ULTA (Ulta Beauty, Inc.) Stock Financials & Earnings | Market Cap Arena

ULTA (Ulta Beauty, Inc.) Stock Financials & Earnings | Market Cap Arena

ULTAUlta Beauty, Inc.

Mkt Cap$29B

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

Revenue (TTM)$12.0B

Net Income (TTM)$1.2B

EPS (TTM)$26.08

Free Cash Flow (TTM)$1.0B

Gross Margin39.2%

Op. Margin13.2%

Net Margin9.9%

FCF Margin8.7%

P/S Ratio (TTM)2.4x

P/E Ratio (TTM)24.4x

YoY Rev Growth+5.5%

Employees—

Earnings Reports

Next: Q4 2025 · Mar 12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q4 22	2.8x	23.4x
Q1 23	2.8x	23.1x
Q2 23	2.7x	23.0x
Q3 23	2.7x	23.5x
Q4 23	2.6x	22.5x
Q1 24	2.6x	23.1x
Q2 24	2.6x	24.0x
Q3 24	2.6x	24.2x
Q4 24	2.6x	24.2x
Q1 25	2.5x	24.4x
Q2 25	2.5x	24.2x
Q3 25	2.4x	24.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 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
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

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	51M	-0.9%
Q1 23	50M	-1.0%
Q2 23	50M	-1.2%
Q3 23	49M	-1.2%
Q4 23	49M	-0.9%
Q1 24	48M	-0.8%
Q2 24	48M	-1.5%
Q3 24	47M	-1.2%
Q4 24	46M	-1.3%
Q1 25	46M	-2.1%
Q2 25	45M	-0.9%
Q3 25	45M	-0.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 13	$477K	6K
FY 14	$400K	8K
FY 15	$405K	10K
FY 16	$419K	12K
FY 17	$507K	12K
FY 18	$490K	14K
FY 19	$462K	16K
FY 20	$384K	16K
FY 21	$523K	17K
FY 22	$552K	19K
FY 23	$606K	19K
FY 24	$565K	20K