NASDAQ : ULTA
Ulta Beauty, Inc. — Financial statements
Consumer Discretionary · Specialty Retail · United States
Last price 648.28 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 27.72B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Ulta Beauty, Inc. (ULTA) reported revenue of 12.96B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 12.96B | 12.39B | 11.30B | 11.21B | 10.21B | 8.63B |
| Cost of Revenue | 7.37B | 7.06B | 6.46B | 6.39B | 5.76B | 4.87B |
| Gross Profit | 5.58B | 5.33B | 4.83B | 4.81B | 4.45B | 3.76B |
| Selling, General & Admin | 3.95B | 3.79B | 3.25B | 3.13B | 2.80B | 2.45B |
| Operating Expenses | 3.97B | 3.80B | 3.27B | 3.14B | 2.81B | 2.46B |
| Operating Income | 1.61B | 1.53B | 1.56B | 1.68B | 1.64B | 1.30B |
| Interest Expense | -9.78M | -1.79M | -1.66M | |||
| Interest & Investment Income | 15.09M | 17.62M | 4.93M | |||
| Earnings From Equity Investments | -6.28M | -3.86M | ||||
| EBT Excluding Unusual Items | 1.60B | 1.53B | 1.58B | 1.70B | 1.64B | 1.30B |
| Pretax Income | 1.60B | 1.53B | 1.58B | 1.70B | 1.64B | 1.30B |
| Income Tax Expense | 388.17M | 373.87M | 378.95M | 404.65M | 401.14M | 309.99M |
| Net Income | 1.21B | 1.15B | 1.20B | 1.29B | 1.24B | 985.84M |
| Net Income to Common | 1.21B | 1.15B | 1.20B | 1.29B | 1.24B | 985.84M |
| Shares Outstanding (Basic) | 43.95M | 44.84M | 47.21M | 49.30M | 51.40M | 54.48M |
| Shares Outstanding (Diluted) | 44.10M | 44.99M | 47.40M | 49.60M | 51.74M | 54.84M |
| EPS (Basic) | 27.53 | 25.72 | 25.44 | 26.18 | 24.17 | 18.09 |
| EPS (Diluted) | 27.45 | 25.64 | 25.34 | 26.03 | 24.01 | 17.98 |
| Free Cash Flow | 1.15B | 1.07B | 964.15M | 1.04B | 1.17B | 887.08M |
| Free Cash Flow Per Share | 26.07 | 23.74 | 20.34 | 20.99 | 22.61 | 16.18 |
| Gross Margin | 43.10% | 43.05% | 42.78% | 42.95% | 43.59% | 43.54% |
| Operating Margin | 12.46% | 12.37% | 13.86% | 14.97% | 16.05% | 15.03% |
| Profit Margin | 9.34% | 9.31% | 10.63% | 11.52% | 12.17% | 11.42% |
| Free Cash Flow Margin | 8.87% | 8.62% | 8.54% | 9.29% | 11.46% | 10.28% |
| EBITDA | 1.93B | 1.83B | 1.83B | 1.92B | 1.88B | 1.57B |
| EBITDA Margin | 14.93% | 14.79% | 16.22% | 17.14% | 18.41% | 18.13% |
| D&A For EBITDA | 320.09M | 300.57M | 266.74M | 242.95M | 240.36M | 267.53M |
| EBIT | 1.61B | 1.53B | 1.56B | 1.68B | 1.64B | 1.30B |
| EBIT Margin | 12.46% | 12.37% | 13.86% | 14.97% | 16.05% | 15.03% |
| Effective Tax Rate | 24.29% | 24.48% | 23.98% | 23.86% | 24.41% | 23.92% |
| Advertising Expenses | 490.98M | 431.45M | 422.78M | 374.73M | 387.79M |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 158.45M | 424.24M | 703.20M | 766.59M | 737.88M | 431.56M |
| Short-Term Investments | 55.00M | 70.00M | ||||
| Cash & Short-Term Investments | 213.45M | 494.24M | 703.20M | 766.59M | 737.88M | 431.56M |
