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Ulta Beauty lifts 2026 outlook after Q2 EPS $6.55

Ulta Beauty, Inc. (ULTA) reported higher results for the second quarter of fiscal 2026, the thirteen weeks ended August 1, 2026.

(High)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ulta Beauty, Inc. (ULTA) reported higher results for the second quarter of fiscal 2026, the thirteen weeks ended August 1, 2026. Net sales were $3,035.7 million, up from $2,788.5 million a year earlier, with comparable sales increasing 3.8%. Gross profit margin was essentially steady at 39.1% versus 39.2%, while selling, general and administrative expenses rose to $802.8 million from $741.7 million. Operating income grew to $379.6 million, and diluted EPS increased to $6.55 from $5.78. Net income was $282.0 million, compared with $260.9 million.

For the first six months of fiscal 2026, net sales were $6,199.5 million with net income of $622.5 million and diluted EPS of $14.31. Net cash provided by operating activities was $381.6 million. Ulta ended the quarter with $158.5 million in cash and $55.0 million in short‑term investments, and $339.6 million of short‑term debt, largely tied to working capital and capital allocation priorities, including repurchases.

Ulta continued returning capital, repurchasing 1.4 million shares for $791.1 million in the first half of fiscal 2026, with $1.0 billion remaining under its $3.0 billion authorization and an expectation to use it by year‑end. The company opened 34 new stores and closed 3 in the first six months, ending the quarter with 1,622 stores globally. Based on first‑half performance, Ulta raised its full‑year 2026 outlook, guiding to net sales growth of 6.7%–7.2%, comparable sales growth of 3.2%–3.7%, operating income growth of 8.3%–9.3%, and diluted EPS of $28.70–$29.00, while keeping capital expenditure guidance at $400–$450 million.

Positive

  • Strong top-line and EPS growth: Q2 net sales rose to $3,035.7 million from $2,788.5 million, and diluted EPS increased to $6.55 from $5.78, indicating solid growth in both revenue and profitability.
  • Robust first-half profitability and cash generation: For the first 26 weeks, net sales were $6,199.5 million, net income $622.5 million, and net cash provided by operating activities $381.6 million.
  • Raised full-year fiscal 2026 guidance: Net sales growth outlook increased to 6.7%–7.2%, comparable sales to 3.2%–3.7%, operating income growth to 8.3%–9.3%, and EPS to $28.70–$29.00.
  • Significant capital returns via share repurchases: Ulta repurchased 1.4 million shares for $791.1 million in the first six months, and expects to use the remaining $1.0 billion under its $3.0 billion authorization by the end of fiscal 2026.
  • Ongoing store expansion: Ulta opened 34 stores and closed 3 in the first six months of fiscal 2026, ending Q2 with 1,622 company‑operated stores and 16.1 million gross square feet.

Negative

  • Comparable sales growth deceleration: Q2 comparable sales grew 3.8%, down from 6.7% in the prior-year quarter, indicating slower same‑store growth even as overall sales increased.
  • Higher short-term debt and lower cash: Short-term debt increased to $339.6 million at August 1, 2026, from $62.3 million at January 31, 2026, while cash and cash equivalents declined to $158.5 million from $424.2 million.
  • Slight margin pressure: Q2 gross margin was 39.1% versus 39.2% a year earlier, and SG&A expenses increased to $802.8 million from $741.7 million, modestly pressuring profitability despite higher operating income.

