Ulta Beauty (ULTA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2027, filed Aug 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ULTA SEC filings page.
Ulta Beauty (ULTA) reported $12.4B in revenue for fiscal year 2025, up 9.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Operating profit compression is emerging as Ulta’s growth increasingly gets absorbed by SG&A and inventory investment.
In FY2025, revenue reached$12.4B while operating income slipped to$1.5B ; with gross margin holding at39.1% and SG&A rising to$3.3B , the squeeze is occurring below gross profit rather than in merchandise economics.
Cash conversion remains favorable: operating cash flow of
Working capital is absorbing more financing: inventory rose to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ulta Beauty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ulta Beauty has an operating margin of 12.4%, meaning the company retains $12 of operating profit per $100 of revenue. This strong profitability earns a score of 82/100, reflecting efficient cost management and pricing power. This is down from 13.9% the prior year.
Ulta Beauty's revenue grew 9.7% year-over-year to $12.4B, a solid pace of expansion. This earns a growth score of 51/100.
Ulta Beauty has a moderate D/E ratio of 1.50. This balance of debt and equity financing earns a leverage score of 38/100.
Ulta Beauty's current ratio of 1.41 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
Ulta Beauty has a free cash flow margin of 8.6%, earning a moderate score of 62/100. The company generates positive cash flow after capital investments, but with room for improvement.
Ulta Beauty earns a strong 41.1% return on equity (ROE), meaning it generates $41 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 96/100. This is down from 48.3% the prior year.
Ulta Beauty scores 6.31, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($23.2B) relative to total liabilities ($4.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ulta Beauty passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ulta Beauty generates $1.30 in operating cash flow ($1.5B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Ulta Beauty earns $857.86 in operating income for every $1 of interest expense ($1.5B vs $1.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Ulta Beauty generated $3.0B in revenue in Q3 2027. This represents an increase of 8.9% from the same quarter a year earlier. Against the prior quarter it is down 4.1%.
Ulta Beauty's EBITDA was $461.0M in Q3 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.8% from the same quarter a year earlier. Against the prior quarter it is down 13.0%.
Ulta Beauty reported $282.0M in net income in Q3 2027. This represents an increase of 8.1% from the same quarter a year earlier. Against the prior quarter it is down 17.2%.
Ulta Beauty earned $6.55 per diluted share (EPS) in Q3 2027. This represents an increase of 13.3% from the same quarter a year earlier. Against the prior quarter it is down 15.4%.
Cash & Balance Sheet
Ulta Beauty generated $38.4M in free cash flow in Q3 2027, representing cash available after capex. This represents an increase of 96.5% from the same quarter a year earlier. Against the prior quarter it is down 81.1%.
Ulta Beauty held $158.5M in cash as of Q3 2027; long-term debt is not reported for that period.
Not reported for Q3 2027.
Margins & Returns
Ulta Beauty's gross margin was 39.1% in Q3 2027, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
Ulta Beauty's operating margin was 12.5% in Q3 2027, reflecting core business profitability. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.7 percentage points.
Ulta Beauty's net profit margin was 9.3% in Q3 2027, showing the share of revenue converted to profit. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.5 percentage points.
Ulta Beauty's ROE was 10.7% in Q3 2027, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.5 percentage points.
Capital Allocation
Ulta Beauty spent $247.9M on share buybacks in Q3 2027, returning capital to shareholders by reducing shares outstanding. This represents an increase of 126.5% from the same quarter a year earlier. Against the prior quarter it is down 54.5%.
Ulta Beauty invested $81.3M in capex in Q3 2027, funding long-term assets and infrastructure. This represents an increase of 5.6% from the same quarter a year earlier. Against the prior quarter it is up 39.4%.
Not reported for Q3 2027.
