2.8B-2.1% $2.8B-15.4% $3.4B+33.0% $2.5B-0.9% $2.6B-6.4% $2.7B-21.3% $3.5B
Cost of Revenue $1.7B+0.3% $1.7B-2.2% $1.7B-16.5% $2.1B+36.2% $1.5B-3.1% $1.6B-5.0% $1.7B-22.5% $2.1B
Gross Profit $1.2B+5.9% $1.1B-2.0% $1.1B-13.6% $1.3B+28.2% $1.0B+2.8% $978.2M-8.6% $1.1B-19.3% $1.3B
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-7.8% $770.9M+13.0% $682.3M+5.8% $644.8M-3.2% $665.9M-13.1% $766.6M
Operating Income $309.4M-10.3% $344.9M-14.2% $401.8M-22.1% $515.5M+61.8% $318.5M-3.2% $329.2M-17.9% $400.9M-28.2% $558.2M
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-17.1% $120.1M+54.0% $78.0M-3.9% $81.2M-14.3% $94.7M-29.1% $133.7M
Net Income $230.9M-11.5% $260.9M-14.5% $305.1M-24.0% $401.3M+65.7% $242.2M-4.1% $252.6M-19.3% $313.1M-26.9% $428.3M
EPS (Diluted) $5.14-11.1% $5.78-13.7% $6.70 N/A $5.14-3.0% $5.30-18.1% $6.47 N/A

ULTA Balance Sheet

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Total Assets $7.0B+5.8% $6.6B+10.8% $6.0B-0.2% $6.0B+0.7% $6.0B+3.9% $5.7B+1.9% $5.6B-1.3% $5.7B
Current Assets $3.4B+9.8% $3.1B+4.4% $2.9B-2.9% $3.0B+2.5% $3.0B+5.6% $2.8B+1.4% $2.8B-2.7% $2.8B
Cash & Equivalents $204.9M-15.6% $242.7M-46.6% $454.6M-35.3% $703.2M+295.5% $177.8M-57.1% $414.0M-21.1% $524.6M-31.6% $766.6M
Inventory $2.7B+14.0% $2.4B+13.5% $2.1B+7.8% $2.0B-16.8% $2.4B+18.4% $2.0B+4.8% $1.9B+9.4% $1.7B
Accounts Receivable N/A N/A N/A $223.3M N/A N/A N/A $207.9M
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+1.2% $3.5B-3.2% $3.6B+7.1% $3.4B+1.7% $3.3B-2.8% $3.4B
Current Liabilities $2.5B+15.3% $2.2B+24.8% $1.8B-0.9% $1.8B-2.0% $1.8B+14.2% $1.6B+1.2% $1.6B-5.2% $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-2.3% $2.5B+6.8% $2.3B-0.8% $2.3B+2.1% $2.3B+0.9% $2.3B
Retained Earnings $1.6B+0.4% $1.6B+10.7% $1.4B-3.6% $1.5B+10.8% $1.3B-1.8% $1.4B+3.1% $1.3B+2.2% $1.3B

ULTA Cash Flow Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Operating Cash Flow $5.6M-94.2% $96.5M-56.1% $220.0M-78.8% $1.0B+1923.7% -$56.8M-128.5% $199.5M+25.2% $159.3M-85.8% $1.1B
Capital Expenditures $87.3M+13.4% $77.0M-2.6% $79.0M+6.9% $73.9M-35.3% $114.2M+19.9% $95.3M+4.7% $91.0M-26.7% $124.2M
Free Cash Flow -$81.6M-517.2% $19.6M-86.1% $141.0M-85.4% $962.6M+662.7% -$171.1M-264.1% $104.3M+52.6% $68.3M-93.1% $994.0M
Investing Cash Flow -$95.6M+79.8% -$473.5M-448.2% -$86.4M-13.0% -$76.4M+33.7% -$115.3M-17.8% -$97.8M-4.5% -$93.6M+25.4% -$125.5M
Financing Cash Flow $52.1M-68.4% $165.1M+143.2% -$382.2M+12.1% -$434.7M-578.3% -$64.1M+69.8% -$212.4M+31.0% -$307.8M+11.6% -$347.9M
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+55.4% $237.9M-9.7% $263.6M+24.1% $212.3M-26.6% $289.4M+86.5% $155.2M

ULTA Financial Ratios

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Gross Margin 40.4%+1.3pp 39.1%+0.0pp 39.1%+0.8pp 38.3%-1.4pp 39.8%+1.4pp 38.3%-0.9pp 39.3%+1.0pp 38.3%
Operating Margin 10.8%-1.5pp 12.4%-1.7pp 14.1%-1.2pp 15.3%+2.7pp 12.6%-0.3pp 12.9%-1.8pp 14.7%-1.4pp 16.1%
Net Margin 8.1%-1.3pp 9.4%-1.3pp 10.7%-1.2pp 11.9%+2.4pp 9.6%-0.3pp 9.9%-1.6pp 11.5%-0.9pp 12.4%
Return on Equity 8.8%-1.2pp 10.0%-2.5pp 12.6%-3.6pp 16.1%+5.7pp 10.4%-0.4pp 10.8%-2.8pp 13.6%-5.2pp 18.8%
Return on Assets 3.3%-0.6pp 3.9%-1.2pp 5.1%-1.6pp 6.7%+2.6pp 4.1%-0.3pp 4.4%-1.2pp 5.6%-1.9pp 7.5%
Current Ratio 1.33-0.1 1.39-0.3 1.67-0.0 1.70+0.1 1.63-0.1 1.760.0 1.76+0.0 1.71
Debt-to-Equity 1.66+0.1 1.55+0.1 1.46+0.1 1.41-0.1 1.56+0.1 1.440.0 1.45-0.1 1.50
FCF Margin -2.9%-3.6pp 0.7%-4.3pp 5.0%-23.7pp 28.6%+35.4pp -6.8%-10.8pp 4.1%+1.6pp 2.5%-26.2pp 28.7%

Similar Companies

Frequently Asked Questions

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.

Ulta Beauty (ULTA) revenue grew by 0.8% year-over-year, from $11.2B to $11.3B in fiscal year 2025.

Yes, Ulta Beauty (ULTA) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 10.6%.

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.

Ulta Beauty (ULTA) had EBITDA of $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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.

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.

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.

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.

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.

Ulta Beauty (ULTA) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Ulta Beauty (ULTA) had $6.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Ulta Beauty (ULTA) invested $374.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Ulta Beauty (ULTA) spent $1.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Ulta Beauty (ULTA) had 45M shares outstanding as of fiscal year 2025.

Ulta Beauty (ULTA) had a current ratio of 1.67 as of fiscal year 2025, which is generally considered healthy.

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.

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.

Ulta Beauty (ULTA) has an Altman Z-Score of 7.28, 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.

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.

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.

Ulta Beauty (ULTA) scores 56 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.

Back to top