Filing Explained

Additional cash-flow detail shows that, in the 26 weeks ended August 1, 2026, cash fell by $265,792 thousand to $158,451 thousand: financing used $512,913 thousand, including $793,183 thousand of repurchases, while short-term debt borrowings and repayments were $1,358,274 thousand and $1,080,032 thousand.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net sales (Q2 2026) $3,035.7 million Thirteen weeks ended August 1, 2026; up from $2,788.5 million in Q2 2025
Comparable sales growth (Q2 2026) 3.8% Thirteen weeks ended August 1, 2026; compared to 6.7% in Q2 2025
Diluted EPS (Q2 2026) $6.55 Thirteen weeks ended August 1, 2026; up from $5.78 in Q2 2025
Net income (Q2 2026) $282.0 million Thirteen weeks ended August 1, 2026; up from $260.9 million in Q2 2025
Net cash provided by operating activities $381.6 million First 26 weeks of fiscal 2026
Share repurchases (first six months 2026) $791.1 million Cost to repurchase 1.4 million shares of common stock, excluding excise taxes
Short-term debt $339.6 million Short-term debt outstanding at August 1, 2026
Store count 1,622 stores Company-operated stores at end of Q2 fiscal 2026; 1,534 U.S. and 88 international
comparable sales financial
"Comparable sales | 3.8% | 6.7%"
"Comparable sales" are the total sales from stores or products that have been open for a certain period, usually the same time last year or last quarter. They help show whether a business is growing by comparing similar locations or products over time, much like checking if your favorite store's sales are going up compared to previous years.
operating income financial
"Operating income | 379,641 | 12.5%"
Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.
deferred revenue financial
"Deferred revenue | 542,417 | 582,378 | 460,187"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
share repurchase program financial
"remaining $1.0 billion available under the current $3.0 billion share repurchase program"
A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.
operating lease liabilities financial
"Operating lease liabilities | (178,756) | (180,316)"
Long-term lease payments a company is legally committed to because it rents assets such as offices, factories, or equipment; under modern accounting rules these future rent obligations are recorded on the balance sheet as liabilities. Investors care because operating lease liabilities act like debt that drains future cash, affects measures of leverage and borrowing capacity, and can change profitability and valuation — think of them as a company’s large, ongoing rent payments that limit its financial flexibility.
Net sales (Q2 2026) $3,035.7 million Increased from $2,788.5 million in Q2 2025
Comparable sales growth (Q2 2026) 3.8% Down from 6.7% in Q2 2025
Gross margin (Q2 2026) 39.1% Slightly lower than 39.2% in Q2 2025
Operating income (Q2 2026) $379.6 million Increased from $344.9 million in Q2 2025
Diluted EPS (Q2 2026) $6.55 Increased from $5.78 in Q2 2025
Net income (first six months 2026) $622.5 million Increased from $565.9 million in the first six months of 2025
Guidance

For fiscal 2026, Ulta expects net sales growth of 6.7%–7.2%, comparable sales growth of 3.2%–3.7%, operating income growth of 8.3%–9.3%, diluted EPS of $28.70–$29.00, and capital expenditures of $400–$450 million.

FAQ

How did ULTA perform financially in the second quarter of fiscal 2026?

Ulta reported net sales of $3,035.7 million and net income of $282.0 million for Q2 fiscal 2026. Diluted EPS was $6.55, up from $5.78 a year earlier. Comparable sales increased 3.8%, and gross margin was 39.1%.

What is Ulta Beauty’s updated fiscal 2026 guidance (ULTA)?

Ulta now expects net sales growth of 6.7%–7.2%, comparable sales growth of 3.2%–3.7%, operating income growth of 8.3%–9.3%, and diluted EPS of $28.70–$29.00 for fiscal 2026. Capital expenditures guidance remains $400–$450 million.

How much stock did ULTA repurchase in the first half of fiscal 2026?

Ulta repurchased 1.4 million shares of common stock for $791.1 million during the first six months of fiscal 2026, excluding excise taxes. As of August 1, 2026, $1.0 billion remained available under its $3.0 billion share repurchase program.

What were ULTA’s key profitability metrics for the first half of fiscal 2026?

For the 26 weeks ended August 1, 2026, Ulta generated net income of $622.5 million on net sales of $6,199.5 million. Diluted EPS was $14.31, and operating income was $827.9 million, representing an operating margin of 13.4%.

What is Ulta Beauty’s cash and debt position as of August 1, 2026 (ULTA)?

As of August 1, 2026, Ulta held $158.5 million in cash and cash equivalents and $55.0 million in short‑term investments. Short‑term debt totaled $339.6 million, primarily to support working capital and capital allocation priorities, including share repurchases.

