U 
Ulta Beauty ULTA · USD
Consumer Discretionary · Specialty Retail · US listing · 🇺🇸 United States
S&P 500
665.13
+3.16%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$12.39bn
FY2017FY2026
Net income
$1.15bn
FY2017FY2026
Free cash flow
$1.07bn
FY2017FY2026
Shareholders' equity
$2.80bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.39bn | $11.30bn | $11.21bn | $10.21bn | $8.63bn | $6.15bn | $7.40bn | $6.72bn | $5.88bn | $4.85bn |
| Gross profit | $4.85bn | $4.39bn | $4.38bn | $4.04bn | $3.37bn | $1.95bn | $2.68bn | $2.41bn | $2.10bn | $1.75bn |
| Research and development | — | $306,000 | $889,000 | $1.0m | $926,000 | $926,000 | $926,000 | $314,000 | — | — |
| Operating income | $1.55bn | $1.58bn | $1.69bn | $1.65bn | $1.25bn | $313.7m | $920.3m | $873.8m | $809.6m | $673.4m |
| Net income | $1.15bn | $1.20bn | $1.29bn | $1.24bn | $985.8m | $175.8m | $705.9m | $658.6m | $555.2m | $409.8m |
| Diluted earnings per share | 26.51 | 26.75 | 27.41 | 25.24 | 19.17 | 3.22 | 12.48 | 11.40 | 9.24 | 6.65 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $7.00bn | $6.00bn | $5.71bn | $5.37bn | $4.76bn | $5.09bn | $4.86bn | $3.19bn | $2.91bn | $2.55bn |
| Cash and short-term investments | $494.2m | $703.2m | $766.6m | $737.9m | $431.6m | $1.05bn | $502.3m | $409.3m | $397.4m | $415.0m |
| Total liabilities | $4.20bn | $3.51bn | $3.43bn | $3.41bn | $3.23bn | $3.09bn | $2.96bn | $1.37bn | $1.13bn | $1.00bn |
| Debt | $369.0m | $288.1m | $283.8m | $283.3m | $274.1m | $253.4m | $239.6m | — | — | — |
| Shareholders' equity | $2.80bn | $2.49bn | $2.28bn | $1.96bn | $1.54bn | $2.00bn | $1.90bn | $1.82bn | $1.77bn | $1.55bn |
| Shares outstanding | 44m | 45m | 47m | 49m | 51m | 55m | 57m | 58m | 60m | 62m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.50bn | $1.34bn | $1.48bn | $1.48bn | $1.06bn | $810.4m | $1.10bn | $956.1m | $779.4m | $634.4m |
| Capital spending | −$434.8m | −$374.5m | −$435.3m | −$312.1m | −$172.2m | −$151.9m | −$298.5m | −$319.4m | −$440.7m | −$373.4m |
| Free cash flow | $1.07bn | $964.1m | $1.04bn | $1.17bn | $887.1m | $658.5m | $802.8m | $636.7m | $338.7m | $260.9m |
| Dividends paid | — | — | −$10.4m | — | — | −$12.2m | — | — | — | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.04bn | $3.16bn | $3.90bn | $2.86bn | $2.79bn | $2.85bn | $3.49bn | $2.53bn |
| Gross profit | $1.19bn | $1.27bn | $1.48bn | $1.16bn | $1.09bn | $1.11bn | $1.33bn | $1.01bn |
| Operating income | $384.2m | $448.3m | $480.5m | $314.7m | $350.0m | $403.6m | $518.1m | $323.4m |
| Net income | $282.0m | $340.5m | $356.7m | $230.9m | $260.9m | $305.1m | $393.3m | $242.2m |
| Diluted earnings per share | 6.48 | 7.82 | 8.20 | 5.14 | 5.81 | 6.79 | 8.76 | 5.14 |
| Cash from operations | $119.0m | $261.0m | $1.19bn | $4.0m | $96.0m | $220.0m | $1.04bn | −$56.0m |
| Capital spending | −$81.0m | −$58.0m | −$278.0m | −$87.0m | −$76.0m | −$79.0m | −$73.0m | −$114.0m |
| Free cash flow | $38.0m | $203.0m | $908.0m | −$83.0m | $20.0m | $141.0m | $963.0m | −$170.0m |
| Total assets | $6.96bn | $6.90bn | $7.00bn | $7.01bn | $6.63bn | $5.99bn | $6.00bn | $5.96bn |
| Cash and short-term investments | $213.5m | $221.3m | $494.2m | $204.9m | $242.7m | $454.6m | $703.2m | $177.8m |
| Debt | $652.2m | $454.5m | $369.0m | $551.7m | $289.1m | $285.8m | — | $199.7m |
| Shareholders' equity | $2.64bn | $2.58bn | $2.80bn | $2.63bn | $2.60bn | $2.43bn | $2.49bn | $2.33bn |
Financial ratios
Data as of 24 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 39.1% | 38.8% | 39.1% | 39.6% | 39.0% | 31.7% | — |
| Operating margin | 12.5% | 14.0% | 15.0% | 16.2% | 14.5% | 5.1% | — |
| Net margin | 9.3% | 10.6% | 11.5% | 12.2% | 11.4% | 2.9% | — |
| Return on equity | 41.1% | 48.3% | 56.6% | 63.4% | 64.2% | 8.8% | — |
| Return on assets | 16.5% | 20.0% | 22.6% | 23.1% | 20.7% | 3.5% | — |
| Free cash flow yield | 8.2% | 7.0% | 7.5% | 6.7% | 4.4% | 3.2% | — |
| Revenue growth | 9.7% | 0.8% | 9.8% | 18.3% | 40.3% | -16.8% | — |
| Earnings growth | -4.0% | -7.0% | 3.9% | 26.0% | 460.7% | -75.1% | — |
| Current ratio | 1.41x | 1.70x | 1.71x | 1.61x | 1.46x | 1.87x | — |
| Debt to equity | 0.13x | 0.12x | 0.12x | 0.14x | 0.18x | 0.13x | — |
| Equity ratio | 40.1% | 41.5% | 39.9% | 36.5% | 32.2% | 39.3% | — |
| Interest coverage | 866.71x | — | 95.71x | 334.25x | 753.00x | 54.71x | 182.03x |
| R&D as a share of sales | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 3.1% | 4.7% | 4.3% | 4.3% | 5.9% | 3.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.7% | 15.0% | 12.2% |
| Operating income | -2.1% | 37.6% | 11.5% |
| Net income | -2.4% | 45.7% | 13.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 39.0% | 39.1% | 38.4% | 37.6% |
| Operating margin | 13.2% | 14.3% | 13.4% | 13.3% |
| Net margin | 9.9% | 10.8% | 10.1% | 9.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.9 | 22.6 | 15.9 | 19.4 | 24.5 | 128.2 | 23.0 | 22.2 | 26.5 | 33.6 |
| Price to sales | 2.3 | 2.4 | 1.8 | 2.4 | 2.8 | 3.7 | 2.2 | 2.2 | 2.5 | 2.8 |
Market value over time
31 Oct 2016 to 23 Sept 2026, in USD
$15.26bn$23.66bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 43% | -15% | 11% | 20% | 36% | 7% | 7% | 4% | -13% | 43% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Mar 2012.
| FY2013 | |
|---|---|
| Paid in the year | 1.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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