| Receivables | 249.29M | 296.22M | 223.33M | 207.94M | 199.42M | 233.68M |
| Inventory | 2.41B | 2.23B | 2.01B | 1.78B | 1.64B | 1.54B |
| Prepaid Expenses | 163.47M | 24.64M | 19.99M | 27.56M | 20.25M | 7.61M |
| Other Current Assets | 35.57M | 103.54M | 68.66M | 54.45M | 107.84M | 68.11M |
| Total Current Assets | 3.07B | 3.14B | 3.03B | 2.84B | 2.71B | 2.28B |
| Property, Plant & Equipment | 3.29B | 3.25B | 2.85B | 2.76B | 2.57B | 2.40B |
| Goodwill | 223.15M | 226.42M | 10.87M | 10.87M | 10.87M | 10.87M |
| Other Intangible Assets | 200.20M | 203.29M | 204.00K | 510.00K | 1.31M | 1.54M |
| Long-Term Deferred Charges | 63.51M | 39.34M | 39.67M | 28.54M | 22.60M | |
| Other Long-Term Assets | 179.86M | 114.79M | 73.31M | 62.58M | 49.85M | 51.46M |
| Total Assets | 6.96B | 7.00B | 6.00B | 5.71B | 5.37B | 4.76B |
| Accounts Payable | 646.20M | 685.89M | 563.76M | 544.00M | 559.53M | 552.73M |
| Accrued Expenses | 440.44M | 517.50M | 366.64M | 340.21M | 388.84M | 364.80M |
| Short-Term Debt | 339.58M | 62.29M | ||||
| Current Portion of Leases | 312.65M | 306.67M | 288.11M | 283.82M | 283.29M | 274.12M |
| Current Income Taxes Payable | 35.74M | 46.78M | 11.31M | 12.79M | ||
| Current Unearned Revenue | 542.42M | 582.38M | 500.58M | 436.59M | 394.68M | 353.58M |
| Other Current Liabilities | 33.88M | 13.60M | 42.26M | 55.44M | ||
| Total Current Liabilities | 2.28B | 2.22B | 1.78B | 1.66B | 1.68B | 1.56B |
| Long-Term Leases | 1.87B | 1.81B | 1.64B | 1.63B | 1.62B | 1.57B |
| Long-Term Deferred Tax Liabilities | 99.40M | 98.77M | 42.59M | 85.92M | 55.35M | 39.69M |
| Other Long-Term Liabilities | 67.72M | 59.63M | 56.15M | 56.30M | 53.60M | 58.66M |
| Total Liabilities | 4.32B | 4.20B | 3.51B | 3.43B | 3.41B | 3.23B |
| Common Stock | 437.00K | 450.00K | 468.00K | 491.00K | 511.00K | 530.00K |
| Additional Paid-In Capital | 1.21B | 1.18B | 1.12B | 1.08B | 1.02B | 934.95M |
| Retained Earnings | 1.57B | 1.74B | 1.47B | 1.29B | 995.77M | 653.38M |
| Treasury Stock | -131.32M | -120.44M | -106.79M | -83.03M | -60.47M | -53.48M |
| Comprehensive Income & Other | -2.88M | 3.76M | ||||
| Shareholders' Equity | 2.64B | 2.80B | 2.49B | 2.28B | 1.96B | 1.54B |
| Total Liabilities & Equity | 6.96B | 7.00B | 6.00B | 5.71B | 5.37B | 4.76B |
| Total Debt | 2.52B | 2.18B | 1.92B | 1.91B | 1.90B | 1.85B |
| Net Cash (Debt) | -2.31B | -1.69B | -1.22B | -1.14B | -1.17B | -1.42B |
| Net Cash Per Share | -52.40 | -37.51 | -25.74 | -23.08 | -22.52 | -25.81 |
| Filing Date Shares Outstanding | 42.76M | 43.74M | 45.31M | 48.27M | 50.20M | 52.33M |
| Total Common Shares Outstanding | 42.80M | 44.17M | 45.97M | 48.32M | 50.36M | 52.31M |
| Working Capital | 787.24M | 919.80M | 1.25B | 1.18B | 1.03B | 723.17M |