How many stores does ULTA operate and how did the footprint change in 2026?

At the end of Q2 fiscal 2026, Ulta operated 1,622 stores (1,534 in the U.S. and 88 internationally) with 16.1 million gross square feet. In the first six months, it opened 34 stores and closed 3, for a net increase of 31.

How are ULTA’s sales distributed by product category?

For Q2 fiscal 2026, net sales were approximately 37% cosmetics, 24% skincare and wellness, 20% haircare, 13% fragrance, 4% services, and 2% other. This mix totaled 100% of net sales.

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Learn about SEC filing dates
0001403568false00014035682026-08-272026-08-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 27, 2026

ULTA BEAUTY, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-33764

38-4022268

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

1000 Remington Blvd., Suite 120, Bolingbrook, Illinois 60440

(Address of Principal Executive Offices and zip code) 

(630) 410-4800

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 C.F.R. §230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 C.F.R. §240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 C.F.R. §240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. §240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

  ​ ​

Trading Symbol

  ​ ​

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ULTA

The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company      

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      

Item 2.02 Results of Operations and Financial Condition.

On August 27, 2026, Ulta Beauty, Inc. issued a press release regarding its consolidated financial results for the second fiscal quarter ended August 1, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The exhibits listed in the Exhibit Index below are being furnished herewith.

Exhibit
   No.  

  ​ ​ ​

Description

99.1

Press release issued by Ulta Beauty, Inc. on August 27, 2026 announcing consolidated financial results for the second fiscal quarter ended August 1, 2026.

104

Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ULTA BEAUTY, INC.

Date: August 27, 2026

By:

/s/ Rene G. Cásares

Rene G. Cásares

Chief Legal Officer

3

Exhibit 99.1

Graphic

ULTA BEAUTY ANNOUNCES SECOND QUARTER FISCAL 2026 RESULTS AND RAISES FISCAL 2026 GUIDANCE

Net sales increased 8.9%
Comparable sales increased 3.8%
Operating income increased 10.1%
Diluted EPS increased 13.3% to $6.55
Stock repurchase plan for fiscal 2026 increased to $1.8 billion from $1.5 billion

Bolingbrook, IL – August 27, 2026 – Ulta Beauty, Inc. (NASDAQ: ULTA) today announced consolidated financial results for the thirteen-week period (“second quarter”) ended August 1, 2026, compared to the same period ended August 2, 2025.

13 Weeks Ended

August 1,

August 2,

(Dollars in millions, except per share data)

2026

2025

Net sales

$

3,035.7

$

2,788.5

Comparable sales

3.8%

6.7%

Gross profit (as a percentage of net sales)

39.1%

39.2%

Selling, general and administrative expenses

$

802.8

$

741.7

Operating income growth

10.1%

4.8%

Diluted earnings per share

$

6.55

$

5.78

“Our team delivered another impressive quarter of strong sales, profit, and earnings growth, demonstrating that we are executing with discipline and translating our Ulta Beauty Unleashed strategy into tangible benefits for our guests,” said Kecia Steelman, president and chief executive officer. “We continue to strengthen our position as the ultimate beauty discovery destination, leveraging our unique understanding of our guests to drive excitement and growth through compelling innovation, value, experiences, and convenience.”

Steelman continued, “With our strong first-half performance, we have raised our financial guidance for the year, reflecting our confidence in our strategic priorities and our ability to drive profitable growth and long-term value for all stakeholders in a dynamic environment."

Second Quarter of Fiscal 2026 Compared to Second Quarter of Fiscal 2025

Net sales increased 8.9% to $3.0 billion, primarily due to increased comparable sales, the acquisition of Space NK, and sales from new stores.
Comparable sales increased 3.8%.