ULTA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2710-Q | Q2'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-K | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B+8.9% | $3.2B+11.1% | $2.9B+12.9% | $2.8B+9.3% | $2.8B+4.5% | $3.4B-2.8% | $2.5B | $2.6B+2.5% |
| Cost of Revenue | $1.8B+9.0% | $1.9B+9.3% | $1.7B+11.6% | $1.7B+7.8% | $1.7B+4.7% | $2.1B-2.9% | $1.5B | $1.6B+5.1% |
| Gross Profit | $1.2B+8.7% | $1.3B+13.8% | $1.2B+14.9% | $1.1B+11.6% | $1.1B+4.2% | $1.3B-2.7% | $1.0B | $978.2M-1.4% |
| SG&A Expenses | $802.8M+8.2% | $814.7M+14.6% | $840.9M+23.3% | $741.7M+15.0% | $710.6M+6.7% | $770.9M+0.6% | $682.3M | $644.8M-2.5% |
| Operating Income | $379.6M+10.1% | $448.3M+11.6% | $309.4M-2.9% | $344.9M+4.8% | $401.8M+0.2% | $515.5M-7.7% | $318.5M | $329.2M+0.6% |
| EBITDA | $461.0M+10.8% | $529.7M+11.8% | $385.2M-0.1% | $416.0M+5.5% | $473.8M+1.7% | $578.2M-5.8% | $385.5M | $394.5M+1.5% |
| Interest Expense | $3.7M | N/A | $4.1M | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $91.9M+8.4% | $106.9M+7.2% | $73.4M-5.8% | $84.8M+4.5% | $99.6M+5.2% | $120.1M-10.1% | $78.0M | $81.2M+1.2% |
| Net Income | $282.0M+8.1% | $340.5M+11.6% | $230.9M-4.7% | $260.9M+3.3% | $305.1M-2.6% | $401.2M-6.3% | $242.2M | $252.6M+1.2% |
| EPS (Basic) | $6.57+13.3% | $7.78+15.8% | $5.160.0% | $5.80+9.0% | $6.72+3.2% | $8.44+4.2% | $5.16 | $5.32+4.5% |
| EPS (Diluted) | $6.55+13.3% | $7.74+15.5% | $5.140.0% | $5.78+9.1% | $6.70+3.6% | $8.41+4.6% | $5.14 | $5.30+4.5% |
| Diluted Shares (Avg) | 43M-4.5% | 44M-3.4% | 45M-4.7% | 45M-5.4% | 46M-5.9% | N/A | 47M | 48M-3.2% |
Not reported in any period shown, so not listed: R&D Expenses.
ULTA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2710-Q | Q2'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-K | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.0B+5.0% | $6.9B+15.2% | $7.0B+17.7% | $6.6B+15.6% | $6.0B+6.3% | $6.0B+5.2% | $6.0B | $5.7B+2.5% |
| Current Assets | $3.1B0.0% | $3.0B+2.8% | $3.4B+14.1% | $3.1B+9.7% | $2.9B+6.5% | $3.0B+6.8% | $3.0B | $2.8B+0.2% |
| Cash & Equivalents | $158.5M-34.7% | $166.3M-63.4% | $204.9M+15.3% | $242.7M-41.4% | $454.6M-13.3% | $703.2M-8.3% | $177.8M | $414.0M+239.8% |
| Short-Term Investments | $55.0M | $55.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $2.4B0.0% | $2.4B+12.5% | $2.7B+16.0% | $2.4B+20.5% | $2.1B+11.3% | $2.0B+13.0% | $2.4B | $2.0B-13.9% |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $223.3M+7.4% | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $223.1M-43.2% | $224.6M+1966.5% | $392.6M+3511.8% | $392.6M+3511.8% | $10.9M0.0% | $10.9M0.0% | $10.9M | $10.9M0.0% |
| Total Liabilities | $4.3B+7.3% | $4.3B+21.3% | $4.4B+20.7% | $4.0B+18.8% | $3.6B+6.8% | $3.5B+2.5% | $3.6B | $3.4B-5.0% |
| Current Liabilities | $2.3B+3.7% | $2.3B+30.6% | $2.5B+39.7% | $2.2B+38.3% | $1.8B+12.2% | $1.8B+7.3% | $1.8B | $1.6B-13.4% |
| Non-Current Liabilities | $2.0B+11.7% | $2.0B+12.1% | $1.8B+1.5% | $1.8B+1.6% | $1.8B+1.9% | $1.7B-2.0% | $1.8B | $1.8B+4.0% |
| Total Equity | $2.6B+1.5% | $2.6B+6.2% | $2.6B+13.1% | $2.6B+10.9% | $2.4B+5.6% | $2.5B+9.2% | $2.3B | $2.3B+15.8% |
| Retained Earnings | $1.6B-0.2% | $1.5B+7.2% | $1.6B+18.6% | $1.6B+16.0% | $1.4B+8.0% | $1.5B+14.5% | $1.3B | $1.4B+28.8% |
Not reported in any period shown, so not listed: Long-Term Debt.
ULTA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2710-Q | Q2'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-K | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $119.7M+24.0% | $261.9M+19.0% | $5.6M+109.9% | $96.5M-51.6% | $220.0M+38.1% | $1.0B-7.3% | -$56.8M | $199.5M+381.8% |
| Depreciation & Amortization | $81.3M+14.3% | $81.4M+13.0% | $75.8M+13.1% | $71.2M+9.0% | $72.0M+11.3% | $70.0M+11.8% | $67.0M | $65.3M+6.4% |
| Capital Expenditures | $81.3M+5.6% | $58.3M-26.3% | $87.3M-23.6% | $77.0M-19.2% | $79.0M-13.2% | $73.9M-40.5% | $114.2M | $95.3M-10.4% |
| Free Cash Flow | $38.4M+96.5% | $203.6M+44.4% | -$81.6M+52.3% | $19.6M-81.2% | $141.0M+106.4% | $962.6M-3.2% | -$171.1M | $104.3M+158.9% |
| Investing Cash Flow | -$85.8M+81.9% | -$48.2M+44.2% | -$95.6M+17.1% | -$473.5M-384.2% | -$86.4M+7.7% | -$76.4M+39.1% | -$115.3M | -$97.8M+10.7% |
| Financing Cash Flow | -$41.5M-125.1% | -$471.4M-23.3% | $52.1M+181.3% | $165.1M+177.8% | -$382.2M-24.2% | -$434.7M-24.9% | -$64.1M | -$212.4M-145.4% |
| Share Buybacks | $247.9M+126.5% | $545.3M+47.5% | $224.7M-14.8% | $109.5M-48.5% | $369.8M+27.8% | $237.9M+53.3% | $263.6M | $212.3M-24.6% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.
