ULTA

MKT CAP:$25B

Ulta Beauty, Inc.

Market Cap

$25B

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$563.91-$56.13 (-9.05%)

Apr 22, 2026

Company Details

Ulta Beauty, Inc. operates as a retailer of beauty products in the United States. The company's stores offer cosmetics, fragrances, skincare and haircare products, bath and body products, and salon styling tools; professional hair products;...

CEO

Kecia L. Steelman

IPO Date

Oct 25, 2007

Website

www.ulta.com

Key Metrics TTM

Revenue

$12.0B

+5.5% YoY

Net Income

$1.2B

EPS (Diluted)

$26.08

Free Cash Flow

$1.0B

Revenue / Share

$266.89

Gross Margin

39.2%

Operating Margin

13.2%

Net Margin

9.9%

FCF Margin

8.7%

P/S

2.1x

P/E

20.9x

Earnings Reports

FY 2025

Mar 12, 2026

$12.4B+9.7%EPS $25.64

Q3 2025

Dec 4, 2025

$2.9B+12.9%EPS $5.14

Q2 2025

Aug 28, 2025

$2.8B+9.3%EPS $5.78

Q1 2025

May 29, 2025

$2.8B+4.5%EPS $6.70

FY 2024

Mar 27, 2025

$11.3B+0.8%EPS $25.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2.7B	$1.0B	$325M
Q1 22	$2.3B	$941M	$440M
Q2 22	$2.3B	$928M	$394M
Q3 22	$2.3B	$963M	$366M
Q4 22	$3.2B	$1.2B	$450M
Q1 23	$2.6B	$1.1B	$443M
Q2 23	$2.5B	$994M	$393M
Q3 23	$2.5B	$992M	$331M
Q4 23	$3.6B	$1.3B	$520M
Q1 24	$2.7B	$1.1B	$404M
Q2 24	$2.6B	$978M	$333M
Q3 24	$2.5B	$1.0B	$323M
Q4 24	$3.5B	$1.3B	$518M
Q1 25	$2.8B	$1.1B	$404M
Q2 25	$2.8B	$1.1B	$350M
Q3 25	$2.9B	$1.2B	$315M

Valuation

Quarter	P/S	P/E
Q4 21	2.2x	19.3x
Q1 22	2.3x	19.3x
Q2 22	2.2x	17.8x
Q3 22	2.2x	17.8x
Q4 22	2.5x	20.7x
Q1 23	2.5x	21.0x
Q2 23	2.0x	17.3x
Q3 23	1.7x	14.9x
Q4 23	2.2x	19.1x
Q1 24	1.7x	14.9x
Q2 24	1.4x	12.7x
Q3 24	1.6x	14.8x
Q4 24	1.6x	15.4x
Q1 25	1.6x	14.9x
Q2 25	2.0x	19.2x
Q3 25	1.9x	19.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$644M	$581M
Q1 22	$426M	$355M
Q2 22	$114M	$65M
Q3 22	$33M	-$51M
Q4 22	$908M	$800M
Q1 23	$305M	$195M
Q2 23	$124M	$29M
Q3 23	-$71M	-$177M
Q4 23	$1.1B	$994M
Q1 24	$159M	$68M
Q2 24	$200M	$104M
Q3 24	-$57M	-$171M
Q4 24	$1.0B	$963M
Q1 25	$220M	$141M
Q2 25	$97M	$20M
Q3 25	$5M	-$82M

Capital Expenditures

Quarter	CapEx
Q4 21	$64M
Q1 22	$71M
Q2 22	$49M
Q3 22	$83M
Q4 22	$108M
Q1 23	$110M
Q2 23	$95M
Q3 23	$106M
Q4 23	$124M
Q1 24	$91M
Q2 24	$95M
Q3 24	$114M
Q4 24	$74M
Q1 25	$79M
Q2 25	$77M
Q3 25	$87M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+24.1%	+23.7%
Q1 22	+21.0%	+16.9%
Q2 22	+16.8%	+16.4%
Q3 22	+17.2%	+15.4%
Q4 22	+18.2%	+15.5%
Q1 23	+12.3%	+15.0%
Q2 23	+10.1%	+12.3%
Q3 23	+6.4%	+9.4%
Q4 23	+10.2%	+9.3%
Q1 24	+3.5%	+6.0%
Q2 24	+0.9%	+3.8%
Q3 24	+1.7%	+2.2%
Q4 24	-1.9%	-2.1%
Q1 25	+4.5%	+5.3%
Q2 25	+9.3%	+9.9%
Q3 25	+12.9%	+15.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$9M	0.3%
Q1 22	$10M	0.4%
Q2 22	$13M	0.5%
Q3 22	$10M	0.4%
Q4 22	$10M	0.3%
Q1 23	$10M	0.4%
Q2 23	$12M	0.5%
Q3 23	$12M	0.5%
Q4 23	$15M	0.4%
Q1 24	$10M	0.4%
Q2 24	$9M	0.4%
Q3 24	$8M	0.3%
Q4 24	$15M	0.4%
Q1 25	$11M	0.4%
Q2 25	$9M	0.3%
Q3 25	$10M	0.3%

OpEx Breakdown

Quarter	SG&A
Q4 21	$702M
Q1 22	$501M
Q2 22	$534M
Q3 22	$597M
Q4 22	$763M
Q1 23	$612M
Q2 23	$601M
Q3 23	$661M
Q4 23	$820M
Q1 24	$666M
Q2 24	$645M
Q3 24	$682M
Q4 24	$816M
Q1 25	$711M
Q2 25	$742M
Q3 25	$841M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$654M	$0	$654M
Q2 22	$434M	$0	$434M
Q3 22	$251M	$0	$251M
Q4 22	$738M	$0	$738M
Q1 23	$636M	$0	$636M
Q2 23	$389M	$0	$389M
Q3 23	$122M	$0	$122M
Q4 23	$767M	$0	$767M
Q1 24	$525M	$0	$525M
Q2 24	$414M	$0	$414M
Q3 24	$178M	$0	$178M
Q4 24	$703M	$0	$703M
Q1 25	$455M	$0	$455M
Q2 25	$243M	$0	$243M
Q3 25	$205M	$0	$205M
Q4 25	$424M	$70M	$494M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	54M	-2.1%	-5.6%
Q1 22	53M	-1.8%	-6.4%
Q2 22	52M	-1.3%	-5.7%
Q3 22	51M	-0.9%	-5.9%
Q4 22	51M	-0.9%	-4.8%
Q1 23	50M	-1.0%	-4.0%
Q2 23	50M	-1.2%	-4.0%
Q3 23	49M	-1.2%	-4.3%
Q4 23	49M	-0.9%	-4.3%
Q1 24	48M	-0.8%	-4.1%
Q2 24	48M	-1.5%	-4.4%
Q3 24	47M	-1.2%	-4.3%
Q4 24	46M	-1.3%	-4.8%
Q1 25	46M	-2.1%	-5.9%
Q2 25	45M	-0.9%	-5.4%
Q3 25	45M	-0.5%	-4.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$165.4K	17K
Q1 22	$142.2K	17K
Q2 22	$139.2K	17K
Q3 22	$141.7K	17K
Q4 22	$174.4K	19K
Q1 23	$142.4K	19K
Q2 23	$136.7K	19K
Q3 23	$134.5K	19K
Q4 23	$192.1K	19K
Q1 24	$136.3K	20K
Q2 24	$127.6K	20K
Q3 24	$126.5K	20K
Q4 24	$174.4K	20K
Q1 25	$142.4K	20K
Q2 25	$139.4K	20K
Q3 25	$142.9K	20K

Revenue / Employee