Ulta Beauty
ULTA · NasdaqRetail-Retail Stores, NEC · Fiscal year ends Jan 30
Ulta Beauty reported revenue of $12.4B in the fiscal year ended Jan 2026, up 9.7% from the year before. Operating income was $1.5B, an operating margin of 12.4%, and net income was $1.2B. Operating cash flow of $1.5B less capital expenditure of $435M left free cash flow of $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $8.6B | $10.2B | $11.2B | $11.3B | $12.4B |
| Cost of revenue | $5.3B | $6.2B | $6.8B | $6.9B | $7.5B |
| Gross profit | $3.4B | $4B | $4.4B | $4.4B | $4.8B |
| Selling, general & admin | $2.1B | $2.4B | $2.7B | $2.8B | $3.3B |
| Operating income | $1.3B | $1.6B | $1.7B | $1.6B | $1.5B |
| Pre-tax income | $1.3B | $1.6B | $1.7B | $1.6B | $1.5B |
| Income tax | $310M | $401M | $405M | $379M | $374M |
| Net income | $986M | $1.2B | $1.3B | $1.2B | $1.2B |
| Diluted EPS | 17.98 | 24.01 | 26.03 | 25.34 | 25.64 |
| Diluted shares | 55M | 52M | 50M | 47M | 45M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $432M | $738M | $767M | $703M | $424M |
| Receivables | $234M | $199M | $208M | $223M | $296M |
| Current assets | $2.3B | $2.7B | $2.8B | $3B | $3.1B |
| Net PP&E | $914M | $1B | $1.2B | $1.2B | $1.4B |
| Goodwill | $11M | $11M | $11M | $11M | $226M |
| Total assets | $4.8B | $5.4B | $5.7B | $6B | $7B |
| Payables | $553M | $560M | $544M | $564M | $686M |
| Deferred revenue | $354M | $395M | $437M | $501M | $582M |
| Current liabilities | $1.6B | $1.7B | $1.7B | $1.8B | $2.2B |
| Short-term debt | – | – | – | – | $62M |
| Total liabilities | $3.2B | $3.4B | $3.4B | $3.5B | $4.2B |
| Shareholders' equity | $1.5B | $2B | $2.3B | $2.5B | $2.8B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.5B | $1.5B | $1.3B | $1.5B |
| Capital expenditure | $172M | $312M | $435M | $374M | $435M |
| Free cash flow | $887M | $1.2B | $1B | $964M | $1.1B |
| Depreciation & amortisation | $268M | $241M | $244M | $267M | $301M |
| Stock-based compensation | $47M | $43M | $48M | $43M | $37M |
| Acquisitions | – | – | – | – | $387M |
| Share buybacks | $1.5B | $900M | $996M | $1B | $901M |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.3% | 9.8% | 0.8% | 9.7% |
| Operating income growth (YoY) | – | 26.3% | 2.4% | −6.7% | −2.0% |
| EPS growth (YoY) | – | 33.5% | 8.4% | −2.7% | 1.2% |
| Gross margin | 39.0% | 39.6% | 39.1% | 38.8% | 39.1% |
| Operating margin | 15.0% | 16.1% | 15.0% | 13.9% | 12.4% |
| Net margin | 11.4% | 12.2% | 11.5% | 10.6% | 9.3% |
| Return on equityBlank when equity is negative | 64.2% | 63.4% | 56.6% | 48.3% | 41.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 40.5% | 44.4% | 41.4% | 37.1% | 32.1% |
| Free cash flow margin | 10.3% | 11.5% | 9.3% | 8.5% | 8.6% |
| Cash conversion (CFO ÷ net income) | 1.07x | 1.19x | 1.14x | 1.11x | 1.30x |
| Receivable days | 10 | 7 | 7 | 7 | 9 |
| Payable days | 38 | 33 | 29 | 30 | 33 |
| Current ratio | 1.46x | 1.61x | 1.71x | 1.70x | 1.41x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.