ULTA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2710-Q | Q2'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-K | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1%-0.1pp | 40.1%+1.0pp | 40.4%+0.7pp | 39.1%+0.8pp | 39.1%-0.1pp | 38.3%0.0pp | 39.8% | 38.3%-1.5pp |
| Operating Margin | 12.5%+0.1pp | 14.2%+0.1pp | 10.8%-1.8pp | 12.4%-0.5pp | 14.1%-0.6pp | 15.3%-0.8pp | 12.6% | 12.9%-0.3pp |
| Net Margin | 9.3%-0.1pp | 10.8%+0.1pp | 8.1%-1.5pp | 9.4%-0.5pp | 10.7%-0.8pp | 11.9%-0.5pp | 9.6% | 9.9%-0.1pp |
| Return on Equity | 10.7%+0.7pp | 13.2%+0.6pp | 8.8%-1.6pp | 10.0%-0.7pp | 12.6%-1.1pp | 16.1%-2.7pp | 10.4% | 10.8%-1.5pp |
| Return on Assets | 4.0%+0.1pp | 4.9%-0.2pp | 3.3%-0.8pp | 3.9%-0.5pp | 5.1%-0.5pp | 6.7%-0.8pp | 4.1% | 4.4%-0.1pp |
| Current Ratio | 1.350.0x | 1.31-0.4x | 1.33-0.3x | 1.39-0.4x | 1.67-0.1x | 1.700.0x | 1.63 | 1.76+0.2x |
| Debt-to-Equity | 1.63+0.1x | 1.67+0.2x | 1.66+0.1x | 1.55+0.1x | 1.460.0x | 1.41-0.1x | 1.56 | 1.44-0.3x |
| Asset Turnover | 0.440.0x | 0.460.0x | 0.410.0x | 0.420.0x | 0.480.0x | 0.560.0x | 0.42 | 0.440.0x |
| FCF Margin | 1.3%+0.6pp | 6.4%+1.5pp | -2.9%+3.9pp | 0.7%-3.4pp | 5.0%+2.4pp | 28.6%-0.1pp | -6.8% | 4.1%+11.2pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Ulta Beauty ULTA | FY2025 | $12.4B | $1.2B | 9.3% | $23.2B | 61/100 |
| Williams Sonoma WSM | FY2025 | $7.8B | $1.1B | 13.9% | $26.8B | 61/100 |
| Dicks Sporting Goods Inc DKS | FY2025 | $17.2B | $849.0M | 4.9% | $11.8B | 55/100 |
| Best Buy Inc BBY | FY2026 | $41.7B | $1.1B | 2.6% | $18.7B | 52/100 |
| Caseys Gen Stores CASY | FY2026 | $17.6B | $714.4M | 4.1% | $27.1B | 30/100 |
| Tractor Supply TSCO | FY2025 | $15.5B | $1.1B | 7.1% | $18.4B | 56/100 |
Where Ulta Beauty Ranks
Frequently Asked Questions
What is Ulta Beauty's annual revenue?
Ulta Beauty (ULTA) reported $12.4B in total revenue for fiscal year 2025. This represents a 9.7% 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 9.7% year-over-year, from $11.3B to $12.4B 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 9.3%.
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 39.1% 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 12.4% 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 9.3% 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 41.1% 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 $1.1B in free cash flow during fiscal year 2025. This represents a 10.8% 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 $1.5B 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 $7.0B 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 $434.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ulta Beauty's current ratio?
Ulta Beauty (ULTA) had a current ratio of 1.41 as of fiscal year 2025, which is considered adequate.
What is Ulta Beauty's debt-to-equity ratio?
Ulta Beauty (ULTA) had a debt-to-equity ratio of 1.50 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 16.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ulta Beauty's P/E ratio?
Ulta Beauty (ULTA) trades at 20.1x earnings, its market capitalization divided by net income of $1.2B net income, FY2025. The market capitalization is $23.2B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ulta Beauty's price-to-sales ratio?
Ulta Beauty (ULTA) trades at 1.9x sales, its market capitalization divided by revenue of $12.4B revenue, FY2025. The market capitalization is $23.2B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ulta Beauty's Altman Z-Score?
Ulta Beauty (ULTA) has an Altman Z-Score of 6.31, 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 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.30x, 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.
Can Ulta Beauty cover its interest payments?
Ulta Beauty (ULTA) has an interest coverage ratio of 857.86x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ulta Beauty?
Ulta Beauty (ULTA) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.