| Book Value Per Share | 61.76 | 63.48 | 54.14 | 47.17 | 38.91 | 29.35 |
| Tangible Book Value | 2.22B | 2.37B | 2.48B | 2.27B | 1.95B | 1.52B |
| Tangible Book Value Per Share | 51.87 | 53.75 | 53.89 | 46.93 | 38.67 | 29.11 |
| Machinery | 2.58B | 2.27B | 2.07B | 1.81B | 1.73B | |
| Construction In Progress | 132.77M | 80.84M | 193.26M | 196.12M | 91.90M | |
| Leasehold Improvements | 1.14B | 1.04B | 928.90M | 855.70M | 813.07M |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.21B | 1.15B | 1.20B | 1.29B | 1.24B | 985.84M |
| Depreciation & Amortization | 320.09M | 300.57M | 266.74M | 242.95M | 240.36M | 267.53M |
| Other Amortization | 204.00K | 204.00K | 306.00K | 889.00K | 1.01M | 926.00K |
| Loss (Gain) From Sale of Assets | 14.71M | 11.00M | 11.57M | 11.42M | 6.69M | 5.36M |
| Loss (Gain) on Equity Investments | 6.28M | 3.86M | ||||
| Stock-Based Compensation | 38.15M | 37.43M | 42.79M | 48.25M | 43.04M | 47.26M |
| Other Operating Activities | 342.13M | 348.04M | 267.31M | 363.33M | 317.56M | 250.56M |
| Change in Accounts Receivable | -24.05M | -71.38M | -15.39M | -8.52M | 34.26M | -40.57M |
| Change in Inventory | 3.50M | -135.80M | -226.08M | -138.69M | -104.23M | -331.00M |
| Change in Accounts Payable | -56.38M | 89.06M | 30.30M | -20.87M | 8.31M | 66.16M |
| Change in Unearned Revenue | 77.95M | 73.36M | 63.99M | 41.91M | 41.10M | 79.20M |
| Change in Income Taxes | -6.90M | -9.20M | 34.77M | 45.37M | -45.18M | -35.65M |
| Change in Other Net Operating Assets | -357.90M | -297.84M | -338.81M | -400.78M | -303.41M | -236.34M |
| Operating Cash Flow | 1.57B | 1.50B | 1.34B | 1.48B | 1.48B | 1.06B |
| Capital Expenditures | -418.38M | -434.83M | -374.46M | -435.27M | -312.13M | -172.19M |
| Cash Acquisitions | -20.00K | -386.81M | ||||
| Investment in Securities | -87.02M | -109.70M | -8.63M | -6.16M | -2.46M | -4.30M |
| Investing Cash Flow | -505.42M | -931.35M | -383.09M | -441.43M | -314.58M | -176.48M |
| Short-Term Debt Issued | 2.21B | 199.70M | 195.40M | |||
| Total Debt Issued | 2.98B | 2.21B | 199.70M | 195.40M | ||
| Short-Term Debt Repaid | -2.18B | -199.70M | -195.40M | |||
| Total Debt Repaid | -2.93B | -2.18B | -199.70M | -195.40M | ||
| Net Debt Issued (Repaid) | 50.27M | 32.57M | ||||
| Issuance of Common Stock | 30.61M | 32.56M | 12.34M | 12.18M | 46.01M | 40.39M |
| Repurchase of Common Stock | -1.23B | -915.04M | -1.03B | -1.02B | -907.02M | -1.54B |
| Other Financing Activities | -763.00K | -763.00K | -4.16M | |||
| Financing Cash Flow | -1.15B | -850.67M | -1.02B | -1.01B | -861.01M | -1.50B |
| Foreign Exchange Rate Adjustments | -215.00K | 274.00K | -56.00K | |||
| Net Cash Flow | -84.29M | -278.96M | -63.39M | 28.72M | 306.32M | -614.49M |
| Free Cash Flow | 1.15B | 1.07B | 964.15M | 1.04B | 1.17B | 887.08M |