Gross profit increased 8.7% to $1.2 billion. As a percentage of net sales, gross profit decreased to 39.1% compared to 39.2%, primarily due to the impact of the Space NK business mix.
Selling, general and administrative (SG&A) expenses increased 8.2% to $802.8 million, primarily due to the acquisition of Space NK. As a percentage of net sales, SG&A expenses decreased to 26.4% compared to 26.6%.
Operating income increased 10.1% to $379.6 million. As a percentage of net sales, operating income was 12.5% compared to 12.4%.
Diluted earnings per share increased 13.3% to $6.55.

Balance Sheet and Capital Deployment

Cash and cash equivalents at the end of the second quarter of fiscal 2026 were $158.5 million. Short-term investments at the end of the second quarter of fiscal 2026 were $55.0 million. Short-term debt at the end of the second quarter of fiscal 2026 was $339.6 million, primarily to support working capital needs and ongoing capital allocation priorities, including share repurchases.

Merchandise inventories, net at the end of the second quarter of fiscal 2026 were $2.4 billion, remaining flat compared to the prior year primarily due to improved inventory management, partially offset by inventory to support new brand launches and the addition of new stores.


During the first six months of fiscal 2026, the Company invested $139.5 million in capital expenditures to support new stores, relocations, remodels, and investments in information technology.

Stock repurchases are a core part of the Company’s capital allocation strategy. During the first six months of fiscal 2026, the Company repurchased 1.4 million shares of its common stock at a cost of $791.1 million, excluding excise taxes. As of August 1, 2026, $1.0 billion remained available under the current $3.0 billion share repurchase program announced in October 2024. The Company now expects to utilize the remaining $1.0 billion available under the current share repurchase authorization by the end of fiscal 2026.

Fiscal 2026 Outlook

Based on current estimates, the Company has updated its outlook for fiscal 2026:

Prior Fiscal 2026 Outlook

Updated Fiscal 2026 Outlook

Net sales growth

6% to 7%

6.7% to 7.2%

Comparable sales growth

2.5% to 3.5%

3.2% to 3.7%

Operating income growth

6.5% to 9%

8.3% to 9.3%

Diluted earnings per share

$28.36 to $28.80

$28.70 to $29.00

Capital expenditures

$400 million to $450 million

no change


Conference Call Information

A conference call to discuss second quarter of fiscal 2026 results is scheduled for today, August 27, 2026, at 4:30 p.m. Eastern Time / 3:30 p.m. Central Time. During the conference call, a related presentation will be webcast live. Investors and analysts who are interested in participating in the call are invited to register for the live event at https://q2-2026-ulta-beauty-earnings-conference-call.open-exchange.net/.

A copy of the presentation and a replay of the webcast will be available and archived for a limited time on the company's Investor Relations website at https://www.ulta.com/investor.


About Ulta Beauty

Ulta Beauty (NASDAQ: ULTA) is the largest specialty beauty retailer in the U.S. and a leading destination for cosmetics, fragrance, skin care, hair care, wellness, and salon services. Since opening its first store in 1990, Ulta Beauty has grown to more than 1,500 stores across the U.S. and redefined beauty retail by bringing together All Things Beauty. All in One Place®. With an expansive product assortment, professional salon services, and its beloved Ulta Beauty Rewards loyalty program, the company delivers seamless, personalized experiences across stores, Ulta.com, and the Ulta Beauty App – where the possibilities are truly beautiful. Ulta Beauty is also expanding its presence internationally through its subsidiary, Space NK, a luxury beauty retailer operating in the U.K. and Ireland, its joint venture in Mexico, and its franchise in the Middle East. For more information, visit www.ulta.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to, among other things, future events and financial performance. These forward-looking statements are included throughout this press release, and relate to matters such as our industry, business strategy, goals, and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity, share repurchases, and capital resources and other financial and operating information. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies,” or other comparable words.

Any forward-looking statements contained in this press release are based upon our historical performance and on current plans, estimates, and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, targets, strategies, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to those described under Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended January 31, 2026, as such risk factors may be updated from time to time in our periodic filings with the U.S. Securities and Exchange Commission (“SEC”), and are accessible on the SEC's website at www.sec.gov.

Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make. Except to the extent required by the


federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Contact:

Kiley Rawlins, CFA

Senior Vice President, Investor Relations

krawlins@ulta.com

Media Contact:

Natalie Navarre

Vice President, Public Relations & Social Marketing

nnavarre@ulta.com


Exhibit 1

Ulta Beauty, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

13 Weeks Ended

August 1,

August 2,

2026

2025

(Unaudited)

(Unaudited)

Net sales

$

3,035,676

100.0%

$

2,788,469

100.0%

Cost of sales

  ​ ​ ​

1,848,724

  ​ ​ ​

60.9%

1,696,773

  ​ ​ ​

60.8%

Gross profit

1,186,952

39.1%

1,091,696

39.2%

Selling, general and administrative expenses

802,784

26.4%

741,737

26.6%

Pre-opening expenses

4,527

0.1%

5,105

0.2%

Operating income

379,641

12.5%

344,854

12.4%

Interest expense (income), net

3,684

0.1%

(1,413)

(0.1%)

Income before income taxes and equity net loss of affiliate

375,957

12.4%

346,267

12.4%

Income tax expense

91,878

3.0%

84,795

3.0%

Income before equity net loss of affiliate

284,079

9.4%

261,472

9.4%

Equity net loss of affiliate

2,073

0.1%

597

0.0%

Net income

$

282,006

9.3%

$

260,875

9.4%

Net income per common share:

Basic

$

6.57

$

5.80

Diluted

$

6.55

$

5.78

Weighted average common shares outstanding:

Basic

42,955

44,955

Diluted

43,062

45,112


Exhibit 2

Ulta Beauty, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

26 Weeks Ended

August 1,

August 2,

2026

2025

(Unaudited)

Net sales

$

6,199,533

100.0%

$

5,636,836

100.0%

Cost of sales

3,744,961

60.4%

3,430,921

60.9%

Gross profit

  ​ ​

2,454,572

39.6%

2,205,915

39.1%

  ​ ​ ​

Selling, general and administrative expenses

1,617,483

26.1%

1,452,350

  ​ ​ ​

25.8%

Pre-opening expenses

9,192

0.1%

6,934

0.1%

Operating income

827,897

13.4%

746,631

13.2%

Interest expense (income), net

3,032

0.0%

(4,960)

(0.1%)

Income before income taxes and equity net loss of affiliate

824,865

13.3%

751,591

13.3%

Income tax expense

198,738

3.2%

184,439

3.3%

Income before equity net loss of affiliate

626,127

10.1%

567,152

10.1%

Equity net loss of affiliate

3,652

0.1%

1,225

0.0%

Net income

$

622,475

10.0%

$

565,927

10.0%

Net income per common share:

Basic

$

14.35

$

12.53

Diluted

$

14.31

$

12.49

Weighted average common shares outstanding:

Basic

43,368

45,158

Diluted

43,513

45,297


Exhibit 3

Ulta Beauty, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

August 1,

January 31,

August 2,

2026

2026

2025

(Unaudited)

(Unaudited)

Assets

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Current assets:

Cash and cash equivalents

$

158,451

$

424,243

$

242,745

Short-term investments

55,000

70,000

Receivables, net

249,295

296,217

224,412

Merchandise inventories, net

2,406,733

2,181,127

2,407,051

Prepaid expenses and other current assets

163,467

169,361

165,963

Prepaid income taxes

35,572

3,198

28,877

Total current assets

3,068,518

3,144,146

3,069,048

Property and equipment, net

1,414,258

1,434,062

1,332,503

Operating lease assets

1,877,965

1,813,074

1,682,151

Goodwill

223,146

226,421

392,606

Other intangible assets, net

200,200

203,288

5,466

Deferred compensation plan assets

56,828

53,391

50,550

Other long-term assets

123,035

124,912

98,324

Total assets

$

6,963,950

$

6,999,294

$

6,630,648

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

646,200

$

685,887

$

708,655

Accrued liabilities

440,435

551,380

460,232

Deferred revenue

542,417

582,378

460,187

Current operating lease liabilities

312,648

306,671

282,593

Accrued income taxes

35,739

Short-term debt

339,578

62,287

289,101

Total current liabilities

2,281,278

2,224,342

2,200,768

Non-current operating lease liabilities

1,871,805

1,813,103

1,716,133

Deferred income taxes

99,404

98,766

49,158

Other long-term liabilities

67,722

59,632

60,729

Total liabilities

4,320,209

4,195,843

4,026,788

Commitments and contingencies

Total stockholders’ equity

2,643,741

2,803,451

2,603,860

Total liabilities and stockholders’ equity

$

6,963,950

$

6,999,294

$

6,630,648


Exhibit 4

Ulta Beauty, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

26 Weeks Ended

August 1,

August 2,

2026

2025

(Unaudited)

(Unaudited)

Operating activities

Net income

$

622,475

$

565,927

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

162,724

143,198

Non-cash lease expense

178,326

183,528

Deferred income taxes

1,524

2,232

Stock-based compensation expense

21,063

20,338

Loss on disposal of property and equipment

8,404

4,689

Equity net loss of affiliate

3,652

1,225

Change in operating assets and liabilities:

Receivables

47,127

(198)

Merchandise inventories

(226,791)

(366,091)

Prepaid expenses and other current assets

5,645

(21,657)

Income taxes

(68,104)

(70,406)

Accounts payable

(47,328)

98,115

Accrued liabilities

(120,902)

(3,881)

Deferred revenue

(39,821)

(44,418)

Operating lease liabilities

(178,756)

(180,316)

Other assets and liabilities

12,352

(15,742)

Net cash provided by operating activities

381,590

316,543

Investing activities

Proceeds from short-term investments

15,000

Capital expenditures

(139,534)

(155,988)

Acquisitions, net of cash acquired

(386,793)

Other investments

(9,446)

(17,130)

Net cash used in investing activities

(133,980)

(559,911)

Financing activities

Borrowings from short-term debt

1,358,274

593,641

Payments on short-term debt

(1,080,032)

(333,100)

Repurchase of common shares

(793,183)

(479,242)

Stock options exercised

12,904

14,851

Purchase of treasury shares

(10,876)

(13,238)

Net cash used in financing activities

(512,913)

(217,088)

Effect of exchange rate changes on cash and cash equivalents

(489)

Net decrease in cash and cash equivalents

(265,792)

(460,456)

Cash and cash equivalents at beginning of period

424,243

703,201

Cash and cash equivalents at end of period

$

158,451

$

242,745


Exhibit 5

Ulta Beauty, Inc.

Store Update (Company-Operated)

The following table presents store activities during the second quarter of fiscal 2026:

United States

International

Total

Opened

14

1

15

Closed

1

1

Net

13

1

14

Relocated

2

1

3

Remodeled

7

7

The following table presents store activities during the first six months of fiscal 2026:

United States

International

Total

Opened

32

2

34

Closed

3

3

Net

29

2

31

Relocated

3

2

5

Remodeled

7

7

The following table presents the number of stores owned (total gross square footage of 16.1 million) at the end of the second quarter of fiscal 2026:

United States

International

Total

Number of stores

1,534

88

1,622


Exhibit 6

Ulta Beauty, Inc.

Consolidated Sales by Category

The following tables set forth the approximate percentage of net sales by primary category:

13 Weeks Ended

  ​ ​ ​

August 1,

  ​ ​

August 2,

2026

2025

Cosmetics

37%

38%

Skincare and wellness

24%

25%

Haircare

20%

19%

Fragrance

13%

12%

Services

4%

4%

Other

2%

2%

100%

100%

26 Weeks Ended

  ​ ​ ​

August 1,

  ​ ​

August 2,

2026

2025

Cosmetics

38%

39%

Skincare and wellness

24%

25%

Haircare

19%

19%

Fragrance

13%

11%

Services

4%

4%

Other

2%

2%

100%

100%


Filing Exhibits & Attachments

5 documents