| Free Cash Flow Margin | 8.87% | 8.62% | 8.54% | 9.29% | 11.46% | 10.28% |
| Free Cash Flow Per Share | 26.07 | 23.74 | 20.34 | 20.99 | 22.61 | 16.18 |
| Levered Free Cash Flow | 914.09M | 900.10M | 774.79M | 782.98M | 989.21M | 766.12M |
| Unlevered Free Cash Flow | 920.20M | 901.21M | 774.79M | 782.98M | 989.21M | 767.16M |
| Cash Interest Paid | 9.67M | 9.67M | 4.16M | 3.33M | 2.14M | 2.13M |
| Cash Income Tax Paid | 394.07M | 381.81M | 386.06M | 328.21M | 429.85M | 370.65M |
| Change in Working Capital | -363.78M | -351.80M | -451.22M | -481.57M | -369.16M | -498.21M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 27.26B | 28.72B | 19.11B | 24.54B | 25.73B | 19.42B |
| Enterprise Value | 29.57B | 31.09B | 21.08B | 26.52B | 27.38B | 20.66B |
| Last Close Price | 640.43 | 647.36 | 412.15 | 505.33 | 505.67 | 358.83 |
| PE Ratio | 23.23 | 24.90 | 15.91 | 19.01 | 20.71 | 19.70 |
| Forward PE | 20.89 | 23.63 | 17.48 | 18.89 | 21.70 | 20.63 |
| PS Ratio | 2.11 | 2.32 | 1.69 | 2.19 | 2.52 | 2.25 |
| PB Ratio | 10.37 | 10.24 | 7.68 | 10.77 | 13.13 | 12.65 |
| P/TBV Ratio | 12.29 | 12.10 | 7.71 | 10.82 | 13.21 | 12.75 |
| P/FCF Ratio | 23.73 | 26.89 | 19.82 | 23.57 | 21.99 | 21.89 |
| P/OCF Ratio | 17.40 | 19.11 | 14.28 | 16.62 | 17.36 | 18.33 |
| PEG Ratio | 2.13 | 3.12 | 2.02 | 1.89 | 2.13 | 0.42 |
| EV/Sales Ratio | 2.28 | 2.51 | 1.87 | 2.37 | 2.68 | 2.39 |
| EV/EBITDA Ratio | 15.30 | 16.95 | 11.51 | 13.80 | 14.57 | 13.20 |
| EV/EBIT Ratio | 18.33 | 20.28 | 13.47 | 15.80 | 16.71 | 15.92 |
| EV/FCF Ratio | 25.74 | 29.11 | 21.86 | 25.47 | 23.40 | 23.29 |
| Debt / Equity Ratio | 0.95 | 0.78 | 0.77 | 0.84 | 0.97 | 1.20 |
| Debt / EBITDA Ratio | 1.03 | 0.94 | 0.84 | 0.81 | 0.83 | 0.95 |
| Debt / FCF Ratio | 2.20 | 2.04 | 2.00 | 1.84 | 1.63 | 2.08 |
| Net Debt / Equity Ratio | 0.87 | 0.60 | 0.49 | 0.50 | 0.59 | 0.92 |
| Net Debt / EBITDA Ratio | 1.19 | 0.92 | 0.67 | 0.60 | 0.62 | 0.90 |
| Net Debt / FCF Ratio | 2.01 | 1.58 | 1.26 | 1.10 | 1.00 | 1.59 |
| Asset Turnover | 1.91 | 1.91 | 1.93 | 2.02 | 2.02 | 1.75 |
| Inventory Turnover | 3.06 | 3.33 | 3.41 | 3.73 | 3.62 | 3.60 |
| Quick Ratio | 0.20 | 0.35 | 0.52 | 0.59 | 0.56 | 0.43 |
| Current Ratio | 1.34 | 1.41 | 1.70 | 1.71 | 1.61 | 1.46 |
| Return on Equity (ROE) | 46.12% | 43.59% | 50.39% | 60.91% | 71.09% | 55.78% |
| Return on Assets (ROA) | 14.84% | 14.74% | 16.71% | 18.93% | 20.21% | 16.46% |
| Return on Invested Capital (ROIC) | 25.42% | 28.24% | 33.36% | 39.02% | 40.77% | 34.03% |
| Return on Capital Employed (ROCE) | 34.50% | 32.10% | 37.10% | 41.40% | 44.40% | 40.50% |
| Earnings Yield | 4.31% | 4.02% | 6.28% | 5.26% | 4.83% | 5.08% |
| FCF Yield | 4.21% | 3.72% | 5.04% | 4.24% | 4.55% | 4.57% |
| Buyback Yield / Dilution | 4.22% | 5.09% | 4.42% | 4.14% | 5.66% | 3.04% |